MIRA
INFORM REPORT
|
Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
HETTICH INDIA PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Durolite House, Opposite SAB TV Tower, New |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
29.11.1999 |
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Com. Reg. No.: |
11-161129 |
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Capital
Investment / Paid-up Capital : |
Rs.58.000
millions |
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CIN No.: [Company Identification
No.] |
U36109MH1999PTC161129 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH10141F |
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PAN No.: [Permanent Account No.] |
AAACH8849M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Exporter of Furniture Accessories. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3133000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track records. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual 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.
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 DETAILS]
|
Name : |
Mr. Vimal Rathi |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-26743289 Direct – 107 |
|
Date : |
25.07.2012 |
LOCATIONS
|
Registered Office : |
3rd Floor, Durolite House, Opposite SAB TV Tower, New Link Road,
Andheri (West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-26743289/ 3356/ 4089 |
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Fax No.: |
91-22-26743267 |
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E-Mail : |
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Website : |
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Branch Office : |
6-1, Ground Floor, Punchkuin Road, Delhi-110001, India |
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Tel. No.: |
91-11-23580713/ 23584603 |
DIRECTORS
As on 30.06.2012
|
Name : |
Mr. Saroj Kumar Poddar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
2, |
|
Date of Birth/Age : |
15.09.1945 |
|
Date of Appointment : |
29.01.2001 |
|
PAN No.: |
AFTPP2386N |
|
00008654 |
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|
Name : |
Mr. Krishan Kumar Gupta |
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Designation : |
Director |
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Address : |
10-C, Sagar Apartments, 6, Tilak Marg, |
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Date of Birth/Age : |
24.02.1939 |
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Date of Appointment : |
29.11.1999 |
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DIN No.: |
00024221 |
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|
Name : |
Mr. Anil Kumar Goel |
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Designation : |
Managing Director |
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Address : |
70, Rajdhani Enclave, Pitam Pura, |
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Date of Birth/Age : |
01.02.1958 |
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Qualification : |
B.Com (ACA) |
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Experience : |
31 Years |
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Date of Appointment : |
24.05.2001 |
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PAN No.: |
ABWPG4504A |
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DIN No.: |
00103997 |
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Name : |
Mr. Andreas Berthold Hettich |
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Designation : |
Director |
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Address : |
Im Groben Vorwerk 25, |
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Date of Birth/Age : |
13.08.1969 |
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Date of Appointment : |
26.06.2009 |
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DIN No.: |
02366338 |
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|
|
|
Name : |
Mr. Dieter Wirths |
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Designation : |
Director appointed in casual vacancy |
|
Address : |
Lindensrable 11, Hiddenhausen-32120, Germany |
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Date of Birth/Age : |
31.08.1952 |
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Date of Appointment : |
01.06.2012 |
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DIN No.: |
05254007 |
KEY EXECUTIVES
|
Name : |
Mr. Vimal Rathi |
|
Designation : |
Accounts Manager |
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|
Name : |
Mr. Gautam Chand Jain |
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Designation : |
Secretary |
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Address: |
22/27-28, West Patel Nagar, New Delhi-110008, India |
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PAN No.: |
AAAPJ2711P |
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|
|
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Name : |
Mr. K.A. Paramesw – aran |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B.A. Diploma (Marketing) |
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Experience : |
27 Years |
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Date of Appointment : |
01.06.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Anton Hettich Austandbeteiligungs Verwaltungs GmbH, |
|
2900000 |
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Aventz Investments and Holding Limited, India |
|
450000 |
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Saroj Kumar Poddar |
|
1550000 |
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Akshay Poddar |
|
700000 |
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Fullford Vinimay Private Limited, |
|
200000 |
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|
|
|
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Total |
|
5800000 |
As on 30.06.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Bodies
corporate |
|
11.21 |
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Directors
or relatives of directors |
|
38.79 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Exporter of Furniture Accessories. |
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Products : |
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Exports : |
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Products : |
Furniture |
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Countries : |
Middle East |
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Imports : |
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Products : |
Accessories |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Hettich Marketing and Vertriebs |
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Customers : |
End Users ·
Godrej |
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No. of Employees : |
200 [Approximately] |
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Bankers : |
v
Industrial Development
Bank of India Limited, Andheri (West), Mumbai, v
Punjab National Bank, Large Corporate Branch,
A-9, Rajeev Chowk, v
The Hongkong and Shanghai Banking Corporation
Limited, Plot No-139-140B, Shiv Building Sahar Road Junction, Western Express
Highway, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad-380014, Gujarat,India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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Joint Venture : |
v
Anton Hettich Austandbeteiligungs Verwaltungs
GmbH, Germany v
Adventz Investments and Holdings Limited, India
(Formerly known as Poddar Heritage Investments Limited) (L51226WB1985PLC039055) v
Fullford Vinimay Private Limited |
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Associates: |
Adventz Securities Trading Private Limited, India
(U51109WB1994PTC065332) |
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CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5800000 |
Equity Shares |
Rs.10/- each |
Rs.58.000
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 |
58.000 |
58.000 |
58.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
961.135 |
725.302 |
493.711 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1019.135 |
783.302 |
551.711 |
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LOAN FUNDS |
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|
1] Secured Loans |
2.836 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.836 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1021.971 |
783.302 |
551.711 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
181.684 |
162.790 |
16.937 |
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Capital work-in-progress |
51.892 |
2.884 |
0.000 |
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INVESTMENT |
164.844 |
187.240 |
22.000 |
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DEFERREX TAX ASSETS |
12.372 |
8.966 |
5.380 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
561.215
|
272.133
|
254.045 |
|
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Sundry Debtors |
507.472
|
375.776
|
286.766 |
|
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Cash & Bank Balances |
49.184
|
66.497
|
194.767 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
41.793
|
22.583
|
25.449 |
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Total
Current Assets |
1159.664
|
736.989
|
761.027 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
451.520 |
209.855 |
189.834 |
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Other Current Liabilities |
|
24.617
|
14.955 |
|
|
Provisions |
96.965
|
81.095
|
48.844 |
|
Total
Current Liabilities |
548.485
|
315.567
|
253.633 |
|
|
Net Current Assets |
611.179
|
421.422
|
507.394 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
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TOTAL |
1021.971 |
783.302 |
551.711 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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Income |
2377.178 |
1770.491 |
1337.920 |
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Other Income |
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TOTAL |
2377.178 |
1770.491 |
1337.920 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
1320.754 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1930.401 |
1320.754 |
1021.074 |
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PROFIT BEFORE
TAX |
446.777 |
449.737 |
316.846 |
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Less |
TAX |
143.759 |
150.614 |
107.241 |
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PROFIT AFTER TAX
|
303.018 |
299.123 |
209.605 |
|
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|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
244.964 |
418.004 |
286.292 |
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APPROPRIATIONS |
|
|
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|
|
|
Interim Dividend |
0.000 |
0.000 |
17.400 |
|
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Proposed Final Dividend |
58.000 |
58.000 |
26.100 |
|
|
|
Tax on Dividend |
9.185 |
9.533 |
7.393 |
|
|
|
Transfer to General Reserve |
200.000 |
400.000 |
25.000 |
|
|
|
Transfer to Debtors Contingency Reserve |
2.000 |
2.000 |
2.000 |
|
|
|
Transfer to Senior Employees Reward Scheme |
0.000 |
2.631 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
278.797 |
244.963 |
418.004 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
7.105 |
10.372 |
1.157 |
|
|
|
Service Charges |
0.000 |
0.000 |
12.123 |
|
|
|
Export on F.O.B. Basis |
7.411 |
0.557 |
0.477 |
|
|
|
Reimbursements |
0.000 |
0.000 |
2.342 |
|
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TOTAL EARNINGS |
14.516 |
10.929 |
16.099 |
|
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IMPORTS |
|
|
|
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|
|
|
Finished Goods |
0.000 |
0.000 |
606.123 |
|
|
|
Trading Goods |
1363.138 |
800.501 |
0.000 |
|
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TOTAL IMPORTS |
1363.138 |
800.501 |
606.123 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
52.24 |
51.57 |
36.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
12.75
|
16.89
|
15.67 |
|
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.31
|
49.98
|
40.73 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.57
|
0.57 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.40
|
0.46 |
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.34
|
3.00 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.12.2011 (Rs. in millions) |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
|
Sundry Creditors
|
|
|
|
|
|
|
-- |
-- |
|
(ii) Total outstanding
dues of creditors other than micro enterprises and small enterprises
[includes Rs. Nil (previous year Rs.1.960 millions)] |
N.A |
209.855 |
189.834 |
PERFORMANCE:
Performance of the
Company during the year has been satisfactory from sales and profitability view
points. Constant efforts by the management to grow the top-line helped the
company to register 37% growth in sales and however profitability effected due
to hardening of Euro and USD.
|
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 |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FIXED ASSETS:
v Freehold
v Buildings - Leasehold Improvements
v Furniture and Fittings
v Computers
v Office Equipment
v Vehicles
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.54.33 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
51 |
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.