MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DORMA INDIA PRIVATE LIMITED |
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Formerly Known As : |
DORMA DOOR
CONTROLS INDIA PRIVATE LIMITED |
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Registered Office : |
No. 14, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.06.1998 |
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Com. Reg. No.: |
40720 |
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CIN No.: [Company
Identification No.] |
U93090TN1998PTC040720 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED02166D |
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PAN No.: [Permanent
Account No.] |
AAACD3980D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Door Hardware, Automatic Door Fittings and
Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 485212 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-2858 5097 / 2855 9192 / 2855 9194 |
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Fax No.: |
91-44-2858 5096 |
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E-Mail : |
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Website : |
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Factory 1 : |
Unit No. 10, SDF III, Mepz Sez, Tambaram |
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Tel. No.: |
91-44-42227014 / 2227045 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V. R. Ramesh |
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Designation : |
Managing Director |
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Address : |
No. 6, 1st |
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Date of Birth/Age : |
08.12.1953 |
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Date of Appointment : |
15.05.2005 |
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Name : |
Mr. Krishnan N. |
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Designation : |
Director |
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Address : |
11/3, 13th |
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Date of Birth/Age : |
05.06.1959 |
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Date of Appointment : |
22.05.2001 |
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Name : |
Mr. Jacob Christoph |
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Designation : |
Director |
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Address : |
C/O Dorma India Private Limited, |
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Date of Birth/Age : |
28.06.1962 |
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Date of Appointment : |
14.03.2003 |
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Name : |
Mr. Henke Rudolf Jorg |
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Designation : |
Director |
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Address : |
C/O Dorma India Private Limited, |
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Date of Birth/Age : |
23.10.1958 |
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Date of Appointment : |
14.03.2003 |
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Name : |
Ms. Rukmani J. |
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Designation : |
Director |
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Address : |
“Srividhya” 76, Chitrakuman North, ST. Mylapore, Chennai – 600004, |
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Date of Birth/Age : |
10.11.1962 |
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Date of Appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Equity Shareholders |
No. of Shares |
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Dorma Vertrieb International GmbH |
819726 |
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Dorma GmbH Company KG |
1 |
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Total |
819727 |
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Names of Preference Shareholders |
No. of Shares |
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Dorma GmbH Company KG |
5549440 |
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Dorma Vertrieb International GmbH |
5379000 |
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Total |
10928440 |
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Category |
Percentage of
Holding |
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Foreign holdings [Foreign institutional investor, Foreign Companies, Foreign
Financial Institutions, Non-resident Indians or Overseas corporate bodies or
others] |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Door Hardware, Automatic Door Fittings and
Components. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
T. P. L. House, second Floor, No. 3, Cenotaph Road, Chennai – 600017,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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12000000 |
Preference Shares |
Rs. 10/- each |
Rs.120.000 Millions |
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Total |
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Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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819727 |
Equity Shares |
Rs. 10/- each |
Rs. 8.197
Millions |
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10928440 |
Preference Shares |
Rs. 10/- each |
Rs. 109.284 Millions |
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Total |
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Rs. 117.481 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
117.482 |
117.482 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.821 |
(4.974) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
121.303 |
112.508 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
121.303 |
112.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.326 |
20.339 |
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Capital work-in-progress |
2.342 |
7.526 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
1.864 |
0.336 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
284.269 |
263.354 |
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Sundry Debtors |
179.282 |
96.876 |
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Cash & Bank Balances |
39.283 |
33.773 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
33.442 |
35.843 |
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Total
Current Assets |
536.276 |
429.846 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
442.591 |
344.442 |
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Provisions |
10.914 |
1.097 |
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Total
Current Liabilities |
453.505 |
345.539 |
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Net Current Assets |
82.771 |
84.307 |
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MISCELLANEOUS EXPENSES |
0.000 |
4.974 |
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TOTAL |
121.303 |
112.508 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
478.837 |
240.010 |
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Other Income |
1.092 |
1.729 |
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Commission income |
4.302 |
4.035 |
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Total Income |
484.231 |
245.774 |
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Profit/(Loss) Before Tax |
28.779 |
0.585 |
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Provision for Taxation |
12.508 |
1.594 |
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Profit/(Loss) After Tax |
16.271 |
(1.009) |
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Earnings in Foreign Currency : |
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Total Earnings |
12.977 |
6.891 |
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Imports : |
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Total Imports |
224.967 |
225.731 |
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Expenditures : |
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Financial Charges |
540.000 |
314.000 |
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Depreciation & Amortization |
10.601 |
5.731 |
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Total Expenditure |
550.601 |
319.731 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.36
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(041) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.01
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0.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.04
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0.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.73
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3.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.18
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1.24 |
LOCAL AGENCY FURTHER INFORMATION
The name of the
company was changed from Dorma Door Controls
As Per Website
DORMA
A fully owned subsidiary with Marketing and Warehousing
Infrastructure in
DORMA
A dedicated team to service the requirements of Planners,
Architects and Designers and Project Consultants
Project Consultancy from DORMA
The DORMA team in
Subject is a globally active supplier of door technology products and systems.
The company is the world market leader in door controls, movable walls and
automatic door systems. The DORMA Group is subdivided structurally into five
divisions: Door Control, Automatic, Glass, STA (Security / Time and Access) and
Movable Walls. DORMA maintains major production plants in several European
countries plus
Products
Door
Hardware
The DORMA Door Control division comprises the units Door
Controls, Door Furniture and Locks. Its ITS 96 concealed door closer designed
for integration in the door leaf has set new standards in the segment. The
division’s products are sold throughout the world via the architectural
hardware trade and have had a decisive effect on DORMA’s international image.
Automatic
The Automatic division offers the most comprehensive and
widely varied range of swing, sliding and revolving doors and also
automatically operated sliding glass panel partitions. DORMA has gained the
"No. 1" spot in
Glass
The Glass division focuses on the development and
manufacture of furniture and fittings for glass doors and decorative and
structural glass systems. In technological terms, DORMA leads the world in
glass hardware.
Security
Through its STA division, DORMA has core competencies in the
segment of emergency escape security systems and can boast strong positions in
access control and time data/attendance recording systems.
Room
Dividing Systems - Hueppe
The Movable Walls division is the home of DORMA’s extensive
know-how in relation to room dividing, partitioning and interior space
configuring elements. The product portfolio extends from large-area sliding
walls for auditoriums and halls in major public facilities to room-in-room
systems.
After-sales
services for all DORMA Product
Ø
Automatic sliding door systems
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Revolving doors
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Folding sliding doors
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Space-savers Automatic and manual glass
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Sliding panel walls
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Swing door systems
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Hold-open systems for preventive fire
protection
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Door closers
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Door products for safety and security
in emergency exits and escape routes
Mr V R Ramesh
General Manager / Country
Manager
Chennai – 600 002
Tel :
91-44-2858 5097 / 2855 9192 / 2855 9194
Fax : 91-44-2858 5096
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.56 |
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|
1 |
Rs.80.81 |
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Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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