MIRA INFORM REPORT

 

 

Report Date :

11.03.2011

 

IDENTIFICATION DETAILS

 

Name :

WITTMANN BATTENFELD INDIA PRIVATE LIMITED (w.e.f. 15.09.2008)

 

 

Formerly Known As :

WITTMANN AUTOMATION INDIA PRIVATE LIMITED

 

 

Registered Office :

Old No.9, New No.12, 18th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.12.2006

 

 

Com. Reg. No.:

061775

 

 

CIN No.:

[Company Identification No.]

U29246TN2006PTC061775

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEW03299C

 

 

PAN No.:

[Permanent Account No.]

AAACW6842P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is engaged in whole sale trade of robots and automation systems temperature controllers, etc and in installation, start up, repairing, remodeling and servicing of plastic processing equipments.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

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 terms are reported to be slow.

 

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)

India

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 :

Old No.9, New No.12, 18th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India

Tel. No.:

91-44-42077009

Fax No.:

91-44-23719602

E-Mail :

info@wittmann.co.in

Website :

www.wittmann-group.com

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Dr. Werner Wittmann

Designation :

Director

Address :

Belle Vue Strasse, 23A-1190, Vienna Austria – 1190, Austria

Date of Appointment :

19.12.2006

 

 

Name :

Dipl. Ing. Peter Michael Wittmann

Designation :

Director

Address :

Berggasse 2 A 2100 Leobendrof Austria – 2100, Austria

Date of Appointment :

19.12.206

 

 

Name :

Subbegounden Pudur Thangavelu Nandakaumar

Designation :

Director

Address :

4/64, Subbegounden Pudur, 2, Mbarapalayam, Pollachi, Coimbatore – 642103, Tamilnadu, India

Date of Appointment :

29.06.2007

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

V Raman Representing Wittman Kunstoffgerate GMBH

 

1

Wittmann Kunstoffgerate GMBH, Austria

 

299999

Total

 

300000

 

AS ON 30.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in whole sale trade of robots and automation systems temperature controllers, etc and in installation, start up, repairing, remodeling and servicing of plastic processing equipments.

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ray and Ray

Chartered Accountant

Address :

No.14/C399, 46th Street, 9th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India

Tel No.:

91-44-23713030/23718961

Fax No.:

91-44-23713030

Email :

vinutha@md4.vsnl.net.in

 

 

Holding Company:

Wittmann Kunstoffgerate GMBH, Austria

 

 

Fellow Subsidiaries :

(AS ON 31.03.2009)
  • Wittmann France SAS
  • Wittmann Robot (Kunsshan) Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

300000

Equity Shares

Rs.10/- each

Rs.3.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

300000

Equity Shares

Rs.10/- each

Rs.3.000 Millions

 

 

 

 

 

Notes:

 

(1) Of the above issued and subscribed equity shares 9999 (9999 - 2006) equity shares are held by Wittmann Kunstoffgerate GMBH, the ultimate Holding Company (Incorporated in Austria)

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3.000

3.000

3.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.940

4] (Accumulated Losses)

(5.632)

(6.257)

0.000

NETWORTH

(2.632)

(3.257)

3.940

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

0.035

0.063

0.056

 

 

 

 

TOTAL

(2.597)

(3.194)

3.996

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.137

1.123

0.980

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
16.018

14.129

4.748

 

Sundry Debtors
7.134

3.805

2.670

 

Cash & Bank Balances
0.971

0.624

2.537

 

Other Current Assets
5.700

2.842

0.318

 

Loans & Advances
0.296

0.951

0.048

Total Current Assets
30.119

22.351

10.321

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
33.855

26.666

7.305

 

Other Current Liabilities

0.000

0.000

0.000

 

Provisions

0.000

0.000

0.000

Total Current Liabilities
33.855

26.666

7.305

Net Current Assets
(3.736)

(4.315)

3.016

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

(2.597)

(3.194)

3.996

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

TOTAL                                     (A)

50.060

19.473

13.988

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

0.705

(7.019)

1.691

 

 

 

 

 

Less

TAX                                                                  (I)

0.081

0.178

0.751

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

0.624

(7.197)

0.940

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

10.101

6.401

NA

 

TOTAL EARNINGS

10.101

6.401

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.08

(23.099)

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.25

(36. 95)

6.72

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.25

(29.92)

0.15

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.27)

(2.15)

0.42

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(12.86)

(8.18)

1.85

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.89

0.84

1.42

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE:

 

The registered office address of the company has been shifted from 88A, 6th Avenue, Ashok Nagar, Chennai, Tamilnadu, India to present w.e.f. 19.09.2008

 

HIGHUGHTS OF OPERATIONS AND BUSINESS PROSPECTS

 

This is the third year of operations of the company. The company has been working hard to market their products and has seen substantial improvements in the last three months of the financial year. The management hopes to enjoy the rewards of this hard work in the years to come.

 

FIXED ASSETS:

 

  • Computer and Accessories
  • Furniture and Fittings
  • Office Equipment

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.11

UK Pound

1

Rs.72.90

Euro

1

Rs.62.56

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

28

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.