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
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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. An ICRA SI grading is not a
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or invest in any financial instrument issued by the SI. ICRA has the right to revise gradings as and when
circumstances so warrant.
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Hyderabad
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