MIRA
INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIEGA GMBH AND CO. KG |
|
|
|
|
Registered
Office : |
Ennester Weg 9, D – 57439, Attendorn - 57439 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.03.2009 |
|
|
|
|
Head Office
Funds : |
Rs.3.252 millions |
|
|
|
|
FCRN : |
F03703 |
|
|
|
|
Legal Form : |
Foreign Companies Liaison Office |
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|
|
Line of Business
: |
Subject is in the business of Pipe and pipe fittings, conceal cistern,
drainage products, sanitary system, heating systems. |
|
|
|
|
No. of Employees
: |
7 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a foreign registered company in 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
|
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 |
INFORMATION PARTED BY
|
Name : |
Ms. Amiaka |
|
Designation : |
Coordinator |
|
Contact No.: |
91-124-4359313 |
|
Date : |
24.09.2011 |
LOCATIONS
|
Registered Office : |
Ennester Weg 9, D – 57439, Attendorn – 57439, |
|
|
|
|
Liaison Office : |
Unit No. 414, |
|
Tel. No.: |
91-124-4359313 / 4359314 / 4359312 |
|
Fax No.: |
91-124-4263766 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Viegener, Heinz-Bernd |
|
Designation : |
Director |
|
Address : |
St-Ursula-Str. 29, 57439, Attendorn |
|
Date of Birth/Age : |
27.07.1950 |
|
Directorship : |
Viega International |
|
|
|
|
Name : |
Viegener, Walter |
|
Designation : |
Director |
|
Address : |
Oberer Kehberg 6, 57439, Attendorn |
|
Date of Birth/Age : |
22.07.1956 |
|
Directorship : |
Viega International |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Kumar |
|
Designation : |
Manager (Country Head) |
|
Address : |
The Royal Samrat, Flat No. D-507, Siddharth Nagar, |
|
Date of Birth/Age : |
13.08.1965 |
|
PAN No.: |
ACPPK1359M |
|
|
|
|
Name : |
Maier, Karl-Heinz |
|
Designation : |
Company Secretary |
|
Address : |
Vogelsang 15, 57439 Attendorn |
|
Date of Birth/Age : |
22.09.1947 |
|
Directorship : |
|
|
|
|
|
Name : |
Staudacher, Dr. Nobert |
|
Designation : |
Company Secretary |
|
Address : |
Faberstrasso 12, 57439 Attendorn |
|
Date of Birth/Age : |
17.01.1960 |
|
|
|
|
Name : |
Gellisch, Dirk |
|
Designation : |
Company Secretary |
|
Address : |
Hollenfeld 7, 57439 Attendorn |
|
Date of Birth/Age : |
25.07.1958 |
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|
|
|
Name : |
Liedtke, Dr. Udo |
|
Designation : |
Company Secretary |
|
Address : |
Platanenring 66, 61352 |
|
Date of Birth/Age : |
13.02.1960 |
|
|
|
|
Name : |
Brockow, Andreas |
|
Designation : |
Company Secretary |
|
Address : |
Talsperrenstr, 39 a, 57271 Hichenbach |
|
Date of Birth/Age : |
16.05.1963 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
VIEGA Gmbh and Company KG, |
|
100% |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Pipe and pipe fittings, conceal cistern,
drainage products, sanitary system, heating systems. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
|
No. of Employees : |
7 Approximately |
|
|
|
|
Bankers : |
Deutsche Bank AG Gurgaon – 122 002, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ray and Ray Chartered Accountant |
|
Address : |
G-2, Ramakrishna, 11, Happy Home Society, |
|
Tel. No.: |
91-22-26146080 / 26150621 |
|
Fax No.: |
91-22-26131586 |
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|
|
|
Associates : |
VIEGA Gmbh and Co. KG Address : Ennester Weg 9, D-57439, Line of Business : |
CAPITAL STRUCTURE
As on 31.03.2011
|
HEAD OFFICE FUNDS |
|
|
Opening as at 01.04.2010 |
0.675 |
|
Remittances received |
20.090 |
|
Less : Liaison Office Expenses |
17.400 |
|
Less : Fixed Assets Purchased |
0.113 |
|
Total |
3.252 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(LIAISON
OFFICE)
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
HEAD OFFICE FUNDS |
|
|
|
|
|
|
|
|
|
|
|
Viega GMBH and Co. KG, |
|
3.252 |
0.675 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.252 |
0.675 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
4.194
|
1.822 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.116
|
0.156 |
|
Total
Current Assets |
|
4.310
|
1.978 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
0.387
|
1.021 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
1.058
|
1.303 |
|
|
Net Current Assets |
|
3.252
|
0.675 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.252 |
0.675 |
|
RECEIPTS AND
PAYMENTS ACCOUNT
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
Receipts |
|
|
|
|
Opening Balance |
|
1.822 |
0.000 |
|
Remittance from HO |
|
20.090 |
3.191 |
|
|
|
21.912 |
3.191 |
|
|
|
|
|
|
Payments |
|
|
|
|
Payments to creditors for expenses |
|
8.800 |
1.037 |
|
Property Tax |
|
0.074 |
0.000 |
|
Telephone Expenses |
|
0.097 |
0.000 |
|
Office Expenses |
|
0.006 |
0.000 |
|
Membership and Subscription |
|
0.002 |
0.000 |
|
Insurance Charges |
|
0.069 |
0.000 |
|
Fixed Asset |
|
0.113 |
0.000 |
|
Establishment Expenses |
|
0.000 |
0.025 |
|
Printing and Stationery Expenses |
|
0.002 |
0.000 |
|
Deposit |
|
0.001 |
0.000 |
|
Salaries |
|
6.289 |
0.257 |
|
Taxes |
|
2.119 |
0.050 |
|
ROC Filling |
|
0.030 |
0.000 |
|
Advance to Staff |
|
0.115 |
0.000 |
|
Bank Charges |
|
0.001 |
0.000 |
|
|
|
17.718 |
1.369 |
|
|
|
|
|
|
Closing Cash and
Bank Balance |
|
4.194 |
1.822 |
LOCAL AGENCY FURTHER INFORMATION
BALANCE
SHEET AS OF 31.12.2010 (Rs. in EUR)
(VIEGA
GMBH AND CO. KG, ATTENDORN)
ASSETS
|
Particulars |
31.12.2010 |
31.12.2009 |
||
|
|
EUR |
EUR |
EUR |
EUR |
|
A. Fixed Assets |
|
|
|
|
|
I. Intangible
Assets |
|
|
|
|
|
Concessions, industrial and similar rights and assets acquired for a
consideration |
|
2105200.02 |
|
1969406.53 |
|
|
|
|
|
|
|
II. Tangible
Assets |
|
|
|
|
|
1 Land and Buildings |
124276688.42 |
|
126981986.78 |
|
|
2. Technical equipment and machinery |
68905238.82 |
|
78353236.18 |
|
|
3. Other equipment, operating and office equipment |
35008302.30 |
|
38142486.62 |
|
|
4. Prepayments and assets under construction |
15362597.75 |
243552827.29 |
18612543.45 |
262090253.03 |
|
|
|
|
|
|
|
III. Long-term
financial assets |
|
|
|
|
|
1. Shares in affiliated companies |
88529059.26 |
|
89434520.81 |
|
|
2. Loans to affiliated companies |
77418702.35 |
|
62279748.48 |
|
|
3. Other long-term equity investments |
3095.87 |
|
9347.87 |
|
|
4. Other Loans |
1518014.78 |
|
1730623.87 |
|
|
5. Shares in cooperative |
3020.10 |
167471892.36 |
3020.10 |
153457261.13 |
|
|
|
|
|
|
|
|
|
413129919.67 |
|
417516920.69 |
|
|
|
|
|
|
|
B. Current
Assets |
|
|
|
|
|
I. Inventories |
|
|
|
|
|
1. Raw materials and supplies |
33732233.10 |
|
19254379.95 |
|
|
2. Work in progress |
23790157.93 |
|
31539976.02 |
|
|
3. Finished goods and merchandise |
36652709.32 |
|
29739103.45 |
|
|
4. Prepayments |
186487.50 |
94361587.85 |
310113.00 |
80843572.42 |
|
|
|
|
|
|
|
II. Receivables
and other assets |
|
|
|
|
|
1. Trade receivables |
17201026.46 |
|
17917029.26 |
|
|
2. Receivables from affiliated companies oh which with a remaining
term of more than one year EUR 29687288.61 (2009: EUR 0.00) |
34167839.63 |
|
49905255.32 |
|
|
3. Receivables from other long-term investees and investors |
0.00 |
|
7578.95 |
|
|
4. Other assets - Of which with a remaining term of more than one year EUR 0.00 (2009:
EUR 60000.00) |
14053929.52 |
|
72390198.00 |
|
|
|
|
65422795.61 |
|
140220061.53 |
|
|
|
|
|
|
|
III. Securities |
|
|
|
|
|
Other Securities |
|
0.00 |
|
4000000.00 |
|
|
|
|
|
|
|
IV. Cash-in-hand and bank balances |
|
360403830.58 |
|
238061469.00 |
|
|
|
520188214.04 |
|
463125102.95 |
|
|
|
|
|
|
|
C. Prepaid
Expenses |
|
330477.08 |
|
396798.75 |
|
|
|
933648610.79 |
|
881038822.39 |
LIABILITIES
|
Particulars |
31.12.2010 |
31.12.2009 |
|
|
EUR |
EUR |
|
|
|
|
|
A. Equity |
|
|
|
I. Limited partner’s capital shares |
24000000.00 |
24000000.00 |
|
|
|
|
|
II. Reserves |
47550000.00 |
31850000.00 |
|
|
|
|
|
III. Limited partner’s variable capital accounts |
636526053.76 |
612954342.05 |
|
|
|
|
|
|
708076053.76 |
668804342.05 |
|
|
|
|
|
B. Provisions |
|
|
|
1. Provision for pensions and similar obligations |
4271638.00 |
3700167.00 |
|
2. Provisions for taxes |
13967643.04 |
9798417.00 |
|
3. Other provisions |
24466152.90 |
84304050.94 |
|
|
42705433.94 |
97802634.94 |
|
|
|
|
|
C. Liabilities |
|
|
|
1. Trade Payables |
13506470.08 |
14805946.00 |
|
- Of which with a remaining term up to one year EUR 13400320.41 (2009:
EUR 14734535.95) - Of which with a remaining term of more than five years EUR 36550.80
(2009: EUR 42642.60) |
|
|
|
2. Liabilities to affiliated companies - With a remaining term up to one year |
4069068.74 |
3225648.67 |
|
3. Other Liabilities - With a remaining term up to one year EUR 164753990.88 (2009: EUR 95826678.83) - Of which with a remaining term of more than five years EUR 265593.39
(2009: EUR 301571.90) - Of which taxes EUR 1795770.77 (2009: EUR 1844679.44) - Of which relating to social security EUR 6792553 (2009: EUR
73023.50) |
165291584.27 |
96400250.73 |
|
|
182867123.09 |
114431845.40 |
NOTES TO ACCOUNTS
Company has been registered as a foreign company under section 592 of
the Companies Act, 1956 on July 8, 2009 and has been notified as a place of
business in
The company is not authorized to carry out any commercial revenue
generating activity.
WEB DETAILS
Subject
is one of the companies in the field of plumbing and heating systems. It is
also one of the longest-standing enterprises in this sector: Founded over 100
years ago by Anselm Viegener, the company is now managed by family members in
the fourth generation.
Subject
has developed into one of the largest manufacturers in its sector of industry:
A workforce of almost 3,000 produces over 16,000 different products which are
manufactured at the plants in Attendorn-Ennest/Westphalia
Company Profile
Since
its foundation in 1899, Subject has evolved into a globally active enterprise.
With an international workforce of approx. 3000, subject is now one of the
world’s systems suppliers for products in the plumbing sector.
The product range covers around 16,000 articles, which are manufactured in
Attendorn-Ennest/Westphalia, Lennestadt-Elspe/Westphalia,
Großheringen/Thuringia, Niederwinkling/Bavaria and McPherson/Kansas (USA).
Alongside piping systems, Viega produces pre-wall and drainage systems.
Viega products are used in all fields, from building services installations
through industrial plant construction to shipbuilding.
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.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.