MIRA
INFORM REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
RITTAL INDIA PRIVATE LIMITED |
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Formerly Known As : |
RITTAL BIR PRIVATE LIMITED |
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Registered Office : |
# 23 and 24, KIADB, Industrial Area, Doddballapur, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
16.05.1994 |
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Com. Reg. No.: |
08-15641 |
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CIN No.: [Company
Identification No.] |
U31100KA1994PTC015641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR00791A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Enclosure Systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 5400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Rittal GmgH and Company KG, 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Damodar Naik |
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Designation : |
Finance Manager |
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Contact No.: |
91-9342555035 |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
# 23 and 24, KIADB, Industrial Area, Veerapura,
Doddballapur, |
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Tel. No.: |
91-80-22890700/ 27622335/27623075 |
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Fax No.: |
91-80-22890866/27623343 |
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E-Mail : |
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Website : |
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Area : |
5 acres |
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Location : |
Owned |
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Marketing Office : |
# 9, I |
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Tel. No.: |
91-80-3436392/9179 |
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Fax No.: |
91-80-3436391 |
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Area : |
2000 square fts |
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Location : |
Rented |
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Sales Office : |
Located at:
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Located at:
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DIRECTORS
As on 28.06.2010
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Name : |
Mr. Arun K. Nathan |
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Designation : |
Managing Director |
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Address : |
No.48, Aecs, III Stage, |
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Date of Birth/Age : |
31.03.1948 |
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Qualification : |
B.E. |
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Date of Appointment : |
26.05.2001 |
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DIN No. : |
00359297 |
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Name : |
Mr. Norbert Mueller |
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Designation : |
Director |
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Address : |
Auf Der Weide, 01, 35716, Ewersbach, |
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Date of Birth/Age : |
23.04.1943 |
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Date of Appointment : |
19.05.1995 |
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Date of Cessation : |
06.11.2009 |
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DIN No. : |
01360599 |
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Name : |
Mr. Willi Rudolf Adolf Schmid |
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Designation : |
Director |
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Address : |
Sattelstrasse, 43, Niederlemp, |
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Date of Birth/Age : |
13.03.1953 |
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Date of Appointment : |
12.11.2002 |
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DIN No. : |
01519252 |
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Name : |
Mr. Amardeep Kainth |
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Designation : |
Alternate Director |
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Address : |
# 10, 1st Cross, Judicial Officers Layout, RMV 2nd
Stage Extension, Sanjay Nagar, |
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Date of Birth/Age : |
07.11.1959 |
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Qualification : |
LLB |
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Date of Appointment : |
19.05.1995 |
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DIN No. : |
00148617 |
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Name : |
Mr. Thomas Steffen |
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Designation : |
Director |
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Address : |
Grubenstrasse 38 Olpe 57462 |
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Date of Birth/Age : |
24.01.1961 |
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Date of Appointment : |
28.06.2010 |
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DIN No. : |
03174864 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2010
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Names of Shareholders |
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No. of Shares |
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Rittal GmbH and Company KG – |
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6499900 |
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Elektronik GmbH – |
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100 |
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Total |
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6500000 |
As on 28.06.2010
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Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Enclosure Systems. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30/60/90 days |
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Purchasing : |
L/C, Cash, Credit: 30/60/90 days |
PRODUCTION STATUS (AS ON 31.12.2009)
Installed
Capacity: 400 standard / equivalent enclosure per normal shift
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
900 (approximately) |
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Bankers : |
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Facilities : |
CC – Rs.150.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Rattan Kumar and
Company Chartered Accountants |
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Address : |
No 216, 8E Main, Kalyan
Nagar, |
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Tel. No.: |
91-80-25455033 |
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E-mail : |
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Pan No. : |
ACNPK9911D |
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Holding Company : |
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Associates/Subsidiaries : |
Line of Business: software Solution to manufacturer
Line of Business: Security System (Interior)
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CAPITAL STRUCTURE
As On 28.06.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 100/- each |
Rs. 650.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 100/- each |
Rs. 650.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
650.000 |
495.662 |
495.662 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
703.057 |
544.102 |
397.625 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1353.057 |
1039.764 |
893.287 |
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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 |
557.138 |
598.914 |
449.487 |
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TOTAL BORROWING |
557.138 |
598.914 |
449.487 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1910.195 |
1638.678 |
1342.774 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
890.915 |
860.251 |
534.075 |
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Capital work-in-progress |
20.530 |
0.000 |
15.692 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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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 |
316.113
|
412.420 |
270.298
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Sundry Debtors |
827.400
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1001.657 |
1042.938
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Cash & Bank Balances |
268.219
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152.125 |
251.157
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
182.671
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323.485 |
161.541
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Total
Current Assets |
1594.403
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1889.687 |
1725.934 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
292.643
|
388.531 |
400.899 |
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Other Current Liabilities |
43.020
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47.040
|
67.518
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Provisions |
260.040
|
675.739
|
464.560
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Total
Current Liabilities |
595.703
|
1111.310 |
932.977
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Net Current Assets |
998.700
|
778.377 |
792.957
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1910.195 |
1638.678 |
1342.774 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
1988.071 |
2803.989 |
2272.520 |
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Other Income |
0.000 |
23.117 |
19.305 |
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TOTAL (A) |
1988.071 |
2827.106 |
2291.825 |
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Less |
EXPENSES |
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Material Consumption |
|
1632.507 |
1169.575 |
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Purchase of Trading Goods |
|
88.429 |
83.845 |
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Excise Duty & Service Tax Paid |
|
367.316 |
287.801 |
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Power, Gases & Water |
|
38.469 |
38.374 |
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Sales, General and Administrative Expenses |
|
420.436 |
329.468 |
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Carriage & Freight Outwards |
|
40.965 |
7.657 |
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Exchange Fluctuation Loss (net) |
|
20.777 |
0.000 |
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Increase/(Decrease) in Finished Goods |
|
(150.822) |
(92.989) |
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TOTAL (B) |
1908.969 |
2458.077 |
1823.731 |
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Less |
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369.029 |
468.094 |
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Less |
FINANCIAL
EXPENSES (D) |
|
50.329 |
34.041 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
318.700 |
434.053 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
72.892 |
56.464 |
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PROFIT BEFORE
TAX (E-F) (G) |
79.102 |
245.808 |
377.589 |
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Less |
TAX (I) |
25.098 |
99.330 |
105.227 |
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PROFIT AFTER TAX
(G-I) (J) |
54.004 |
146.478 |
272.362 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
397.236 |
124.874 |
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BALANCE CARRIED
TO THE B/S |
NA |
543.714 |
397.236 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
72.978 |
42.943 |
23.888 |
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Others |
14.426 |
12.156 |
7.244 |
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TOTAL EARNINGS |
87.404 |
55.099 |
31.132 |
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IMPORTS |
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Components and Spare Parts |
415.683 |
489.432 |
486.560 |
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Capital Goods |
76.325 |
279.145 |
86.942 |
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TOTAL IMPORTS |
492.008 |
768.577 |
573.502 |
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Earnings Per
Share (Rs.) |
8.31 |
29.55 |
NA |
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Particulars |
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|
31.12.2010 |
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Sales Turnover |
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|
2250.000
(Approximately) |
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Expected Sales (2010-2011): Rs. 2500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
2.72
|
5.18 |
11.88
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Net Profit Margin (PBT/Sales) |
(%) |
3.98
|
8.77 |
16.62
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.18
|
8.94 |
16.70
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.24 |
0.42
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Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.64 |
1.55
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Current Ratio (Current Asset/Current Liability) |
|
2.68
|
1.70 |
1.85
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LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
292.643 |
388.531 |
400.899 |
Operations:
The company achieved an aggregate sales turnover of Rs. 1988.100
millions during the year recording a 29.1% decline. The operating profit (profit
before tax, deprecation, amortization, interest and extraordinary items) for
the year was Rs. 228.500 millions
Trade References:
- Aravind
Airconditioners Sales and Services Private Limited
- Maruti
Corporate Point, Secunderabad
Contingent Liabilities:
|
Particulars |
As on 31.12.2009 Rs. in Millions |
|
Letters of Credit/ Guarantees issued by the Company’s Bankers |
49.556 |
|
Claims against the Company not acknowledged as debts:- Eisenmann Anlagenbau GmbH, the contract for paint plant and interest on delayed
payments - Euro 49,600 |
3.489 |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for |
0.935 |
|
Notice period rent under rental/ lease agreements |
11.054 |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Tools
- Utilities
- Warehouse and Office
- Vehicles
WEBSITE DETAILS:
Company Profile
Subject is 100 % Subsidiary of Rittal GmbH and Co. KG,
Rittal started its operation in
Rittal Plant is 15,000 Sq. meters in size, situated on a 12 acre plot equipped
with the latest state of art machinery and paint plant from
They currently operate in three shifts and produce approximately 50,000 free
standing large enclosure and 1,00,000 small boxes per year.
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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.