|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
EISENMANN SURFACE FINISHING SYSTEMS INDIA PRIVATE LIMITED (w.e.f.
24.09.2010) |
|
|
|
|
Formerly Known
as: |
HADEN INTERNATIONAL GROUP INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Technosoft Knowledge Gateway, 1st Floor, Plot No. B-14,
Road No.1, Wagle Industrial Estate, Thane – 400604, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.02.1995 |
|
|
|
|
Com. Reg. No.: |
085467 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.65.418 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29190MH1995PTC085467 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06222G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1459D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Construction of Paint Finishing System |
|
|
|
|
No. of Employees
: |
83 (Approximately) |
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 117836 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered 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.
INFORMATION PARTED BY
|
Name : |
Mr. Santosh Singh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-25832929 |
|
Date : |
23.02.2012 |
LOCATIONS
|
Registered Office : |
Technosoft Knowledge Gateway, 1st Floor, Plot No. B-14,
Road No.1, Wagle Industrial Estate, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25832929 |
|
Fax No.: |
91-22-25833800 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate
Office: |
Regas Olympia, Olympia Technology Park, Level 2, Altius Building No.1,
SIDCO Industrial Estate, Tamilnadu, India |
DIRECTORS
AS ON 09.09.2011
|
Name : |
Mr. Jefferey Kirk Betzoldt |
|
Designation : |
Director |
|
Address : |
350 East Short Street, No. 229, Lexington, Kentucky – 40507, USA |
|
Date of Birth/Age : |
10.04.1962 |
|
Date of Appointment : |
21.12.2006 |
|
|
|
|
Name : |
Mr. Raveendran V Nair |
|
Designation : |
Director |
|
Address : |
Plot No. 4A Floor, Uttar Vidhi
Apartment, Second Seaward Road, Valmiki Nagar, Chennai – 600041, Tamilnadu,
India |
|
Date of Birth/Age : |
20.09.1949 |
|
Date of Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr. David Anthony Overton |
|
Designation : |
Director |
|
Address : |
66 Tiddington Road, Stratford Upon Avon Warks UK |
|
Date of Birth/Age : |
22.07.1945 |
|
Date of Appointment : |
21.12.2006 |
|
|
|
|
Name : |
Mr. Vinay Wamanrao Marawar |
|
Designation : |
Director |
|
Address : |
1002, C1/Freesia Neelkanth Greens
Behind Tiku ni wadi manpada, Thane West, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1956 |
|
Date of Appointment : |
24.01.2007 |
|
|
|
|
Name : |
Mr. Sanjay Singh |
|
Designation : |
Director |
|
Address : |
226 Windhaven Drive Nicholaavilli, United States America |
|
Date of Birth/Age : |
13.09.1966 |
|
Date of Appointment : |
29.06.2010 |
|
|
|
|
Name : |
Mr. Ralf Vollinger |
|
Designation : |
Director |
|
Address : |
Schleif Mue Hleweg 43/2, Tuebingen, Germany |
|
Date of Birth/Age : |
19.11.1970 |
|
Date of Appointment : |
10.08.2010 |
|
|
|
|
Name : |
Mr. Jan Siebert |
|
Designation : |
Director |
|
Address : |
Mittlerer Bauernwaldweg 34A,
Botnang Stuttgart, Germany |
|
Date of Birth/Age : |
29.10.1973 |
|
Date of Appointment : |
10.08.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Singh |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Vinayak V Gorhe |
|
Designation : |
Secretary |
|
Address : |
301, Saraswati Nivas, M G Road, Thane West, Thane – 4000602,
Maharashtra, India |
|
Date of Birth/Age : |
28.12.1952 |
|
Date of Appointment : |
01.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Eisenmann Beteiligungen GMBH,
Germany |
|
6541821 |
|
Eisenmann Böblingen Verwaltung
GMBH, Germany |
|
10 |
|
Total |
|
6541831 |
AS ON 09.09.2011
|
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 : |
Trader and Construction of Paint Finishing System |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s ·
Manufacturing Company ·
Mercedes ·
Mahindra and Mahindra |
|
|
|
|
No. of Employees : |
83 (Approximately) |
|
|
|
|
Bankers : |
·
3i Infotech Trusteeship Services Limited, 3rd to 6th
floor, International Infotech Park, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India ·
Oriental Bank of Commerce, Nariman Point ,
Bombay, Mumbai - 400021,Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V P Thakur and Company Chartered Accountant |
|
Address : |
1105, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
|
|
|
Ultimate Holding
Company: |
EISENMANN AKTIENGESELLSCHAFT |
|
|
|
|
Immediate
Holding Company: |
EISENMANN Beteilgungen GmbH |
|
|
|
|
Group Company: |
EISENMANN Boeblingen Verwaltung GmbH |
|
|
|
|
Fellow Subsidiaries : |
EISENNANN India Private Limited |
CAPITAL STRUCTURE
AS ON 31.0.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6541831 |
Equity Shares |
Rs.10/- each |
Rs.65.418
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
65.418 |
65.418 |
65.418 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(35.959) |
6.456 |
7.529 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.459 |
71.874 |
72.947 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
23.095 |
30.103 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
23.095 |
30.103 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29.459 |
94.969 |
103.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.598 |
6.322 |
6.096 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
5.352 |
5.043 |
5.803 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
46.909
|
31.607 |
100.038 |
|
|
Cash & Bank Balances |
34.334
|
67.547 |
142.048 |
|
|
Other Current Assets |
1.684
|
0.820 |
1.702 |
|
|
Loans & Advances |
32.878
|
40.155 |
27.978 |
|
Total
Current Assets |
115.805
|
140.129 |
271.766 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.149
|
29.605 |
NA |
|
|
Other Current Liabilities |
67.502
|
22.394 |
114.074 |
|
|
Provisions |
4.645
|
4.526 |
66.541 |
|
Total
Current Liabilities |
97.296
|
56.525 |
180.615 |
|
|
Net Current Assets |
18.509
|
83.604 |
91.151 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29.459 |
94.969 |
103.050 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
149.320 |
227.680 |
52.168 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(37.980) |
(0.300) |
91.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.430 |
0.780 |
37.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(42.410) |
(1.080) |
54.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.570) |
0.500 |
15.670 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(42.990) |
(0.580) |
70.280 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6.856 |
2.675 |
NA |
|
|
TOTAL IMPORTS |
6.856 |
2.675 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(0.16) |
(6.48) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(28.40)
|
(0.47) |
(104.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.28)
|
(0.74) |
19.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.29)
|
(0.01) |
1.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
1.11 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
2.48 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
1.442 |
0.666 |
NA |
|
Creditors due others |
23.707 |
28.939 |
NA |
REVIEW OF
OPERATIONS:
(A)
Change of
Ownership :
The Board of Directors are pleased to report that EISENMANN AG through
its Subsidiaries has purchased share holdings of the Company from MacLellan
Services Asia, Mauritius and MacLellan Services Inc., USA making the Company a
100% subsidiary of EISENMANN Beteilgungen GmbH.
EISENMANN Beteilgungen GmbH is 100% subsidiary of EISENMANN AG.
EISENMANN AG is established in 1951 and operates throughout the globe with
subsidiaries and associate companies. EISENMANN AG holds a prime place in the
business of surface finishing and paint shop technology with ongoing research.
The directors are confident that this ownership change augurs well and will be
of immense benefit to the Company.
In order to display ownership and affiliation with the Group Companies,
name of the Company was changed to EISENMANN Surface FinishingSystems India
Pvt. Ltd. w.e.f. September 24, 2010.
As part of the process of integration, EISENMANN AG Systems and
procedures are being incorporated in estimation, design, drawing and in project
execution.
(B)
Operations :
The announcement of ownership change resulted in inflow of orders worth
INR 393 M till the year end. However, these orders were at a drawing stage and
Company was not able to turn around the Revenue there from in the current year.
As an after effect of global melt down witnessed for 2009-10, the Company faced
blank order book in later half of 2010. As a consequence, the Company started
the current year with residual orders remaining for execution. Secondly, the
news of upcoming ownership change resulted in the Company not receiving any new
enquiries due to apprehension in the minds of its customers regarding
completion of the awarded projects in the even of ownership change. The Revenue
from operations decreased by 34% from INR 227.68 M to INR 149.32 M of previous
year, the Loss for the year stands at INR (37.98) M as against Loss of INR
(0.30) for the previous year.
Provision for tax for the year INR NIL (Previous Year INR NIL).
Provision for tax for prior year INR 5.24 M (Previous year INR 0.11 M),
reversal of provision for tax for earlier year INR 0.5 M (Previous year INR
NIL). Deferred Tax provision for the year INR NIL (Previous year INR 0.76 M).
Deferred tax asset for the year INR 0.31 M (Previous Year INR NIL).
Even though the Company has carried forward loss of INR 42.91 M for the
year , the Directors are confident that the Company has no issue as a going
concern due to continuous inflow of the enquiries with the ownership change and
the support provided and assured by Parent Company for the operations of the
Company.
(C)
Future outlook
Future outlook is promising with a likely GDP growth of 8.5%, double
digit growth for automotive infrastructure and agricultural sectors. Even
though the Order Book for their Company as on date is not as promising on the
date of the report but the large enquiry funnel and the few LOIs are being
pursued to improve the possible Turnover for the Financial Year 2011. This will
also ensure reversal of downslide and a good Order Carry Forward to the next
Financial Year.
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
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 |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
-- |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
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 |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
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.49.06 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
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 |
2 |
|
--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 |
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 |
|
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.