Nvis Technologies Private Limited Fact Sheet Grading Drivers ICRA has assigned the ‘SP 3B’* grading to Nvis Technologies Private Limited (Nvis), indicating the ‘Moderate Performance Capability’ and ‘Moderate Financial Strength’ of the channel partner to undertake off-grid solar projects. The grading is valid for a period of one year from September 29, 2012 after which it will be kept under surveillance.† * Strengths Well-qualified and experienced management. The company is engaged in the manufacturing of testing & measurement instruments for last 6 years Support from Scientech Technologies Private Limited that has a track record of 20 years in testing and measurement instruments industry Reasonably large and qualified workforce with strong research and development setup Diversified customer base belonging to the industrial, commercial and residential segment. Robust profitability and return indicators Risk Factors Modest Scale of operations. Large number of unorganized players indicating high level of competition may lead to pressure on margins. Relatively new entrant in a solar space, although risks are partially mitigated by promoters prior technological experience. Year of Establishment 2005 Office Address 141-A Electronic Complex Pardesipura Indore - 452101 Managing Director Mr. Ambrish Kela Nvis Technologies Pvt. Limited, is a technological solution provider in Education, Industry and Defence sectors. It is a part of the Scientech group. The company has 250 employees, 13 offices and 60 dealers the group has a leading position in all the sectors of its operations. Nvis, offers wide range of Test & Measurement Products, Technological laboratory and Classroom solutions, Analytical Products, Cryogenic products, and CleanTech products under its portfolio. Cleantech products include – LED’s and LED lamps, solar lamps, solar cooker, In the year 2010, in addition to its existing business, the firm started assembly of Solar Products. The company sources the key components such as solar Panels, batteries, voltage controllers etc from various vendors and then assembles these components to make the final products. The company installs these products at the client site and offers after sales service to its clients. The firm’s products have served both the industrial, residential and commercial segments. The Grading if for Solar PV Financial strength of the company is evaluated based on the consolidated Minda group financials † SI Related Business – High Performance Capability Promoter Track Record: Although the company has been in the solar space since year 2010. The promoters have more than 22 years of experience in electronics industry. Mr Ambirsh Kela is a Msc, Physics from DAVV, Indore. Company has so far sold 429 solar products including solar power packs, solar lamps etc. amounting to Rs 0.45 crores The firm’s products namely solar water heaters, solar inverters, solar home lighting systems, solar street lights, solar panels, solar lanterns, solar phone chargers, solar DC fans, and Solar garden lights cater to both residential and commercial purposes. Technical competence and adequacy of manpower: Although the company has modest, but is has large employee base with 250 employees in the company. The company has an inhouse R&D team with 29 employees and testing team with 24 employees Quality of suppliers and tie ups: The sources the key components used in the manufacturing of the Solar Products (such as ETC Systems, solar Panels, batteries, voltage controllers etc) from outside. It then assembles these components to make the final products and installs the products at the client site. Most of these suppliers are holding standard quality certifications from Bureau of Indian standards and International Organization for standardization. The firm makes its procurement from quality suppliers many of whom are channel partners with the MNRE as System Integrators themselves. In addition to that many of the suppliers are ISO certified as well. Financial Strength – High Customer and O&M Network: The company has exposure to industrial, residential and commercial segments. The company offers free service for the first year, 4-Year replacement guarantee on all the products. In addition to this the firm also offers annual maintenance contract till the expiration of the guarantee. The firm’s quality deliverables, timely execution and prompt after sales service have led to satisfactory feedback from the customers. Being a new entrant in this field they have not yet undergone any maintenance contracts separately but serve only Comprehensive Maintenance Contract along with the supplies. They also take up Preventive Maintenance of the products installed by them as per schedule. In case of any breakdown it is corrected within a period not exceeding five working days from the date of complaint. The firm’s quality deliverables, timely execution and prompt after sales service have led to satisfactory feedback from the customers. Revenues Revenues of Rs. 11.48 crore in FY 2012 Return on Capital Employed (RoCE) Total Outside Liabilities/Tangible Net worth Interest Coverage Ratio Net-Worth 21.90% 1.64 times 3.82 times Rs 3.76 crores as on March 31, 2012 Current Ratio Relationship with bankers 2.12 times Banker’s are satisfied with the company’s conduct The overall financial profile of the modest characterized by modest scale of operations and moderate net worth. However the capitalization and coverage indicators are robust. September 2012 For further details please contact: Analyst Contacts: Mr. Sabyasachi Majumdar (Tel No. +91-124-4545304) sabyasachi@icraindia.com Relationship Contacts: Mr. Vivek Mathur (Tel. No. +91-124-4545310) vivek@icraindia.com © Copyright, 2011, ICRA Limited. All Right Reserved. Contents may be used freely with due acknowledgement to ICRA Disclaimer: An ICRA SI grade reflects ICRA’s opinion on the ability of the graded system integration company to undertake off-grid solar projects. This grading does not constitute an audit by ICRA of the SI. The gradings are based on information provided by the company or obtained by ICRA from sources it considers reliable. ICRA does not guarantee the completeness or accuracy of the information on which the grading is based and therefore shall not be responsible for any liability incurred by the users of such grading. 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