MIRA INFORM REPORT
|
Report No. : |
329773 |
|
Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLATT SYSTEMS PRIVATE LIMITED (w.e.f. 21.05.2013) |
|
|
|
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Formerly Known
As : |
ZIEMANN INDIA PRIVATE LIMITED |
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Registered
Office : |
2nd
Floor, Connaught Place, CTS # 28, Bund Garden Road, Pune – 411001,
Maharashtra |
|
Tel. No.: |
91-20-66286100 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.08.2007 |
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Com. Reg. No.: |
25-130591 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000
Million |
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|
|
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CIN No.: [Company Identification
No.] |
U29299PN2007FTC130591 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEZ01914D |
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PAN No.: [Permanent Account No.] |
AAACZ3001B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharma Equipment’s and Beverage Equipment’s. |
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No. of Employees
: |
325 (Approximately) |
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 900000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. For the financial year ended 2014, sales turnover of the company has
declined which has resulted into dip in profit of the company during a year
under a review. Due to negative reserve it hampered the networth position and it has
leverage balance sheet profile. However, it has achieved minimal profit from its operations which help
company to wipe off some of its accumulated losses. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of leverage balance sheet profile, 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Mohan Kasalkar |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-20-66286157 |
LOCATIONS
|
Registered Office : |
2nd
Floor, Connaught Place, CTS # 28, Bund Garden Road, Pune – 411001,
Maharashtra, India |
|
Tel. No.: |
91-20-66286100
(Office Line) 91-20-66286133
(Direct Line) |
|
Fax No.: |
91-20-66286120 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
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Factory : |
Gat No.321/2, 322/1, 324/1 and 324/2, Pune Ahmednagar Road, Village
Kondhapuri, Taluka Shirur, District Pune – 412209, Maharashtra, India |
|
Tel. No.: |
91-2137-616758 (Factory Line) 91-2137-616700 (Direct
Line) |
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Fax No.: |
91-2137-616726 |
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E-Mail : |
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Sales Office : |
A-301/302, Citi Point,
J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra,
India |
|
Tel. No.: |
91-22-40740801
(Direct Line) |
|
E-Mail : |
DIRECTORS
AS ON 30.11.2013
|
Name : |
Mr. Thomas Josef Rutka |
|
Designation : |
Managing Director |
|
Address : |
Blumesntra Be 3 Heckfeld 97922, Lauda Konigshofen |
|
Date of Birth/Age : |
21.02.1964 |
|
Date of Appointment : |
23.06.2011 |
|
DIN No.: |
03534790 |
|
|
|
|
Name : |
Jesko Jay Nowak |
|
Designation : |
Director |
|
Address : |
Baselblick 15, Kandern 79400 |
|
Date of Birth/Age : |
22.06.1984 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
03360123 |
|
|
|
|
Name : |
Reinhard Otto Adolf Nowak |
|
Designation : |
Director |
|
Address : |
IM Schlattgarten 26, Binzen
79589 |
|
Date of Birth/Age : |
24.05.1950 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
03332872 |
|
|
|
|
Name : |
Markus Frank Hoefliger |
|
Designation : |
Director |
|
Address : |
Landhausstrasse 24, Ortsteil Heutensbach, Allmersbachim Tal 71573 |
|
Date of Birth/Age : |
07.01.1966 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
06411744 |
KEY
EXECUTIVES
|
Name : |
Mr. Mohan Kasalkar |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS
AS ON 30.11.2013
|
Names of Shareholders |
No. of Shares |
|
Northstar Capital Investment, GmbH, Germany |
499861 |
|
Jesko Nowak- Nominee of Northstar Capital Investment GmbH, Germany |
139 |
|
|
|
|
Total |
500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.11.2013
|
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 |
99.97 |
|
Directors or relatives of Directors |
0.03 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharma Equipment’s and Beverage Equipment’s. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finish Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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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 : |
325 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institution : |
DEG - Deutsche Investitions - Und Entwicklungsgesellschaft MBH
Kaemmergasse 22, Federal Republic of Germany, Cologne – 50676, Germany |
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Auditors : |
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|
Name : |
Joshi Apte and Company Chartered Accountants |
|
Address : |
“Dwarka”, 2 Phatak Bag Society, 999 Navi Peth, Pune, Maharashtra,
India |
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PAN No.: |
AAAFJ9696H |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.11.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.1000/- each |
Rs.500.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
500000 |
Equity Shares |
Rs.1000/- each |
Rs.500.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
500.000 |
367.000 |
367.000 |
|
(b) Reserves & Surplus |
(183.402) |
(270.551) |
(750.210) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
133.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
316.598 |
229.449 |
(383.210) |
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|
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
304.054 |
153.259 |
121.358 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.288 |
5.094 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
3.998 |
|
Total Non-current
Liabilities (3) |
308.342 |
158.353 |
125.356 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
531.753 |
|
(b) Trade
payables |
226.647 |
101.539 |
360.561 |
|
(c) Other current
liabilities |
435.935 |
188.211 |
274.425 |
|
(d) Short-term
provisions |
35.739 |
89.065 |
79.431 |
|
Total Current
Liabilities (4) |
698.321 |
378.815 |
1246.170 |
|
|
|
|
|
|
TOTAL |
1323.261 |
766.617 |
988.316 |
|
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II.
ASSETS |
|
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|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
388.673 |
331.648 |
378.305 |
|
(ii)
Intangible Assets |
2.159 |
1.096 |
3.039 |
|
(iii)
Capital work-in-progress |
4.541 |
12.152 |
0.000 |
|
(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) |
29.834 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
124.589 |
21.664 |
22.501 |
|
(e) Other Non-current
assets |
3.304 |
4.354 |
1.087 |
|
Total Non-Current
Assets |
553.100 |
370.914 |
404.932 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
291.941 |
181.634 |
258.571 |
|
(c) Trade
receivables |
102.589 |
71.655 |
216.049 |
|
(d) Cash
and cash equivalents |
248.384 |
56.983 |
16.074 |
|
(e)
Short-term loans and advances |
125.269 |
85.420 |
81.898 |
|
(f) Other
current assets |
1.978 |
0.011 |
10.792 |
|
Total
Current Assets |
770.161 |
395.703 |
583.384 |
|
|
|
|
|
|
TOTAL |
1323.261 |
766.617 |
988.316 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
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Other Income |
|
|
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|
|
|
TOTAL |
385.327 |
421.889 |
855.132 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
384.116 |
613.982 |
1158.858 |
|
|
|
|
|
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|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.211 |
(192.093) |
(303.726) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
40.908 |
43.304 |
51.407 |
|
|
|
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|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
0.000 |
814.102 |
0.000 |
|
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|
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|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(39.697) |
578.705 |
(355.133) |
|
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|
|
|
|
|
|
|
Less |
TAX |
(126.846) |
99.045 |
0.000 |
|
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|
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|
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|
PROFIT/ (LOSS)
AFTER TAX |
87.149 |
479.660 |
(355.133) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
174.29 |
-- |
-- |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
58.052 |
28.355 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(3.08) |
76.70 |
(35.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13) |
2.52 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.96 |
0.92 |
(1.78) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.04 |
0.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs. In
Million |
Rs.
In Million |
|
Share Capital |
367.000 |
367.000 |
500.000 |
|
Reserves & Surplus |
(750.210) |
(270.551) |
(183.402) |
|
Share Application money pending
allotment |
0.000 |
133.000 |
0.000 |
|
Net
worth |
(383.210) |
229.449 |
316.598 |
|
|
|
|
|
|
long-term borrowings |
121.358 |
153.259 |
304.054 |
|
Short term borrowings |
531.753 |
0.000 |
0.000 |
|
Current Maturities of Long term debt |
28.355 |
58.052 |
0.000 |
|
Total
borrowings |
681.466 |
211.311 |
304.054 |
|
Debt/Equity
ratio |
(1.778) |
0.921 |
0.960 |
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 |
|
Total Income |
855.132 |
421.889 |
385.327 |
|
|
|
(50.664) |
(8.666) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
855.132 |
421.889 |
385.327 |
|
Profit |
(355.133) |
479.660 |
87.149 |
|
|
(41.53%) |
113.69% |
22.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The registered office of the company has been shifted from 706, B Wing, 7th Floor, ICC Trade Tower, Senapati Bapat Road, Pune – 411 016, Maharashtra, India to the present address w.e.f. 19.11.2007.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10181926 |
07/10/2009 |
177,375,000.00 |
DEG -
DEUTSCHE INVESTITIONS - UNDENTWICKLUNGSGESE |
KAEMMERGASSE
22, FEDERAL REPUBLIC OF GERMANY, COL |
A71635403 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
·
Office Equipment
·
Computer Software
·
Copyrights, Patents and Other
Operating Rights
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.63.75 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.71.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
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.