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MIRA INFORM REPORT
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Report No. : |
508741 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED (w.e.f. 08.12.2011) |
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Formerly Known
As : |
SMARTGRID AUTOMATION DISTRIBUTION AND SWITCHGEAR LIMITED |
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Registered
Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office Jarod,
Vadodara – 391510, Gujarat |
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Tel. No.: |
91-120-3940400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
12.03.2011 |
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Com. Reg. No.: |
04-064420 |
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Capital Investment
/ Paid-up Capital : |
INR 2198.210 Million |
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CIN No.: [Company Identification
No.] |
L31900GJ2011PLC064420 |
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IEC No.: [Import-Export Code No.] |
3411005041 |
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TIN No.: |
24192201057 |
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GSTN : [Goods & Service Tax Registration
No.] |
24AAPCS6078Q1ZC |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAPCS6078Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
The Company is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution including products such as distribution transformers, medium voltage switchgears, medium and low voltage protection relays and electricity distribution and automation equipment. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Schneider Electric Infrastructure Limited is a step down subsidiary of
“Schneider Electric Industries SAS”, France. It is an established company
incorporated in the year 2011 having good track record. The company is continuously incurring heavy losses from its
operational activities which have resulted into accumulated losses registered
during FY 2017. However, the company receives strong financial and managerial support
from its ultimate parent company. Share price quoted high on stock exchange (share price INR 111 with
face value of INR 2.00). It is also to be noted that “Schneider Electric” has been ranked 399th
with global Fortune 500 Companies. Trade relations are reported as fair. Business is active. Payments
terms are seems to be usually correct and as per
commitments. In view of the aforesaid, the company can be considered for business
dealing 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 (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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
31-03-2018.
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 17.05.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(Tel. No.:91-124-3940400)
Given number [91-712-3014000/ 2249605] is not working
Given number [9967580531] is ringing
LOCATIONS
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Registered Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office Jarod,
Vadodara – 391510, Gujarat, India |
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Tel. No.: |
91-2668-664300 / 664466 |
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Fax No.: |
91-2668-664621 |
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E-Mail : |
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Website : |
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Corporate Office : |
9th and 10th Floor, DLF Building No.10, Tower C,
DLF Cyber City, Phase II, Gurugram-122002, Haryana, India |
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Tel. No.: |
91-124-3940400 |
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Fax No.: |
91-124-4222036 |
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E-Mail : |
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Factory 1 : |
Survey No. 215, Gagilapur Village, Qutbullapur Mandal, District
Rangareddy, Hyderabad – 500043, Telangana, India |
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Factory 2 (Automation
Division) : |
PSS – 58, MIDC Satpur, Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3915100 |
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Factory 3 / Regional
Office 1 : |
Technopolis, 3rd Floor, Wing-B, Plot - 4, Block
- BP, Sector - V, Salt Lake City, Bidhan Nagar, Kolkata – 700091, West
Bengal, India |
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Factory 4 (Equipment
Division) : |
Block BN 3, Sector - V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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Factory 5 (Automation
Division) : |
No - 172, Poonamallee, By Pass Road, Poonamalle, Chennai -
600056 |
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Factory 6
(Transformer Division) : |
Naini Works, P O Naini, Allahabad – 211008, Uttar Pradesh, India |
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Factory 7
(Automation Division) : |
A-88, Sector - 57 , Noida – 201301, Uttar Pradesh, India |
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Regional Office 2 : |
Unit No. 1141/1142 Building No. 11, 4th Floor, Solitaire
Park, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400059,
Maharashtra, India |
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Branch Office 1 : |
SCO 15, 2nd Floor, Sec-26, Madhya Marg , Chandigarh – 160019, India |
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Branch Office 2 : |
309, 3rd Floor, Jaipur Business Centre, Sangam Tower, Church Road, Jaipur – 302001, Rajasthan, India |
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Branch Office 3 : |
27/2A, First Floor, Asha Bhavan, Gokhle Marg, Lucknow – 226001, Uttar Pradesh, India |
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Branch Office 4 : |
A-3/1, L Road, Bistupur, Jamshedpur – 831001, Jharkand, India |
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Branch Office 5 : |
G S Road, 406, Orion Tower, Christanbasty, Guwahati – 781005, Assam, India |
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Branch Office 6 : |
Plot - 14, Forest Park, Bhubaneshwar – 751009, Orissa, India |
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Branch Office 7 : |
305, 'Concorde' Rc Dutt Road, Alkapuri, Vadodra – 390007, Gujarat, India |
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Branch Office 8 : |
42/A, Space House, Opposite Shree Krishna Centre, Mithakhali Six Road, Ahmedabad – 380009, Gujarat - India |
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Branch Office 9 : |
Fortune Business Centre, 1st Floor, 6, Vasant Vihar, W H C Road, Shankar Nagar, Nagpur – 440010, Maharashtra, India |
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Branch Office 10 : |
2nd Floor, RB Business Centre, Above PUMA Showroom, Sanghvi Nagar, Aundh, Pune – 411007, Maharashtra, India |
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Other Regional Offices : |
Also Located At:
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Chairman |
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Address : |
Dewan Manohar House B-88, Sector-51, Noida-201301, Uttar Pradesh, India |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
02591373 |
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Name : |
Mr. Prakash Kumar Chandraker |
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Designation : |
Managing Director |
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Address : |
1610-B, Beverly Park LL, M.G. Road, Gurugram-122002, Haryana, India |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
05150366 |
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Name : |
Mr. Vivek Sarwate |
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Designation : |
Whole-time Director |
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Address : |
5 Nirmala Flats 52, Suvarnapuri Society Chikuwadi Jetal Pur Road, Vadodara- 390007, Gujarat, India |
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Date of Appointment : |
04.02.2016 |
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DIN No.: |
07424152 |
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Name : |
Mr. Ranjan Pant |
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Designation : |
Director |
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Address : |
Portion-B, 10-A Kasturba Gandhi Marg, New Delhi-110001, India |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
00005410 |
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Name : |
Mr. Subramanian Vishar Vasudevan |
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Designation : |
Director |
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Address : |
Flat No. D-102, Road No.12 Fortune Enclave-Block-D, Banjara Hills, Hyderabad-500034, Telangana, India |
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Date of Appointment : |
11.06.2013 |
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DIN No.: |
00130205 |
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Name : |
Mr. Sugata Sircar |
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Designation : |
Director |
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Address : |
Apt D-1402, Palm Springs Golf Course Road, Sector-54, Gurugram-122003, Haryana, India |
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Date of Appointment : |
02.11.2014 |
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DIN No.: |
01119161 |
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Name : |
Mr. Anil Chaudhry |
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Designation : |
Director |
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Address : |
Apartment No. C 061, The Belaire DLF City Phase 5, Golf Course Road, Gurugram-122001, Haryana, India |
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Date of Appointment : |
12.03.2011 |
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DIN No.: |
03213517 |
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Name : |
Mr. Vivek Sarwate |
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Designation : |
Director |
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Address : |
5, Nirmala Flats 52 Suvarnapuri Society Chikuwadi Jetal Pur Road, Vadodara- 390007, Gujarat, India |
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Date of Appointment : |
04.02.2016 |
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DIN No.: |
07424152 |
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Name : |
Mr. Bidisha Nagaraj |
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Designation : |
Additional Director |
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Address : |
102, Footprints, 7th Main, 7th Cross Indiranagar, Bangalore-560008, Karnataka, Inida |
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Date of Appointment : |
07.03.2018 |
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DIN No.: |
08080159 |
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Name : |
Ms. Sonali Kaushik |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Arnab Roy |
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Designation : |
Company Financial Officer |
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Address : |
Flat No. C 93, Trinity Tower, DLF Phase-5, Gurugram-122002, Haryana, India |
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Date of Appointment : |
08.03.2017 |
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PAN No.: |
AEXPR4552H |
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Name : |
Mr. Anil Rustgi |
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Designation : |
Company Secretary and Compliance Officer |
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Address : |
135, Medha Apartments, Mayur Vihar, Phase 1, New Delhi-110091, India |
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Date of Appointment : |
15.05.2015 |
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PAN No.: |
AAEPR3898P |
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Name : |
Mr. Prakash Kumar Chandraker |
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Designation : |
Chief Executive Officer |
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Address : |
1610-B, Beverly Park ll, M.G. Road, Gurugram-122002, Haryana, India |
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Date of Appointment : |
08.08.2016 |
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PAN No.: |
AALPC9112G |
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COMMITTEES OF DIRECTORS : |
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Nomination and Remuneration Committee : |
· Mr. Subramanian Vishar Vasudevan, Chairman · Mr. Anil Chaudhry · Mr. Ranjan Pant · Mr. Vinod Kumar Dhall |
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Corporate Social Responsibility (CSR) Committee : |
· Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant · Mr. Subramanian Vishar Vasudevan |
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Risk Management Committee : |
· Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant · Mr. Vishar Subramanian Vasudevan |
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Stakeholder’s Relationship Committee : |
· Mr. Vishar Subramanian Vasudevan, Chairman · Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant |
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Audit Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Ranjan Pant · Mr. Sugata Sircar · Mr. Vishar Subramanian Vasudevan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
179328026 |
75.00 |
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Public |
59776009 |
25.00 |
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Total |
239104035 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
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Any Other (specify) |
16,87,35,367 |
70.57 |
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ENERGY GRID AUTOMATION TRANSFORMERS AND
SWITCHGEARS INDIA PRIVATE LIMITED |
16,87,35,367 |
70.57 |
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Sub Total A1 |
16,87,35,367 |
70.57 |
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A2) Foreign |
0.00 |
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Any Other (specify) |
1,05,92,659 |
4.43 |
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SCHNEIDER ELECTRIC SINGAPORE PTE LTD |
1,05,92,659 |
4.43 |
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Sub Total A2 |
1,05,92,659 |
4.43 |
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A=A1+A2 |
17,93,28,026 |
75.00 |
|
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
16237004 |
6.79 |
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RELIANCE CAPITAL TRUSTEE CO. LTD A/C
THROUGH ITS VARIOUS SCHEMES |
16056604 |
6.72 |
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Foreign Portfolio Investors |
511938 |
0.21 |
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Financial Institutions/ Banks |
160882 |
0.07 |
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Insurance Companies |
6627671 |
2.77 |
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THE NEW INDIA ASSURANCE COMPANY LIMITED |
3888019 |
1.63 |
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Sub Total B1 |
23537495 |
9.84 |
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B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
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Central Government/ State Government(s)/
President of India |
605 |
0.00 |
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Sub Total B2 |
605 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital upto INR 0.200
Million |
26147761 |
10.94 |
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Individual share capital in excess of INR
0.200 Million |
4728064 |
1.98 |
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AKASH BHANSHALI |
3637268 |
1.52 |
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Any Other (specify) |
5362084 |
2.24 |
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Non-Resident Indian (NRI) |
1205024 |
0.50 |
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Bodies Corporate |
4062162 |
1.70 |
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Foreign Nationals |
655 |
0.00 |
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Trusts |
23830 |
0.01 |
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Clearing Members |
70413 |
0.03 |
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Sub Total B3 |
36237909 |
15.16 |
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B=B1+B2+B3 |
59776009 |
25.00 |
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BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution including products such as distribution transformers, medium voltage switchgears, medium and low voltage protection relays and electricity distribution and automation equipment. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
S.R Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon -
122002, Haryana, India |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Energy Grid Automation Transformers and Switchgears India Private Limited |
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Ultimate Holding
Company : |
Schneider Electric Industries SAS, France |
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Parent of Holding
Company and Others : |
Schneider Electric Singapore Pte. Limited, Singapore |
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Fellow
Subsidiaries : |
· Schneider Electric Industries SAS, France · Schneider Electric India Private Limited, India · France Transfo SAS, France · Manufacturas Electrics Sa, Spain · Power Measurement Limited, Canada · Societe Electrique D’Aubenas SAS, France · Schneider (Beijing) Medium and Low Voltage Company Limited, China · Schneider Electric (Xiamen) Switchgear Company Limited, China · Schneider Electric (Australia) Pty. Limited, Australia · Schneider Electric Energy France SAS, France · Schneider Electric Espana Sa, Spain · Schneider Electric France SAS, France · Schneider Electric Energy, France · Schneider Electric Gmbh, Germany · Schneider Electric IT Business India Private Limited, India · Schneider Electric IT Vietnam Limited, Vietnam · Schneider Electric Limited, United Kingdom · Schneider Electric Logistics Asia Pte. Limited, Singapore · Schneider Electric Protection Et Controle SAS, France · Schneider Electric S.P.A., Italy · Schneider Electric Sachsenwerk Gmbh, Germany · Schneider Electric South East Asia (HQ) Pte. Limited, Singapore · Schneider Electric Telecontrol SAS, France · Schneider Electric Usa, Ince., USA · Schneider Electric Sanayi ve Ticaret AS, Turkey · Schneider Switchgear (Suzhou) Company Limited, China · Schneider (Suzhou) Transformers Company Limited, China · Shanghai Schneider Electric Power Automation Company. Limited, China · Shanghai Electric Services International Sprl, Belgium · Vamp Oy, Finland · Invensys Development Centre India Private Limited, India · Luminous Power Technologies Private Limited, India · Pt Schneider Electric Indonesia, Indonesia · Schneider (Thailand) Limited, Thailand · Schneider Electric A.E.B.E, Greece · Schneider Electric Argentina, Argentina · Schneider Electric Asia Pacific Limited, Hong Kong · Schneider Electric Brazil Ltda, Brazil · Schneider Electric Canada Inc., Canada · Schneider Electric Systems Colombia Ltda, Colombia · Schneider Electric D-O-O- Croatia · Schneider Electric De Colombia Sa, Colombia · Schneider Electric Distribution Company, Egypt · Schneider Electric East Mediterranean Sal, Lebanon · Schneider Electric Energy UK Limited, United Kingdom ·
Schneider Electric FZE, United Arab Emirates · Schneider Electric Industries (M) Sdn Bhd, Malaysia · Schneider Electric Korea Limited (Ex-Samwha Eocr Company Limited), South Korea · Invensys India Private Limited, India · Schneider Electric O.N. Lic, Oman · Schneider Electric Dms Ns, Serbia · Schneider Electric President Systems Limited, India · Schneider Electric Overseas Asia Pte. Limited, Singapore · Schneider Electric Polska Sp., Poland · Schneider Electric Services Llc, Qatar · Schneider Electric Vietnam Company Limited, Vietnam |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 2/- each |
INR 500.000 Million |
|
180000000 |
Preference shares |
INR 10/- each |
INR 1800.000 Million |
|
|
Total |
|
INR 2300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239104035 |
Equity Shares |
INR 2/- each |
INR 478.210 Million |
|
172000000 |
Preference shares |
INR 10/- each |
INR 1720.000 Million |
|
|
Total |
|
INR 2198.210
Million |
a.
Terms/rights attached to equity shares
The company has equity shares having par value of INR 2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Company issued 172000000 Cumulative Redeemable Preference Shares of INR 10 each fully paid-up by conversion of loans. Cumulative Redeemable Preference Shares carry cumulative dividend @ 8% p.a. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b. Shares held
by Holding/ ultimate holding company and/or their subsidiaries/ associates:
Out of equity and preference shares issued by the Company, shares held by its holding company and/or their subsidiaries are as below:
|
Particulars |
31.03.2017 |
|
|
Equity Shares |
Number of shares |
INR in Million |
|
Energy Grid Automation Transformers and Switchgears India Private Limited, the holding company |
168.740 |
337.470 |
|
Schneider Electric Singapore Pte. Limited, Parent of holding company |
10.590 |
21.180 |
|
Preference
Shares |
|
|
|
Energy Grid Automation Transformers and Switchgears India Private Limited, the holding company |
47.000 |
470.000 |
|
Schneider Electric IT Business India Private Limited, India, fellow subsidiary |
125.000 |
1250.000 |
c.
Reconciliation of the number of shares outstanding at the beginning and at the
end of the reporting year:
Equity Shares
|
Particulars |
31.03.2017 |
|
|
|
Number (in Million) |
INR in Million |
|
Outstanding at the beginning of the year |
239.100 |
478.210 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
239.100 |
478.210 |
Preference Shares
|
Particulars |
31.03.2017 |
|
|
|
Number (in Million) |
INR in Million |
|
Issued during the year |
172.000 |
1720.000 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
172.000 |
1720.000 |
d. Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2017 |
|
|
|
Number (in Millions) |
INR in Million |
|
Equity shares of Rupees 2 each fully
paid: |
|
|
|
Energy Grid Automation Transformers and Switchgears India Private Limited, the Holding Company |
168.740 |
70.57% |
|
|
|
|
|
Cumulative Redeemable
Preference Shares of INR 10 each fully paid |
|
|
|
Schneider Electric IT Business India Private Limited, fellow subsidiary |
125.000 |
72.67% |
|
Energy Grid Automation Transformers and Switchgears India Private Limited, the Holding Company |
47.000 |
27.33% |
As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
e. Arrears of cumulative dividends (including dividend distribution tax) on Cumulative Redeemable Preference shares as at March 31, 2017 INR 198.640 Million (March 31, 2015 – INR 32.250 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 |
2198.210 |
2198.210 |
478.210 |
|
(b) Reserves &
Surplus |
(1408.000) |
190.230 |
372.180 |
|
(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) |
790.210 |
2388.440 |
850.390 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
650.000 |
915.000 |
1900.000 |
|
(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 |
205.560 |
209.440 |
196.500 |
|
Total Non-current
Liabilities (3) |
855.560 |
1124.440 |
2096.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3197.480 |
837.900 |
962.700 |
|
(b) Trade payables |
4901.700 |
7299.320 |
7652.240 |
|
(c) Other current
liabilities |
697.960 |
463.710 |
1156.340 |
|
(d) Short-term provisions |
1004.550 |
786.000 |
753.450 |
|
Total Current Liabilities
(4) |
9801.690 |
9386.930 |
10524.730 |
|
|
|
|
|
|
TOTAL |
11447.460 |
12899.810 |
13471.620 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1752.110 |
1837.910 |
1945.470 |
|
(ii) Intangible Assets |
86.180 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
151.140 |
74.650 |
10.090 |
|
(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 Loan and Advances |
467.570 |
356.500 |
281.810 |
|
(e) Other Non-current
assets |
0.000 |
144.860 |
212.450 |
|
Total Non-Current Assets |
2457.000 |
2413.920 |
2449.820 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2200.530 |
2287.640 |
2118.280 |
|
(c) Trade receivables |
5104.980 |
6679.250 |
6909.390 |
|
(d) Cash and cash
equivalents |
209.690 |
12.700 |
544.820 |
|
(e) Short-term loans and
advances |
1437.730 |
1436.990 |
1212.120 |
|
(f) Other current assets |
37.530 |
69.310 |
237.190 |
|
Total Current Assets |
8990.460 |
10485.890 |
11021.800 |
|
|
|
|
|
|
TOTAL |
11447.460 |
12899.810 |
13471.620 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
12648.690 |
14026.070 |
13104.790 |
|
|
Other Income |
260.750 |
106.080 |
695.720 |
|
|
TOTAL |
12909.440 |
14132.150 |
13800.510 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of materials and components consumed |
8622.520 |
10100.080 |
9634.200 |
|
|
Purchases of
Stock-in-Trade |
115.490 |
124.730 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
22.160 |
(144.810) |
120.860 |
|
|
Employees benefits
expense |
1710.490 |
1681.770 |
1516.960 |
|
|
Exceptional items |
72.340 |
17.310 |
0.000 |
|
|
Other expenses |
3384.740 |
1849.200 |
2066.080 |
|
|
TOTAL |
13927.740 |
13628.280 |
13338.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(1018.300) |
503.870 |
462.410 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
324.860 |
428.000 |
384.960 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(1343.160) |
75.870 |
77.450 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
255.070 |
257.820 |
248.620 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1598.230) |
(181.950) |
(171.170) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
114.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(1598.230) |
(181.950) |
(285.400) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
729.520 |
921.600 |
819.060 |
|
|
Other services income |
102.930 |
127.750 |
195.680 |
|
|
Subvention from corporate |
0.000 |
0.000 |
492.850 |
|
|
TOTAL EARNINGS |
832.450 |
1049.350 |
1507.590 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and
components |
2753.320 |
2653.860 |
2659.490 |
|
|
Stores and spare parts |
2.580 |
4.190 |
4.770 |
|
|
Traded goods |
115.310 |
73.210 |
0.000 |
|
|
Capital Goods |
201.590 |
4.050 |
0.360 |
|
|
TOTAL IMPORTS |
3072.800 |
2735.310 |
2664.620 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(7.38) |
(0.90) |
(1.19) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
(1340.030) |
64.490 |
278.370 |
|
|
|
|
|
|
Net cash flow from (used in) operations |
(1347.050) |
52.430 |
252.270 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Net Sales |
3084.490 |
2697.250 |
4704.570 |
|
Total Expenditure |
3170.380 |
2761.650 |
4686.410 |
|
PBIDT (Excluding Other Income) |
(85.890) |
(64.400) |
18.160 |
|
Other Income |
11.560 |
135.290 |
86.690 |
|
Operating Profit |
(74.330) |
70.890 |
104.850 |
|
Interest |
95.350 |
114.920 |
105.080 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(169.680) |
(44.030) |
(0.230) |
|
Depreciation |
65.290 |
65.150 |
72.810 |
|
Profit Before Tax |
(234.970) |
(109.180) |
(73.040) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(234.970) |
(109.180) |
(73.040) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(234.970) |
(109.180) |
(73.040) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
147.31 |
173.81 |
192.44 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
2.48 |
2.10 |
1.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
204.75 |
260.57 |
289.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.46) |
0.22 |
0.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.51) |
0.26 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.91 |
0.80 |
0.92 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
4.87 |
0.73 |
3.37 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
12.40 |
3.93 |
12.38 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.52 |
0.80 |
2.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.13) |
1.18 |
1.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
(12.64) |
(1.30) |
(2.18) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(13.96) |
(1.41) |
(2.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(202.25) |
(7.62) |
(33.56) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.92 |
1.12 |
1.05 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.69 |
0.87 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.07 |
0.19 |
0.06 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.75 |
0.80 |
5.99 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.92 |
1.12 |
1.05 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 111.00/- |
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 |
478.210 |
2198.210 |
2198.210 |
|
Reserves & Surplus |
372.180 |
190.230 |
(1408.000) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
850.390 |
2388.440 |
790.210 |
|
|
|
|
|
|
Long-term borrowings |
1900.000 |
915.000 |
650.000 |
|
Short term borrowings |
962.700 |
837.900 |
3197.480 |
|
Total borrowings |
2862.700 |
1752.900 |
3847.480 |
|
Debt/Equity ratio |
3.366 |
0.734 |
4.869 |
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 |
13104.790 |
14026.070 |
12648.690 |
|
|
|
7.030 |
(9.820) |
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 |
13104.790 |
14026.070 |
12648.690 |
|
Profit / (Loss) |
(285.400) |
(181.950) |
(1598.230) |
|
|
(2.18%) |
(1.30%) |
(12.64%) |
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 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGE: NO CHARGES
EXISTS FOR COMPANY
NATURE OF OPERATIONS
The company was incorporated on March 12, 2011. It is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The Company is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution including products such as distribution transformers, medium voltage switchgears, medium and low voltage protection relays and electricity distribution and automation equipment.
PERFORMANCE REVIEW
The
Company began
the year with a renewed focus on profitable growth and converted the external
uncertain market conditions into an internal opportunity to implement profit
boosting initiatives. Indian power sector has a lot of potential to grow and
advance across different stages of the delivery cycle and also at the
consumption end. Though the traditional markets are still recovering, there are
emerging markets which show a sign of promise. The Company has realigned itself
with respect to these market trends which can provide growth opportunities in
these emerging segments. The Company has dynamically responded to headwinds and
local policy changes and is prepared for the much awaited tax reforms in the
country. The Company has maintained its strategic priority towards profitable
growth via prudent customer acquisition while offering a strong value
proposition.
The Company
is continuously cautious and selective in term of customers while building a
healthy backlog in line with their strategy. The Company’s normal operation has
improved significantly and net income before one off
charges
turned into positive. The recoverability of older receivables and liquidity has
remained a challenge due to the market conditions. The Company has taken a
one-off hit of 1,377 MINR for sticky debtors and 271 MINR for various old legal
forms which turned the net income into negative.
With the
market leaping towards a connected ecosystem rather than a specific standalone
solution, the Company is ideally positioned to leverage its global expertise in
combining IT with their proven OT to deliver completely automated and reliable
solutions with augmented value and peace of mind to our customers. The
investments in development and delivery of EcoStruxure™ is a testimony to their
digital and customer-centric offer strategies.
The Company’s
deep industry experience and wide product and services portfolio has made it the
customer`s premier partner of choice. With their unique positioning in the
smart products and ecosystems coupled with the increasingly reliable, safe and
environmentally friendly offers, they witnessed continued support from their
partners and renewed confidence from customers this year. Thus, they have not
only secured our existing client base but also acquired industry leading
projects in both government and private sectors. At every level in the
organisation they remain committed towards sustainability, safety and
satisfaction of customers and society in general.
Employees are
the company`s most valuable assets. Their unwavering focus on employee growth
and development has been a keystone in the achievement of successful feats in a
highly competitive market. Multiple training programs and employee engagement
initiatives with world class content and delivery modes have helped in
achieving the ambition of being a dynamic and learning organisation.
The Company
is grateful towards its shareholders, customers, employees and all stakeholders
for their confidence and inspiring support to grow their business from strength
to strength and meet the expectations of the future.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The macro-economic
stability of the Indian economy improved in the first half of FY 2016-17,
weathering global headwinds. Overall economic growth remained robust, current
account balance improved despite continuing sluggishness in global demand,
fiscal trends remained attuned to the consolidation plans and inflation
remained broadly within the corridor.An important macro-economic challenge
faced by the Indian economy relates to the declining trend in the investment
and saving rates. The fixed investment rate (ratio of gross fixed capital
formation to GDP) declined from 29.2 per cent in 2015-16 to 26.9 percent in
2016-17.
GDP GROWTH
The Indian
economy grew at 7.1 per cent in 2016-17 (Central Statistics Office Estimates).
The growth in agriculture, industry and services is estimated at 4.1 per cent,
5.2 per cent and 8.8 per cent in 2016-17 as opposed to 1.2 per cent, 7.4 per
cent and 8.9 per cent respectively in 2015-16. However, industry sector growth
rates declined in 2016-17 mainly on account of contraction in mining &
quarrying and moderation of growth in manufacturing sector.
The growth in
Gross Value Added (GVA) at constant (2011-12) basic prices for the year 2016-17
is estimated to be 6.7 per cent, as compared to 7.8 per cent in 2015- 16.Eight
core infrastructure industries observed a growth of 5.0 per cent in March 2017,
as compared to 9.3 per cent in March 2016. Overall annual growth of these
industries during the year 2016-17 was 4.5 per cent, as compared to 4.0 per
cent during the previous year. As per the Central Electricity Authority, growth
of electricity generation was 4.7 per cent during April-March2016-17.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Schneider Electric IT Business India Private Limited |
650.000 |
915.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Cash credit from banks |
7.320 |
121.510 |
|
Short Term loan from banks |
303.640 |
200.000 |
|
Foreign currency loan from banks |
1088.520 |
481.390 |
|
Loan from related
party : |
|
|
|
Energy Grid Automation Transformers and Switchgears India Private Limited |
33.000 |
35.000 |
|
Schneider Electric IT Business India Private Limited |
1765.000 |
0.000 |
|
|
|
|
|
Total |
3847.480 |
1752.900 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
=
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
4704.570 |
2697.250 |
10486.310 |
|
Other Operating Income |
86.690 |
135.290 |
233.540 |
|
Total
Income from Operations |
4791.260 |
2832.540 |
10719.850 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials and components consumed |
3264.220 |
1982.230 |
7249.580 |
|
Purchase of Stock in Trade |
25.870 |
26.870 |
60.230 |
|
Changes in inventories of finished goods and
work-in-progress |
156.060 |
(121.070) |
73.850 |
|
Excise duty on sale of goods |
0.000 |
0.000 |
196.830 |
|
Employee benefits expense |
461.910 |
452.030 |
1387.760 |
|
Finance costs |
105.080 |
114.920 |
315.350 |
|
Depreciation and Amortization expenses |
72.810 |
65.150 |
203.250 |
|
Other Expenditure |
778.350 |
421.590 |
1650.190 |
|
Total
Expenses |
4864.300 |
2941.720 |
11137.040 |
|
Profit / (Loss) before Tax |
(73.040) |
(109.180) |
(417.190) |
|
Tax Expense |
-- |
-- |
-- |
|
Profit
/ (Loss) after Tax |
(73.040) |
(109.180) |
(417.190) |
|
Other
comprehensive income/ (loss) |
|
|
|
|
Items
that will not be reclassified to profit or loss |
|
|
|
|
-Remeasurement of the defined to profit or loss |
1.280 |
(10.180) |
(17.890) |
|
Total
comprehensive income |
(71.760) |
(119.360) |
(435.080) |
|
Paid-up
Equity Share Capital (Face value INR 2/- per share) |
478.200 |
478.200 |
478.200 |
|
Basic
and Diluted EPS (in INR) |
(0.30) |
(0.50) |
(1.82) |
NOTES:
1. The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 13, 2018.
2. The Company adopted Indian Accounting Standards ("Ind AS")
effective April 1, 2017 (transition date being April 1, 2016) and accordingly,
the financial results for the quarter and nine month period ended December 31,
2017 have been prepared in accordance with the recognition and measurement
principles laid down in Ind AS 34 "Interim Financial Reporting" prescribed
under section 133 of the Companies Act, 2013 read with the relevant rules
issued thereunder and the other accounting principles generally accepted in
India.
3. The Ind AS financial results and financial information for the quarter and
nine month period ended December 31, 2016 have been compiled by the management
after making necessary adjustments to give a true and fair view of the results
in accordance with Ind AS.
4. Goods and Service Tax ("GST") has been implemented effective 1
July 2017 which has replaced various indirect taxes including excise duty. As
per relevant accounting principles under Ind AS, revenue was required to be
reported inclusive of excise duty but net of other Indirect taxes. Accordingly,
revenue from operations for the first quarter of current financial year
included in nine month period ended 31 December 2017, for the quarter ended 31
December 2016, nine months period ended 31 December 2016 are reported inclusive
of excise duty but of all other taxes. Revenue from operations for the quarter
ended 31 December 2017 and 30 September 2017 and for the nine month period
ended 31 December 2017 (Except for first quarter of current financial year) is
net of taxes including GST.
5. Other expenses includes provision for doubtful trade receivables of INR
365.380 million, INR Nil, INR 106.330 million, INR 365.380 million and INR
146.360 million for quarter ended December 31, 2017, September 30, 2017,
December 31, 2016 and nine month ended December 31, 2017 and December 31, 2016
respectively.
6. As the Company's business operations fall within a single primary business
segment viz. product and systems for electricity distribution, the disclosure
requirements of Ind AS 108 Operating Segments prescribed under section 133 of
the Companies Act 2013 read with relevant rules issued thereunder, are not
applicable.
7. Exceptional items mainly represents expenses relating to employee
settlements, which are incurred as part of organisation restructuring for
higher efficiency undertaken by the Company.
8. Prior period figures have been reclassified/regrouped wherever necessary, to
correspond with those of the period classification.
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and
equipment
- Furniture and
Fixture
- EDP
equipments
- Motor
Vehicles
Intangible Asset:
· Software
PRESS RELEASE / WEBSITE DETAILS
French firm Schneider Electric, Singapore’s Temasek will jointly bid for the assets at an expected cost of $2.3 billion
Date: Nov 01 2017.
Mumbai: Schneider Electric SE, a French multinational specializing in energy management and automation, has emerged as the top bidder to acquire engineering company Larsen and Toubro Ltd’s (L&T’s) electric and automation division, two people familiar with the development said.
Schneider will bring in Singapore government’s investment arm Temasek Holdings to jointly bid for the assets, the cost of which is expected to be in the range INR 150000.000 Million or close to $2.31 billion, according to the people mentioned above.
The sale is part of L&T’s ongoing drive to prune its non-core portfolio which saw interest from several potential buyers including strategic ones as well as private equity funds in the initial rounds.
Eventually, only Schneider and Ireland-based power management multinational Eaton Corp. made it to the final bidding rounds, the people mentioned above added.
Spokespersons for Schneider, Eaton, Temasek and L&T declined to comment to emailed queries.
L&T, which has a presence in technology, engineering, construction, manufacturing and financial services in over 30 countries with $17 billion in revenue, has sold several non-core assets in the past one year.
In October, L&T sold unlisted subsidiary EWAC Alloys Ltd to UK-registered ESAB Holdings Ltd, for INR 5220.000 Million. In August, the engineering firm sold its entire stake in unlisted unit L&T Cutting Tools Ltd to IMC International Metalworking Companies BV, owned by Berkshire Hathaway Inc., for INR 1740.000 Million.
The Economic Times reported on 21 June that L&T was in talks with European engineering multinational ABB to sell its electrical and automation division.
Potential acquirer Schneider Electric specializes in digital transformation of energy management and automation in homes, buildings, data centres, infrastructure and industries. With operations in over 100 countries, Schneider also has presence in power management and automation systems and provides integrated efficiency solutions by combining energy, automation and software.
Schneider Electric has been aggressively expanding in India through inorganic measures, making more than a dozen acquisitions since 2000.
Schneider acquired Luminous Power Technologies Pvt. Ltd in 2011 for about €215 million, Mint reported. In 2009, it acquired Meher Capacitors Pvt. Ltd from the Meher Group.
Schneider’s other acquisitions include Smartlink’s Digilink, transmission and distribution business of Areva. Its Indian subsidiary Schneider Electric Infrastructure Ltd reported revenue of INR 1264.800 Million in fiscal 2017.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 65.04 |
|
UK Pound |
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
YES |
|
--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.