MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SCHINDLER INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B/401 Delphi, B Wing, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
26.12.1997 |
|
|
|
|
Com. Reg. No.: |
11-112690 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1191.878
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29150MH1997PTC112690 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Supplier of Escalators and Manufacturer of Elevators. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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/ Factory : |
B/401 Delphi, B Wing, |
|
Tel. No.: |
91-22-61314444/67031000 |
|
Fax No.: |
91-22-67030145/55 |
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E-Mail : |
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|
|
|
|
Branches : |
Located At:
|
DIRECTORS
As on 25.06.2010
|
Name : |
Mr. Christoph Eugen Lindenmeyer |
|
Designation : |
Director |
|
Address : |
Weidstrasse 32 6300, Zug-6300, |
|
Date of Birth/Age : |
18.01.1953 |
|
Date of Appointment : |
01.03.2003 |
|
Date of Ceasing: |
24.06.2010 |
|
Din No.: |
00352298 |
|
|
|
|
Name : |
Mr. Rudolf Widmer |
|
Designation : |
Director |
|
Address : |
Stegenstrasse 22, CH-6048, Horw-6048, |
|
Date of Birth/Age : |
04.12.1947 |
|
Date of Appointment : |
08.10.2003 |
|
Din No.: |
00352396 |
|
|
|
|
Name : |
Mr. Miguel Angel Rodriguez |
|
Designation : |
Director |
|
Address : |
Paseo |
|
Date of Birth/Age : |
05.06.1953 |
|
Date of Appointment : |
23.06.2010 |
|
Din No.: |
03018500 |
KEY EXECUTIVES
|
Name : |
Mr. Uday Atmanand Kulkarni |
|
Designation : |
Manager |
|
Address : |
4/25, Haji Ali, Government Colony, Haji Ali Park, Mumbai-400034, |
|
Date of Birth/Age : |
16.05.1958 |
|
Date of Appointment : |
14.07.2008 |
|
Pan No.: |
AILPK4378E |
|
|
|
|
Name : |
Mr. Vishal Madhukant Shah |
|
Designation : |
Secretary |
|
Address : |
A-604, Poonam Enclave, Gen, A.K. Vaidya Marg, Opposite Wageshwari Temple,
Malad (West), Mumbai-400097, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1976 |
|
Date of Appointment : |
01.04.2009 |
|
Pan No.: |
ANZPS0103N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.06.2010
|
Names of Shareholders |
Address of
Shareholders |
No. of Shares |
|
Schindler Holding Limited |
CH 6052,
Hergiswil NW, |
119187856 |
|
Schindler Aufzuge AG |
Zugerstrasse 13,
6031 |
1 |
|
|
|
|
|
Total |
|
119187857 |
As on 25.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Escalators and Manufacturer of Elevators. |
GENERAL INFORMATION
|
Bankers : |
Corporation Bank, BG-1, Delphi, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountant |
|
Address : |
6th Floor, |
|
Tel. No.: |
91-22-66579200 |
|
Fax No.: |
91-22-22876401 |
|
|
|
|
Holding Company: |
Schindler Holding Limited, |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
127500000 |
Equity Shares |
Rs.10/- each |
Rs.1275.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
119187857 |
Equity Shares |
Rs.10/- each |
Rs.1191.878
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1191.878 |
1191.878 |
1191.878 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(448.633) |
(788.077) |
(977.703) |
|
|
NETWORTH |
743.245 |
403.801 |
214.175 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
743.245 |
403.801 |
214.175 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
96.211 |
68.311 |
46.884 |
|
|
Capital work-in-progress |
0.171 |
5.789 |
17.174 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
49.277 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
165.970
|
189.536 |
105.711 |
|
|
Sundry Debtors |
795.801
|
609.659 |
370.722 |
|
|
Cash & Bank Balances |
966.717
|
500.516 |
296.294 |
|
|
Other Current Assets |
221.163
|
305.697 |
203.970 |
|
|
Loans & Advances |
200.868
|
198.716 |
157.177 |
|
Total
Current Assets |
2350.519
|
1804.124 |
1133.874 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
439.945
|
337.688 |
234.816 |
|
|
Other Current Liabilities |
1268.016
|
1096.710 |
712.776 |
|
|
Provisions |
44.972
|
40.025 |
36.165 |
|
Total
Current Liabilities |
1752.933
|
1474.423 |
983.757 |
|
|
Net Current Assets |
597.586
|
329.701 |
150.117 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
743.245 |
403.801 |
214.175 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3398.793 |
2398.881 |
1776.019 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
3052.898 |
2184.041 |
1628.106 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
3052.898 |
2184.041 |
1628.106 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
345.895 |
214.840 |
147.913 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Lifts and Escalators |
53.670 |
88.504 |
118.512 |
|
|
|
Stores & Spares |
257.617 |
209.181 |
107.711 |
|
|
|
Capital Goods |
2.708 |
1.900 |
2.177 |
|
|
TOTAL IMPORTS |
313.995 |
299.585 |
228.400 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.13
|
11.47 |
12.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.53 |
0.69 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
3.65 |
4.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.22 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY
PERFORMANCE:
The total income of the Company for the year ended 31st
December, 2009 was Rs. 3398.793 millions as compared to Rs.2398.881 millions
for the year ended 31st December, 2008. The Profit before tax for the year ended 31st
December, 2009 was Rs. 345.895 millions as compared to profit of Rs.214.840
millions for the year ended 31st
December 2008 in the previous year.
OPERATIONS AND
PROSPECTS:
After the slow down in 2009, the economy has shown signs of revival in
the last month of the year 2009 and continued to boom in the first quarter on
2010. The company won many prestigious infrastructure projects in the year
2009. Irrespective of the economic slowdown the company maintained growth
momentum in the year 2009. The company’s orders on hand position is healthy and
in the year 2010 it expects to continue the growth trends of the last 4 years.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particular |
As
on 31.12.2009 (Rs.
in Millions) |
As
on 31.12.2008 (Rs.
in Millions) |
|
Guarantee issued by bank on behalf of the company |
242.814 |
98.200 |
|
In respect of state sales tax matters |
123.832 |
137.523 |
|
In respect of income tax matter |
1.484 |
1.854 |
|
Total |
368.130 |
237.577 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U29150MH1997PTC112690 |
|
Name of the
company |
SCHINDLER INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/401 Delphi, B Wing, |
|
Type of charge |
Others |
|
Particular of
charge holder |
Corporation Bank, BG-1, Delphi, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Counter
guarantee for the limits sanctioned 2) General power
of attorney for book debts and current assets (All the
agreements constitute a single charge) |
|
Date of
instrument Creating the charge |
24.03.2009 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement
and as per sanction letter of the bank Terms of
Repayment As per agreement
and as per sanction letter of the bank Margin As per agreement and
as per sanction letter of the bank Extent and
Operation of the charge First charge
(present and future) = B.G. Limit of Rs.10.00 crores |
|
Short particulars
of the property charged |
First charge
(present and future) = hypothecation on inventory of the company |
Fixed Assets:
- Plant and Machinery
- Leasehold Improvements
- Furniture and Fixtures
- Motor Vehicles
- Computer
- Office Equipments
- Software
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.