MIRA INFORM REPORT
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
HAFELE INDIA PRIVATE LIMITED |
|
|
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Registered
Office : |
Office No. 3, Building ‘A’ Beta, I - Think Techno Campus, Off JVLR, Opposite
Kanurmarg Station, Kanjurmarg (East), Mumbai – 400042, Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
05.05.2003 |
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Com. Reg. No.: |
11-140300 |
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Capital Investment
/ Paid-up Capital : |
Rs. 421.068
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U51393MH2003PTC140300 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH06969E |
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PAN No.: [Permanent Account No.] |
AABCH2726A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Distributor of furniture fittings etc. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company is progressing well. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL INFORMATION)
|
Name : |
Ms. Amrita |
|
Designation : |
Expenses / Purchase Department |
|
Contact No.: |
91-22-61426100 |
|
Date : |
20.12.2012 |
LOCATIONS
|
Registered Office : |
Office No. 3, Building ‘A’ Beta, I-Think Techno Campus, Off JVLR, Opposite
Kanurmarg Station, Kanjurmarg (East), Mumbai – 400042, Maharashtra, India |
|
Tel. No.: |
91-22-61426100 |
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Fax No.: |
91-22-66950922 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
I-1676, |
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Tel No.: |
91-11-41605481 |
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Fax No.: |
91-11-41605482 |
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Email: |
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No. 14, Pushparang, |
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Tel No.: |
91-80-41326116 |
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Fax No.: |
91-80-41326226 |
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Email: |
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Park Side 8-2-348/4, Road No. 3, Above Almond House, Banjara Hill,
Hyderabad-500034, |
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Tel No.: |
91-40-30284999/ 66668651 |
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Fax No.: |
91-40-30284111 |
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Email: |
DIRECTORS
AS ON: 04.05.2012
|
Name : |
Mr. Jurgen Wolf |
|
Designation : |
Director |
|
Address : |
101/201, Gopush Apartment, Plot No. 27, 11th Road, JVPD,
Vile Parle (West), Mumbai – 400057, Maharashtra, India |
|
Date of Birth / Age: |
25.03.1957 |
|
Qualification : |
Graduate |
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Date of Appointment : |
14.03.2007 |
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DIN No.: |
00152999 |
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|
|
|
Name : |
Mr. Sibylle Annemarie Thierer |
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Designation : |
Director |
|
Address : |
Breslauer STR 43, 722202, Nagold – 72202, Germany |
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Date of Birth / Age: |
27.08.1960 |
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Date of Appointment : |
14.06.2011 |
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DIN No.: |
03551878 |
KEY EXECUTIVES
|
Name : |
Ms. Amrita |
|
Designation : |
Expenses / Purchase Department |
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|
|
|
Name : |
Mr. Abhijit |
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Designation : |
Account Executive |
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|
Name : |
Mr. Abhishek Prakash Panchwagh |
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Designation : |
Secretary |
|
Address : |
206, Gaikar Bhavan, Kabad Ali, Edulji Road, Charali, Tembhi Naka,
Thane – 400601, India |
|
Date of Birth / Age: |
15.08.1987 |
|
Date of Appointment : |
16.08.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 04.05.2012
|
Names of Shareholders |
No. of Shares |
|
Jurgen Wolf |
1 |
|
Hafele Holding |
42106804 |
|
Total |
42106805 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 04.05.2012
|
Category |
Percentage |
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|
|
|
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 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Distributor of furniture fittings etc |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash, Credit and Cheque |
GENERAL INFORMATION
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Customer: |
Corporation |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
· Deutsche Bank, 222, Kodad House, D.N. Road, Fort, Mumbai - 400001, Maharashtra, India ·
Citibank NA ·
HDFC Bank, Mumbai, Maharashtra, India |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Borkar and Muzumdar Chartered Accountants |
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Address : |
235-37, Peninsula House, Dr. D.N. Road, Fort, Mumbai - 400001, Maharashtra, India |
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Tel. No.: |
91-22-26691254 to 26691257 |
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Fax No.: |
91-22-26691233 |
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E-Mail : |
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PAN.: |
AAAEB3194J |
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Holding Company:
|
Hafele Holding GmbH and Company |
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Subsidiary of
Holding Company: |
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CAPITAL STRUCTURE
AS ON: 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42200000 |
Equity Shares |
Rs.10/- each |
Rs. 422.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42106805 |
Equity Shares |
Rs.10/- each |
Rs. 421.068 Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
421.068 |
421.068 |
421.068 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
154.217 |
151.586 |
135.991 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
575.285 |
572.654 |
557.059 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
62.265 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
62.265 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
637.550 |
572.654 |
557.059 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
218.035 |
200.178 |
187.959 |
|
|
Capital work-in-progress |
0.000 |
3.091 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
472.991
|
333.248
|
211.850
|
|
|
Sundry Debtors |
243.181
|
179.616
|
179.412
|
|
|
Cash & Bank Balances |
15.741
|
36.084
|
106.207
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
36.928
|
22.215
|
11.320
|
|
Total
Current Assets |
768.841
|
571.163
|
508.789 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
181.117
|
74.650
|
65.264
|
|
|
Other Current Liabilities |
125.557
|
72.577
|
64.589
|
|
|
Provisions |
42.652
|
54.551
|
9.836
|
|
Total
Current Liabilities |
349.326
|
201.778
|
139.689
|
|
|
Net Current Assets |
419.515
|
369.385
|
369.100
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
637.550 |
572.654 |
557.059 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1187.350 |
1021.500 |
744.840 |
|
|
|
Other Income |
31.610 |
18.460 |
13.880 |
|
|
|
TOTAL (A) |
1218.960 |
1039.960 |
758.720 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
1119.410 |
901.700 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1119.410 |
901.700 |
663.310 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.550 |
138.260 |
95.410 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.550 |
138.260 |
95.410 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.760 |
26.730 |
10.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.790 |
111.530 |
84.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.030 |
41.920 |
29.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.760 |
69.610 |
54.990 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
130.310 |
121.670 |
79.070 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.280 |
6.960 |
5.500 |
|
|
|
Dividend |
34.530 |
46.320 |
5.890 |
|
|
|
Tax on Dividend |
5.600 |
7.690 |
1.000 |
|
|
BALANCE CARRIED
TO THE B/S |
128.660 |
130.310 |
121.670 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
5.322 |
2.636 |
5.058 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.02 |
1.65 |
1.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
3.51
|
6.69
|
7.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.88
|
10.92
|
11.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.07
|
14.46
|
12.17
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.19
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
0.35
|
0.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.83
|
3.64
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
Sundry Creditors for Goods and Expenses |
0.000 |
74.650 |
65.264 |
|
Sundry Creditors due to others |
181.117 |
0.000 |
0.000 |
|
Total |
181.117 |
74.650 |
65.264 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 4th
Floor JMC House Bisleri Compound, Western Express High-Way, Andheri (East),
Mumbai-400099, Maharashtra, India to the present address w.e.f. 16.07.2010
REVIEW OF PERFORMANCE
There was a growth of 16.23% in the turnover of the Company
increasing it to Rs. 1187.350 millions (previous year Rs. 1021.500 millions)
and the net profits were Rs. 42.760 millions (previous year Rs. 69.610
millions) after provision for taxes and fringe benefit taxes.
FIXED ASSETS
·
Leasehold
Premises
·
Computers
·
Motor
Vehicle
·
Office Equipment
·
Furniture
and Fixtures
·
Building
PRESS RELEASE:
EUROCUCINA 2012
Eurocucina has an infinite range of ideas and solutions on offer for a domestic space that is not just functional, but is becoming more and more of a place for socializing. The mores of the kitchen rub shoulders with the new rituals of modern-day life. Matchless quality and maximum durability are what the consumer is after. Eurocucina, with 160 exhibitors occupying over 26,000 square meters, is Europe's only major trade show in the field. Its success is also attested by the number of professional visitors - 292,370, more than 60% of whom from foreign nations - the 6,484 communication operators and the over 39,000 visitors from the general public. Eurocucina is supplemented by the collateral event, “FTK - Technology for the Kitchen”, a showcase for the built-in appliance sector and cooker hoods and the various products, prototypes and ideas for the kitchen of the future.
The next Eurocucina will be held from 8 to 13 April 2014.
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 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. 54.84 |
|
|
1 |
Rs. 89.11 |
|
Euro |
1 |
Rs. 72.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.