MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAFELE INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
Off. No. 3, Building ‘A’ Beta, I-Think Techno Campus, Off JVLR, Opposite
Kanurmarg Station, Kanjurmarge (East), Mumbai – 400042, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
05.05.2003 |
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Com. Reg. No.: |
11-140300 |
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Capital Investment
/ Paid-up Capital : |
Rs.421.068
Millions |
|
|
|
|
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. |
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No. of Employees
: |
Approximately 400 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
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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 company having satisfactory track. The
company is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Hiten |
|
Designation : |
Accounts Department |
|
Date : |
10.08.2011 |
LOCATIONS
|
Registered Office : |
Off. No. 3, Building ‘A’ Beta, I-Think Techno Campus, Off JVLR,
Opposite Kanurmarg Station, Kanjurmarge (East), Mumbai – 400042, Maharashtra,
India |
|
Tel No.: |
91-22-61426100 91-22-61426142 (Customer care) |
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Fax No.: |
91-22-67020531/ 66950922 |
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E-Mail : |
murali.subramanian@hafeleindia.com
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Website: |
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I-1676, |
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Tel No.: |
91-11-41605481 |
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Fax No.: |
91-11-41605482 |
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Email: |
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No. 14, Pushparang, |
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Tel No.: |
91-80-41326116 |
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Fax No.: |
91-80-41326226 |
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Email: |
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Park Side 8-2-348/4, Road No. 3, Above Almond House, Banjara Hill, Hyderabad-500034,
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Tel No.: |
91-40-30284999/ 66668651 |
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Fax No.: |
91-40-30284111 |
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Email: |
DIRECTORS
AS ON 08.03.2011
|
Name : |
Mr. Jurgen Wolf |
|
Designation : |
Director |
|
Address : |
101/201, Gopush Annexe, Plot No. 27, |
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Date of Appointment : |
05.05.2003 |
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|
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|
Name : |
Mr. Murali Subramanian |
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Designation : |
Director |
|
Address : |
31, Adhaara, Tarangan Housing Comp, Thane (West), Mumbai, |
|
Date of Appointment : |
05.05.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Hiren |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 08.03.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Jurgen Wolf |
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1 |
|
Hafele Holding |
|
42106804 |
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|
|
|
|
Total |
|
42106805 |
(AS ON 30.06.2011)
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Distributor of furniture fittings,
architectural hardware, access control system and ancillary products. |
GENERAL INFORMATION
|
No. of Employees : |
Approximately 400 |
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|
|
|
Bankers : |
· Deutsche Bank, 222, Kodad House, D.N. Road, Fort, Bombay 400001 · Citibank NA |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Borkar and Muzumdar Chartered Accountant |
|
Address : |
235-37, Peninsula House, |
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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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Holding Company:
|
·
Hafele Holding GmbH and Company |
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|
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|
Subsidiary of
Holding Company: |
· Hafele GmbH and Company Kg. · Hafele Australia Pty. Limited · Hafele America Company · Hafele Berlin GmbH and Company Kg. · Hafele (Thailand) Limited · Hafele Taiwan Limited · Hafele U.K. Limited · Hafele Mobilya ve Insaat Donanimlari · Hafele Argentina S.A · Hafele Austria GmbH · Hafele Belgium N.V/S.A. · Hafele Brazil Ltda · Hafele Canada Inc. · Hafele Denmark · Hafele France · Hafele Ireland Limited · Hafele Italia · Hafele Japan K.K · Hafele Korea Inc · Hafele de Mexico S.A · Hafele (Malaysia) SDN BHD · Hafele Nederland B.V · Hafele N.Z. Limited · Hafele Hardware Technology (China) Company Limited · Hafele Philippines Inc. · Hafele Polska Sp. · Hafele Russia LLC · Hafele South Africa Pty. Limited · Hafele Singapore PTE Limited · Hafele Ukraine · Hafele Vina Company Limited · Hafele Engineering Verwaltungs – Gmbh · Hafele Schweriz AG · Hafele Czech and Slovakia SRO · Hafele Engineering Asia HK Ldt · Hafele Herrajes Espana SL · Hafele Engineering Trading Shenzhen Ldt ·
Hafele Kazakhstan GmbH ·
Hafele Indotama ·
Hafele Romania SRL ·
Hafele Serbia d.o.o. ·
Hafele + Thierer Berlin
Verwaltungsgesellschaft mbh ·
Hafele + Thierer
Verwaltungsgesellschaft mbh ·
Ulrich Lippert
GmbH and Company KG ·
Maxifix Realty Serv Corporation (MRSC) ·
Sphinx Electronics
Verwaltungsgesellschaft mbh ·
Anton Schneider GmbH and Company KG ·
Anton Schneider
Verwaltungsgesellschaft mbh ·
Huwil Butoripari es Uzletberendezesi
Rendszerek Kft ·
Toplifter Beteiligungs und Vertriebs GmbH ·
Realty Ingatlan Korlatolt Feleossegu
Carasasag ·
Sphinx Electronics GmbH and Company
Kg ·
Hafele Engineering GmbH and Company
KG |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42200000 |
Equity Shares |
Rs.10/- each |
Rs.422.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42106805 |
Equity Shares |
Rs.10/- each |
Rs.421.068
Millions |
|
|
|
|
|
Note:
Of the above 4,21,06,804 (Previous year
4,21,06,804) Equity shares are held by Hafele Holding GmbH and Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
421.068 |
421.068 |
160.928 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
151.586 |
135.991 |
87.892 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
572.654 |
557.059 |
248.820 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
13.385 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
13.385 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
572.654 |
557.059 |
262.205 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
200.178 |
187.959 |
19.049 |
|
|
Capital work-in-progress |
3.091 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
333.248
|
211.850
|
233.674
|
|
|
Sundry Debtors |
179.616
|
179.412
|
119.910
|
|
|
Cash & Bank Balances |
36.084
|
106.207
|
19.983
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
22.215
|
11.320
|
7.478
|
|
Total
Current Assets |
571.163
|
508.789 |
381.045 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
74.650
|
65.264
|
83.686 |
|
|
Other Current Liabilities |
72.577
|
64.589
|
43.262
|
|
|
Provisions |
54.551
|
9.836
|
10.941
|
|
Total
Current Liabilities |
201.778
|
139.689
|
137.889
|
|
|
Net Current Assets |
369.385
|
369.100
|
243.156
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
572.654 |
557.059 |
262.205 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1021.500 |
744.840 |
681.430 |
|
|
|
Other Income |
18.460 |
13.880 |
16.080 |
|
|
|
TOTAL (A) |
1039.960 |
758.720 |
697.510 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
901.700 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
901.700 |
663.310 |
621.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
138.260 |
95.410 |
76.070 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
138.260 |
95.410 |
76.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
26.730 |
10.650 |
3.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
111.530 |
84.760 |
72.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.920 |
29.770 |
30.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
69.610 |
54.990 |
42.160 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.670 |
79.070 |
50.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.960 |
5.500 |
8.830 |
|
|
|
Dividend |
46.320 |
5.890 |
4.350 |
|
|
|
Tax on Dividend |
7.690 |
1.000 |
0.730 |
|
|
BALANCE CARRIED
TO THE B/S |
130.310 |
121.670 |
79.070 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.65 |
1.89 |
2.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
6.69
|
7.25
|
6.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.92
|
11.38
|
10.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.46
|
12.17
|
18.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.15
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.25
|
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
3.64
|
2.76 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
(RS. IN MILLIONS) |
||
|
|
|
|
|
|
Sundry Creditors for Goods and Expenses |
74.650 |
65.264 |
83.686 |
|
|
|
|
|
NOTE:
The registered office of the company has been shifted from 4th
Floor JMC House Bisleri Compound, Western Express High-Way, Andheri (E), Mumbai-400099,
Maharashtra, India to the present address w.e.f. 16.07.2010.
REVIEW OF
PERFORMANCES:
There was a robust growth of 37.14% in the turnover of the company
increasing it to Rs.1021.500 Millions (Previous Year Rs.744.840 millions) and
earned net profit were Rs.69.610 Millions (Previous year Rs.54.990 millions)
after provision for taxed and fringe benefit taxes.
CONTINGENT LIABILITIES
· Income tax Demand pertaining to AY 2006-07 of Rs.0.260 Million
·
Estimated amount of Contracts remaining t6o be
executed on capital account and not provided for (Net of advances) Rs. Nil
(Previous year Rs.30.000 Millions).
FIXED ASSETS
·
Leasehold
Premises
·
Computers
·
Motor
Vehicle
·
Office
Equipment
·
Furniture
and Fixtures
·
Building
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.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.