MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
WINERGY DRIVE SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
309/2, “A” Block 100, Chettipattu Village, Thandalam Post,
Mevalurkuppam, Sriperambudur Taluk, Kancheepuram District-602105, Tamilnadu |
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Country : |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
23.09.2004 |
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Com. Reg. No.: |
18-054318 |
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CIN No.: [Company
Identification No.] |
U34300TN2004PTC054318 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Wind Mills Gear Box. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 3400000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
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) |
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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. Rajendra |
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Designation : |
Manager |
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Contact No.: |
91-44-37174015 |
LOCATIONS
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Registered Office : |
309/2, “A” Block 100, Chettipattu Village, Thandalam Post,
Mevalurkuppam, Sriperambudur Taluk, Kancheepuram District-602105, Tamilnadu,
India |
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Tel. No.: |
91-44-26811256 / 26811258 / 26811259 / 37174015 |
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Fax No.: |
91-44-26811257 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
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DIRECTORS
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Name : |
Mr. Rohit Maganlal Gala |
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Designation : |
Director |
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Address : |
B-1601, |
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Date of Birth/Age : |
28.09.1965 |
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Date of Appointment : |
07.08.2009 |
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Name : |
Mr. Stefan Wilhelm Tenbrock |
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Designation : |
Director |
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Address : |
Joseg Fehler-Str-93, D-46395, |
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Date of Birth/Age : |
03.04.1957 |
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Date of Appointment : |
06.12.2004 |
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Name : |
Mr. Malla Thirumala Rao |
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Designation : |
Managing Director |
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Address : |
B-1 Juniper, 55 AK Block, 10th |
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Date of Birth/Age : |
24.08.1957 |
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Date of Appointment : |
06.07.2005 |
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Name : |
Mr. Velumani Subramani Vakkacin |
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Designation : |
Whole Time Director |
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Address : |
5A, 1st Floor, Mahalakshmi Flats, 26, |
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Date of Birth/Age : |
16.04.1971 |
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Date of Appointment : |
06.12.2004 |
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Name : |
Mr. Norbert Bernhard Vehns |
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Designation : |
Director |
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Address : |
Messingsfeld 56A, Hamminkeln-46499, |
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Date of Birth/Age : |
17.01.1970 |
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Date of Appointment : |
01.10.2006 |
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Name : |
Mr. Cuneyt Uzkan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
21.05.2007 |
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Date of Appointment : |
31.08.2009 |
KEY EXECUTIVES
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Name : |
Mr. Rejendran Shankar Lakshmi |
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Designation : |
Secretary |
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Address : |
#5/457, “Prajwal Vijay Niwas”, R.K. Shnmugam Salai, Flat G, KK Nagar,
Chennai-600078, India |
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Date of Birth/Age : |
03.08.1961 |
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Date of Appointment : |
21.05.2007 |
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Name : |
Mr. Rajendra |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.01.2010
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Names of Shareholders |
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No. of Shares |
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Winergy AG |
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45009999 |
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Mr. Manfred Egelwisse Jointly with Winergy AG |
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1 |
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Total |
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45010000 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2009)
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Category |
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Percentage |
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Bodies corporate |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wind Mills Gear Box. |
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Imports : |
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Products : |
· Raw Material · Gear boxes |
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Countries : |
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Terms : |
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Selling : |
Credit, Depends upon Customer |
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Purchasing : |
Credit, Depends upon Customer |
GENERAL INFORMATION
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No. of Employees : |
Approximately 140 |
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Bankers : |
Deutsche Bank, Chennai |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
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Tel. No.: |
91-44-66328400 |
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Fax No.: |
91-44-24311450 |
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Associates/Subsidiaries : |
·
Flender AG ·
Siemens Limited ·
Flender Limited ·
Winergy AG (Holding company) · Siemens AG (ultimate
holding company) |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Share |
Rs.10/- Each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45010000 |
Equity Share |
Rs.10/- Each |
Rs. 450.100
Millions |
Note:
Of the above equity share, 45010000 (previous
year: 45010000) equity shares are held by Winergy AG,
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
450.100 |
450.100 |
450.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
397.375 |
371.912 |
146.854 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
847.475 |
822.012 |
596.954 |
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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 |
660.000 |
706.809 |
550.699 |
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TOTAL BORROWING |
660.000 |
706.809 |
550.699 |
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DEFERRED TAX LIABILITIES |
0.000 |
14.759 |
23.766 |
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TOTAL |
1507.475 |
1543.580 |
1171.419 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
627.368 |
671.989 |
706.747 |
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Capital work-in-progress |
30.517 |
15.099 |
2.597 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
18.348 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
869.271
|
1150.645 |
653.587 |
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Sundry Debtors |
495.662
|
844.877 |
336.981 |
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Cash & Bank Balances |
10.589
|
4.024 |
107.498 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
95.739
|
109.331 |
60.749 |
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Total
Current Assets |
1471.261
|
2108.877 |
1158.815 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
609.530
|
1200.924 |
616.137 |
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Provisions |
30.489
|
51.461 |
80.603 |
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Total
Current Liabilities |
640.019
|
1252.385 |
696.740 |
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Net Current Assets |
831.242
|
856.492 |
462.075 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1507.475 |
1543.580 |
1171.419 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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Sales Turnover |
3005.720 |
4989.607 |
3054.841 |
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Service Income |
0.000 |
81.583 |
0.758 |
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Other Income |
187.450 |
33.454 |
31.488 |
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Total Income |
3193.170 |
5104.644 |
3087.087 |
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Profit/(Loss) Before Tax |
22.380 |
326.199 |
273.939 |
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Provision for Taxation |
NA |
101.142 |
101.761 |
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Profit/(Loss) After Tax |
NA |
225.057 |
172.178 |
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Expenditures : |
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(60.006) |
20.508 |
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Personal Costs |
|
52.083 |
26.458 |
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Material and Operating Costs |
|
4086.539 |
2473.947 |
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Interest and Finance Charges |
|
41.961 |
46.623 |
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Depreciation & Amortization |
|
71.030 |
62.130 |
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Operation and Other Expenditure |
|
586.838 |
183.482 |
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Total Expenditure |
3170.790 |
4778.445 |
2813.148 |
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Earnings Per Share (Rs.) |
-- |
5.00 |
10.78 |
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KEY RATIOS
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PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
NA |
4.41 |
5.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.74 |
6.54 |
8.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.07 |
11.73 |
14.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.40 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.53 |
2.38 |
2.09 |
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Current Ratio (Current Asset/Current Liability) |
|
2.30 |
1.68 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Operations
During 2008-2009, the company achieved Rs.
3005.720 Millions as compared to Rs. 4989.607 Millions in the previous year 2007-08. the reduced turnover was due to
the cancellation of the substantial orders from Suzlon Limited on account of
Global economic recession and the company is hopeful that market will improve
in this fiscal as many other companies are venturing into wind turbine farms.
The profit before tax was Rs. 22.340 Millions compared to Rs. 326.199 Millions of last fiscal.
Fixed Assets
- Land –
Freehold
- Buildings
- Plant
and machinery
- Furniture
and Fittings
- Office
Equipments
- Vehicles
- 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.45.02 |
|
|
1 |
Rs. 72.70 |
|
Euro |
1 |
Rs. 62.54 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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.