MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
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IDENTIFICATION DETAILS
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Name : |
RIETER INDIA PRIVATE LIMITED |
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Registered Office : |
308, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.08.1995 |
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Com. Reg. No.: |
55-071346 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC071346 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Yarns. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (55) |
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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 3496308 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are fair. Business is active. General financial position is
good. Payments are reported as usually made as per commitments. The company can be considered good for normal 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 DECLINED BY
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Name : |
Mr. Satyamurthy |
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Designation : |
Accounts Department |
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Date : |
12.01.2011 |
LOCATIONS
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Registered Office : |
308, Hemkunt Tower, 98, |
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Tel. No.: |
91-11-26448501/02/03 |
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Fax No.: |
91-11-26448505 |
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E-Mail : |
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Website : |
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Branches : |
S.C.O. 146-147, 3rd Floor Sector – 34-A, |
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Tel. No.: |
91-172-2621634 |
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Fax No.: |
91-172-2621633 |
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Branches : |
3rd Floor, Bldg No.9, Tower B, DLF cyber city, Phase III,
Goregaon - 122002 |
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Tel. No.: |
91-124-4500800/03 |
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Fax No.: |
91-124-4500850 |
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Branches : |
4th floor, L Tower, South Wing, Stock Exchange Building,
Coimbatore - 641005 |
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Tel. No.: |
91-422-2320520/22 |
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Fax No.: |
91-422-2320525 |
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Works : |
Wing Works and Office, Mahad-Pandharpur Road, Taluka Khandala,
District Satara, Wing In – Maharashtra - 412801 |
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Tel. No.: |
91-2169-284301 |
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Fax No.: |
91-2169-284302 |
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Works : |
KB Works and Office, Get No.134/1, |
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Tel. No.: |
91-2137-253-071/72/74 |
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Fax No.: |
91-2137-253075 |
DIRECTORS
As on : 27.09.2010
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Name : |
Mr. Thomas Anwander |
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Designation : |
Director |
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Address : |
Im Lerchenbuel, 24, 8405, |
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Date of Birth/Age : |
19.02.1960 |
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Date of Appointment : |
01.08.1995 |
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Name : |
Mr. Michael Paul Enderle |
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Designation : |
Director |
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Address : |
3/27, Shanti Niketan, |
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Date of Birth/Age : |
25.09.1959 |
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Date of Appointment : |
02.03.2005 |
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Name : |
Mr. Peter Hans Muller |
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Designation : |
Director |
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Address : |
Wasserfuristr 43, 8542, |
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Date of Birth/Age : |
17.03.1964 |
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Date of Appointment : |
22.08.2000 |
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Name : |
Mr. Sudhir Jalan |
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Designation : |
Director |
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Address : |
9, |
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Date of Birth/Age : |
07.11.1944 |
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Date of Appointment : |
11.09.2008 |
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Name : |
Mr. Peter Rudolf Gnaegi |
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Designation : |
Director |
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Address : |
Auf Salenrain Io, |
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Date of Birth/Age : |
02.07.1954 |
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Date of Appointment : |
11.09.2008 |
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Name : |
Mr. Sanjay Vinayak Talavlikar |
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Designation : |
Secretary |
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Address : |
Flat No. 3, Swapnapurti Apartments, |
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Date of Birth/Age : |
27.09.1966 |
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Date of Appointment : |
04.02.2009 |
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Name : |
Mr. Beat Meienberger Karl |
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Designation : |
Director |
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Address : |
LI Mirage Z 703, |
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Date of Birth/Age : |
09.10.1964 |
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Date of Appointment : |
13.03.2009 |
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Name : |
Mr. Peter Reiner Schulz |
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Designation : |
Director |
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Address : |
Rotdornstrasse 2, D-93142, |
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Date of Birth/Age : |
18.05.1967 |
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Date of Appointment : |
13.03.2009 |
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Name : |
Mr. Adarsh Sudhir Jalan |
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Designation : |
Director |
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Address : |
13/3, 1st Cross Levelle Road, |
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Date of Birth/Age : |
17.06.1968 |
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Date of Appointment : |
15.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Jalan Sudhir Adarsh |
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48000 |
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Jalan Sudhir Alka |
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14000 |
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Anchor Investments (P) Limited, |
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227000 |
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Meenakshi Tea Co. Limited, |
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544000 |
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SES ( |
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18500 |
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PCI Marketing Private Limited, |
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17500 |
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Rieter Holding AG, |
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1652866 |
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Jalan Kesardeo Sudhir, Kesardeo |
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38452 |
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Spindelfabrik Suessen Gmbh |
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929881 |
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Total |
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3490199 |
As on : 27.09.2010
|
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 |
74.00 |
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Bodies corporate |
23.00 |
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Directors or relatives of Directors |
3.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Yarns. |
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Production Status : 31.03.2010
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Products |
Annual Installed Capacity |
Production for the year ended March 31, 2010 |
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Quantity |
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Top Roller |
600,000 (600,000) |
54,342 (191,496) |
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Botton Roller |
150,000 (150,000) |
1,617 (6,743) |
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Drawframe |
200 -- |
23 (1) |
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Textile Spinning Machine Spindles |
250,000 (250,000) |
75,840 (9,984) |
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Others (Parts Sales) Wing |
-- |
-- |
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ESS – Trading Goods |
-- |
-- |
Note :
- Information on Licensed capacity has not been given since Licensing
has been abolished
- Installed capacity as certified by the management and relied upon by
the auditors without verification this being a technical matter
- Includes captive consumption
- Previous year figures have been given in brackets
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
Building No.8, 7th Floor and 8th Floor, Tower B,
DLF Cybercity, Goregaon, |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3490199 |
Equity Shares |
Rs.10/- each |
Rs.34.902
Millions |
Note :
- 1652866 shares are held by Rleter Holding AG,
- During the previous year, pursuant to the Scheme of rehabilitation
and merger of erstwhile Sussen Asia Private Limited (SAPL) with the
company, the company issued 674741 equity shares of Rs. 10 each fully paid
up, against the share capital of SAPL, at Par, to Spindelfabrik Suessen,
- During the previous year 245140 shares have been issued to Spindelfabrik
Suessen, GmbH, Germany against the shares capital held by them SAPL. These
shares were allotted by SAPL in the previous year and post merger were
- During the previous year, 907452 shares were issued to the Jalan
Group at a premium of Rs. 690.03 per share
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
34.901 |
34.901 |
10.010 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2389.459 |
2419.966 |
559.835 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2424.360 |
2454.867 |
569.845 |
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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 |
292.320 |
326.352 |
350.000 |
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TOTAL BORROWING |
292.320 |
326.352 |
350.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.047 |
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TOTAL |
2716.680 |
2781.219 |
920.892 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1517.389 |
1405.969 |
524.752 |
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Capital work-in-progress |
54.990 |
217.881 |
2.381 |
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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 |
327.001
|
70.826
|
5.608
|
|
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Sundry Debtors |
103.832
|
76.068
|
33.005
|
|
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Cash & Bank Balances |
405.716
|
834.227
|
189.272
|
|
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Other Current Assets |
25.188
|
14.226
|
0.000
|
|
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Loans & Advances |
627.046
|
254.264
|
218.983
|
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Total
Current Assets |
1488.783
|
1249.611 |
446.868
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
4.008
|
11.838
|
11.342
|
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Sundry Creditors |
316.939 |
59.735 |
36.253 |
|
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Provisions |
23.535
|
20.669
|
6.514
|
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Total
Current Liabilities |
344.482
|
92.242 |
53.109
|
|
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Net Current Assets |
1144.301
|
1157.369 |
393.759
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
2716.680 |
2781.219 |
920.892 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
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Income |
736.330 |
450.947 |
495.250 |
|
|
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Other Income |
137.747 |
56.788 |
0.000 |
|
|
|
TOTAL (A) |
874.077 |
507.735 |
495.250 |
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
839.624 |
506.975 |
230.499 |
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|
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TOTAL (B) |
839.624 |
506.975 |
230.499 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.453 |
0.760 |
264.751 |
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
15.419 |
26.273 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.034 |
(25.513) |
264.751 |
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.827 |
100.035 |
NA |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(108.793) |
(125.548) |
264.751 |
|
|
|
|
|
|
|
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Less |
TAX (I) |
(78.285) |
(8.192) |
94.874 |
|
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|
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|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
(30.508) |
(133.740) |
169.877 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
424.944 |
558.684 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
632.001 |
424.944 |
NA |
|
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Income |
70.939 |
163.183 |
437.594 |
|
|
|
Service Income |
55.880 |
114.504 |
50.459 |
|
|
|
Technical Services |
0.000 |
0.000 |
0.211 |
|
|
|
FOB Value of Exports |
36.367 |
86.866 |
1.554 |
|
|
|
Other Income |
-- |
6.782 |
-- |
|
|
|
Reimbursement Against Expenses |
7.654 |
32.504 |
0.199 |
|
|
TOTAL EARNINGS |
170.840 |
403.839 |
490.017 |
|
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IMPORTS |
|
|
|
|
|
|
|
Spare Parts, Bought out components, consumables and Tools |
489.774 |
36.695 |
5.161 |
|
|
|
Capital assets |
49.971 |
278.862 |
-- |
|
|
TOTAL IMPORTS |
539.745 |
315.557 |
5.161 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.74) |
(63.31) |
16.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
(3.49)
|
(26.34) |
34.30
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.77)
|
(57.84) |
53.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.01)
|
(5.04) |
27.24
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.05) |
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.17 |
0.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
13.54 |
8.41
|
LOCAL AGENCY FURTHER INFORMATION
Note : The Registered office address of the company
has been shifted from 1005-1008, 10th Floor,
Sundry Creditors
Details :
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
-- |
0.007 |
-- |
|
Total outstanding dues of creditors other than micro and small enterprises |
235.975 |
49.387 |
35.250 |
|
Advances from Customers |
77.499 |
5.840 |
1.003 |
|
Interest Accrued but not due |
3.465 |
4.501 |
-- |
|
|
|
|
|
|
Total |
316.939 |
59.735 |
36.253 |
Performance of the
company :
The income of the company increased from Rs. 507.730 millions to Rs. 874.070 millions, registering a increase of 72% over the previous financial year. The operating loss before taxation reduced by 13.5% from Rs. (125.630 ) millions to Rs. (108.790) millions in the period under review. Net Loss after tax also decreased by 77% from Rs. (133.740) millions to 30.500 millions in 2009-10, at the end of 31st March 2010, the total reserves and surplus with the company amounted to Rs. 2389.450 millions
Market Outlook :
The textile industry recovered globally since beginning of this year with increase demand of textiles and clothing. The Indian textile market witnessed demand increase in both domestic and export markets. The domestic consumption of clothing and home textile is at all time high, even though prices in textile went up from 4.5% in 2009 to 14.7% in June 2010.
Demand for textile machinery across the value chain went up. Machinery demand in spinning sector has been high due to higher yarn prices and better margins in addition to the fact that cotton production is increasing and new spindles are required to convert them to yarns.
Spindle shipment to the Indian market has reached up to 200,000 spindles per month in June 2010 from 140,000 spindles per month in 2009, spun yarn production in May 2010 was 0.362 millions tons which is 8% higher than May 2009. with an estimated growth of yarn production at 5 – 5.9% (CAGR) up to 2017 by confederation of Indian Textile Industries (CITI), additional 11 Millions spindles will be required to meet this growth. They are making plans to expand capacity at Wing and Koregaon Bhima Plants.
History and
milestones
2007
Expansion program launched for Subject in
2005
Subject completed the take-over of The Suessen Group globally, which is a
market leader in the development of spinning technology for the textile
machinery industry & specializes in components for ring and rotor spinning
machines.
1995
Subject was established as a 100% subsidiary of Rieter Holding Ltd. on Swiss
national day in 1995.
1992
An extension of Subject presence in India was made in 1992 with the formation
of RLM, Subject Lakshmi Machinery, at Coimbatore – a joint venture
promoted by LMW and Subject, Switzerland – as a 100% export oriented unit to
manufacture ring frame assemblies.
1962
In April 1962, an agreement of collaboration was signed with Lakshmi Machine
Works Ltd. at
1877
Ever since the first batch of textile spinning mills were set up in
Fixed Assets :
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixtures
- Leasehold Improvements
- Computers
- Office Equipments
- Vehicles
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. 45.30 |
|
|
1 |
Rs. 71.73 |
|
Euro |
1 |
Rs. 54.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
55 |
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.