MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HAFELE INDIA PRIVATE LIMITED |
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Registered Office : |
4th Floor, JMC House, Bisleri Compound Off. |
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Country : |
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Financials as on: |
31.12.2006 |
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Date of Incorporation : |
05.05.2003 |
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Com. Reg. No.: |
140300 |
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CIN No.: [Company
Identification No.] |
U51393MH2003PTC140300 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06969E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and Distributor of furniture fittings, architectural
hardware, access control system and ancillary products |
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 177696 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of German Subsidiary and trying to
develop market in The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
4th Floor, JMC House, Bisleri Compound Off. W.
E. Highway Andheri (East) , Mumbai – 400099, |
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Tel. No.: |
91-22-66950920 / 21 |
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Fax No.: |
91-22-66950922 |
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E-Mail : |
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Website : |
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Area : |
800 sq. fts – Owned |
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Location : |
Commercial |
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Factory : |
Plot No. T – 3, M.I.D.C. Taloja, District Raigad, |
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Hafele GmbH and Co KG Psotfach 12 37, 72192, |
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Tel. No.: |
49-745295 / 0 |
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Fax No.: |
49-745295 / 200 |
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Hafele New 1 – 1676, |
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Tel. No.: |
91-11-51605481 |
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Fax No.: |
91-11-5160482 |
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E-Mail : |
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Hafele Bangalore Design Centre |
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Tel. No.: |
91-80-51326116 |
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Fax No.: |
91-80-51326226 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Murali N. Subramanian |
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Designation : |
Director |
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Name : |
Mr. Jurgen Gunter Wolf [German] |
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Designation : |
Managing Director |
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Date of Birth/Age |
25/03/1957 |
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Address : |
5 Janki Kutir, |
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Name : |
Mrs. Jayabala B. Sanghvi |
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Designation : |
Director |
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Name : |
Mr. Vidhyadhar V. Chakradeo |
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Designation : |
Company Secretary |
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Name : |
Mr. Juergen Wolf |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mrs. Jayabala B. Sanghvi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Hafele Holding GmbH, Adolf Hafele, Strasse, 1 – D, 72202, |
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10435844 |
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Jorgen Wolf |
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1 |
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Total |
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10435845 |
BUSINESS DETAILS
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Line of Business : |
Importer and Distributor of furniture fittings, architectural hardware, access control system and ancillary products. |
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Products : |
Ř Furniture Fittings Ř Architectural & Builders Hardware Ř Electronic Access Control Systems |
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Brand Names : |
HAFELE |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days), Cash and Contract basis |
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Purchasing : |
Credit (30 days), Cash, L/C and Contract basis |
GENERAL INFORMATION
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Suppliers : |
Hafele Group Companies in |
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Customers : |
Manufacturer, Wholesalers and Retailers |
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No. of Employees : |
Total 15 – Head Office Staff 12 persona Director-3 |
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Bankers : |
Ř
Deutsche Bank, 222, Kodad House, Ř Citibank NA |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name: |
Borkar and Mazumdar Chartered Accountants |
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Address: |
21 / 168, Anand Nagar, Om CHS, Anand Nagar, Off |
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Tel. No.: |
91-22-26691254 to 26691257 |
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Fax No.: |
91-22-26691233 |
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E-Mail : |
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Associates/Subsidiaries : |
Ř
Hafele Holidng Ř Hafele UK Limited, U.K |
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Parents Company : |
Hafele GmbH & Company, It is a worldwide leader in Hardware Technology. The Headquarters are in Tel. No. 0049-7452-95317 Fax No. 0049-7452-95306 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10500000 |
Equity Shares |
Rs.10/- each |
Rs.105.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10435845 |
Equity Shares |
Rs.10/- each |
Rs.104.358
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
104.358 |
104.358 |
104.358 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.174 |
(10.263) |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(15.510) |
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NETWORTH |
114.532 |
94.095 |
88.848 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
114.532 |
94.095 |
88.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.229 |
13.958 |
12.062 |
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Capital work-in-progress |
0.000 |
0.205 |
1.491 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
90.254
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46.919 |
52.333 |
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Sundry Debtors |
45.637
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26.019 |
12.365 |
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Cash & Bank Balances |
14.778
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26.780 |
23.574 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.947
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4.658 |
4.192 |
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Total
Current Assets |
156.616
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104.376 |
92.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.689
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23.847 |
17.169 |
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Provisions |
3.624
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0.597 |
0.000 |
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Total
Current Liabilities |
53.313
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24.444 |
17.169 |
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Net Current Assets |
103.303
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79.932 |
75.295 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
114.532 |
94.095 |
88.848 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover |
277.820 |
183.370 |
115.820 |
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Other Income |
11.700 |
9.120 |
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Total Income |
289.520 |
192.490 |
115.820 |
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Profit/(Loss) Before Tax |
34.530 |
6.750 |
(7.078) |
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Provision for Taxation |
14.090 |
1.500 |
0.000 |
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Profit/(Loss) After Tax |
20.440 |
5.250 |
(7.078) |
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Earnings in Foreign Currency : |
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Total Earnings |
9.889 |
5.955 |
0.000 |
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Imports : |
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Total Imports |
115.192 |
72.233 |
65.057 |
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Expenditures : |
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Depreciation & Amortization |
7.210 |
6.720 |
0.000 |
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Other Expenditure |
240.570 |
172.300 |
0.000 |
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Total Expenditure |
247.780 |
179.020 |
0.000 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
7.05
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2.70 |
6.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.42
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3.68 |
6.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.57
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5.70 |
6.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.07 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.46
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0.25 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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2.93
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4.27 |
5.38 |
LOCAL AGENCY FURTHER INFORMATION
Subjects imports and markets only the products of its
holding company in
Estimated Sales:- Rs. 18.000 millions
Subject is engaged in to carry on the business of trading furniture fittings, architectural hardware, access control systems and ancillary products both in India and Exports outside India and to provide technical support, supervision and installations services for these items and to take agencies, dealerships, distributorships, stockistships for the purpose of dealing in furniture fittings, architectural hardware, access control systems and ancillary products furniture and also award to other dealerships, distributorships and stockistships for this purpose.
AS PER WEBSITE
Speaking to Express Hotelier & Caterer about their plans
in this direction, Jurgen Wolf, managing director, of subject, Mumbai, said,
"Design centre, as a concept, is an innovative way of showcasing a product
range to the target clientele. A final call on starting these centres in
The design centre concept is inspired from the prevalent showroom concept and is a more interactive and polished version of the latter. The main difference here is that the design centres showcase products only from the owning company and in this case it will be subject. The most unique aspect about design centres is the presentation and product display.
Asserts Wolf, "Design centres offer a lot of flexibility and opportunity to use ones creativity in terms of product display. It allows us to display the entire product range in a real life functioning environment. This approach allows the customer to get a clear picture on the kind of product he/she should go for, analyse its applicability and performance and the most important of it all its suitability. These centres will provide an exceptional and state-of-the-art design environment which will cater to architects, interior designers, contractors, manufacturers, dealers and ultimately end users."
Located at
Apart from showcasing the entire range subject markets in
India (kitchen fittings, furniture fittings, door hardware, glass fittings,
sliding fittings, lighting and bathroom accessories), the design centre will
focus on offering 'cutting-edge' products (for example DIALOCK Touchless Access
Control products for doors and furniture). This will be a standard feature for
all the design centres to be opened in the future in
Wolf also wants to make the design centres a meeting place for his customers. "Hafele Design Centres will also become a social meeting place on account of a host of subject parties which will be held here. All the centres will have areas (kitchen, roof gardens, courtyards, etc) where we will have regular events for invited customers. The purpose is to encourage an exchange between the customers and give them an opportunity to understand subject," informed Wolf.
Various other strategies will be adopted to create awareness and promote the products besides building the subject brand among the prospective customers. These would include using the design centre as educational centres to hold seminars about the latest product trends and training sessions for the dealers to help them better understand the range. This apart, the centres will witness product launches from the house of subject on a regular basis.
Subject will also be launching their 'DIALOCK Touchless Access Control' products for doors and furniture at the Express Hotelier & Caterer Tradeshow to be held from June 3-5, 2004 at Chennai Trade Centre. The company also, recently launched two new products for the hospitality market viz 'IDEA +' a new modular table and desk system and UV Glass Gluing Technology for furniture applications.
The 'IDEA +' product range provides unparalleled flexibility and individuality by allowing complete freedom of design for desks and other types of office tables. The different components can be combined in almost every way, whether it is a round, oval, rectangular or corner shaped desk or table design. The latest innovation in this product range is the IDEA + MOTION which is fitted with an electric lift system that allows the user to adjust the table or desk to any desired height by simply pushing a button. With a height adjustability ranging from 605 mm to 1,280 mm and a maximum load capacity of 180 kilogram, a working desk can also be converted into a conference table or a presentation platform.
The UV (Ultra Violet) Glass Gluing Technology for furniture applications includes a comprehensive range of special fittings, from hinges to adapters for furniture legs, furniture handles, shelf holders and runners through to locks and catches. Explaining the features of this product, Wolf said, "The gluing kit includes all necessary adhesives and processing equipment. This specially developed system also allows one to connect stainless steel legs with glass tabletops easily. The UV gluing technique provides an incredibly strong and reliable bond between stainless steel, glass and wood components. Another advantage of the technology is that the glue remains entirely invisible creating a clean and almost magical connection."
Annual Report 2005: company Group achieves 8% growth
Subject has reported excellent growth rates. In 2005 the company increased its group turnover by 8 percent and earned 648 million € around the globe with its 30 branches (2004: 600 million €).
Exhibitors:
Subject was
founded in 2003, bringing subject products and services closer to Indian customers
with the same German passion for quality and services. It is headquartered in
Mumbai and headed by Mr. Jurgen Wolf.
The company’s group with global headquarters in
Subject introduces smart contemporary kitchens which ooze High gloss and high tech. you can see and physically experience the latest innovations in kitchen and kitchen accessories in application, which are not only functional but appear aesthetically beautiful.
The second section concentrates on Wardrobes and wardrobe fittings and
the dominant trend is sliding, folding and lifting doors in various shapes and
sizes. They open horizontally or vertically in synchronized motion or one at a
time, revealing shelves, drawers and other utility items behind them
Products and services:
Subject has more than 80,000 products in its range including Architectural
hardware, furniture fittings, Tool's, Kitchen fittings and a new generation of
Access control systems.
Architectural Hardware range includes all door hardware fittings including door
Closers, floor springs, mortise locks, lever handles, sliding systems, glass
fittings for shower cubicles, patch fittings etc.
subject’s Furniture fittings, range from small items like wood connectors,
hinges screws to wardrobe fittings, accessories, sliding and sliding folding
systems, kitchen fittings and lighting technology.
Subject’s Access Control System - DIALOCK works on latest transponder
technology.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.82.57 |
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Euro |
1 |
Rs.55.72 |
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 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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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37 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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