|
Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WITTUR ELEVATOR COMPONENTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 3 and 4 Adjacent To SIPCOT, Pondur Village,
Sriperumbudur-602105, Kanchipuram District, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.07.2010 |
|
|
|
|
Com. Reg. No.: |
18-076709 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 180.154 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29100TN2010PTC076709 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of elevator doors and components |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appear some losses in the during 2012. However, it operates on
its own fund. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DECLINED BY
|
Name : |
Mr. Ashok Nair |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-8754502545 |
|
Date : |
25.07.2013 |
LOCATIONS
|
Registered Office : |
No. 3 and 4 Adjacent to SIPCOT, Pondur Village,
Sriperumbudur-602105, Kanchipuram District, Tamilnadu,
India |
|
Tel. No.: |
91-44-44154469 |
|
Mobile No.: |
91-8754502545 (Mr. Ashok Nair) |
|
Fax No.: |
91-44-44154466 |
|
E-Mail : |
DIRECTORS
AS ON 20.10.2012
|
Name : |
Ms. Sumanth Rudraiah |
|
Designation : |
Director |
|
|
#2, Srikantan Layout, Crescent Road, Bangalore-560001, Karnataka,
India |
|
Date of Birth/Age : |
05.05.1963 |
|
Date of Appointment : |
17.01.2011 |
|
DIN No.: |
00436372 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U02710KA2004PTC033200
|
DANISH STEEL
CLUSTER PRIVATE LIMITED |
Managing
director |
16/07/2004 |
01/06/2004 |
28/10/2010 |
Active |
NO |
|
2 |
U29100TN2010PTC076709
|
WITTUR ELEVATOR
COMPONENTS INDIA PRIVATE LIMITED |
Managing
director |
17/01/2011 |
17/01/2011 |
- |
Active |
NO |
|
Name : |
Mr. Sergio Biglino |
|
Designation : |
Director |
|
Address : |
No.32, Tigli Dei Viale, Arese, Milano-20020 |
|
Date of Birth/Age : |
03.11.1954 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
02992998 |
|
|
|
|
Name : |
Mr. Andreas Wolfgang Zwerger |
|
Designation : |
Director |
|
Address : |
Schemelzergasse 10, Scheibbs-3270 |
|
Date of Birth/Age : |
04.04.1956 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
03068290 |
|
|
|
|
Name : |
Mr. Nils Bernhard Johann Ostendorf |
|
Designation : |
Director |
|
Date of Birth/Age : |
31.10.1975 |
|
Date of Appointment : |
20.10.2012 |
|
DIN No.: |
06433492 |
KEY EXECUTIVES
|
Name : |
Mr. G Arunachala Krishnan |
|
Designation : |
Secretary |
|
Date of Birth/Age : |
17.06.1968 |
|
Date of Appointment : |
26.07.2011 |
|
PAN No.: |
ADDPA2139E |
|
|
|
|
Name : |
Mr. Ashok Nair |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.10.2012
|
Names of Shareholders |
No. of Shares |
|
Wittur Deutschland Holding GmbH, Germany |
24208613 |
|
Wittur Holding GmbH |
250 |
|
TOTAL
|
24208863 |
AS ON 24.10.2012
|
Names of Allottees |
No. of Shares |
|
Wittur Deutschland Holding GmbH, Germany |
2337245 |
|
TOTAL
|
2337245 |
AS ON 21.03.2013
|
Names of Allottees |
No. of Shares |
|
Wittur Deutschland Holding GmbH, Germany |
1039500 |
|
TOTAL
|
1039500 |
AS ON 20.10.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
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 : |
Manufacturer of elevator doors and components |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
32, Khader Nawaz, Khan Road, Nugambakkam, Chennai-600006, Tamilnadu,
India |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Holding Company : |
Wittur Deutschland Holding GmbH |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AFTER 20.10.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24208863 |
Equity Shares |
Rs.10/- each |
Rs. 242.089
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18015413 |
Equity Shares |
Rs.10/- each |
Rs. 180.154
Millions |
|
|
|
|
|
AS ON 20.10.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27585608 |
Equity Shares |
Rs.10/- each |
Rs. 275.856
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
180.154 |
28.161 |
|
(b) Reserves & Surplus |
|
(74.782) |
0.000 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
19.846 |
25.630 |
|
Total
Shareholders’ Funds (1) + (2) |
|
125.218 |
53.791 |
|
|
|
|
|
|
(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 |
|
0.618 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.618 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
24.766 |
0.000 |
|
(c) Other
current liabilities |
|
48.294 |
0.656 |
|
(d) Short-term
provisions |
|
0.024 |
0.000 |
|
Total Current
Liabilities (4) |
|
73.084 |
0.656 |
|
|
|
|
|
|
TOTAL |
|
198.920 |
54.447 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
101.107 |
2.305 |
|
(ii)
Intangible Assets |
|
0.260 |
0.000 |
|
(iii)
Capital work-in-progress |
|
20.317 |
31.433 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
17.126 |
12.190 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
138.810 |
45.928 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
33.566 |
0.000 |
|
(c) Trade
receivables |
|
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
|
5.654 |
7.168 |
|
(e)
Short-term loans and advances |
|
20.890 |
1.351 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
60.110 |
8.519 |
|
|
|
|
|
|
TOTAL |
|
198.920 |
54.447 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
3.285 |
-- |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods |
|
4.253 |
-- |
|
|
|
Other Expenses |
|
48.423 |
-- |
|
|
|
TOTAL |
|
52.676 |
-- |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(49.209) |
-- |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.179 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
(50.434) |
-- |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
|
24.347 |
-- |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(74.782) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(74.782) |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(4.15) |
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(1535.28) |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(28.24) |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.40) |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.82 |
12.99 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10366295 |
27/06/2012
|
42,000,000.00
|
CORPORATION
BANK |
213/214,CHELLAPERUMAL NAGAR,
SRIPERUMBUDUR BRANCH, SRIPERUMBUDUR, TAMILNADU - 602105, INDIA |
B44078491
|
NOTE
Registered office has been shifted from 6/1 (New No. 13/1), Bishop
Wallers (West), Mylapore, Chennai-600004, Tamilnadu, India to the present
address w.e.f. 20.04.2012.
GENERAL INFORMATION
Subject
incorporated on July 23, 2010 under the Companies Act, 1956 is in the business
of manufacturing elevator doors and components.
OPERATIONS OF THE
COMPANY
The Directors
would bring to the attention that, in March 31, 2011, financial statement, the
expenses incurred towards setting up of plant was accounted pre-operative
expenses with an intention to capitalize the same in due course once the plant
becomes operative. However, while finalizing the financial statements for the
year ended March 31, 2012, in tune with Holding Company accounting policy,
charged off to statement of profit and loss as prior period expenses.
Accordingly, the Company has Propose to file revised income tax returns for the
year ended March 31, 2011 claiming the loss as per Income Tax Act., relating to
allowable expenses during the year ended March 31, 2011.
The manufacturing set up for the doors is completed and the following
main equipments / lines are installed and have been tested.
MDS1 landing door mechanism line
Sheet-metal line for MDS1 car and landing door
CE certification from TUV for the door locks of the MDS1 landing door
mechanism has been obtained.
The Sheet metal parts of MDS1 have been produced and shipped to Witturs
Centre of competence for approval.
The Company has participated
in the Indian Elevator Expo held in Mumbai. The MDS1 product has been displayed
in this Expo. Over 300 trade visitors visited this Expo and have shown keen
interest in the MDS1 doors. The Company is now actively looking at catering to
the needs of the free market customer apart from MNC customers.
FIXED ASSETS
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. 59.29 |
|
|
1 |
Rs. 91.18 |
|
Euro |
1 |
Rs. 78.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.