MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SCHINDLER INDIA PRIVATE LIMITED |
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Registered Office : |
Solitaire Corporate Park, Building VI, Andheri (East),
Mumbai – 400093, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26.12.1997 |
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Com. Reg. No.: |
112690 |
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CIN No.: [Company
Identification No.] |
U29150MH1997PTC112690 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS34806C |
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PAN No.: [Permanent
Account No.] |
AAECS1548J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing, buying, selling, sub-contracting,
exchanging, hiring, altering, importing, exporting, assembling, distributing,
servicing and dealing in all types of elevators, escalators, passenger
conveyors, lifts, dumbwater, walkglater, travelators and similar equipments,
spare parts, components, accessories, tools, implements and fittings thereof. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 26864 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
It is a well-established company engaged in manufacture,
supply, installation and maintenance of elevator and escalators. The last available
financial information of the company is for the year 2001-2002 which was
obtained through indirect source. Though the company’s business has been
progressing well, its profitability was under pressure. The company’s trade
relations are reported as fair. Payments are slow and delayed. The company
has huge accumulated losses. It may be considered for business dealings against safe
and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Solitaire Corporate Park, Building VI, Andheri (East),
Mumbai – 400093, |
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Tel. No.: |
91-22-28241934/1938 |
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Fax No.: |
91-22-28378176/7805 |
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E-Mail : |
india.schindler.com |
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Factory 1 : |
Solitaire Corporate Park, Building VI, Andheri (East),
Mumbai – 400093, |
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Tel. No.: |
91-22-28241934/35/36/37/38 |
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Fax No.: |
91-22-28378176/7805 |
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E-Mail : |
india.schindler.com |
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Branches : |
v
E16, East of Kailash, Tel.No:
91-11-26414064/65/26414068 Fax No:
91-11-26414067/26414079 v
1, Chapalkar House, Chapalkar Colony, Near Hotel Utsav Deluxe, Market Pune – 411037 Tel.No:
91-20-24214987/24229002/24229003 Fax No: 91-20-24213290 v
1st Floor, No.
179/12-01, 2nd Cross, Hosur
Road, Wilson Garden, Bangalore-560027. Karnataka Tel.No: 91-80-51207870/71/72 Fax No: 91-80-51207873 v
426 (Old)/784 (New), Anna Salai, 2nd Floor,
Nandanam, Chennai – 600035 Tamilnadu Tel.No: 91-44-24357455 Fax No: 91-44-24357456 v
G1, Bhavanam Estate, Plot No. 15, Somajiguda, Andhra Pradesh Tel.No:
91-040-55631935/55636421 Fax No: 91-40-55631934 v
206, Shitiratna Complex, Ahmedabad Tel.No: 91-79-6440017/6440086 Telefax: 91-79-9440086 v
Vishwakarma , Ground Floor, 86C, Kolkata – 700046, Tel.No: 91-33-22851257/58 Fax No: 91-33-22851259 v
Behind “Ruchita Hotel”, |
DIRECTORS
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Name : |
Mr. Richard Maiocchi (Foreign) |
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Designation : |
Director |
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Address : |
61, Rue Charles Laffitte,
F-92200, |
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Date of Birth/Age : |
11th June 1944 |
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Date of Appointment : |
5th November 1998 |
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Name : |
Mr. Mehar Karan Singh |
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Designation : |
Managing Director |
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Address : |
A-1/237, 1st Floor,
Safdarjung Enclave, |
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Date of Birth/Age : |
12th April 1956 |
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Date of Appointment : |
1st May 1998 |
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Name : |
Mr. Heiki Poutanen (Foreign) |
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Designation : |
Director |
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Address : |
Bergstrasse 39, CH-6045 Meggen |
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Date of Birth/Age : |
16th November 1945 |
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Date of Appointment : |
7th March 2002 |
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Date of Ceasing : |
8th September 2003 |
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Name : |
Dr. Christoph Lindenmeyer (Foreign) |
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Designation : |
Director |
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Address : |
Sonnheimstrasse, 15, 6044, |
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Date of Birth/Age : |
18th January 1953 |
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Date of Appointment : |
1st March 2003 |
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Name : |
Mauro de Curtis (Foreign) |
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Designation : |
Director |
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Address : |
Alaneda Dos Aicas No. 268,
Apr. 173, Sao Paolo, |
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Date of Appointment : |
8th September 2003 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, buying, selling, sub-contracting,
exchanging, hiring, altering, importing, exporting, assembling, distributing,
servicing and dealing in all types of elevators, escalators, passenger
conveyors, lifts, dumbwater, walkglater, travelators and similar equipments,
spare parts, components, accessories, tools, implements and fittings thereof. |
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Products : |
Elevators and Escalators |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Citi Bank NA |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-22876485 |
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Parent Company: |
Schindler Holdings AG |
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Associates/Subsidiaries : |
v
Elevator Car System v
ETS Henri Peigen (MEL) v
Jardine Schindler Logistics Private
Limited v
Schindler Manufacturing v
Schindler Afzuge and Fartreppen v
Suzhou Schindler Elevator Company
Limited v
v
Schindler Electronica SA v
Schindler Lifts (Elevators) v
Schindler s.p.a. v
Schindler Informatic AG v
Schindler Management v
Inventio AG v
China Schindler Elevator Company
Limited v
Schindler Iberica Management AG v
Schindler Holdings AG v
Schindler Electronics ( v
Elevadores Atlas Schindler SA v
Schindler Shares Services Gmbh |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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97,500,000 |
Equity Shares |
Rs.
10/- each |
Rs.
975.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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93,753,375 |
Equity Shares |
Rs.
10/- each |
Rs.
937.534 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1191.879 |
1191.879 |
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2] Share Application Money |
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3] Reserves & Surplus |
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4] (Accumulated Losses) |
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(1185.163) |
(1185.200) |
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NETWORTH |
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6.716 |
6.679 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
96.077 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
96.077 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.716 |
102.756 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.640 |
25.037 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
8.417 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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256.910 |
442.799 |
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Sundry Debtors |
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145.273 |
138.398 |
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Cash & Bank Balances |
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2.500 |
115.290 |
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Other Current Assets |
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0.000 |
1.500 |
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Loans & Advances |
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94.311 |
60.075 |
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Total
Current Assets |
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498.994 |
758.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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703.763 |
542.572 |
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Provisions |
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65.155 |
146.188 |
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Total
Current Liabilities |
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768.918 |
688.760 |
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Net Current Assets |
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(269.924) |
69.302 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.716 |
102.756 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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Sales Turnover |
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850.096 |
633.463 |
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Other Income |
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Total Income |
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850.096 |
633.463 |
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Profit/(Loss) Before Tax |
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2.161 |
(146.409) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.161 |
(146.409) |
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Expenditures : |
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Materials Consumed
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Labour cost (Sub-contracting)
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Salaries and employee related benefits
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Operating and other expenses
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847.935 |
779.866 |
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Financial Expenses
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Provision written back
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Interest |
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3.924 |
8.804 |
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Total Expenditure |
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851.859 |
788.67 |
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KEY RATIOS
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
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0.25 |
(23.11) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.25 |
(23.11) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.40 |
(18.69) |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
(21.9) |
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Debt Equity Ratio (Total Liability/Networth) |
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114.49 |
103.12 |
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Current Ratio (Current Asset/Current Liability) |
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0.64 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
The Company’s entire shares are held by ‘Schindler Holding
Limited (
profile
The company’s operations including installation of elevators
escalators as well as the maintenance of the installed units progressed satisfactorily
during the year under review.
The experience of the affordable housing sector across the
markets served by the company, combined with lower housing finance costs is
expected to have a positive effect on the business of the company.
Subject’s fixed assets of important value include plant and
machinery, furniture and fixtures, motor vehicles, computers and office
equipments.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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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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34 |
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 |
|
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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