MIRA
INFORM REPORT
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Report No. : |
306731 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUMBOLDT WEDAG
INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
21.07.1976 |
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Com. Reg. No.: |
11-216812 (New) 21-030634 (Old) |
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Capital
Investment / Paid-up Capital : |
Rs.19.200
Millions |
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CIN No.: [Company Identification
No.] |
U29253DL1976PTC216812
(New) U51909WB1976PTC030634
(Old) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH00484B |
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PAN No.: [Permanent Account No.] |
AAACH7474G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and
Exporter of Cement Plant and Machinery, fast expanding and having good business
in Indian and International. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established private limited liability company having
satisfactory track record. As per available information the company has failed to file its
financials for the year 2013-2014 with government department. However, as per available financials of 2012-13 the company has
reported good profitability and has sound financial position. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered for business dealings with usual
business 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 PARTED BY
|
Name : |
Mr. Ajit Bansal |
|
Designation : |
Account Manager |
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Contact No.: |
91-11-42101100 |
|
Date : |
07.02.2015 |
LOCATIONS
|
Registered Office : |
Mathura Road, Mehtab
House A-36, Mohan Co-op Estate, New Delhi – 110044, Delhi, India |
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Tel. No.: |
91-11-42101100/200
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Fax No.: |
91-11-42101104/105 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No.110, Sector 24, Faridabad – 121005, Haryana, India |
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Branch 1 : |
Suite 803, 8th
Floor, Dina House, Ruttonjee Centre, 11, Duddell Street, Central Hong Kong |
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Tel. No.: |
852-25373613 |
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Fax No.: |
852-25373689 |
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E-Mail : |
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Branch 2 : |
36th
Floor, Tower 1, |
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Tel. No.: |
86-21-25373277 |
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Fax No.: |
86-21-63173763 |
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E-Mail : |
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Branch 3 : |
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Tel. No.: |
43-1-240-25-300 |
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Fax No.: |
43-1-240-25-310 |
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E-Mail : |
DIRECTORS
AS ON 16.05.2014
|
Name : |
Bo Christoffer Ribbing |
|
Designation : |
Managing Director |
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Address : |
The Oberoi, Dr Zakir Marg, Delhi, 110003, Sweden |
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Date of Appointment : |
01.12.2014 |
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DIN No.: |
06870385 |
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Name : |
George John Harrison |
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Designation : |
Director |
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Address : |
Volksgartenstr. 12, Cologne, 50677, Germany |
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Date of Birth/Age : |
04.07.1963 |
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Date of Appointment : |
30.08.2011 |
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DIN No.: |
05127846 |
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Name : |
Mr. Juergen Eduard Luckas |
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Designation : |
Additional Director |
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Address : |
Neue Kempener, Str.220, Koln OT Mauenheim, Koln, 50739, Germany |
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Date of Appointment : |
09.10.2014 |
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DIN No.: |
06983637 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Bansal |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
AS ON 16.05.2014
|
Names of Shareholders |
No. of Shares |
|
KHD Humboldt Wedag GmbH, Germany |
1919904 |
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KHD Humboldt Wedag International AG, Germany |
96 |
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Total |
1920000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 16.05.2014
|
Category |
Percentage |
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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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter
of Cement Plant and Machinery, fast expanding and having good business in
Indian and International. |
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Products : |
· Decanter Centrifuge Components · Other Spares ·
Vibrating Screen Centrifuge |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Machinery |
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Countries : |
·
Middle East ·
Europe ·
South Africa ·
Russia ·
USA |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 / 60 / 90 Days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
·
Deutsche Bank AG, 9, Shakespeare Sarani, Kolkata
– 700071, West Bengal, India ·
State Bank of India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
7th Floor, Building, 10,Tower - BDlf, Cyber City Complex |
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PAN No.: |
AABFD2095B |
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Membership : |
-- |
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Ultimate Holding
Company : |
KHD Humboldt Wedag International AG, Germany |
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Holding Company : |
KHD Humboldt Wedag GmbH, Germany |
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Fellow subsidiaries
and other companies which does not exercise control or significant influence
over the Company (having transaction during the year) |
· Humboldt Wedag GmbH, Germany · Humboldt Wedag Inc., Germany · KHD Humboldt Wedag Industrial Services AG, Germany · ZAB Zementanlagenbau GmbH, Germany · Catic Beijing Co. Limited, Germany |
CAPITAL STRUCTURE
AS ON 16.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1920000 |
Equity Shares |
Rs.10/- each |
Rs.19.200 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
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|
(1)Shareholders' Funds |
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(a) Share Capital |
19.200 |
19.200 |
19.200 |
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(b) Reserves & Surplus |
1407.648 |
1213.867 |
1218.038 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1426.848 |
1233.067 |
1237.238 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
8.600 |
335.085 |
337.412 |
|
(d) long-term provisions |
2.618 |
36.467 |
42.656 |
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Total Non-current Liabilities (3) |
11.218 |
371.552 |
380.068 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
847.577 |
917.635 |
1027.036 |
|
(c) Other current
liabilities |
1317.693 |
824.660 |
648.719 |
|
(d) Short-term provisions |
790.676 |
748.401 |
861.785 |
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Total Current Liabilities (4) |
2955.946 |
2490.696 |
2537.540 |
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|
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TOTAL |
4394.012 |
4095.315 |
4154.846 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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|
|
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(i) Tangible assets |
54.833 |
58.342 |
50.929 |
|
(ii) Intangible Assets |
1.462 |
7.266 |
19.671 |
|
(iii) Capital
work-in-progress |
9.311 |
0.000 |
12.988 |
|
(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) |
112.244 |
102.780 |
101.993 |
|
(d) Long-term Loan and Advances |
149.007 |
194.940 |
260.339 |
|
(e) Other Non-current assets |
247.647 |
56.964 |
285.417 |
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Total Non-Current Assets |
574.504 |
420.292 |
731.337 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
171.470 |
165.477 |
217.945 |
|
(c) Trade receivables |
1081.004 |
778.780 |
959.043 |
|
(d) Cash and cash
equivalents |
1971.511 |
1813.161 |
1332.556 |
|
(e) Short-term loans and
advances |
287.656 |
187.099 |
158.620 |
|
(f) Other current assets |
307.867 |
730.506 |
755.345 |
|
Total Current Assets |
3819.508 |
3675.023 |
3423.509 |
|
|
|
|
|
|
TOTAL |
4394.012 |
4095.315 |
4154.846 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3302.380 |
2868.490 |
3687.400 |
|
|
|
Other Income |
270.490 |
329.780 |
315.780 |
|
|
|
TOTAL |
3572.870 |
3198.270 |
4003.180 |
|
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|
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|
|
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Less |
EXPENSES |
|
|
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|
|
|
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TOTAL |
3260.760 |
3172.290 |
4075.170 |
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|
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
312.110 |
25.980 |
(71.990) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
23.790 |
30.940 |
35.430 |
|
|
|
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|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
288.320 |
(4.960) |
(107.420) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
94.540 |
(0.790) |
(30.610) |
|
|
|
|
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|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
193.780 |
(4.170) |
(76.810) |
|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
100.93 |
-- |
-- |
|
|
Particulars |
|
|
31.12.2014 |
|
Sales Turnover (Approximately) |
|
|
3570.000 |
Expected Sales (2014-2015): Rs.4000.000 Millions
The above information has been parted by Mr. Ajit Bansal (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
5.87 |
(0.15) |
(2.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.75 |
(0.12) |
(2.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.00 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.48 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
19.200 |
19.200 |
19.200 |
|
Reserves & Surplus |
1218.038 |
1213.867 |
1407.648 |
|
Net
worth |
1237.238 |
1233.067 |
1426.848 |
|
|
|
|
|
|
long(term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
3687.400 |
2868.490 |
3302.380 |
|
|
|
(22.208) |
15.126 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
3687.400 |
2868.490 |
3302.380 |
|
Profit |
(76.810) |
(4.170) |
193.780 |
|
|
(2.08%) |
(0.15%) |
5.87% |
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 |
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 |
|
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE REVIEW
Fierce competition in the cement industry continued throughout 2013, which was characterized by a low level of new orders as well as by continued price pressure. However, the high order backlog enabled the Company to achieve higher sales in 2013 than in 2012. As a result of higher sales, the Company was able to strengthen its financial position and therefore, it reported a high profit in 2013 after showing a slight loss in 2012.
The Company has put a great effort into further expanding the Parts and Services business in order to reduce its dependency on the cyclical project business. The Parts and Services business already contributed to the increase in sales as well as profit in 2013 and is expected to further grow in 2014.
BUSINESS OUTLOOK
As the economy in India is continuing to face difficulties, there is investment restraint among cement producers impacting the Cement Industry. After starting to be successful in markets outside of India, the Company will further increase its focus on markets outside of India and will further develop business opportunities in Sub-Saharan Africa which was started in 2013. Driven by the success in 2012 and 2013 of increased Parts and Services business, the Company will focus on further expanding its Parts and Services business in order to mitigate any adverse developments resulting from the overall weak Indian investment situation. At the same time, the risk of further delays in project execution and delays in investment decisions having an adverse impact on sales and profitability will continue to exist. Starting 2014 onwards, the Company’s aftermarket business will be developed in a separate Parts and Services business unit. With plant optimization, high-quality spares parts, technical inspections, consulting services, auditing services and training, the Company intends to offer its customers significant added value after plant commissioning and generate additional business fit for the Company.
NO CHARGES EXIST
FOR COMPANY.
FIXED ASSETS:
· Building
· Plant machinery
· Office equipments
· Computer 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 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.62.15 |
|
|
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
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 |
|
48 |
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.