|
|
|
MIRA INFORM REPORT
|
Report No. : |
487928 |
|
Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
EPCOS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Kulia Kancharapara, PO Netaji Subhas Sanatorium, Kalyani, Nadia-741251,
West Bengal |
|
Tel. No.: |
91-22-25750800 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.11.1976 |
|
|
|
|
Com. Reg. No.: |
21-030763 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 1438.871 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92131WB1976PTC030763 |
|
|
|
|
IEC No.: |
0288037723 |
|
|
|
|
GSTIN/UIN: |
27AAACI6950Q1ZY |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6950Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into following two divisions
[Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 6500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Epcos AG” Germany. The company
was incorporated in the year 1976. For the financial year 2017, the revenue of the company has increased
by 4.63% along with profit margin of 2.78%. The moderate financial profile of the company is marked by low reserve
base as compared to its capital along with comfortable debt coverage
indicators. However, the rating takes into consideration equity infused by its
promoters. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experienced management team. Rating also derives strength from company’s established track record. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-22-25750800)
91-33-30936200/30936300/91-253-2205100 – RINGING
LOCATIONS
|
Registered Office/ Factory 1 : |
Kulia Kancharapara, PO Netaji Subhas Sanatorium, Kalyani,
Nadia-741251, West Bengal, India |
|
Tel. No.: |
91-33-30936200/ 30936300 |
|
Fax No.: |
91-33-30936307/ 30936308 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. E-22-25, MIDC Industrial Area, Satpur, Nasik-422007,
Maharashtra, India |
|
Tel. No.: |
91-253-2205100/ 2205335/ 2205131 |
|
Fax No.: |
91-253-2353761 |
|
|
|
|
Factory 3 : |
Plot No 32, Sector 5, Phase II, HSIIDC, Bawal-123501, Haryana India |
|
Tel. No.: |
91-1284-263593 |
|
|
|
|
Sales Office
1 : |
908-909, 9th Floor, Damji Shamji Galleria, LBS Road, Near
Huma Adlabs |
|
Tel. No.: |
91-22-25750800 |
|
Fax No.: |
91-22-25750810 |
|
|
|
|
Sales Office
2 : |
2nd Floor, Tower - A, C-28, 29, Logix Cyber Park, Sector - 62, Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4505801 |
|
Fax No.: |
91-120-4505818 |
|
|
|
|
Sales Office
3 : |
#87, The Centrum, 4th Floor, Infantry Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-40390600 |
|
Fax No.: |
91-80-40390603 |
|
|
|
|
Office Address: |
22A, Nakuleswar Bhattacharjee Lane, 4th Floor, (Lane Beside Banana Leaf
Restaurant, Opposite Lake Market), Kolkata -700 026, West Bengal, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Hari Shankar Banerjee |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
G 18 and 19, Survey No. 48/2/2 at Anandwali, Near Pai Colony,
Gangapur Road, Nashik – 422013,
Maharashtra, India |
||||||||
|
Date of Birth/Age : |
05.07.1958 |
||||||||
|
Qualification : |
CA
ICWA |
||||||||
|
Date of Appointment : |
01.05.2013 |
||||||||
|
PAN No.: |
AAQPB3851J |
||||||||
|
DIN No.: |
00041860 |
||||||||
|
Other
Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Balakrishnan Natarajan |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
A 804, Mantri Elegance, N S Palya, Banerghatta Road, Bangalore –
560076, Karnataka, India |
||||||||
|
Date of Birth/Age : |
01.06.1957 |
||||||||
|
Qualification : |
B.E. |
||||||||
|
Experience : |
35 Years |
||||||||
|
Date of Appointment : |
01.10.2010 |
||||||||
|
PAN No.: |
AAJPB2994H |
||||||||
|
DIN No.: |
00112332 |
||||||||
|
|
|
||||||||
|
Name : |
Mr. Norbert Hess |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Toelzer Str. 33 Gruenwald, 82031 |
||||||||
|
Date of Birth/Age : |
20.02.1960 |
||||||||
|
Qualification : |
B.E. |
||||||||
|
Date of Appointment : |
28.08.2012 |
||||||||
|
DIN No.: |
05355005 |
||||||||
|
|
|
||||||||
|
Name : |
Mr. Prabal Ray |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Satadroo, 53D Dr. S C Banerjee Road, Flat No. 4B, Kolkata – 700010,
West Bengal, India |
||||||||
|
Date of Birth/Age : |
18.08.1965 |
||||||||
|
Qualification : |
CA |
||||||||
|
Date of Appointment : |
12.09.2013 |
||||||||
|
PAN No.: |
ACEPR3573K |
||||||||
|
DIN No.: |
06576049 |
||||||||
|
Other
Directorship:
|
|||||||||
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Kumar Thakkar |
|
Designation : |
Company Secretary
|
|
Address : |
D-1, Atharva Bungalows, Kale Nagar Pipeline Road,
Anandwalli, Nashik-422007, Maharashtra,
India |
|
Date of Birth/Age : |
23.09.1977 |
|
Date of Appointment : |
09.12.2008 |
|
PAN No.: |
ADNPT6321K |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
EPCOS AG, Germany |
|
88601337 |
|
EPCOS
AG, Munich jointly with EPCOS Electronic Components S.A, Spain |
|
42 |
|
|
|
|
|
Total |
|
88601379 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged into following two divisions
[Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
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|
||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
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Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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||||||||||||||||||||||
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No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
S
R B C and Company Chartered Accountants |
|
Address : |
C-401, Panchshil Tech
Park Private
Limited, Yerwada, Pune, Maharashtra,
India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
|
|
|
|
|
Ultimate Holding
Company: |
|
|
|
|
|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
145000000 |
Equity Shares |
INR 10/- each |
INR 1450.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143887099 |
Equity Shares |
INR 10/- each |
INR 1438.871 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1438.871 |
886.010 |
886.014 |
|
(b) Reserves and Surplus |
826.040 |
(1469.490) |
(914.494) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2264.911 |
(583.480) |
(28.480) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
649.110 |
3113.180 |
2719.970 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
102.780 |
70.920 |
56.030 |
|
Total Non-current
Liabilities (3) |
751.890 |
3184.100 |
2776.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
922.770 |
901.370 |
1566.700 |
|
(b) Trade
payables |
792.230 |
679.200 |
1056.500 |
|
(c) Other
current liabilities |
1101.100 |
1325.460 |
766.350 |
|
(d) Short-term
provisions |
90.890 |
134.930 |
251.970 |
|
Total Current
Liabilities (4) |
2906.990 |
3040.960 |
3641.520 |
|
|
|
|
|
|
TOTAL |
5923.791 |
5641.580 |
6389.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
1898.220 |
1909.770 |
2648.830 |
|
(ii)
Intangible Assets |
39.420 |
62.680 |
86.250 |
|
(iii) Tangible assets
capital work-in-progress |
493.450 |
137.620 |
94.750 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
199.770 |
152.390 |
82.500 |
|
(e) Other
Non-current assets |
8.610 |
202.870 |
136.890 |
|
Total Non-Current Assets |
2639.470 |
2465.330 |
3049.220 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1222.150 |
1122.760 |
1159.790 |
|
(c) Trade
receivables |
1173.440 |
1238.480 |
1264.330 |
|
(d) Cash and
bank balances |
237.510 |
277.530 |
434.740 |
|
(e)
Short-term loans and advances |
506.120 |
362.750 |
426.790 |
|
(f) Other
current assets |
145.101 |
174.730 |
54.170 |
|
Total
Current Assets |
3284.321 |
3176.250 |
3339.820 |
|
|
|
|
|
|
TOTAL |
5923.791 |
5641.580 |
6389.040 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7003.100 |
6693.210 |
6240.850 |
|
|
Other Income |
307.240 |
319.350 |
191.190 |
|
|
TOTAL |
7310.340 |
7012.560 |
6432.040 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3349.950 |
3285.320 |
3206.420 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(67.280) |
(23.580) |
65.290 |
|
|
Employee benefit expense |
1012.590 |
902.060 |
853.680 |
|
|
Other expenses |
2060.530 |
1955.500 |
1990.640 |
|
|
TOTAL |
6355.790 |
6119.300 |
6116.030 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
954.550 |
893.260 |
316.010 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
364.790 |
376.110 |
413.920 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
589.760 |
517.150 |
(97.910) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
380.170 |
1072.150 |
433.080 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
209.590 |
(555.000) |
(530.990) |
|
|
|
|
|
|
|
Less |
TAX |
14.920 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
194.670 |
(555.000) |
(530.990) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
113.650 |
94.830 |
3401.520 |
|
|
TOTAL EARNINGS |
113.650 |
94.830 |
3401.520 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1167.260 |
1290.130 |
1536.820 |
|
|
Components and spare
parts |
123.300 |
0.000 |
110.860 |
|
|
Capital Goods |
90.260 |
0.000 |
149.420 |
|
|
TOTAL IMPORTS |
1380.820 |
1290.130 |
1797.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.19 |
(6.26) |
(5.99) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
649.110 |
894.420 |
426.920 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1205.090 |
822.730 |
457.840 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1105.800 |
822.570 |
450.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
61.16 |
67.54 |
73.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.97 |
5.40 |
4.94 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
86.32 |
75.46 |
120.27 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.78 |
0.80 |
0.27 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.39 |
0.42 |
0.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.71 |
1.25 |
1.06 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.98 |
(8.41) |
(165.51) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.28 |
(5.21) |
(127.86) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.07 |
(3.62) |
(99.36) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.62 |
2.37 |
0.76 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.78 |
(8.29) |
(8.51) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.29 |
(9.84) |
(8.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.60 |
95.12 |
1864.43 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.13 |
1.04 |
0.92 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.71 |
0.68 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
(0.10) |
0.00 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.54 |
5.54 |
5.32 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.13 |
1.04 |
0.92 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
886.014 |
886.010 |
1438.871 |
|
Reserves & Surplus |
(914.494) |
(1469.490) |
826.040 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(28.480) |
(583.480) |
2264.911 |
|
|
|
|
|
|
Long-term borrowings |
2719.970 |
3113.180 |
649.110 |
|
Short term borrowings |
1566.700 |
901.370 |
922.770 |
|
Current maturities of
long-term debts |
426.920 |
894.420 |
649.110 |
|
Total
borrowings |
4713.590 |
4908.970 |
2220.990 |
|
Debt/Equity
ratio |
(165.505) |
(8.413) |
0.981 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
6240.850 |
6693.210 |
7003.100 |
|
|
|
7.248 |
4.630 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
6240.850 |
6693.210 |
7003.100 |
|
Profit/ (Loss) |
(530.990) |
(555.000) |
194.670 |
|
|
(8.51
%) |
(8.29
%) |
2.78
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject is a private limited Company domiciled in India and incorporated under the Companies Act, 2013. The Company is a wholly owned subsidiary of EPCOS AG, Germany (the Holding Company). The Company is engaged in the manufacturing and selling of ferrite cores and capacitors.
The Company has two divisions:
Magnetics division - The Plant is located at Kalyani and is engaged in the manufacturing of ferrite cores.
Capacitors division - The Plants are located at Nashik and Bawal and are engaged in the manufacturing of metalised plastic film capacitors and metalised plastic film.
The Company’s products are sold in the domestic as well as international market. The Company also trades in products manufactured by the group companies and obtains commission for the procurement of orders in the domestic market for the group companies.
REVIEW OF BUSINESS OPERATIONS:
During the year
ended 31st March 2017, there was increase in both local and export
order income compared to previous year pursuant to increase in growth of global
economy particularly in USA and Europe. The depreciation of INR against USD and
EUR in the first half of the year further improved the business climate
resulting in increase in revenue of the Company by 4.3%, from INR 7012.000
Million in the previous year to INR 7310.000 Million in the current year.
EBITDA was at `
954.55 Mio as compared to INR 893.25 Million for the previous year mainly due
to increase in revenue and export being more remunerative due to weaker INR and
better margins due to lower metal and other commodity prices and significant
improvement in operational efficiencies in factories. Interest costs are lower
in current year due to decrease in interest rates. Exceptional items in the
previous year are the provisions towards impairment of ferrite business at
Kalyani Plant. The profit before tax (PBT) is consequently INR 209.580 Million
as compared to (-) INR 555.000 Million in the previous year.
FUTURE OUTLOOK
The market
scenario continues to be mixed both in the domestic and export segments. While
demand for the DC capacitors globally is very strong encouraging us to invest
in capacity increase, AC capacitors market is going down due to more and more
white goods switching to inverter technology. The demand for PFC capacitors is
also weak due to very low capex growth in India and Europe, their main markets
for PFC. The long term potential for India Economy remain strong. Measures
taken by the US and European countries is also expected to induce growth in the
export segment. The company therefore expects marginal growth in the main
product segments in the future. The Company will continue its focus on product
developments in existing AC, PFC and DC capacitors, Ferrite cores in order to
provide a comprehensive range, cater to additional segments and also maintain
cost competitiveness. The company is consolidating film capacitor manufacturing
at Nashik and setting up Lithium Ion battery manufacturing facility at Bawal.
There is tremendous potential for growth in the battery business of the company
in the domestic market. The battery business has been set up in collaboration
with TDK group companies ARL/NVT of China. Apart from the market situation, the
Company is continuously focusing on productivity improvement, effective cost
control and efficient management of resources for achieving higher margins.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Foreign currency term loans from banks |
649.110 |
0.000 |
|
Rupee term loans from others |
0.000 |
1325.070 |
|
Borrowing from foreign companies |
0.000 |
1788.110 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from others |
922.770 |
901.370 |
|
Total |
1571.880 |
4014.550 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B30718340 |
10095670 |
CITIBANK N.A. |
13/03/2008 |
- |
19/01/2012 |
605000000.0 |
41, CHOWRINGHEE ROAD,KOLKATAWB700071IN |
|
2 |
A78761814 |
80034970 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
09/01/2006 |
24/08/2007 |
15/02/2010 |
400000000.0 |
"HONGKONG BANK"31 B B D BAGKOLKATAWB700001IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Computer equipments
Intangible assets
- Computer software
- Know-how
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.89 |
|
|
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
KAM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.