MIRA
INFORM REPORT
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Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
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Name : |
REITZ INDIA LIMITED (w.e.f. 12.06.2001) |
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Formerly Known As : |
REITZ TURBOVENT LIMITED |
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Registered Office : |
VII Floor, Block A, Q City Gachibowli, Nanakramguda, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
13.05.1998 |
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Com. Reg. No.: |
01-029396 |
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CIN No.: [Company
Identification No.] |
U51909AP1998PLC02396 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Trader of Industrial Fans and Blowers. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 670000 |
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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 an Indo-German Joint Venture. It is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. 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.
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. Srinivas Rao |
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Designation : |
Accounts department |
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Date : |
28.02.2011 |
LOCATIONS
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Registered Office : |
VII Floor, Block A, Q City Gachibowli, Nanakramguda, |
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Tel. No.: |
91-40-44881888 |
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Fax No.: |
91-40-44881899 |
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E-Mail : |
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Website : |
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Area : |
2400 yards |
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Location : |
Rented |
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Regional Offices: |
Located at:- ·
·
Chennai ·
Kolkata ·
Mumbai ·
·
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Factory : |
Survey No. 116/117, |
DIRECTORS
As on 29.09.2007
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Name : |
Mr. Gustav Breder |
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Designation : |
Director |
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Address : |
14, Hohen Selde-25, Hoxter-037671, |
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Date of Birth/Age : |
30.11.1934 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Munikrishna Papagari |
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Designation : |
Director |
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Address : |
Plot No. 762, Kamalapuri Colony, Phase II, Hyderbad-500073, |
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Date of Birth/Age : |
01.02.1944 |
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Date of Appointment : |
13.05.1998 |
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Name : |
Mr. Kotagari Prasad Rao |
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Designation : |
Managing Director |
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Address : |
321, A-9, Road # 25, Opposite P.O. Bul Reddy School, Jubilee Hills,
Hyderabad-500034, Andhra Pradesh, India |
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Date of Birth/Age : |
10.08.1954 |
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Date of Appointment : |
27.05.1998 |
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Name : |
Mr. Voss Peter |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.11.1948 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. F J Pollmann |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
09.09.1950 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Breder Ulrich |
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Designation : |
Director |
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Address : |
D-37671, |
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Date of Birth/Age : |
06.06.1964 |
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Date of Appointment : |
30.09.2000 |
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Name : |
Ms. Mythili Koitagari |
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Designation : |
Director |
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Address : |
321, A-9, Road # 25, Opposite P.O. Bul, Reddy School, Jubilee Hills,
Hyderabad-500034, Andhra Pradesh, India |
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Date of Birth/Age : |
25.10.1959 |
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Date of Appointment : |
13.05.1998 |
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Name : |
Mr. M Ushasree |
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Designation : |
Director |
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Address : |
8-2-623/A, Serene Towers, Road No. 10, Banjara Hills,
Hyderabad-500034, |
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Date of Birth/Age : |
02.02.1961 |
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Date of Appointment : |
13.11.2000 |
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Name : |
Mr. Yadama Muralidhar |
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Designation : |
Director |
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Address : |
101, Naimisam Apartments, |
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Date of Birth/Age : |
16.04.1972 |
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Date of Appointment : |
31.03.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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P. Muni |
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12124 |
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Sashi Krishna |
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27076 |
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P. Yashwanth Krishna |
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100 |
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K Prashad Rao |
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39012 |
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K Mythili |
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28388 |
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K Shruti |
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12600 |
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Turbovent Industries Private Limited |
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40100 |
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V C Rao |
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80000 |
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Reitz Holding Gmbh and Company |
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250000 |
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D Ramakrishna |
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500 |
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D Sree Leelavathi |
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1000 |
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Y Kirthi |
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1000 |
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Shree Sai Gardens Private Limited |
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8100 |
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Total |
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500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign companie
(s) Foreign financial instition(s), Non-resident indian(s) or overseas
corporate bodies or others |
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50.00 |
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Bodies corporate (not mentioned above) |
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10.00 |
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Directors or relatives of directors |
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24.00 |
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Other top fifty (50) Shareholders (Other than listed above) |
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16.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Industrial Fans and Blowers. |
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Products : |
·
Centrifugal/ Radial Fans ·
Axial Flow Fans ·
Fan Accessories ·
Throttle Elements ·
Acoustics and Sound Protection |
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Exports : |
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Products : |
Industrial Fans and Blowers |
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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 and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
OEM’S and Traders |
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No. of Employees : |
90 (6 in office + 84 in factory) (Approximately) |
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Bankers : |
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Financial Institutions : |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, International Infotech Park, Tower No. 5, Vashi Railway Station
Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, |
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Auditors : |
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Name : |
A Ramchandra Rao and Company Chartered Accountant |
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Address : |
3-6-369/A/11, 1Floor, Street No.-1, Himayathnagar, Hyderabad-500029, |
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Associates : |
Turbovent Industries Private Limited |
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Subsidiaries : |
Reitz Middlez |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs.20.000 Millions |
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
147.543 |
112.540 |
71.585 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
167.543 |
117.540 |
76.586 |
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LOAN FUNDS |
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1] Secured Loans |
52.333 |
6.512 |
12.408 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
52.333 |
6.512 |
12.408 |
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DEFERRED TAX LIABILITIES |
0.466 |
0.857 |
0.197 |
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TOTAL |
220.342 |
124.909 |
89.191 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.765 |
39.902 |
30.153 |
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Capital work-in-progress |
86.562 |
0.000 |
0.000 |
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INVESTMENT |
1.671 |
1.671 |
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 |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
287.980
|
202.280
|
115.963 |
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Cash & Bank Balances |
89.797
|
76.332
|
58.982 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
76.146
|
55.612
|
55.358 |
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Total
Current Assets |
453.923
|
334.224
|
230.303 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
251.419
|
162.166
|
99.502 |
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Other Current Liabilities |
77.341
|
52.832
|
39.890 |
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Provisions |
52.819
|
35.890
|
31.875 |
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Total
Current Liabilities |
381.579
|
250.888
|
171.267 |
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Net Current Assets |
72.344
|
83.336
|
59.036 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
220.342 |
124.909 |
89.191 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1211.733 |
809.068 |
562.810 |
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Other Income |
11.140 |
18.930 |
5.190 |
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TOTAL (A) |
1222.873 |
827.998 |
568.000 |
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Less |
EXPENSES |
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Administrative Expenses |
92.528 |
45.666 |
41.634 |
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Purchases made for re-sale |
994.777 |
675.452 |
449.695 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
1.350 |
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Salaries, Wages, Bonus, etc. |
28.973 |
18.138 |
13.839 |
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Other Expenditure |
0.000 |
0.003 |
0.003 |
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TOTAL (B) |
1116.278 |
739.259 |
506.521 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
106.595 |
88.739 |
61.479 |
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Less |
FINANCIAL
EXPENSES (D) |
2.620 |
0.353 |
0.529 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
103.975 |
88.386 |
60.950 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.035 |
2.272 |
1.914 |
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PROFIT BEFORE
TAX (E-F) (G) |
100.940 |
86.114 |
59.036 |
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Less |
TAX (I) |
36.313 |
30.535 |
19.554 |
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PROFIT AFTER TAX
(G-I) (J) |
64.627 |
55.579 |
39.482 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
92.599 |
57.644 |
34.713 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
10.000 |
6.000 |
5.000 |
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Interim Dividend |
0.000 |
6.250 |
5.000 |
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Proposed Final Dividend |
12.500 |
6.250 |
5.000 |
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Tax on Proposed Dividend |
2.124 |
2.124 |
1.551 |
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BALANCE CARRIED
TO THE B/S |
132.602 |
92.599 |
57.644 |
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Earnings Per
Share (Rs.) |
121.28 |
111.16 |
78.96 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.28
|
6.71
|
6.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.33
|
10.64
|
10.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.65
|
23.02
|
22.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.73
|
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
2.19
|
2.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.33
|
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Sundry creditors
details :
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Due to Micro Enterprises and Small Industries |
231.264 |
154.763 |
94.162 |
|
Others |
20.155 |
7.403 |
5.340 |
|
Total |
251.419
|
162.166
|
99.502 |
Operations :
During the period, the company’s performance was satisfactory. The company
has achieved a growth of 49.77% in turnover and 16.28% in net profit.
The company has budgeted for a sales turnover of Rs.1450.000 Millions
for the year 2009-10 and has achieved a turnover of about Rs.348.200 Millions
for the first five months of the current financial year 2009-10.
Change of Address :
Registered office of the company has been shifted from
8-2-623/A, Serene Towers, Road No. 10, Banjara Hills,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10155035 |
|
Corporate
identity number of the company |
U51909AP1998PLC02396 |
|
Name of the
company |
REITZ INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
VII Floor, Block A, Q City Gachibowli, Nanakramguda, |
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Type of charge |
Immovable
Property Movable Property Others |
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Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation Dated :25/03/2010. Mortgage
Declaration Dated: 25/03/2010. |
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Date of
instrument Creating the charge |
25.03.2010 |
|
Amount secured by
the charge |
Rs.210.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Shall be 3.25%
p.a. below the sum of I-BAR and the Cash Credit Risk Premium Prevailing on
each day. Terms of
Repayment : 12Months ( Upto March
17, 2010) for all facilities. Margin : Cash Credit:
Inventory: Uniform margin of 25% against all components of Inventory. Book Debts: Cover
Period :90 days. Margin : 25%. Bank Guarantee:
Cash Margin: Guarantees covering disputed liabilities-100%. Financial
Guarantees-15.0% Performance
Guarantees-15.0% Letter of Credit:
Cash Margin:15.00% Extent and
Operation of the charge : 1) Entire Stocks
of raw materials, semi finished and
finished goods , consumables stores and spares and such other moveables
including book debts, bills whether documentary or clean outstanding monies,
receivables both present and future of the
Company have been hereby
Hypothecated as and by way of First
Paripassu Charge. 2) Exclusive
Charge by way of Equitable Mortgage on All that of Non-Agricultural Plot No's. 82, 83 and road
portion measuring 13608.45 sq.mts. in
sy.no.111 to 116 situated Others : at EPIP, |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
Earlier First
Paripassu Charge was created on the entire Current Assets of the Company by
way of Hypothecation and Exclusive Charge was on the Company's Property
by way of Equitable Mortgage for the Facility of Rs.107.50 millions. Now the facility
amount has been enhanced from Rs. 107.50 million to Rs. 210 million.
Accordingly new security documents has
been executed to secure the entire facility. |
Trade references :
- F/S Smith Private Limited, Chennai
Fixed Assets:
·
Land
·
Building
·
Electrical Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Air Conditioner
·
Lab Equipments
·
Computer
·
Vehicles
·
Capital Work in Progress
AS PER WEBSITE
Profile:
Subject is a 50:50 Indo-German joint venture company, with
technical and financial collaboration of Reitz Ventilatoren GmBH,
Reitz India provide total solutions for industrial fans from
concept to commissioning and also undertake economical fan retrofits/upgrades,
for improving efficiency and lowering specific power consumption.
Presently, Reitz
Technology Transfer from
KEY MARKETS
Reitz
The markets that they specialize in are :
·
Cement
·
Power generation
·
Petrochemicals and Refineries
·
Iron and Steel
·
Chemicals and Fertilizers
·
Mineral and Metal processing
·
Sugar
·
Glass
·
Others
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.