MIRA
INFORM REPORT
|
Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WITTMANN BATTENFELD INDIA PRIVATE LIMITED (w.e.f. 15.09.2008) |
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Formerly Known
As : |
WITTMANN AUTOMATION INDIA PRIVATE LIMITED |
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Registered
Office : |
1 and 2, Arumugam Nagar, Chinna Porur, Chennai – 600116, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.12.2006 |
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Com. Reg. No.: |
18-061775 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000 Millions |
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CIN No.: [Company Identification
No.] |
U29246TN2006PTC061775 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEW03299C |
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PAN No.: [Permanent Account No.] |
AAACW6842P |
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Legal Form : |
Private Limited Liability Company |
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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. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. 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 on a secured trade
terms and condition. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. S. Nandkumar |
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Designation : |
Director |
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Contact No.: |
91-44-23719602 |
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Date : |
22.05.2012 |
LOCATIONS
|
Registered Office : |
1 and 2, Arumugam Nagar, Chinna Porur, Chennai – 600116, Tamilnadu,
India |
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Tel. No.: |
91-44-23719602/ 42077009 |
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Fax No.: |
91-44-23719602 |
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E-Mail : |
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|
Website : |
DIRECTORS
(AS ON 13.09.2011)
|
Name : |
Dr. Werner Wittmann |
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Designation : |
Director |
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Address : |
Belle Vue Strasse, 23A-1190, |
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Date of Appointment : |
19.12.2006 |
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DIN No.: |
02915464 |
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Name : |
Mr. Dipl. Ing. Peter Michael Wittmann |
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Designation : |
Director |
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Address : |
Berggasse 2 A 2100 Leobendrof |
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Date of Appointment : |
19.12.206 |
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DIN No.: |
02154689 |
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Name : |
Mr. Subbegounden Pudur Thangavelu Nandakumar |
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Designation : |
Director |
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Address : |
4/64, Subbegounden Pudur, 2, Mbarapalayam, Pollachi, |
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Date of Appointment : |
29.06.2007 |
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DIN No.: |
01821379 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.09.2011)
|
Names of Shareholders |
|
No. of Shares |
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V Raman Representing Wittman Kunstoffgerate GMBH, India |
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1 |
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Wittmann Kunstoffgerate GMBH, |
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299999 |
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Total |
|
300000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
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|
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
|
No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank · Indian Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ray and Ray Chartered Accountant |
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Address : |
No.14/C399, |
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Tel No.: |
91-44-23713030/23718961 |
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Fax No.: |
91-44-23713030 |
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Email : |
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PAN No.: |
AAEPR5570L |
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Holding Company: |
·
Wittmann Kunstoffgerate GMBH, Austria |
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Fellow Subsidiaries : |
·
Wittmann · Wittmann Robot (Kunsshan) Company Limited · Wittmann Battenfeld GMBH |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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|
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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
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 |
3.000 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(7.576) |
(5.632) |
(6.257) |
|
|
NETWORTH |
(4.576) |
(2.632) |
(3.257) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.035 |
0.063 |
|
|
|
|
|
|
|
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TOTAL |
(4.576) |
(2.597) |
(3.194) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.105 |
1.137 |
1.123 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
20.439
|
16.018
|
14.129 |
|
|
Sundry Debtors |
21.021
|
7.134
|
3.805 |
|
|
Cash & Bank Balances |
2.887
|
0.971
|
0.624 |
|
|
Other Current Assets |
3.787
|
5.700
|
2.842 |
|
|
Loans & Advances |
0.297
|
0.296
|
0.951 |
|
Total
Current Assets |
48.431
|
30.119
|
22.351 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
44.468
|
29.525
|
23.079 |
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Other Current Liabilities |
|
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|
|
|
Provisions |
9.644
|
4.330 |
3.587 |
|
Total
Current Liabilities |
54.112
|
33.855
|
26.666 |
|
|
Net Current Assets |
(5.681)
|
(3.736)
|
(4.315) |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(4.576) |
(2.597) |
(3.194) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
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Income |
48.156 |
50.060 |
19.473 |
|
|
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Other Income |
NA |
6.831 |
NA |
|
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TOTAL |
NA |
56.891 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
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|
|
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TOTAL |
NA |
56.186 |
NA |
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PROFIT BEFORE
TAX |
(1.218) |
0.705 |
(7.019) |
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Less |
TAX |
0.726 |
0.081 |
0.178 |
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PROFIT AFTER TAX
|
(1.944) |
0.624 |
(7.197) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
22.184 |
10.101 |
6.401 |
|
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TOTAL EARNINGS |
22.184 |
10.101 |
6.401 |
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|
Earnings Per
Share (Rs.) |
(6.48) |
2.08 |
(23.099) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
1.25
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.53)
|
1.41 |
(36.04) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.46)
|
2.26
|
(29.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
(0.27)
|
2.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(11.83)
|
(12.86)
|
(8.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.89
|
0.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
HIGHUGHTS OF OPERATIONS AND BUSINESS PROSPECTS
This is the fourth 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,
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.55.26 |
|
|
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.