ABC Company

CRISIL Grading: CRISIL SME 3

'Good'
Indicates the level of creditworthiness, adjudged in relation to other SMEs
Report Date: February 23, 2019 / Valid Till: February 22, 2020
Important notice
The grading is a one-time exercise and the grading will not be kept under surveillance. This grading is valid for one
year from the report date, subject to no significant changes/events occurring during this period that could materially
affect the business or financial parameters of the organisation as mentioned in the report. CRISIL, however,
recommends that the user of the grading seeks a review of the grading if the organisation experiences significant
changes/events during this period which could impact the organisation/its grading.

The grading and this report are based on the information provided to CRISIL by the organisation and/or obtained by
CRISIL from sources it considers reliable including published annual reports, management meetings, industry data
and discussions with bankers, customers and suppliers. CRISIL does not guarantee the accuracy, adequacy or
completeness of any information on which the grading and the report are based and is not responsible for any errors
or omissions for the results/opinions obtained from the use of the grading or the grading report. The grading does
not constitute an audit of the organisation by CRISIL. The grading is also not a recommendation to enter into or not
enter into any transaction with the organisation. CRISIL reserves the right to disclose the organisation’s grading and
the grading report to Government and/or Regulatory Authorities/Courts of Law if required to do so. CRISIL or its
associates may have other commercial transactions with the company/entity.

It is especially stated that CRISIL, its Directors, Grading Committee members, employees and others associated with
the grading assignment do not have any financial liability whatsoever including but not limited to attorney’s or
consultant’s fees to the users of this grading or this grading report. No part of this report may be reproduced by any
means without CRISIL’s prior written approval.

0
Index
CRISIL SME Grading ....................................................................................................................................... 2
Key grading drivers ......................................................................................................................................... 3
Business and management....................................................................................................................... 3
Financial .................................................................................................................................................... 3
Fact sheet ......................................................................................................................................................... 4
Business profile ............................................................................................................................................... 5
Business description ................................................................................................................................. 5
Product profile ........................................................................................................................................... 6
Customer profile and demand-side analysis ............................................................................................. 6
Supplier profile and supply-side analysis .................................................................................................. 7
Manufacturing facilities .............................................................................................................................. 7
Photographs of the facility ......................................................................................................................... 7
Ownership and management.......................................................................................................................... 8
Directors’ profile ........................................................................................................................................ 8
Key management personnel ..................................................................................................................... 9
Organisational structure, controls and systems ........................................................................................ 9
Ownership pattern ................................................................................................................................... 10
Group companies and firms .................................................................................................................... 10
Financial profile ............................................................................................................................................. 11
Current financial performance* ............................................................................................................... 11
Past financial performance...................................................................................................................... 12
Profit and loss account ....................................................................................................................... 12
Balance sheet ..................................................................................................................................... 13
Key financial ratios .............................................................................................................................. 14
Fund flow statement ........................................................................................................................... 15
Graphs ................................................................................................................................................ 16
Banking facilities ..................................................................................................................................... 17
Site visit .......................................................................................................................................................... 18

1
CRISIL SME Grading

2
Key grading drivers
Business and management
Strengths  Organisational stability along with management expertise: An established
track record of 25 years indicates the company’s ability to weather economic
and business cycles and competent promoters have around 3 decades of
experience in the same line of business. This indicates their ability to maintain
business viability and steer the business through operational hurdles.
 Strong customer base and geographic diversity: The company caters to
around 100 customers across India, Dubai, Singapore, Qatar, Egypt, Bahrain,
and UAE. This ensures regular orders and mitigates customer concentration
risk. It also caters to few strong customers:
o XXX India Limited (Rated CRISIL AAA/Stable/A1+)
o XXX India Private Limited
o XXX India Industrial Private Limited
 Smooth flow of operations: Over the years, the promoters have established
strong relationships with both its customers and suppliers, resulting in regular
orders and hassle-free supply of raw material, whenever required.
Risk factors  Fluctuating sales: The management’s ability to demonstrate a steady growth
trajectory remains to be seen, as net sales have been fluctuating at Rs 3,359.03
lakh in fiscal 2018, Rs 2,896.52 lakh in fiscal 2017, and Rs 3,610.68 lakh in
fiscal 2016. However, the company recorded sales of Rs 3,200.00 lakh from
April 1 to December 31, 2018, and has orders of Rs 450.00 lakh to be executed
by March 2019.
 Margin may be constrained in the future due to:
o Volatility in the price of raw material
o Competition from new and established players

Financial
Strengths  Adequate capital structure and credit protection measures: This is
reflected in the organisation’s:
o Debt-equity ratio (considering promoter loans as neither debt nor
equity) of 0.93 time and total outside liabilities/tangible net worth (or
capital) of 2.39 times as of fiscal 2018
o Net cash accruals to total debt of 14.79 times and PBDIT interest cover
of 2.23 times as of fiscal 2018
 Financial flexibility: A large capital base of Rs 853.21 lakh as of fiscal 2018
shields the company from external shocks and also provides flexibility for future
capital expenditure (capex).
Risk factors  Fluctuating profitability: The company’s ability to stabilise operational
efficiency while scaling up remains to be seen, as its operating profit before
depreciation, interest, and tax (OPBDIT) margin has been fluctuating, at 7.15%
in fiscal 2018, 8.26% in fiscal 2017, and 7.50% in fiscal 2016.
 Working capital intensive operations: The company’s receivables and
payables were stretched and gross current assets (GCA) days were high at
224 days as of fiscal 2018. Also, the receivables, payables, and inventory days
increased over the past 2 years. The management’s ability to quickly convert
its current assets into cash and manage the working capital intensity remains
to be seen
 Moderate liquidity: The company has moderate liquidity, as reflected in the
cash/total outside liability (TOL) ratio of 3.21% and current ratio of 1.30 times
as of fiscal 2018.

3
Fact sheet
Name of the company ABC Company
Year of establishment and 1993
commencement of operations
Legal status Private limited company
Legal history 1993: ‘ABC Company’ was established as a partnership firm with
X, Y, and Z as partners.
2007: The firm was reconstituted as a private limited company
with the same partners as the directors.

There has been no change in the name, business, management

and constitution since then.
Registered with Registrar of Companies, Karnataka
Registration number XXXX
SSI registration number YYYY
Udhyog aadhaar no ZZZZ
CIN No. XXXX
PAN No. YYYY
TAN No. ZZZZ
Managing director X
Category of entrepreneur General
Registered office, administrative office A - XX, 6th Main Road, 2nd Stage
and manufacturing facility Peenya Industrial Area
Bengaluru - 560 XXX, Karnataka
Tel: +91 80 XXXX3666/ 28XXXX72 / 984XXXX534
Email: [email protected]
Website: www.abc.com
Number of employees Permanent: 140
Contractual: 30
Total: 170
Certifications and awards ISO 9001: 2000 (valid till 2020)
Brands None
Statutory compliance  Income tax filing: Regular and timely
 Excise duty filing (till June 30, 2017): Regular and timely
 Sales tax filing (till June 30, 2017): Regular and timely
 GST filing (from July 1, 2017): Regular and timely
 Wealth tax filing: Not applicable
 ESIC and EPF dues: Regular and timely
(As provided by management, not independently verified)

4
Business profile
Business description
Nature of business : Manufacturing
Industry : Electrical Components & Equipment
Industry prospects : Moderate
: Business
 The company manufactures electric control and
programmable logic controller (PLC) panels.
 It also manufactures sheet steel fabricated enclosures and
accessories, such as test benches, control desks, and
modular racks

Raw materials
 The key raw material required are cables, steel sheets,
panels, cabinets, indicating lamps, cold rolled annealed
(CRCA) and galvanised sheets, terminals, connectors, and
main circuit breakers.

Process time:
 The average time for manufacturing ranges from 5 weeks
to 6 weeks.
Business description
Installed capacity:
 The total production capacity of the unit is 300 sheet steel
fabricated enclosures and 250 PLC panels per month. The
company utilises 80.00% of its installed capacity.

Tender-based business:
 20.00% of the business is tender-based.
 The company participates in about 35 to 40 tenders, and
the success rate is about 25 per cent.
 The tender value for which the company undertakes
bidding ranges from Rs 30.00 lakh to Rs 200.00 lakh per
tender.
 The time taken to execute a single tender-based project
ranges from 6 to 8 weeks.

Shifts:
The labour operates in a single shift of 8 hours.
End-user industries : Multiple
Experience in the business : 25 years
Product range : Diversified
Degree of competition : High; entry barriers are low
:  The company plans to set up an additional manufacturing
facility in Bengaluru, Karnataka.
 It intends to manufacture and assemble mobile houses, e-
Plans houses, and mechanical shelters in the new facility. These
houses can be used to provide accommodation in remote
places and will be fully equipped with air conditioned and
climatic control facilities.

5
  For the same purpose, the company plans to set up a
manufacturing facility on a leased land of 2.00 acres at
Peenya Industrial Estate, Bengaluru, Karnataka. The total
capital expenditure required for the project will be in the
range of Rs 800.00 lakh to Rs 1,000.00 lakh, 50.00% of
which will be funded through term loans from banks and
financial institutions and remaining from interest free
unsecured loans from promoters.
 Post considering capital expenditure, the revised gearing
will remain below 2.00 times.
Customer profile : Direct and Institutional customers
: 300 sheet steel fabricated enclosures per month and 250 PLC
Installed capacity/facility
panels per month
Utilised capacity : 80.00%

Product profile
Product profile Share in net sales (%)
Electrical control panels and PLCs 70.00
Sheet steel fabricated enclosures 30.00
Total 100.00

Customer profile and demand-side analysis

Customer name Address Product Length of % share
relationship in sales
XXX India Limited (Rated CRISIL
Electrical 25 years
AAA/Stable/A1+) Multiple locations Varies
control panels
XXX India Private Limited across India 19 years annually
and PLCs
XXX India Industrial Private Limited 12 years

Notes:
 The company caters to around 100 customers across India, Dubai, Singapore, Qatar, Egypt, Bahrain, and UAE.
 Each customer accounts for less than 25.00% of total sales.

Terms of credit : Domestic: Credit up to 60 days

International: Credit up to 90 days
Process of getting orders : Regular orders from customers
Exports :  Around 25% to Dubai, Singapore, Qatar, Egypt,
Bahrain, and UAE.
 The transactions are invoiced in US dollars
Marketing network :  The company has a marketing team of five
members.
 Word-of-mouth publicity and client referrals form
an integral part of the marketing set-up.
 The company also advertises its products and
responds to queries raised through its website.
Geographical reach : Well-spread

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Supplier profile and supply-side analysis
Supplier's / Wholesaler's Address Product Length of relationship
name
XXX India Pvt. Ltd. Pune, Maharashtra Panels and cabinets 25 years
XXX Industrial Enterprises MCB 19 years
Karnataka
XXX Cables (India) Limited Cables 15 years

Terms of purchase : Credit up to 90 days

Raw material availability : Ample
Raw material price volatility : High
Ability to pass on raw material price increase : Yes; partially
Imports : Around 5% of the total raw materials are imported
from Germany, Singapore, Australia, and Italy.

Manufacturing facilities
Labour oriented operations : Yes
Labour union : No
Labour relationships : Cordial
CNC machines, CAD, CAM, automation : Yes; semi-automated operations
In-house R&D, designing facilities : Yes
Degree of mechanisation High
Availability of critical machinery and entry
Yes
barriers to technology and processes used
Factory layout : Spacious and well-organised

Photographs of the facility

Inner view - I Inner view – II

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Ownership and management
Directors’ profile
Director’s name : X
Age : 53 years
Qualification : Diploma in Electrical Engineering
Designation / responsibilities : Managing director/ Overall management
Promoters’ experience in current business : 25 years
Experience in the same line of business : 29 years:
(including current experience)  25 years through the rated company
 4 years through Epoch Instruments and Controls
Private Limited
Director's address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage
Bengaluru – 560 XXX, Karnataka
Telephone no. : +91 080 4049 XXXX
Ownership of residence : Rented
Vehicles used : Skoda Octavia

Director’s name : Y
Age : 51 years
Qualification : Diploma in Electrical Engineering
Designation / responsibilities : Director/Finance
Promoters’ experience in current business : 25 years
Experience in the same line of business : 28 years:
(including current experience)  25 years through the rated company
 3 years through Fouress Engineering India
Limited
Director’s address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage
Bengaluru – 560 XXX, Karnataka
Telephone no. : +91 080 4044 XXXX

Director’s name : Z
Age : 48 years
Qualification : Diploma in Electrical Engineering
Designation / responsibilities : Director/Production
Promoters’ experience in current business : 25 years
Experience in the same line of business : 27 years:
(including current experience)  25 years through the rated company
 3 years through Dhandapani Power
Distribution Private Limited
Director’s address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage
Bengaluru – 560 XXX, Karnataka
Telephone no. : +91 080 3249 XXXX
Personal liquid net worth of promoters is as disclosed by management and not certified.

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Key management personnel
Name : W
Age : 29 years
Qualification : BCom
Designation / responsibilities : Manager/ Accounts
Relevant experience : 8 years through the rated company
Address : A - XX, 6th Main Road, 2nd Stage
Peenya Industrial Area
Bengaluru - 560 XXX, Karnataka
Telephone no. : Tel: +91 80 XXXX3666/ 28XXXX72

Organisational structure, controls and systems

Managing director : X
Constitution : Private limited company
Second tier management : Qualified and experienced
Decision making powers : Decentralised
Reporting system or MIS : Yes
Type of reporting system : Computerised
Frequency of MIS / reporting : Daily
Litigations against the SSI :
None
Litigations against the Director :
Severity of litigations : Not applicable
Susceptibility to foreign exchange fluctuations : Moderate
Hedging against foreign exchange risks : No
Susceptibility to commodity price fluctuations : Not applicable
Hedging against forex risks (for Sales) : Moderate
Hedging against forex risks (for raw material) :
Not applicable
Hedging against commodity prices :
Asset insurance : Adequate

9
Ownership pattern
Shareholding pattern as of: Fiscal 2018
Name of the shareholder Relationship with managing director Share in capital (%)
X Self 32.29
Y 32.29
Z Business associates 32.29
Others 3.13
Total 100.00

Group companies and firms

Name of the group Business Year ended Net sales PAT Net worth/ Total
company Capital debt
Amounts in Rs lakh
XYZ Private Limited Automation
Fiscal 2018 6,470.68 81.87 124.19 326.18
(incorporated in 2010) solutions provider
PAT: Profit after tax

Notes:
 The group concerns have the same promoters as the rated company.
 There are intra-group transactions to the tune of less than 10.00% of the net sales of the rated company.
 There is financial fungibility between group concerns on need basis.
 As confirmed by the management, the group concern was profitable as of fiscal 2018.

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Financial profile
Current financial performance*
Performance for the period from April 1 to December 31, 2018
Net sales Rs lakh 3,200.00
OPBDIT Rs lakh 280.00
Current order book Rs lakh 450.00
Capital Rs lakh 850.00
Total debt Rs lakh 750.00

Projected / estimated performance during FY19

Net sales Rs lakh 3,900.00
PBT Rs lakh 75.00
PBT margin % 1.92
*As provided by the management, not independently verified by CRISIL
Notes:
The management projects higher sales for fiscal 2019 on account of increasing demand for Electrical control panels
in the domestic and large number of orders from one of its customer XXX India Private Limited.

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Past financial performance
Profit and loss account
For the year ended FY16 FY17 FY18
Audited Audited Audited
Number of months 12 12 12
Net sales Rs lakh 3,610.68 2,896.52 3,359.03
Operating income Rs lakh 3,625.61 2,906.16 3,383.39
Cost of sales Rs lakh 3,353.65 2,666.06 3,141.60
OPBDIT Rs lakh 271.96 240.10 241.79
Interest and finance costs Rs lakh 105.67 111.00 114.60
OPBDT Rs lakh 166.29 129.10 127.19
Depreciation Rs lakh 87.75 71.47 61.73
OPBT Rs lakh 78.54 57.63 65.46
Non-operating income / (expense) Rs lakh 14.13 11.32 13.29
PBT Rs lakh 92.67 68.95 78.75
Extraordinary income / (expense) Rs lakh 0.45 1.17 -
Reported PBT Rs lakh 93.12 70.12 78.75
Provision for taxes Rs lakh 39.99 24.46 22.73
Deferred tax liability / (asset) Rs lakh (6.01) (3.24) 0.52
PAT Rs lakh 59.14 48.90 55.50
Dividends Rs lakh - - -
Net cash accruals Rs lakh 146.89 120.37 117.23
Notes:
 For fiscal 2017, the company had estimated sales of Rs 3,600.00 lakh; however, the same could not be
achieved. As confirmed by the management, few orders were cancelled during demonetisation and few
projects were delayed.
 Net sales increased in fiscal 2018 as compared to fiscal 2017 on account of increase in the demand for
Electrical control panels and PLCs from customers and few orders being carried forward from fiscal 2017.
 Interest and finance costs for fiscal 2018 comprised interest on borrowings worth Rs 95.29 lakh and bank
charges worth Rs 19.31 lakh.
 Depreciation is charged according to the provisions of the Companies Act, 2013 in all the 3 years.
 Deferred tax has been provided over the past 3 years (fiscal 2018, fiscal 2017, and fiscal 2016) according to
the provisions of the Companies Act, 2013.

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Balance sheet
FY16 FY17 FY18
Audited Audited Audited
Liabilities
Tangible net worth Rs lakh 742.84 793.31 853.21
Deferred tax liabilities / (assets) Rs lakh (0.97) (4.21) (3.70)
Long-term debt Rs lakh 143.97 217.59 243.14
of which, current portion of long-term debt Rs lakh 79.47 107.01 122.21
Short-term debt Rs lakh 554.22 546.18 549.55
of which, working capital borrowing from Rs lakh 554.22 546.18 549.55
banks
Other liabilities and provisions Rs lakh 757.79 1,047.64 1,248.83
Total liabilities Rs lakh 2,197.85 2,600.51 2,891.03
Assets
Net fixed assets Rs lakh 776.04 753.97 713.69
Investments Rs lakh 56.83 10.20 10.20
Inventory Rs lakh 474.18 758.28 778.31
Receivables (total) Rs lakh 675.32 936.31 1,131.60
of which, receivables greater than six Rs lakh 111.23 124.12
902.72
months
Cash and bank balance Rs lakh 78.42 59.29 65.46
Other current assets Rs lakh 137.06 82.46 191.77
Total assets Rs lakh 2,197.85 2,600.51 2,891.03
Notes:
 Long-term debt for fiscal 2018 refers to term loan of Rs 22.17 lakh from Axis Bank, Rs 25.17 lakh from HDFC
Bank, Rs 6.23 lakh from Kotak Mahindra Bank, Rs 33.33 lakh from Standard Chartered Bank, Rs 2.12 lakh
from Magma Fincorp, Rs 8.82 lakh from Capital First, and Rs 23.09 lakh Fullerton India Credit Company
Limited, and current portion of long-term debt of Rs 122.21 lakh.
 Short-term debt for fiscal 2018 refers to cash credit and bank guarantee facility from Canara Bank.
 Other liabilities and provisions as of fiscal 2018 mainly comprised creditors for goods of Rs 1,126.60 lakh.
 Receivables for greater than 6 months are considered recoverable, as confirmed by the management.

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Key financial ratios
For the year ended / as at FY16 FY17 FY18
Audited Audited Audited
OPBDIT margin % 7.50 8.26 7.15
PAT margin % 1.63 1.68 1.64
Return on capital employed % 12.77 12.10 12.10
Gross current assets days 128 221 224
Days inventory (on COP) days 52 104 90
Days receivable (on gross sales) days 60 101 108
Days payable (on materials) days 85 170 168
Current ratio Times 1.21 1.28 1.30
PBDIT Interest cover Times 2.71 2.28 2.23
Net cash accruals/Total debt % 21.04 15.76 14.79
Debt service coverage ratio Times 1.52 0.98 0.90
Average cost of borrowing % 12.55 15.19 14.73
Total outside liabilities/Tangible net worth Times 1.96 2.28 2.39
Gearing - Total debt/Tangible net worth Times 0.94 0.96 0.93
Gearing (considering promoter loans as
Times 0.94 0.96 0.93
neither debt nor equity)
Cash /TOL % 8.59 3.28 3.21
Notes:
 Operating margins declined in fiscal 2018 mainly on account of increase in material costs as a percentage of
operating income, further the sales price was not inclined in the same proportion as a result of which the
operating margins declined.
 Gross current assets days has been mainly because of the high inventory holding and flexible credit terms
with its few customers.

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Fund flow statement
For the year ended FY17 FY18
Sources of funds
Net cash accruals Rs lakh 120.37 117.23
Equity infusion / Share application money Rs lakh 1.57 4.40
Long-term debt borrowed (net) Rs lakh 46.08 10.35
Short-term debt borrowed (net) Rs lakh 19.50 18.57
Decrease in net current assets Rs lakh - 652.72
Sale of investments / fixed assets Rs lakh - -
Other sources Rs lakh 33.76 6.23
Total sources of funds Rs lakh 221.28 809.50

Uses of funds
Investment and fixed assets purchased Rs lakh 52.64 21.45
Decrease in tangible net worth Rs lakh - -
Long-term debt repaid (net) Rs lakh - -
Short-term debt repaid (net) Rs lakh - -
Increase in net current assets Rs lakh 168.64 -
Other uses Rs lakh - 788.05
Total uses of funds Rs lakh 221.28 809.50
Notes:
 Increase in net current assets for fiscal 2017 was mainly because of the increase in receivables and inventories.
 Decrease in the net current assets for fiscal 2018 was mainly because of increase in current liabilities.

Contingent liabilities
Contingent liabilities as on fiscal 2018: Nil

Auditors
XXX. Chartered Accountants
Membership No. XXXX
No. XXX, 1st floor, 8th Main Road
Sadashivnagar
Bengaluru – 560 XXX Karnataka
Auditors' comments and observations in their audit report for fiscal 2018, fiscal 2017, and fiscal 2016:
No adverse comment and observations

Change in auditors, if any: None

15
Graphs
Turnover and cost analysis Profitability analysis
4,000 14
3,500 12
3,000 10
2,500 8

%
2,000 6
Rs. lakh

1,500 4
1,000 2
500 0
0 2015-16 2016-17 2017-18
2015-16 2016-17 2017-18
Operating profit margin (OPM)
Operating income Cost of sales Net profit margin (NPM)

Liquidity analysis Working capital analysis

1.50 250

200
1.00
150
Times

Days

0.50 100

50

0.00
31-Mar-2016 31-Mar-2017 31-Mar-2018 0
Gross current Days Days Days payable
Current Ratio assets inventory receivable
31-Mar-2016 31-Mar-2017

Asset Profile Leverage analysis

100% 3.00
Cash and bank
80%
2.00
Other current
Times

60%
assets
Inventory
1.00
40%
Debtors
0.00
20% Investments Total outside Total debt/Tangible net
liabilities/Tangible net worth
worth
0%
31-Mar-2016 31-Mar-2018
31-Mar-2016 31-Mar-2017 31-Mar-2018

16
Banking facilities
Name of the bank Length of Facilities availed Type of Loan amount
relationship facility sanctioned limit
Axis Bank Rs 22.17 lakh*
2 years
HDFC Bank Rs 25.17 lakh*
Term loan Fund
Kotak Mahindra Bank 8 years Rs 6.23 lakh*
based limit
Standard Chartered Bank 2 years Rs 33.33 lakh*
Cash credit Rs 549.55 lakh*
Current account
Canara Bank 15 years
Bank guarantee Fund Rs 150.00 lakh**
Bill discounting based limit Rs 250.00 lakh**
*Outstanding as of fiscal 2018
**Sanctioned limit

Feedback: The performance of the account is satisfactory.

17
Site visit
Address of the site visited : A - XX, 6th Main Road, 2nd Stage
Peenya Industrial Area
Bengaluru - 560 XXX, Karnataka
CRISIL representative : XXX
Unit official contacted : W
: Manager/Accounts
: +91 80 XXXX3666/ 28XXXX72
: [email protected]
No. of floors occupied : 3 floors
Size of premises : 10,000.00 sq. ft.
Number of employees at the location : 170 (at the time of site visit)
Child labour at the site : No
Locality : Industrial
Location area : Urban
Site location : Main road
Site used as :  Administrative office
 Regional office
Site layout : Spacious and well organised
Space around the building / structure :  Front porch
 Backyard
 Side space
State of infrastructure :  Power: Stable
 Back up power: Available
 Water: Available
 Labour unions: Do not exist
 Transportation: Easily available
 Overall infrastructure: Satisfactory
Building structure : Permanent structure
Ownership of premises : Owned
Sharing premises with group concerns : No
Facilities available at the site :  Telephone
 Internet
 Fax
 Generator
 Security guards
 Name or signboards
 Fire extinguisher
 Drinking water
 Drainage and sewerage
 Pantry and canteen
Installed capacity : 300 sheet steel fabricated enclosures per month and 250
PLC panels per month
Utilised capacity : 80.00%
Raw material used : Cables, steel sheets, panels, cabinets, indicating lamps,
cold rolled annealed (CRCA) and galvanised sheets,
terminals, connectors, and main circuit breakers.
Source of raw material : 5.00% imported.

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 95.00% local
Other observations : None

19
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20
CRISIL SME Contacts Gurgaon Other Contact Points
CRISIL House
Plot No. 46, Sector 44,
Head Office Opp PF Office, Gurgaon, Haryana, Coimbatore
INDIA Coimbatore
CRISIL House Phone: +91 44 66563128
CRISIL Limited
Central Avenue Contact: Mr. Surendran
New No. 750-7, Old No. 1055-6,
Hiranandani Business Park Jayasankaran
E-mail: 1st Floor Gowtham Centre.
Powai, Mumbai 400 076 [email protected] Opposite Nilgiris, Avinashi Road
Tel: +91 22 3342 3000 m
Coimbatore – 641 018
Fax: +91 22 3342 3001 Phone: +91 44 66563128
Hyderabad
Contact: Mr. Surendran Uma Chambers, 3rd Floor, Contact: Mr. Surendran
Jayasankaran Plot No. 9&10, Nagarjuna Hills, Jayasankaran
E-mail: Near Punjagutta Cross Road E-mail:
[email protected] Hyderabad - 500 082 [email protected]
om INDIA
Phone: +91 44 66563128
Fax: +91 40 2335 7507 New Delhi
Contact: Mr. Surendran S 205, Dev Tower,
CRISIL Branch Offices Jayasankaran
E-mail: Samachar Market,
[email protected] Mayur Vihar, Ext Phase I,
Bengaluru m
New Delhi – 110091
W - 101, 1st floor, Sunrise Contact:
Kolkata
Chambers, 22, Ulsoor Road, Phone: +91 44 66563128
Convergence Building
Bengaluru - 560042 3rd Floor, D2/2, EPGP Block Contact: Mr. Surendran
INDIA Sector V, Salt Lake City, Jayasankaran
Kolkata - 700 091 E-mail:
Phone: +91 44 66563128 INDIA [email protected]
Phone: +91 44 66563128
Fax: +91 80 4244 5300
Fax: +91 33 4011 8250
Contact: Mr. Surendran
Jayasankaran Contact: Mr. Surendran
E-mail: Jayasankaran
E-mail:
[email protected] [email protected]
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Chennai
Pune
Thapar House, Mezzanine Floor, 1187/17, Ghole Road
No. 37 Montieth Road, Shivaji Nagar
Egmore, Pune 411 005
Chennai - 600 008
INDIA Phone: +91 44 66563128

Fax: +91 20 4018 1930

Phone: +91 44 66563128
Fax: +91 44 2854 7531 Contact: Mr. Surendran
Jayasankaran
Contact: Mr. Surendran E-mail:
Jayasankaran [email protected]
E-mail:
[email protected]
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 About CRISIL Limited
CRISIL is a global, agile and innovative analytics company driven by its mission of making markets function better. We are India’s foremost
provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us
apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers.

We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the
capital and commodity markets worldwide.

About CRISIL Ratings

CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in
India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour
and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans,
certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank
hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have
rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating
business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique
rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider
market. Over 95,000 MSMEs have been rated by us.

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For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view
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Last updated: April 2016

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