MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAERTEX INDIA PRIVATE LIMITED |
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Registered
Office : |
Saertex Excellence Centre, S No. 282, |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
30.05.2005 |
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Com. Reg. No.: |
25-020804 |
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Capital Investment
/ Paid-up Capital : |
Rs. 7.040
Millions |
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CIN No.: [Company Identification
No.] |
U18109PN2005PTC020804 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES15293F |
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PAN No.: [Permanent Account No.] |
AAJCS101M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Stitched Bonded Fabrics |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 930000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Saertex Group, Latest financials are not available. As per available financials (31.12.2011),
there seems continuous dip in the profitability of the company. However,
trade relations are reported as fair. Business is active. Payment terms are
unknown. 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.
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
Ms. Arti |
|
Designation : |
Finance Executive |
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Contact No.: |
91-20-66537600 |
|
Date : |
28.10.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Saertex Excellence Centre, S No. 282, |
|
Tel. No.: |
91-20-66537600 |
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Fax No.: |
91-20-66537603 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on: 02.05.2012
|
Name : |
Mr. Bruno Heirich Lammers |
|
Designation : |
Director |
|
Address : |
Veltrup 20, D48282, |
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Date of Birth/Age : |
21.05.1953 |
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Date of Appointment : |
08.07.2005 |
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DIN No. : |
02461867 |
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|
Name : |
Mr. Stefan Gunter Huge Sive Huwe |
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Designation : |
Director |
|
Address : |
Anne Frank Ring, 14 Street, Steinfurt-048565, Northshine Westfalia |
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Date of Birth/Age : |
15.05.1966 |
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Date of Appointment : |
08.07.2005 |
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DIN No. : |
02155010 |
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|
|
Name : |
Mr. Chandra Palackal Kunjachan Bose |
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Designation : |
Managing Director |
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Address : |
D1, 202, Landmark Kalyani Nagar, Pune-411006, |
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Date of Birth/Age : |
07.01.1959 |
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Date of Appointment : |
08.07.2005 |
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DIN No. : |
01550320 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal |
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Designation : |
Company Secretary |
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|
Name : |
Ms. Aarti |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 02.05.2012
|
Names of Shareholders |
No. of Shares |
|
Saertex Beteilingungs GMBH, Germany |
1267 |
|
Saertex GMBH and Company, Germany |
141 |
|
TOTAL
|
1408 |
Equity Share Break up (Percentage of Total Equity)
As on: 02.05.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stitched Bonded Fabrics |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days / 60 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days / 60 Days) |
PRODUCTION STATUS (AS ON : 31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
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|
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|
Stich Bonded Fabrics |
Metric Tons |
10000 |
9600 |
5492 |
*The installed capacity is as certified by the Management and the actual
production is as per Company on which the Auditors have placed reliance.
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountant |
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Address : |
Ravindra Annexe, 194, Churchgate Reclamation, |
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Tel. No.: |
91-22-22047722/23/66338343/47 |
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Fax No.: |
91-22-66338352 |
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E-Mail : |
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PAN No.: |
AAAFS2967E |
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Holding Company : |
Saertex Beteilingungs GMBH, Germany |
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Fellow Subsidiaries : |
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Associates : |
Saertex Gmbh and Company KG |
CAPITAL STRUCTURE
As on: 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500 |
Equity Shares |
Rs.5000/- each |
Rs. 7.500 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1408 |
Equity Shares |
Rs.5000/-
each |
Rs. 7.040
Millions |
|
|
|
|
|
NOTE
The entire share capital is held by the
holding company, SAERTEX Beteiligumgsgesellschaft mbH, Germany and its nominee
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 |
7.040 |
7.040 |
7.040 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
225.786 |
211.450 |
168.757 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
232.826 |
218.490 |
175.797 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
174.949 |
121.895 |
170.890 |
|
|
TOTAL BORROWING |
174.949 |
121.895 |
170.890 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
9.025 |
11.786 |
|
|
Deferred Government Subsidy |
3.650 |
4.234 |
4.818 |
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|
|
|
|
|
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TOTAL |
411.425 |
353.644 |
363.291 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
123.058 |
126.639 |
141.758 |
|
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Capital work-in-progress |
25.145 |
0.000 |
2.546 |
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.276 |
0.000 |
0.000 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
111.427
|
88.815
|
60.005
|
|
|
Sundry Debtors |
128.413
|
125.618
|
172.933
|
|
|
Cash & Bank Balances |
7.181
|
9.911
|
10.816
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
134.529
|
121.793
|
102.788
|
|
Total
Current Assets |
381.550
|
346.137 |
346.542 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.346
|
70.851
|
99.153
|
|
|
Other Current Liabilities |
15.301
|
12.248
|
14.879
|
|
|
Provisions |
52.957
|
36.044
|
13.576
|
|
Total
Current Liabilities |
118.604
|
119.143 |
127.608 |
|
|
Net Current Assets |
262.946
|
226.994
|
218.934
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.053 |
|
|
|
|
|
|
|
|
TOTAL |
411.425 |
353.644 |
363.291 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
537.113 |
514.594 |
607.016 |
|
|
|
Other Income |
7.368 |
15.063 |
6.342 |
|
|
|
TOTAL (A) |
544.481 |
529.657 |
613.358 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
503.403 |
|
|
|
Administrative Expenses |
|
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Advertising Expenses |
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|
TOTAL (B) |
493.264 |
439.510 |
503.403 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.217 |
90.147 |
109.955 |
|
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.526 |
8.758 |
8.531 |
|
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|
|
|
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|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.691 |
81.389 |
101.424 |
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.887 |
19.041 |
18.787 |
|
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|
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|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
20.804 |
62.348 |
82.637 |
|
|
|
|
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|
|
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Less |
TAX (H) |
6.468 |
19.655 |
29.730 |
|
|
|
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|
|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
14.336 |
42.693 |
53.658 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.303 |
58.537 |
359.723 |
|
|
TOTAL EARNINGS |
13.303 |
58.537 |
359.723 |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
89.653 |
18.191 |
20.982 |
|
|
|
Stores & Spares |
3.870 |
2.220 |
1.205 |
|
|
|
Capital Goods |
9.957 |
0.000 |
1.892 |
|
|
TOTAL IMPORTS |
103.480 |
20.411 |
24.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10181.82 |
30321.73 |
38110.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
2.63
|
8.06 |
8.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.87
|
12.12 |
13.61
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.12
|
13.19 |
16.92
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
8.94
|
0.29 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
0.56 |
0.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
2.91 |
2.72
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF 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 |
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 |
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 |
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.12.2011 |
Rs.
In Millions 31.12.2010 |
|
External Commercial Borrowings form Holding Company |
85.731 |
97.311 |
|
Loan from Deutche Bank |
8.000 |
12.000 |
|
Overdraft from Deutche Bank (Overdraft Limit) |
81.218 |
12.584 |
|
TOTAL |
174.949 |
121.895 |
BACKGROUND
The company incorporated under the companies act, 1956 on 13th
May 2005 and presently it is a wholly owned subsidiary company of Saertex Betelligumgsgesellschaft GMBH,
Germany.
The company is principally engaged in the
manufacture of Stitch Bonded Fabrics mainly catering to windmill and other
industries manufacturing Auto Bodies, Boat Bodies, Aircraft, etc.
FUTURE OUTLOOK
The business outlook for SAERTEX INDIA is bright considering on the long
term perspective. However, year 2012 may not be goo due to severe setback of
wind industries and industrial slow down. However, all the wind energy
companies are gearing up for year 2013. Companies like Gamesa, Siemens,
Enercon, GE, INOX, and Regen are looking for the future in a bigger way. Now
since the government has curbed the benefits and advantages of wind industries whereby
the investors are little bit conservative although the return on investment is
quite promising compared to many parts of the world.
Currently there
are 10 major manufacturers in India which includes Suzlon, Enercon, Vestas, Regen,
INOX, Leither, GE, Siemens, Winwind, and Knersys, but many of them are not
doing good in the current year. However, looking at the total commissioning
commitment of wind industries in India for year 2013, would be closer to 4000
MW, whereby definitely SAERTEX INDIA, will have a better chance to secure
contracts. LM India is also changing their business plans whereby considering
expansion of their business for the year 2013. By and large Indian wind
industries will grow a minimum of 25% in year 2013, whereby SAERTEX INDIA will
have a better business situation as well.
Similarly due to
the increase of fuel and steel prices automotive industries are looking at
composite as an ideal replacement of steel, whereby SAERTEX INDIA could cater
better. Ashok Leyland project is also coming closer to end wherer by they shall
be able to make a good live would be good year for the automotive industries
when it comes to composites.
Marine,
aeronautical and industrial applications also will boost the business of SAERTEX
INDIA in the coming years. Of course, the current situation is sluggish.
However, looking at many advantages of composites things will change and better
for the future.
Indeed competition
is also increasing whereby the margins are shrinking for SAERTEX INDIA. But
when the volume increase there could be a better chance to work with reasonable
margins.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY.
FIXED ASSETS:
- Factory
building
- Plant and
machinery
- Electrical
installations
- Computers
- Furniture and
fixtures
- Office
equipments
- 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 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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.