MIRA
INFORM REPORT
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Report No. : |
307892 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA ELECTRIC MANUFACTURING CORPORATION PRIVATE LIMITED (w.e.f.
18.06.2013) |
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Formerly Known
As : |
SEMCO ELECTRIC PRIVATE LIMITED |
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Registered
Office : |
Gate No. 154/1, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
19.08.1996 |
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Com. Reg. No.: |
11-101929 |
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Capital
Investment / Paid-up Capital : |
Rs.18.400 Millions |
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CIN No.: [Company Identification
No.] |
U31909PN1996PTC101929 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCS9493H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electric Goods |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sigma Electrics Holdings, Mauritius. It is an established company having fine track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-213-5307100)
LOCATIONS
|
Registered Office / Factory 1 : |
Gate No.154/1, Mahalunge Village, Post Chakan, Pune – 410501,
Maharashtra, India |
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Tel. No.: |
91-213-5307100 / 5307153 / 5307109 |
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Fax No.: |
91-213-5307111 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
A-134, Road No. 12V.K.I. Area, Jaipur - 302013, Rajasthan, India |
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Tel. No.: |
91-414-2332833 |
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Fax No.: |
91-414-2331408 |
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Headquarters : |
120 Sigma Drive Garner, NC 27529, USA |
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Tel. No.: |
+1.919.773.0011 |
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Fax No.: |
+1.919.773.0381 |
DIRECTORS
As on 19.08.2014
|
Name : |
Mr. Vishal Kamalnain Bakshi |
|
Designation : |
Director |
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Address : |
504, B, Bakhtavar Building, Opposite Colaba, P.O. Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.08.1971 |
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Date of Appointment : |
25.06.2008 |
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DIN No.: |
02203108 |
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Name : |
Mr. Viren Ajit Joshi |
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Designation : |
Director |
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Address : |
Odyssey 2, Flat No - 2201, 22nd Floor, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
10.03.1954 |
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Date of Appointment : |
18.06.2012 |
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DIN No.: |
01331107 |
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PAN No.: |
AAEPJ5602K |
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Name : |
Mr. Chandrashekhar Ramlal Talathi |
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Designation : |
Director |
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Address : |
1/A2/22, Ajantha Avenue,Paud Road,, Near Krishna Hospital, Pune - 411038, Maharashtra, India |
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Date of Birth/Age : |
28.06.1959 |
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Date of Appointment : |
23.10.2013 |
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DIN No.: |
06411424 |
MAJOR SHAREHOLDERS
As on 19.08.2014
|
Names of Shareholders |
|
No. of Shares |
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GSCP Sigma (Lux) S.A.R.L. Nominee of Sigma Electric Holding
(Mauritius), Luxembourg |
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1 |
|
Sigma Electric Holding, Mauritius |
|
1843426 |
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Total |
|
1843427 |
Equity Share Break up (Percentage of Total Equity)
As on 19.08.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electric Goods |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroda - 390015, Gujarat, India |
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Facilities : |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
I-501, Ruturang Phase 2, Pune Satara Road, Near City Pride
Theatre, Pune – 411009, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Sigma Electric Holdings (Formerly Semco Holdings Inc.), Mauritius |
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Fellow subsidiary : |
Sigma Electric Corporation, USA |
CAPITAL STRUCTURE
As on 19.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1843427 |
Equity Shares |
Rs.10/- each |
Rs.18.400 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
18.400 |
18.400 |
18.434 |
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(b) Reserves & Surplus |
4,016.700 |
3,713.300 |
3,216.775 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
4,035.100 |
3,731.700 |
3,235.209 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term liabilities |
3.700 |
6.000 |
5.931 |
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(d) long-term provisions |
63.900 |
46.000 |
36.527 |
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Total Non-current Liabilities (3) |
67.600 |
52.000 |
42.458 |
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(4) Current Liabilities |
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(a) Short term borrowings |
359.300 |
383.200 |
218.008 |
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(b) Trade payables |
835.300 |
747.400 |
487.370 |
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(c) Other current
liabilities |
178.800 |
129.400 |
155.440 |
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(d) Short-term provisions |
12.900 |
15.900 |
5.551 |
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Total Current Liabilities (4) |
1,386.300 |
1,275.900 |
866.369 |
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TOTAL |
5,489.000 |
5,059.600 |
4,144.036 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1,709.000 |
1,335.300 |
950.711 |
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(ii) Intangible Assets |
21.800 |
16.600 |
11.695 |
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(iii) Capital
work-in-progress |
316.100 |
381.200 |
457.834 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
83.600 |
71.900 |
57.186 |
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(d) Long-term Loan and Advances |
360.400 |
198.200 |
99.878 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
2,490.900 |
2,003.200 |
1,577.304 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
712.000 |
626.700 |
632.800 |
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(c) Trade receivables |
1,825.900 |
1,522.900 |
1,447.900 |
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(d) Cash and cash
equivalents |
87.500 |
564.000 |
217.300 |
|
(e) Short-term loans and
advances |
372.100 |
340.300 |
268.300 |
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(f) Other current assets |
0.600 |
2.500 |
0.432 |
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Total Current Assets |
2,998.100 |
3,056.400 |
2,566.732 |
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TOTAL |
5,489.000 |
5,059.600 |
4,144.036 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
5,996.500 |
5,789.000 |
4,568.700 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/(LOSS)
BEFORE TAX |
482.900 |
610.500 |
516.900 |
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Less |
TAX |
151.800 |
188.000 |
156.700 |
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PROFIT/(LOSS)
AFTER TAX |
331.100 |
422.500 |
360.200 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3,663.600 |
3,241.100 |
2,880.900 |
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BALANCE CARRIED
TO THE B/S |
3,994.700 |
3,663.600 |
3,241.100 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
5654.200 |
5559.500 |
4346.000 |
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TOTAL EARNINGS |
5654.200 |
5559.500 |
4346.000 |
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IMPORTS |
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Raw Materials |
NA |
2064.400 |
1840.100 |
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|
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Capital Goods |
NA |
68.600 |
167.600 |
|
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TOTAL IMPORTS |
NA |
2133.000 |
2007.700 |
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Earnings /
(Loss) Per Share (Rs.) |
179.61 |
229.00 |
195.00 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.52 |
7.30 |
7.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.49 |
13.25 |
14.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.16 |
0.16 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.10 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
|
2.16 |
2.40 |
2.96 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
18.434 |
18.400 |
18.400 |
|
Reserves & Surplus |
3216.775 |
3713.300 |
4016.700 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3235.209 |
3731.700 |
4035.100 |
|
|
|
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|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
218.008 |
383.200 |
359.300 |
|
Total
borrowings |
218.008 |
383.200 |
359.300 |
|
Debt/Equity
ratio |
0.067 |
0.103 |
0.089 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
4,568.700 |
5,789.000 |
5,996.500 |
|
|
|
26.710 |
3.584 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
4,568.700 |
5,789.000 |
5,996.500 |
|
Profit |
360.200 |
422.500 |
331.100 |
|
|
7.88% |
7.30% |
5.52% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS:
During the year, the sales in terms of volume and revenue have grown over last year, top-line during the year stood at Rs.5996.500 Millions, representing a growth of 4% as compared to the previous year. During the year the Company has earned Rs.331.100 Millions (post tax) as against Rs.422.500 Millions in previous year. Profit before tax has dropped largely due to internal pricing pressure.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10115544 |
02/07/2008 |
65,000,000.00 |
IDBI Bank Limited |
Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A42954230 |
|
2 |
10018049 |
17/12/2013 * |
1,250,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B93170504 |
|
3 |
90086443 |
26/06/2003 |
810,000,000.00 |
I.C.I.C.I. Bank Limited |
A Wing Shangrila Garden, Bund Garden Road, Pune, Maharashtra - 411001, India |
- |
|
4 |
90088631 |
22/09/2003 * |
810,000,000.00 |
I.C.I.C.I. Bank Limited |
Wing Shnagrila Gardens Band, Garden Road, Pune, Maharashtra - 411001, India |
- |
|
5 |
90091258 |
23/03/2001 * |
335,000,000.00 |
I.C.I.C.I. Bank Limited |
Pune Branch Shangrila Gardens Bund, Garden Road, Pune, Maharashtra - 411001, India |
- |
|
6 |
90073801 |
04/08/2000 * |
41,500,000.00 |
IDBI Bank Limited |
Saraf House, M.I. Road, Jaipur, Rajasthan - 302001, India |
- |
|
7 |
90074878 |
30/03/1999 * |
41,500,000.00 |
IDBI Bank Limited |
Saraf House, M.I. Road, Jaipur, Rajasthan - 302001, India |
- |
|
8 |
90084847 |
06/10/1999 * |
23,000,000.00 |
I.C.I.C.I. Bank Ltd. |
Pune Branch, Bund Garden Road, Pune, Maharashtra - 411001, India |
- |
|
9 |
90084762 |
06/10/1999 * |
23,000,000.00 |
I.C.I.C.I. Bank Limited |
Pune Branch, Bund Garden Road, Pune, Maharashtra - 411001, India |
- |
|
10 |
90090617 |
24/11/1998 * |
23,000,000.00 |
I.C.I.C.I. Bank Limited |
Wing Shnagrila Gardens Band, Garden Road, Pune, Maharashtra - 411001, India |
- |
|
11 |
90073705 |
25/05/1996 |
4,500,000.00 |
Union Bank Of India |
S.D.M.H., Jaipur, Rajasthan, India |
- |
|
12 |
90072476 |
01/12/1994 * |
250,000.00 |
Union Bank Of India |
S.D.M.H. Branch, Jaipur, Rajasthan, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
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Computer
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Vehicles
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Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.