MIRA INFORM REPORT
|
Report No. : |
318835 |
|
Report Date : |
27.04.2015 |
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 |
|
Tel. No.: |
91-44-44154469 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.07.2010 |
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Com. Reg. No.: |
18-076709 |
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Capital
Investment / Paid-up Capital : |
Rs. 300.000 Million |
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CIN No.: [Company Identification
No.] |
U29100TN2010PTC076709 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCW0055F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of elevator doors and components |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 330000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Wittur Deutschland Holding Gmbh, Germany.
It is established company having satisfactory track. There is a significant increase in the company’s turnover during
FY2014, but the company is constantly making losses from last few years. Due
to continuous losses, reserves of the company have declined to a considerable
extent. However, it is to be noted that loss made by the company is reducing,
which is a sign of improvement in the operations of the company. Further, the
company also gets strong support from its holding company through infusion of
funds. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. In the view of strong support from its holding company, subject can be
considered for business dealings at usual trade terms and conditions. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2014.
INFORMATION DENIED
Management non-cooperative (91-44-44154469)
LOCATIONS
|
Registered Office : |
No. 3 and 4 Adjacent to SIPCOT, Pondur Village, Sriperumbudur-602105, Kanchipuram
District, Tamilnadu, India |
|
Tel. No.: |
91-44-44154469 |
|
Fax No.: |
91-44-44154466 |
|
E-Mail : |
DIRECTORS
As on 29.09.2014
|
Name : |
Ms. Sumanth Rudraiah |
|
Designation : |
Managing 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 |
|
|
|
|
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. Nils Bernhard Johann Ostendorf |
|
Designation : |
Director |
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Date of Birth/Age : |
31.10.1975 |
|
Date of Appointment : |
20.10.2012 |
|
DIN No.: |
06433492 |
|
|
|
|
Name : |
Mr. Miguel Marcos Primo |
|
Designation : |
Additional director |
|
Date of Birth/Age : |
28.04.1969 |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
06530816 |
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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Wittur Deutschland Holding GmbH, Germany |
|
29999750 |
|
Wittur Holding GmbH |
|
250 |
|
Total |
|
30000000 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of elevator doors and components |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
32, Khader Nawaz, Khan Road, Nugambakkam, Chennai-600006, Tamilnadu,
India |
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PAN No.: |
AAHFP0187A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Wittur Deutschland Holding GmbH |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
300.000 |
275.856 |
180.154 |
|
(b) Reserves & Surplus |
(185.973) |
(143.342) |
(74.782) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
19.846 |
|
Total
Shareholders’ Funds (1) + (2) |
114.027 |
132.514 |
125.218 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.107 |
3.345 |
0.000 |
|
(d) long-term provisions |
3.128 |
1.327 |
0.618 |
|
Total
Non-current Liabilities (3) |
7.235 |
4.672 |
0.618 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
33.127 |
39.361 |
0.000 |
|
(b) Trade payables |
163.313 |
89.641 |
29.451 |
|
(c) Other current liabilities |
2.592 |
2.946 |
43.609 |
|
(d) Short-term provisions |
1.396 |
0.660 |
0.024 |
|
Total
Current Liabilities (4) |
200.428 |
132.608 |
73.084 |
|
|
|
|
|
|
TOTAL |
321.690 |
269.794 |
198.920 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
132.934 |
137.304 |
101.107 |
|
(ii) Intangible Assets |
0.138 |
0.205 |
0.260 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
20.317 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.216 |
10.794 |
17.126 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
144.288 |
148.303 |
138.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
80.779 |
66.529 |
33.566 |
|
(c) Trade receivables |
72.999 |
32.008 |
0.000 |
|
(d) Cash and cash equivalents |
0.699 |
0.273 |
5.654 |
|
(e) Short-term loans and
advances |
22.925 |
22.681 |
20.890 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
177.402 |
121.491 |
60.110 |
|
|
|
|
|
|
TOTAL |
321.690 |
269.794 |
198.920 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
264.687 |
101.656 |
3.285 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
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|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods |
194.712 |
90.266 |
4.253 |
|
|
|
Other Expenses |
100.777 |
77.814 |
48.423 |
|
|
|
TOTAL |
295.489 |
168.080 |
52.676 |
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(30.802) |
(59.656) |
(49.209) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
8.028 |
6.449 |
1.179 |
|
|
|
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|
|
|
|
|
|
PROFIT BEFORE
TAX |
(42.631) |
(68.560) |
(50.434) |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
-- |
-- |
24.347 |
|
|
|
|
|
|
|
|
|
|
TAX |
-- |
-- |
0.000 |
|
|
|
|
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|
|
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|
|
PROFIT AFTER TAX
|
(42.631) |
(68.560) |
(74.782) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(185.973) |
(143.342) |
(74.782) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.42) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(16.11) |
(67.44) |
(2276.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.25) |
(25.41) |
(28.24) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.37) |
(0.52) |
(0.40) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.29 |
0.30 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.92 |
0.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
180.154 |
275.856 |
300.000 |
|
Reserves & Surplus |
(74.782) |
(143.342) |
(185.973) |
|
Share Application money
pending allotment |
19.846 |
0.000 |
0.000 |
|
Net
worth |
125.218 |
132.514 |
114.027 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
39.361 |
33.127 |
|
Total
borrowings |
0.000 |
39.361 |
33.127 |
|
Debt/Equity
ratio |
0.000 |
0.297 |
0.291 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3.285 |
101.656 |
264.687 |
|
|
|
2,994.551 |
160.375 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3.285 |
101.656 |
264.687 |
|
Profit |
(74.781) |
(68.560) |
(42.631) |
|
|
(2276.44%) |
(67.44%) |
(16.11%) |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
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 |
INDEX OF CHARGES
|
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,
Tamil Nadu - 602105, INDIA |
B44078491 |
* Date of charge modification
BUSINESS OPERATIONS
OVERVIEW AND OUTLOOK
The company is currently catering to the independent or regional elevator manufacturers across the country. During the previous year only standard MDS1 doors were produced during the period April 2013 to March 2014 the company has developed several variants of MDS1 doors including framed glass doors .The customer base has increased by over 100% as compared to the previous financial year. During the period the company has successfully implemented and localized a new range of elevator cabins known as MCS1,
The Company has participated in the elevator expo held in Mumbai 2014 and the products displayed were well received. The company is confident of achieving profits from the next financial year.
FIXED ASSETS
- Computer
- Furniture and
Fixtures
- Mobile Phone
- Printer
- Building
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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.