MIRA
INFORM REPORT
|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAFELE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 3, Building ‘A’ Beta, I - Think Techno Campus, Off JVLR,
Opposite Kanurmarg Station, Kanjurmarg (East), Mumbai – 400042,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
05.05.2003 |
|
|
|
|
Com. Reg. No.: |
11-140300 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 421.068
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51393MH2003PTC140300 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH06969E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH2726A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Importer and Distributor of Furniture Fittings. |
|
|
|
|
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 2639000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Hafele Holding Gmbh and Company, Germany”.
It is a well established company having s satisfactory track record. Management has failed to file the latest financials of 2013, with the
government department. As per the available, the company has improved its
performance and achieved a better growth in its sales turnover as well as net
profitability during December 2012. Financial position appears to be decent. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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
|
Name : |
Mr. Anthony Jerson |
|
Designation : |
Senior Manager Finance |
|
Contact No.: |
91-22-61426100 |
|
Date : |
19.12.2013 |
LOCATIONS
|
Registered / Head 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 |
|
Fax No.: |
91-22-66950922/ 67020531 |
|
E-Mail : |
abhijit.dansode@hafeleindia.com
abhishek.panchwagh@hafeleindia.com
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
|
I-1676, |
|
Tel No.: |
91-11-41605481 |
|
Fax No.: |
91-11-41605482 |
|
Email: |
|
|
|
|
|
|
No. 14, Pushparang, |
|
Tel No.: |
91-80-41326116 |
|
Fax No.: |
91-80-41326226 |
|
Email: |
|
|
|
|
|
|
Park Side 8-2-348/4, Road No. 3, Above Almond House, Banjara Hill,
Hyderabad-500034, |
|
Tel No.: |
91-40-30284999/ 66668651 |
|
Fax No.: |
91-40-30284111 |
|
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 |
|
Date of Appointment : |
14.03.2007 |
|
PAN No.: |
AALPW4848B |
|
DIN No.: |
00152999 |
|
|
|
|
Name : |
Mr. Sibylle Annemarie Thierer |
|
Designation : |
Director |
|
Address : |
Breslauer STR 43, 722202, Nagold – 72202, Germany |
|
Date of Birth / Age: |
27.08.1960 |
|
Date of Appointment : |
14.06.2011 |
|
DIN No.: |
03551878 |
KEY EXECUTIVES
|
Name : |
Mr. Anthony Jerson |
|
Designation : |
Senior Manager Finance |
|
|
|
|
Name : |
Mr. Abhishek Prakash Panchwagh |
|
Designation : |
Secretary |
|
Address : |
206, Gaikar Bhavan, Kabad Ali, Edulji Road, Charali, Tembhi Naka, Thane
– 400601, Maharashtra, India |
|
Date of Birth / Age: |
15.08.1987 |
|
Date of Appointment : |
16.08.2011 |
|
PAN No.: |
BHYPP9507P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.05.2012
|
Names of Shareholders |
No. of Shares |
|
Jurgen Wolf |
1 |
|
Hafele Holding |
42106804 |
|
|
|
|
Total |
42106805 |
AS ON 04.05.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer and Distributor of Furniture Fittings. |
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Products/ Services : |
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Imports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
· China · Germany · Thailand |
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||||
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Terms : |
|
||||
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Selling : |
Credit |
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|
||||
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Purchasing : |
Credit and Depend |
GENERAL INFORMATION
|
Customers : |
Corporation |
|
|
|
|
No. of Employees : |
450 (Approximately) |
|
|
|
|
Bankers : |
· Deutsche Bank, 222, Kodad House, D.N. Road, Fort, Mumbai - 400001, Maharashtra, India ·
Citibank NA ·
HDFC Bank Limited, Mumbai, Maharashtra, India ·
Ratnakar Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountants |
|
Address : |
14th Floor, The Ruby2 9 , Senapati Bapat Marg, Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Internal Auditors : |
|
|
Name : |
E and Y. (Ernst and Young) Chartered Accountants |
|
|
|
|
Holding company : |
Hafele Holding GmbH and Company |
|
|
|
|
Ultimate Holding
company : |
Hafele GmbH and Company Kg |
|
|
|
|
Fellow Subsidiary
company : |
· Hafele (Thailand) Limited Hafele Berlin GmbH Company Kg Hafele Denmark A/S Hafele Engineering Asia HK Limited Hafele Mobilya ve Insaat Donanimlari Sanayi ve Tic. A.S. Hafele Taiwan Limited Hafele U.K. Limited Sphinx Electronics GmbH and Company Kg Hafele Australia Pty. Limited Hafele America Company Hafele Japan K.K Hafele Engineering and Trading Hafele Vina JSC Hafele (Malaysia) SDN BHD Hafele Singapore PTE Limited Hafele GmbH and Company Kg Shenzhen Hafele Philippines Inc. Hafele Hardware Technology Company Limited Hafele Engineering Trading Shenzhen Limited |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42200000 |
Equity Shares |
Rs.10/- each |
Rs. 422.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42106805 |
Equity Shares |
Rs.10/- each |
Rs. 421.068 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
421.068 |
421.068 |
|
(b) Reserves & Surplus |
|
238.694 |
154.217 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
659.762 |
575.285 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
182.239 |
62.265 |
|
(b)
Trade payables |
|
322.861 |
274.398 |
|
(c)
Other current liabilities |
|
26.602 |
35.667 |
|
(d) Short-term
provisions |
|
45.721 |
47.494 |
|
Total Current
Liabilities (4) |
|
577.423 |
419.824 |
|
|
|
|
|
|
TOTAL |
|
1237.185 |
995.109 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
201.469 |
206.626 |
|
(ii)
Intangible Assets |
|
12.531 |
11.408 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
39.770 |
0.000 |
|
(d) Long-term Loan and Advances |
|
33.764 |
22.126 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
287.534 |
240.160 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
551.377 |
472.991 |
|
(c)
Trade receivables |
|
367.817 |
243.181 |
|
(d) Cash
and cash equivalents |
|
15.119 |
15.742 |
|
(e)
Short-term loans and advances |
|
15.326 |
23.035 |
|
(f)
Other current assets |
|
0.012 |
0.000 |
|
Total
Current Assets |
|
949.651 |
754.949 |
|
|
|
|
|
|
TOTAL |
|
1237.185 |
995.109 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
421.068 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
151.586 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
572.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
572.654 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
200.178 |
|
|
Capital work-in-progress |
|
|
3.091 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
333.248
|
|
|
Sundry Debtors |
|
|
179.616
|
|
|
Cash & Bank Balances |
|
|
36.084
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
22.215
|
|
Total
Current Assets |
|
|
571.163
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
80.922
|
|
|
Other Current Liabilities |
|
|
66.305
|
|
|
Provisions |
|
|
54.551
|
|
Total
Current Liabilities |
|
|
201.778
|
|
|
Net Current Assets |
|
|
369.385
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
572.654 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1746.209 |
1209.119 |
1021.500 |
|
|
|
Other Income |
20.083 |
4.687 |
18.460 |
|
|
|
TOTAL (A) |
1766.292 |
1213.806 |
1039.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1658.012 |
1144.018 |
901.700 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[Including
Depreciation Expenses] |
[Including
Depreciation Expenses] |
138.260 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
26.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
108.280 |
69.788 |
111.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.941 |
27.029 |
41.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
106.339 |
42.759 |
69.610 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
128.659 |
130.310 |
121.670 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
4.280 |
6.960 |
|
|
|
Dividend |
|
34.530 |
46.320 |
|
|
|
Tax on Dividend |
|
5.600 |
7.690 |
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
128.659 |
130.310 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
7.942 |
|
|
|
|
|
Commission Income |
14.772 |
21.329 |
|
|
|
|
Other Income |
6.293 |
0.000 |
|
|
|
TOTAL EARNINGS |
29.007 |
30.737 |
2.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.53 |
1.02 |
1.65 |
|
|
Particulars |
|
|
31.12.2013 |
|
Sales Turnover (Approximately) |
|
|
1720.000 |
Expected Sales (2013-2014): Rs.2200.000 Millions
The above information has been parted by Mr. Anthony Jerson
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
6.02
|
3.52 |
6.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.20
|
5.77 |
10.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.04
|
7.01 |
14.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.12 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28
|
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.80 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT : NOT AVAILABLE
|
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 |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
(A) 39.021 |
(B) 62.265 |
|
Other loans and advances |
(A) 143.218 |
0.000 |
|
Total |
182.239 |
62.265 |
|
Footnotes SHORT-TERM
BORROWINGS (A) Bank
Overdraft (Repayable Demand) - Rs.39.021 Millions Bank Overdraft: The
Interest rate is as per Deutsche Bank base rate issued from time to time. (B) Bank Overdraft ( Repayable Demand) - Rs.62.265 Millions (A) b) Buyer's
Credit: I) Interest carried - the rate of interest varies from LIBOR plus
0.18% to LIBOR plus 1.75% II) Repayment: the tenure for Buyer's Credit ranges
from 30 to 270 days. Working Capital loans (including Buyer's Credit) are
backed by Letter of Comfort issued by Hafele Holding GmbH & Co, the
holding company and demand promissory note issued by the Company. |
||
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
NATURE OF OPERATIONS:
Hafele India Private Limited is a Private company, incorporated in year 2003, under the provisions of Companies Act 1956. The Company is engaged in the business of trading in furniture fittings, architectural hardware, Electronic locking systems and tools. The Company also has presence in Sri Lanka and sells to Bhutan, Bangladesh and Nepal
PERFORMANCE:
The revenue from operations has increased from Rs. 1209.119 Millions during the previous financial year to Rs. 1746.207 Millions thereby resulting in the growth by 44%.
Also the profit has increased from Rs. 42.759 Millions to
Rs. 106.339 Millions resulting in the growth by 148% as compared from previous
financial year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10397993 |
03/12/2012 |
36,900,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B66225202 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Income Tax Demand ** |
5.253 |
5.253 |
|
Note: ** Income tax demand comprise demand for disallowed depreciation on leasehold improvements and unrealized forex losses for assessment years 2005-06, 2007-08, 2008-09 and 2009-10. The Company is contesting the demands at ITAT and CIT(Appeals) levels, and the management and its tax advisors, believe that, likely outcome of the same to be upheld in appellate process in favour of tax authorities is not probable. No tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations. |
||
FIXED ASSETS:
· Buildings
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
·
Computer software
PRESS RELEASE:
HAFELE MUMBAI DESIGN
CENTER OPENING
August 31st, 2013 saw the world leader in architectural hardware; furniture and kitchen fittings launch its State of the Art –Design Center in Mumbai. The Design Center is an experience center where one can come, See, Touch, feel & Experience Häfele’s products and fittings in a live environment. Specifically designed to showcase the latest cutting edge fittings in a real life setting, the Häfele Design Centre is located in Bhandup and spreads across 7,500 sq ft of internationally acclaimed range of innovative products product that have inspired architects and interior contractors across the world. The Häfele Design Center, a complete interior solutions store houses an array of over 1,600 products and fittings from super-premium brands in Appliances such as Asko for Washing and Cleaning, Liebherr for Cooling and Refrigeration, a new range of bathroom solutions from Webert, Edelbad and Boing in Sanitary and kitchen solutions from Vauth Sagel and Kitchen Partner Blum. A new range in Lighting, Sliding, Living room and bedrooms can also been seen at the Design Centre. The New Design Centre offers the world’s finest designs and innovative interior fittings and solutions making it a favorite destination for architects and contractors. Customers can also seek guidance from a team highly trained designers who can provide competent Design Solutions to their individual application needs.
HAFELE BULLISH ON
INDIAN MARKET, AIMS 16-20% BUSINESS GROWTH
We will be hitting Rs.2000.000 Millions this year by December, says company India MD Jurgen Wolf
Despite the slowing economic growth in the country, architectural hardware provider Hafele is bullish on Indian market and aims 16-20% business growth by crossing Rs.2000.000 Millions in revenues this year.
A subsidiary of German group Hafele, Hafele India, has 7 design centres in the country and employs over 350 people.
"Last few years, we have been growing strongly but not so much this year. (However) we will be hitting Rs.2000.000 crore this year (by December)," Hafele India Managing Director Jurgen Wolf told PTI.
Last year, Hafele India's turnover stood at Rs.1720.000 Millions.
Talking about the Indian market, Wolf said there have been dramatical changes over the last few years and concepts like modular kitchens are gaining acceptance.
"I have been here for 12 years now and I have seen the market change dramatically. The home improvement segments is one of the fastest growing...My guess is that the market is growing at 20% per year Rs.180000.000 Millions but a large part of it is unorganised," he added.
Drawing comparisons with cars, Wolf said people today understand that they can invest in a modern kitchen and other home improvement items, though it may seem luxurious.
"What I tell them is that you are willing to spend lakhs on a vehicle that you would drive for a few hours a day. That will last 7-8 years. Your home is for much longer. And people understand that," he added.
Asked about the impact of rupee depreciation, Wolf said the impact has been tremendous. "My cost has gone up 25%. It has impacted customer sentiment. They want to wait before making a large monetary commitment. But there is still growth. And that gives me the confidence of doing well in this market," he said.
Wolf added that the company, on its part, has embarked on some cost-cutting measures to tide over the situation.
"We have cut down our marketing budget by almost half, we spend about eight% of our revenues on that. We are careful before employing more people. We are controlling costs, the last thing we want to do is fire people but I would still say business looks much better than last year," he said.
Asked if Hafele would look at introducing more affordable mass products, Wolf answered in the negative.
"We are premium, we are not shy of saying that. Customers come to us because they know they will get quality products. We are there in Hyderabad, we are expanding in Bangalore and we are doing a completely new one (store) in Kolkata. That speaks of the potential we believe India has."
“SATINOOD KITCHEN” AN
EXCLUSIVE HÄFELE KITCHEN STUDIO IN CHENNAI
Häfele India launches an exclusive Häfele’s Kitchen Studio in Chennai,
India. Satinood Kitchen with Häfele is one of the latest destination and one
Stop shop for complete architecture hardware solutions, furniture fittings,
kitchen fittings solutions and designs from Häfele. The studio is spread across
approximately 1500 sqft of internationally acclaimed range of innovative
product that have inspired architects and interior contractors across the
world.
With Häfele as the Kitchen Hardware Partner, Satinood Kitchen will feature the complete range of kitchen fittings, kitchen appliances, and kitchen lighting from the house of Hafele. The Kitchen Studio will enable customers to touch and feel the fittings in application before purchasing them. It will also give customers a complete overview and enable them to make an informed decision; which fittings will best suit their individual taste. With the exclusive kitchen design studio, Häfele has created a chain of uniform, high quality Häfele branded retail outlets across the country through such franchisees.
Commenting on the Häfele Kitchen Studio, Mr. Jürgen Wolf, Managing director, Häfele India Private Limited says, “With the launch of this Kitchen Studio, we is committed to identify and understand the specific needs of their customers across segments and provide them with desired fitting solutions. All our products stand for quality and design keeping their functionality at the top of the mind.”
About Häfele:
Häfele GmbH set foot in India in 2001 as a liaison office essentially
handling Hospitality projects for its line of Access Control Systems – Dialock.
The growing hardware demand and the increasing architectural maturity motivated
the company to start full commercial operations in India in 2003 as a wholly
owned subsidiary by the name, Häfele India Private Limtied. With its head
office in Mumbai, 6 regional offices with Design Centers in all major metros
and sales presence across the country, Häfele India has, over the last 9 years,
acquired a leading position in the Indian Architectural Hardware Industry.
Backed by the encouragement and constant motivation of Mr. Jürgen Wolf,
Managing Director, employees at Häfele take responsibility for their learning.
Häfele India lays pride in its diverse range of quality products,
well-networked channel partners and unmatched service to customers. In addition
to this, the subsidiary is the sole distributor in India, since 2004, to BLUM –
an Austrian kitchen fittings manufacturer and world leader. Today, Häfele India
employs over 300 people who cater to a wide customer base with the help of an
efficient distribution network, comprehensive logistics system and a
sophisticated warehouse located in Mumbai.
“DESIGN EL GRANDE” AN
EXCLUSIVE HÄFELE DESIGN STUDIO IN SHILLONG
Häfele, the world leader in architectural hardware, furniture and
kitchen fittings launches its exclusive Design studio, Design le Grande in
Shillong; Häfele is one of the latest destination and one Stop shop for
complete interior fittings solutions and designs. Located at Malki Point in
Shillong, the exclusive design studio spreads across approximately 800 sqft of
internationally acclaimed range of innovative product that have inspired architects
and interior contractors across the world.
With Exclusive franchises in India, Nepal, Sri Lanka, Bhutan and Bangladesh, the German company Häfele is now ready to set foot in Shillong with its wide range of interior fitting solutions that matches individual tastes and meets specific requirements while providing the latest innovations from the world over.
The new Häfele design studio will feature not just the complete range of architects and Interior Fittings solutions but will also host kitchen appliances, lighting and Sliding Solutions from the house of Hafele. The Design studio will enable customers to touch and feel the fittings in application before purchasing them. It will also give customers a complete overview and enable them to make an informed decision; which fittings will best suit their individual taste.
Commenting on the Hafele design studio in Shillong, Mr. Jürgen Wolf, Managing director, Häfele India Private Limited says, “With the launch of this design studio Hafele aims at bringing internationally acclaimed and innovative hardware and kitchen fitting solutions to Shillong. Häfele is committed to identify and understand the specific needs of customers, architects and interior contractors across segments and provide them with desired fitting solutions. All Häfele products stand for quality and design keeping their functionality at the top of the mind.”
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. 61.99 |
|
|
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.