MIRA
INFORM REPORT
|
Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
WIELAND METALS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Makam Plaza, East Wing, III Floor, No.63/1, 3rd Main Road, Malleswaram,
Bangalore – 560055, Karnataka. |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.06.2008 |
|
|
|
|
Com. Reg. No.: |
08-046864 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.037 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28110KA2008PTC046864 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00828C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW7975K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Metal
components and parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence Business |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2008, the company is
yet to commence its commercial business activities. The company will start
its commercial activities in first quarter of 2012. Payment terms are
unknown. Initially the company can be considered for business dealings on a
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-41281280 |
|
Mobile No.: |
91-9845861211 (Mr. Ramchandran Venkat) |
|
Fax No.: |
91-80-41270842 |
|
E-Mail : |
irenerich@dishnetdsl.net
/ ramachandran@wieland.co.in
/ Irene@indo-german.com |
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramchandran Venkataraman |
|
Designation : |
Director |
|
Address : |
84/2, F-1, Aashray, 21st Cross, CHBS Layout , Vijaynagar, |
|
Date of Birth/Age : |
27.05.1958 |
|
Date of Appointment : |
15.01.2009 |
|
DIN No.: |
02345239 |
|
|
|
|
Name : |
Mr. Thittai Rengaswamy Gopalan |
|
Designation : |
Director |
|
Address : |
No.2, 3rd |
|
Date of Birth/Age : |
15.05.1943 |
|
Date of Appointment : |
20.06.2008 |
|
DIN No.: |
00020877 |
|
|
|
|
Name : |
Mr. Irene Richards |
|
Designation : |
Director |
|
Address : |
T-3, Niranjan Apts., 3rd Flr 84/85, |
|
Date of Birth/Age : |
05.04.1962 |
|
Date of Appointment : |
20.06.2008 |
|
DIN No.: |
00020893 |
|
|
|
|
Name : |
Mr. Horst Arthur Hefele |
|
Designation : |
Director |
|
Address : |
Handelstrabe 5 Wendelstein – 90530, |
|
Date of Birth/Age : |
20.12.1955 |
|
Date of Appointment : |
15.01.2009 |
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DIN No.: |
02289064 |
|
|
|
|
Name : |
Mr. Werner Theodor Traa |
|
Designation : |
Director |
|
Address : |
Obere Hildenbradstrasse 9 Blaustein – 89134, |
|
Date of Birth/Age : |
30.01.1959 |
|
Date of Appointment : |
15.01.2009 |
|
DIN No.: |
02345204 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Wieland Werke AG, |
|
996 |
|
Spezial Metals GMBH, |
|
1 |
|
|
|
|
|
Total |
|
997 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metal
components and parts |
|
|
|
|
Products : |
Rolled Product Extruded and Drawn Products
Tubes Slide Bearing |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Verma and Verma Chartered Accountant |
|
Address : |
#887, 4th Cross, 11th Main, Hal 2nd
Stage, Bangalore – 560008, Karnataka, India |
|
PAN.: |
AABFV95855E |
|
|
|
|
Holding Company
: |
Wieland Werke AG, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.1000/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
997 |
Equity Shares |
Rs.1000/-
each |
Rs.0.997 Million |
Notes :
997 Equity shares of rs.1000/- each fully paid up
996 Equity shares are held by the holding company Wieland Werkr AG,
Germany
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.997 |
0.997 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(0.137) |
(0.013) |
|
|
NETWORTH |
|
0.860 |
0.984 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.860 |
0.984 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
0.887
|
0.998 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.000
|
0.000 |
|
Total
Current Assets |
|
0.887
|
0.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.027
|
0.014 |
|
|
Other Current Liabilities |
|
0.000
|
0.000 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
0.027
|
0.014 |
|
|
Net Current Assets |
|
0.860
|
0.984 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.860 |
0.984 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Professional Charges |
|
0.110 |
0.000 |
|
|
|
Auditors Remunerations |
|
0.013 |
0.013 |
|
|
|
|
TOTAL |
|
0.124 |
0.013 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(0.124) |
(0.013) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(0.124) |
(0.013) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) |
|
(0.124) |
(0.013) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
|
(0.124) |
(0.013) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.013) |
(0.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(0.137) |
(0.013) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(123.91) |
(21.28) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(14.42) |
(1.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.14) |
(0.013) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.03 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
32.85 |
71.29 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
DETAILS
An outline of Wieland’s history
After a series of extended study tours through Germany and
neighbouring countries, Philipp Jakob
eVieland returned to his hometown Ulm with a thorough grounding in his
trade. At the age of 27,
he took over the fine art and bell foundry in the Rosengasse from his
uncle Thomas Frauenlob,
which had been established some 250 years earlier. This was announced to
the townspeople of
Ulm in the local newspaper Ulmisches Intelligenzblatt” on 19th October
1820, offering his
sen/ices to produce brass castings of all kinds.
At that time, no one suspected that this was a man whose
character, vision and enthusiasm for
work would win him a well-justified reputation as a pioneer of industry. Today,
we know better.
Wielands history began in 1820 with the art of casting bells and utility items
in copper alloys.
Since then, copper materials from Wieland have stood in good repute. Over the
years Wieland has
had a major influence on the development of processing and manufacturing
technology.
Wieland since 1820
1820 Philipp Jakob Wieland takes over the art and
bell foundry in Rosengasse in Ulm owned by his uncle, Thomas Frauenlob
1828 Production of rolled brass material
starts right in the centre of the city of Ulm
1841 New facilities for rolling and
wire drawing are built in Herrlingen
1859 Acquisition of new premises in
Ulm (Willy-Brandt-Platz)
1864 In Vohringen, 17 km to the south
of Ulm, a brass rolling mill and a wire drawing mill are built. Tube mill in
Ulm produces first seamless tubes
1865 Start-up of Vohringen plant with
an initial workforce of 38 people
1891 Transfer of slab foundry from Ulm
to Vohringen.
1893 Vohringen plant gets rail connection
1898 Start of rod production
1901 Introduction of extrusion
process; in Vohringen, the first extrusion press for sections and tubes is put
into operation
1919 Conversion from general
partnership into Wieland-Werke AG (stock corporation)
1922 Creation of Wieland trust
1924 Electrical induction furnaces
replace coal-fired furnaces at the Vöhringen foundry. Brass is hot rolled
1929 Installation of modern
hot-rolling mill in Vohringen. It is in use until 1972
1931 Acquisition of Messingwerk Schwarzwald AG
(since 1951 Metallwerke Schwarzwald GmbH)
1933 Development of continuous casting
process for billets and slabs
1939 First Hollerith machines are
installed; start of automatic data processing
1945 The Ulm plant is largely
destroyed by bombs; dismantling of important production units in Vohringen
1946 Reconstruction
1950/60 Extension of production capacity; development of a worldwide
distribution network
1961 Production start of new tube mill
in Vohringen
1969 Establishment of Schwarzwälder
Metallhandel in Schwenningen
1970 Creation of non-profit making
trust Berufsbildungswerk Philipp Jakob Wieland
1980 Opening of slitting centre in
Wheeling, USA
1982 Move from city centre Ulm to new
plant and administration unit Ulm/Donautal Acquisition of Langenberg Kupfer-
und Messingwerke, including partidpation in Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg
1987 Official opening of rolling mill
in Wheeling, USA
1988 B. Mason & Sons Ltd.,
Birmingham, UK, becomes a member of the Wieland group
1989 Takeover of slitting centre Nemco
Metals, Northampton, United Kingdom
1990 Participation in slitting centre
Cimsa, Barcelona, Spain
1991 Opening of slitting centre
Wieland Metals Singapore
1993 New production line for rods,
sections and wires becomes operational in the southern part of the Vohringen
plant; Majority takeover of slitting centre Erich Rössler, Kaufbeuren
1998 Takeover of slitting centre
Semimetais, Porto, Portugal
1999 Majority participation in Austria
Buntmetall AG, Enzesfeld, with companies in Amstetten and Enzesfeld, Austria;
Opening of sales office in Shanghai, China
2001 Integration of Metaliwerke
Schwarzwald and Lanenberg Kupfer- und Messingwerke into Wieland-Werke AG;
Opening of slitting centre in Shanghai, China
2002 Start-up of a new hot-rolling
mill at the Vohringeń plant, marking the conclusion of the largest investmert
project in the history of Wieland: the
new reroll strip production concept
2003 Joint-venture between Kobe Steel,
Japan, and Wieland-Werke AG: KobeWieland Copper Products
manufactures plain and inner-grooved copper tubes in Pine Hall, USA.
Outer-finned copper tubes, so-called chiller tubes, are manufactured in
Wheeling, USA
2005 Acquisition of Manner Metals,
Copenhagen, Denmark;
Opening
of sales offices in Bangalore, India and Shenzhen, China
2006 Transfer of Singapore
administration and slitting center to the new factory
2007 Acquisition of Almeta Stahl- und Metalihandel AG, Solothum, Switzerland;
Opening rolling mill in Singapore;
Opening
of sales offices in Moscow (RUS) and Tokyo (J)
Opening
of trading company in Prague (CZ)
2008 Opening of trading company in
Warsaw (PL)
Participation
in Wolverine Tube Shanghai (CN)
2009 Acquisition of trading company
Fudickar Sauerländer Metallhandel, Hagen-Hohenlimburg
2010 The two Austrian plants
Buntmetall Amstetten, Amstetten, and Enzesfeld-Caro Metallwerke, Enzesfeld, are
merged into one company, namely buntmetall amstetten Ges.m.b.H.
Wolverine Tube and the Wieland Group form Wolverine/Wieland Heat Transfer
Technologies based in Huntsville (USA) and Ulm — a joint venture for the
development of heat transfer technology.
Wieland takes over the stake in Kobe-Wieland Copper Products, USA, previously
held by Kobe Steel, Japan. The new name is Wieland Copper Products, LLC.
2011 Opening of sales office in Anyang
(ROK).
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 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.44.96 |
|
|
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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
|
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.