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MIRA
INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SEMATIC RE ELEVATOR PRODUCTS
(INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Madhuban, F- Wing, 1st Floor, W. E. Highway, Near Dahisar
Telephone Exchange, Dahisar (East), Mumbai – 400068, Maharashtra |
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
24.03.2010 |
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|
|
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Com. Reg. No.: |
11-201258 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.205 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U28910MH2010PTC201258 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS66501B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Distributors of wide range of automatic lift doors,
manual doors and cabins |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 120000 |
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|
|
|
Status : |
New Company |
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|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture company between Sematic Italia and Revthi Enterprises.
It is a relatively new company establishing itself gradually. Trade relations
are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
Madhuban, F- Wing, 1st Floor, W. E. Highway, Near Dahisar
Telephone Exchange, Dahisar (East), Mumbai – 400068, Maharashtra, India |
|
Tel. No.: |
91-22-28972184 / 3184 |
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Fax No.: |
91-22-28978643 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 21.09.2011
|
Name : |
Mr. Hemant Chandrakant Tawde |
|
Designation : |
Director |
|
Address : |
203 , Bhavna
Avenue , L. M. Road, Kanderpada , Dahisar (West), Mumbai, 400068,
Maharashtra, India |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
02714627 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U28910MH2010PTC201258 |
Sematic
Re Elevator Products (India) Private Limited |
Director |
02-08-10 |
29-07-10 |
Active |
NO |
|
2 |
U29100MH2011PTC215623 |
Revti
Industries Private Limited |
Director |
31-03-11 |
31-03-11 |
Active |
NO |
|
Name : |
Mr. Suhas Rajaram Arbune |
|
Designation : |
Director |
|
Address : |
159/4 , Amirabai
Mansion, Chunabhatti, Sion, Mumbai, Maharashtra, India 400022, Maharashtra, India |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
02714695 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U28910MH2010PTC201258 |
Sematic
Re Elevator Products (India) Private Limited |
Director |
02-08-10 |
29-07-10 |
Active |
NO |
|
2 |
U29100MH2011PTC215623 |
Revti
Industries Private Limited |
Director |
31-03-11 |
31-03-11 |
Active |
NO |
|
Name : |
Mr. Roberto Zappa |
|
Designation : |
Director |
|
Address : |
Via Damiano Chiesa, 10, Bergamo,
24128, Italy |
|
Date of Appointment : |
02.08.2010 |
|
DIN No.: |
02881855 |
|
|
|
|
Name : |
Mr. Paolo Zappa |
|
Designation : |
Director |
|
Address : |
Via San Rocco, 7, Ranica, 24020, Italy |
|
Date of Appointment : |
02.08.2010 |
|
DIN No.: |
02881860 |
|
|
|
|
Name : |
Mr. Marcello Personeni |
|
Designation : |
Director |
|
Address : |
Via Cavour, 50, Paratico, 25030, Italy |
|
Date of Appointment : |
02.08.2010 |
|
DIN No.: |
02885775 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sematic Spa Private Limited, Italy |
|
10455 |
|
Revti Industries Private Limited, India |
|
10045 |
|
Total |
|
20500 |
As on 21.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributors of wide range of automatic lift doors, manual
doors and cabins |
GENERAL INFORMATION
|
Suppliers : |
·
Reliable Packaging ·
Revathi Enterprises ·
Sematic Elevator Products (Suzhou) Company
Limited ·
Sematic Italia Spa ·
Shubham logistics Services |
|
|
|
|
Customers : |
·
Aditya Elevator Company ·
Asian Elevators ·
Bharat Trading ·
Bhosale Elevators ·
Bright Elevators ·
Easy Elevators (India) Private limited ·
Eletech Industries ·
Eros Elevators and Escalators ·
Hallmark Elevators Private Limited ·
Kannan Lifts ·
Micro Steel Craft ·
Nocee Elevator Private Limited ·
Opel Enterprises ·
Powerlink Engineers ·
Royal Elevators |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C .M. Gabhawala and Company Chartered Accountants |
|
Address : |
42 , Nanik Niwas , 30, Dr. D.
D. Sathe Marg, Girgaum, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23880101 / 23823923 |
|
Fax No.: |
91-22-23850931 |
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E-Mail : |
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|
PAN.: |
AAAFC1255D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs.11.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20500 |
Equity Shares |
Rs.10/- each |
Rs.0.205
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.205 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
30.006 |
|
|
4] (Accumulated Losses) |
|
|
(1.409) |
|
|
NETWORTH |
|
|
28.802 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
28.802 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
|
1.183 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
14.353 |
|
|
Cash & Bank Balances |
|
|
22.681 |
|
|
Other Current Assets |
|
|
8.061 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
45.095 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
17.681
|
|
|
Other Current Liabilities |
|
|
0.395
|
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
18.076 |
|
|
Net Current Assets |
|
|
27.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
28.202 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
|
|
|
|
|
GROSS RECEIPT |
|
|
25.141 |
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
(2.009) |
|
|
|
|
|
|
|
|
DEPRECIATION |
|
|
0.089 |
|
|
|
|
|
|
|
|
INCOME TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
DEFERRED TAX |
|
|
0.600 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.49 |
LOCAL AGENCY FURTHER INFORMATION
FORMATION OF JOINT
VENTURE:
The joint venture Company between Sematic Italia and Revathi Enterprises
Has been incorporated in India via registered No.U28910MH2010PTC201258 Dated 24th
March 2010. This is with the view of tapping synergy by amalgamating products
range and experience of these orgainsations. This will manufacture and sale
Elevator Products mainly the doors and the cabins for Indian and neighboring
markets.
The Business Benchmarks
The JV is committed to provide pertinent
solutions for the growing Indian vertical transportation requirements. Due to
the economy mobilization and rapid urbanization/ the towns and cities are
continuously growing vertically. This has created demand for range of Elevator
Door Products. They, in the JV have benehmarked their Business Scope and
Strategies based on this assessment.
Thus, the two layered benchmark for the JV is
1) To
instill compatibility based comfort in to all forward thinking multinational
elevator companies presnet in India
2) To
instill sense of Safety and Quality in the minds of smaller elevator companies
by providing them brand elevating solutions
This precisely gives much needed traction to J
V's business progression.
Overall Scope and Target Completions
In the Manual commodity door market, they have
managed a sale of 4697 doors (annualized) against a target of 3421
(annualized). This however has better scope since many of the construction
companies prefer manual doors given the fluctuating power quality in sub urban
areas. The overall estimated requirement is approximately 32160 manual doors in
India in coming year. This is equivalent to INR 225 Million per year.
In the Automatic door segment they have
started with a sale of 88 # against a modest target of 666#. These quantities
were based on the test run concept to judge the Market psychology. Current
estimation is reaching up to 111220 automatic doors of Very Low cost and Low
cost nature. This amounts to INR 1390 Million.
In the cabin segment, the margins have
ridiculously low. This will be profitably sold once the JV starts designing and
manufacturing the same in-house.
Future outlook
The base year generally is the beginning of the
J- curve of the profitability. However, The JV could able to limit its losses
to a bare minimum, This was possible because of virtual zero moratorium period
and controlled expense pattern.
The year two comes with a positive challenge
of managing the growth. Taking
Indian Market dynamics in to consideration,
the engineering centers in India and Bergamo are in the tangible stage of
progress of developing products of the future. Before the end of the fiscal
year, they shall have interesting product mix to offer to Indian market.
The higher quantity targets in forthcoming
years has necessitated larger manufacturing place of their own. They have
developed a selection plan which would guide them to the best decision in this
regard.
As regards the HR aspects, they had a high
attrition rate last year. This year will see a reversal of the trend by
adopting better selection, motivation and control methods.
FIXED ASSETS:
·
Computer
·
Furniture and Fixtures
·
Office equipments
·
Plant and Machinery
·
Tools
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.49.68 |
|
|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.