|
|
|
MIRA
INFORM REPORT
|
Report No. : |
497548 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SCHNEIDER ELECTRIC IT BUSINESS INDIA
PRIVATE LIMITED (w.e.f. 12.09.2012) |
|
|
|
|
Formerly Known
As : |
AMERICAN POWER CONVERSION (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.187/3 and 188/3, Jigani Industrial Area, Jigani Village,
Anekal Taluk, Bangalore – 562 106, Karnataka |
|
Tel. No.: |
91-80-67361000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
10.03.1997 |
|
|
|
|
Com. Reg. No.: |
08-029635 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 35.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109KA1997PTC029635 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0595007317 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA01711D |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA6398Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
(Registered activity) (Line of business is updated as per latest annual report 2016.) |
|
|
|
|
No. of Employees
: |
Information declined 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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 59000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject was incorporated in the year 1997. It is a subsidiary of
Schneider Electric IT Corporation, USA. It is engaged in the business of manufacturing, selling and trading of
Uninterruptible Power Supply (UPS) systems and accessories. As per the Registrar of Companies date of balance sheet (i.e.
financial filed) is shown as 31.03.2017 but documents related to the
financial for the year 31.03.2017 are not available from any sources. As per the financial records of 2016, the company has gained 6.39%
growth in its revenue as compared to the previous year’s revenue and has
achieved an average net profit margin of 5.47%. The company possesses strong financial profile marked by sound net
worth base along with healthy liquidity position and debt free balance sheet
profile. Rating takes into consideration the company’s satisfactory Earnings
Per Share (EPS) of INR 446.72 as against its Face Value (FV) of INR 10. Business is active. Payment seems to be regular. In view of aforesaid the company can be considered for business
dealings at usual trade terms and condition. |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
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 19.03.2018
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: Tel. No.: 91-124-3305190 / 3940400
Mobile No.: 91-9818026047 – Not Reachable
LOCATIONS
|
Registered
Office/ Head Office/ Factory 1 : |
Survey No.187/3
and 188/3, Jigani Industrial Area, Jigani Village, Anekal Taluk, Bangalore –
562 106, Karnataka, India |
|
Tel. No.: |
91-80-67361000 |
|
Fax No.: |
91-80-27826022/ 23/ 24 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
9th Floor, DLF Building No. 10, Tower C, DLF Cyber City
Phase II, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91-124-3305190 / 3940257 / 4222036 / 3940400 |
|
Fax No.: |
91-124-4222036 |
|
|
|
|
Corporate Office: |
Innovare, Bearys Global Research Triangle, Sy. No. 63/3B, Gorvigere
Village, Bldarahalli Hobli, Bangalore East Taluk, Whitefield Hoskole Road,
Bangalore – 580115, Karnataka, India |
|
Tel. No.: |
91-80-45540000 |
|
|
|
|
Factory 2 : |
Located at: ·
Himachal Pradesh |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nikhil Priyavadanbhai Pathak |
||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||
|
Address : |
101/102 1st Floor, Building No.5, Garden Enclave, Near Siddhb Chal Pldhran Road No.5, Thane (West), Thane – 400610, Maharashtra, India Flat No. 15072, Prestige Shanthiniketan, Opposite
International Tech Park, Whitefield, Bangalore – 560048, Karnataka, India |
||||||||||||
|
Date of Birth/Age : |
03.09.1965 |
||||||||||||
|
Qualification : |
Mechanical Engineer, MBA |
||||||||||||
|
Date of Appointment : |
31.12.2016 |
||||||||||||
|
PAN No.: |
AAPPP5769A |
||||||||||||
|
DIN No.: |
01668137 |
||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Javed Ahmad |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
3B, Regency Heights Cleveland Road, Fraser Town, Bangalore
– 560005, Karnataka, India |
||||||||||||
|
Date of Birth/Age : |
11.05.1967 |
||||||||||||
|
Qualification : |
Bachelor of Engineering and MBA |
||||||||||||
|
Date of Appointment : |
10.12.2007 |
||||||||||||
|
PAN No.: |
AENPA6787M |
||||||||||||
|
DIN No.: |
01705373 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Pankaj Sharma |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
1 RHU Cross, #08-08, Singapore - 437431 SG |
||||||||||||
|
Date of Birth/Age : |
19.02.1973 |
||||||||||||
|
Qualification : |
BE, MBA |
||||||||||||
|
Date of Appointment : |
29.12.2014 |
||||||||||||
|
PAN No.: |
AHFPS5378F |
||||||||||||
|
DIN No.: |
02669725 |
||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Swaminathan Venkatraman |
||||||||||||
|
Designation : |
Managing Director |
||||||||||||
|
Address : |
18/102, Siddhachal Housing Complex, Phase – III, Pokhran
Road – 2, Thane – 400601, Maharashtra, India |
||||||||||||
|
Date of Appointment : |
01.01.2017 |
||||||||||||
|
DIN No.: |
03139440 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Nitin Bakshi |
||||||||||||
|
Designation : |
Whole-time Director |
||||||||||||
|
Address : |
NO. E1004, Tower-2, Adarsh Plam, Retreat APPT Bellandur,
Outer Ring ROAD Bangalore – 560103, Karnataka, India |
||||||||||||
|
Date of Appointment : |
29.09.2017 |
||||||||||||
|
DIN No.: |
07837847 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Srinivasa Narasimhan |
|
Designation : |
Chief Finance Officer |
|
Address : |
128, Anugraha AGS Layout, 1st Cross New Bel Road, RMV II
STG Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
30.03.1973 |
|
Qualification : |
B.Sc ACMA , ACCA |
|
Date of Appointment : |
14.12.2015 |
|
PAN No.: |
AAIPN8415G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Schnelder Electric IT Corporation, USA |
|
3353560 |
|
American Power Conversion Corporation (APC) BV, Netherland |
|
2 |
|
Schnelder Electric IT France, France |
|
63125 |
|
Schnelder Electric IT Singapore Pte. Limited, Singapore |
|
1 |
|
Uniflair SPA, Italy |
|
17200 |
|
Total |
|
3433888 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Schnelder Electric IT France, France |
|
53546 |
|
Total |
|
53546 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) (Line of business is updated as per latest annual report 2016.) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12th and 13th Floor "UB City", Canberra, Block No.24 Vittal, Mallya Road, Bangalore-560001, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Schneider Electric IT Corporation, United States |
|
|
|
|
Ultimate Holding
company: |
Schneider Electric SA, France |
|
|
|
|
Fellow Subsidiary
company : |
U74899DL1988PTC032019
U74899DL1995PTC065815
L31900GJ2011PLC064420
U32109KA1984PLC079103
U72900KA2000PTC026794
|
CAPITAL STRUCTURE
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
INR 10/- each |
INR 140.000 Million |
|
1000000 |
Preference Shares |
INR 10/- each |
INR 10.000 Million |
|
|
Total |
|
INR 150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3433888 |
Equity Shares |
INR 10/- each |
INR 34.340
Million |
|
53546 |
Preference Shares |
INR 10/- each |
INR 0.535 Million |
|
|
Total |
|
INR 34.875 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
35.000 |
35.000 |
34.710 |
|
(b) Reserves and Surplus |
20641.000 |
19107.000 |
17387.290 |
|
(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) |
20676.000 |
19142.000 |
17422.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
25.000 |
0.000 |
|
(c) Other long-term
liabilities |
21.000 |
154.000 |
17.000 |
|
(d) long-term
provisions |
116.000 |
0.000 |
134.000 |
|
Total Non-current
Liabilities (3) |
137.000 |
179.000 |
151.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
58.000 |
|
(b) Trade
payables |
3567.000 |
3766.000 |
3413.000 |
|
(c) Other
current liabilities |
1462.000 |
1308.000 |
1322.000 |
|
(d) Short-term
provisions |
1043.000 |
968.000 |
947.000 |
|
Total Current
Liabilities (4) |
6072.000 |
6042.000 |
5740.000 |
|
|
|
|
|
|
TOTAL |
26885.000 |
25363.000 |
23313.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2275.000 |
2397.000 |
2530.000 |
|
(ii)
Intangible Assets |
12.000 |
22.000 |
20.000 |
|
(iii) Tangible assets
capital work-in-progress |
88.000 |
7.000 |
26.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6250.000 |
5000.000 |
5000.000 |
|
(c) Deferred tax assets (net) |
143.000 |
117.000 |
112.000 |
|
(d)
Long-term loans and advances |
4045.000 |
6058.000 |
4654.000 |
|
(e) Other
Non-current assets |
5.000 |
10.000 |
10.000 |
|
Total Non-Current
Assets |
12818.000 |
13611.000 |
12352.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4463.000 |
4339.000 |
3992.000 |
|
(c) Trade
receivables |
4606.000 |
5134.000 |
4774.000 |
|
(d) Cash and
bank balances |
4188.000 |
1150.000 |
1012.000 |
|
(e)
Short-term loans and advances |
533.000 |
597.000 |
828.000 |
|
(f) Other
current assets |
277.000 |
532.000 |
355.000 |
|
Total
Current Assets |
14067.000 |
11752.000 |
10961.000 |
|
|
|
|
|
|
TOTAL |
26885.000 |
25363.000 |
23313.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
28020.000 |
26336.000 |
|
|
Other Income |
|
495.000 |
10.000 |
|
|
TOTAL |
|
28515.000 |
26346.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
19310.000 |
16931.000 |
|
|
Purchases of
Stock-in-Trade |
|
1626.000 |
1595.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(43.000) |
(231.000) |
|
|
Employee benefit expense |
|
2014.000 |
2223.000 |
|
|
CSR expenditure |
|
44.000 |
0.000 |
|
|
Other expenses |
|
2504.000 |
2594.000 |
|
|
TOTAL |
|
25455.000 |
23112.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
3060.000 |
3234.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
11.000 |
21.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3049.000 |
3213.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
514.000 |
551.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
2535.000 |
2662.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
1001.000 |
918.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
1534.000 |
1744.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
|
18989.000 |
17245.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
|
20523.000 |
18989.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
20123.00 |
17406.000 |
|
|
Software development and
design services |
|
0.000 |
996.000 |
|
|
Sale of fixed assets |
|
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
|
20123.00 |
18402.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
9719.000 |
8071.000 |
|
|
Capital Goods |
|
413.000 |
174.000 |
|
|
TOTAL IMPORTS |
|
10132.000 |
8245.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
446.723 |
508.00 |
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
|
|
21135.000 |
|
|
|
Other Income |
|
|
20.000 |
|
|
|
TOTAL |
|
|
21155.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
|
|
18950.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
2205.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
|
1048.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
1157.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
16088.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
17245.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
|
|
13293.000 |
|
|
|
Software development and
design services |
|
|
927.000 |
|
|
|
Sale of fixed assets |
|
|
10.000 |
|
|
|
TOTAL EARNINGS |
|
|
14230.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
7293.000 |
|
|
|
Capital Goods |
|
|
192.000 |
|
|
TOTAL IMPORTS |
|
|
7485.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
333.41 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
NA |
NA |
|
Cash generated from operations |
3019.000 |
NA |
NA |
|
Net cash flow from operating activity |
1903.000 |
3041.000 |
2111.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
60.00 |
71.15 |
82.45 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.08 |
5.13 |
4.43 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
62.19 |
74.20 |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.69 |
0.75 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.29 |
1.33 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.23 |
0.24 |
0.25 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.29 |
0.32 |
0.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.11 |
0.13 |
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
278.18 |
154.00 |
NA |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.47 |
6.62 |
5.47 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.71 |
6.88 |
4.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
7.42 |
9.11 |
6.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.32 |
1.95 |
1.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.58 |
1.23 |
1.21 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.77 |
0.75 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
1.67 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.32 |
1.95 |
1.91 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
34.710 |
35.000 |
35.000 |
|
Reserves & Surplus |
17387.290 |
19107.000 |
20641.000 |
|
Net
worth |
17422.000 |
19142.000 |
20676.000 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
58.000 |
0.000 |
0.000 |
|
Total
borrowings |
58.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.003 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
21135.000 |
26336.000 |
28020.000 |
|
|
|
24.608 |
6.394 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
21135.000 |
26336.000 |
28020.000 |
|
Profit |
1157.000 |
1744.000 |
1534.000 |
|
|
5.47% |
6.62% |
5.47% |
LEGAL
CASES
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject (“the Company”) was incorporated on 10 March 1997 as a private limited company under the erstwhile Companies Act, 1956. The Company is a wholly owned subsidiary of Schneider Electric IT Corporation, USA ("Parent Company"). In February 2007, Schneider Electric SA, France, acquired Schneider Electric IT Corporation, USA and consequently, it has become the ultimate holding company. With effect from 1 April 2013 the Company had acquired the entire business and undertaking comprising of all the assets and liabilities of Uniflair India Private Limited under a scheme of merger approved by the Hon'ble High Court of Karnataka.
The Company is engaged in the manufacture, sale and trading of Uninterruptible Power Supply (“UPS”) systems and accessories and has its manufacturing facilities at Bangalore and Uttarakhand. The Company also provides maintenance and other after sales services in respect of UPS systems through a network of branches situated across the country.
INTERNAL FINANCIAL
CONTROLS UNDER
According to the
information and explanations given to us and based on our audit, the following
material weakness has been identified in the operating effectiveness of the
Company’s internal financial controls over financial reporting as at March 31,
2016:
The Company’s internal control system with respect to its financial statement close process as at year end, needed to be strengthened to operate effectively.
Internal control on financial reporting has been adopted for the first time due to additional disclosures as per Companies Act, 2013. The Company has appropriate controls to commensurate size of the Organisation. However, few processes need further strengthening as highlighted by the Auditors and the Company is in the process to strengthen the controls accordingly.
The Company’s internal control system with respect to documentation and maintenance of payroll records/ reconciliations needed to be strengthened to operate effectively.
The Company’s entity level controls with respect to obtaining acknowledgement of code of conduct from the employees and timely remediation of deficiencies identified and communicated by the internal audit function needed to be strengthened to operate effectively.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B66165762 |
10073465 |
CENTRAL BANK OF INDIA |
19/09/2007 |
- |
16/01/2013 |
20000000.0 |
G-2/43, CONNAUGHT CIRCUS, NEW DELHI – 110001, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Direct and indirect tax matters (excluding interest and penalty thereon) |
|
|
|
a) Income-tax matters (Refer note i below for key open matters) |
948.000 |
825.000 |
|
b) Excise & Customs duty (Refer note ii below for key open matters) |
1858.000 |
1843.000 |
|
c) Service tax, Value Added Tax (VAT) and other tax matters |
411.000 |
404.000 |
|
Other matters |
|
|
|
a) Claims against the Company not acknowledged as debts (refer note iii below for key open matters) |
74.000 |
82.000 |
|
b) Provident fund on leave encashment for the period March 1997 to March 2005, pending final decision by appropriate authorities |
1.000 |
1.000 |
|
c) Claims on dismissal of employees, pending final decision by appropriate authorities |
11.000 |
11.000 |
|
Note: 1. Income tax demand comprise of demands from the Indian tax authorities for payment of additional tax of Million 948 million (2015: INR 825.000 million) along with interest of INR 470.000 million (2015: INR 390.000 million) and penalty there on, upon completion of tax assessment for various financial years. The Company has made a deposit of INR 575.000 million (2015: INR 533.000 million) under protest for the above tax demands. The Company’s appeal against the said demands is pending before various forum. The Company is contesting the demands and the management, including its tax advisors, believe that its position will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the year ended 31 March 2016, for the tax demand raised. Considering the facts and nature of disallowances, the Company believes that the final outcome of the disputes should be in favour of the Company and will not have any material adverse effect on the financial position and results of operations. 2. A search was carried out at the units and corporate office of the Company by the officers of DRI, on 24 April 2008 to check the compliance with the provisions of the Customs Act, 1962 and Excise Act, 1944. A show cause notice dated 23 July 2010 was served on the Company by the DRI alleging evasion of customs duty and excise duty aggregating to INR 2102.000 million for various periods up to March 2008, along with interest and penalty thereon, in respect of undervaluation of products cleared to Domestic Tariff Area (DTA) from Electronic Hardware Technology Park (EHTP) units, non-inclusion of value of accessories in clearance value made from DTA, diversion of raw materials/ inputs procured duty free in DTA, etc. The Company deposited INR 250.000 million under protest, with prejudice to their rights to contest the matter in relation thereto. Pending adjudication and assessment by customs/excise authorities, the management could not ascertain a reliable estimate towards provision for litigation until 31 March 2012. During the year ended 31 March 2013, the Company received an order from the DRI for a duty demand amounting to INR 2102.000 million along with penalty of INR 1571.000 million and interest thereon. The Company had filed an appeal before Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on 20 February 2013 against the order passed by Commissioners of Customs.] On 1 May 2014 the Company received an Order from the CESTAT, setting aside the Order passed by first level tax court and directing the assessing officer to re-consider all the matters afresh. Based on Company’s internal assessment and on the advice of external legal counsel, the Company has estimated and recorded a provision for litigation amounting to INR 858.000 million (2015: INR 816.000 million), including interest amounting to INR 400.000 million (2015: INR 358.000 million). Considering the facts and nature of disallowances, the Company believes that the final outcome of the disputes should be in favour of the Company and no further liability would arise in respect of aforesaid matter. 3. The Company has undertaken an exercise of reconciling its vendor balances with respect to the confirmations received from such vendors. The Company has accrued an estimated provision amounting to INR 128.000 million (2015: INR 128.000 million) with respect to the discrepancies noticed on such reconciliation in the financial statements. Further, the Company did not acknowledge vendor claims amounting to INR 74.000 million (2015: INR 82.000 million) as debts in absence of adequate documentation evidencing the proof of delivery of the materials to be received from the vendors. Further, the management confirms that the materials are yet to be received by the Company and there are no more additional steps which need to be taken by the Company. Accordingly, finality to the aforesaid claims remains outstanding for receipt of proof of delivery from the vendors. Additionally, the management believes that aforesaid claims do not have any settlement rights/ obligations from legal and commercial perspective and have been disclosed as contingent liability in these financial statements. In absence of availability of adequate documents/ supporting evidences that need to be provided by the vendors, the management does not expect any material adverse effect on the financial position and results of operations as of 31 March 2016. |
||
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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 records 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 64.87 |
|
|
1 |
INR 90.48 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.