MIRA INFORM REPORT

 

 

Report No. :

328129

Report Date :

19.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SAURER TEXTILE SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

Unit 1002, 10th Floor, Peninsula Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra

Tel. No.:

91-22-24819501

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.04.2013

 

 

Com. Reg. No.:

11-242042

 

 

Capital Investment / Paid-up Capital :

Rs.640.000 million

 

 

CIN No.:

[Company Identification No.]

U29253MH2013PTC242042

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS76987B

 

 

PAN No.:

[Permanent Account No.]

AASCS9498M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged inter-alia in the business of trading, marketing, servicing and manufacture of parts and accessories for textile machinery and overseas contract for project/ machinery installation.

 

 

No. of Employees :

Information declined by the Management. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is relatively new private limited company incorporated on 18th April, 2013 having satisfactory track.

 

The period ending on 31st March 2014, is the first financial year of the company.

 

The company acquired the Natural Fibers and Components business of Oerlikon Textile India Private Limited, by the virtue of Business Transfer Agreement dated 30th June 2013 for lump sum consideration of Rs.550.000 million.

 

Rating takes into consideration sound financial risk profile backed by debt free balance sheet, strong networth and healthy profitability in the first financial year.

 

Trade relations are fair. Business is active. Payment terms are usually correct.

 

The company can be considered for business dealings with 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 DECLINED BY

 

Name :

Mr. Nitin Dalvi

Designation :

Office Executive

Contact No.:

91-22-24819501

Date :

18.06.2015

 

 

LOCATIONS

 

Registered Office :

Unit 1002, 10th Floor, Peninsula Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra

Tel. No.:

91-22-24819595/ 24819501/ 66527900

Fax No.:

91-22-24819596/ 66527901

E-Mail :

simantini.budukh@saurer.com

saurer.mumbai@saurer.com

Website :

www.saurer.com

 

 

Factory :

Located at:

 

·         Halol, Vadodara, Gujarat, India

 

 

DIRECTORS

 

AS ON 30.07.2014

 

Name :

Mr. Vineet Goel

Designation :

Whole-time Director

Address :

Flat No.34, Arcade, Plot No.60, Sector 17, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

17.10.1970

Qualification :

MBA, CWA, B.Com (Hons)

Experience :

23 Years

Date of Appointment :

26.08.2013

DIN No.:

01993939

PAN No.:

ACNPG0135H

 

 

Name :

Zhengping Zeng

Designation :

Director

Address :

Rm. 1206, Bldg 107, No.2000 Gu Dai Road, Shanghai, 201101, China

Date of Birth/Age :

25.07.1962

Date of Appointment :

05.07.2013

DIN No.:

06646679

 

 

Name :

Thomas Jorg Spahlinger

Designation :

Director

Address :

Schlesierstr. 2A, Oberthulba, 97723, Germany

Date of Appointment :

06849155

DIN No.:

24.03.2014

 

 

Name :

Martin Paul Folini

Designation :

Additional Director

Address :

Allmendboden 23, Kusnacht, 8700, Switzerland

Date of Appointment :

06.05.2015

DIN No.:

07117546

 

 

KEY EXECUTIVES

 

Name :

Ms. Simantini Kapil Budukh

Designation :

Secretary

Address :

E-81, Maker Kundan Gardens, Juhu Tara Road Santacruz (West), Mumbai – 400 049, Maharashtra, India

Experience :

15.02.1983

Date of Appointment :

22.07.2013

PAN No.:

AICPD3308A

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.07.2014

 

Names of Shareholders

 

 

No. of Shares

Saurer AG, Switzerland

 

63999900

Saurer Components AG, Switzerland

 

100

Total

 

64000000

 

AS ON 30.07.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged inter-alia in the business of trading, marketing, servicing and manufacture of parts and accessories for textile machinery and overseas contract for project/ machinery installation.

 

 

Products :

Parts and Accessories for Textile Machinery

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management. 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V. Sankar Aiyar and Company

Chartered Accountants

Address :

2 C, Court Chambers, 35, New Marine Lines, Mumbai – 400 020, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFV0781D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Saurer AG, Switzerland

 

 

Associates :
  • Schlafhorst Machines Private Limited, India (CIN No.: U29253MH2010PTC199933) (Subsidiary of Holding Company Saurer AG Subsidiary of Holding Company Saurer AG)
  • Zinser Textile Systems Private Limited, India (CIN No.: U29260MH2002PTC137202) (It is 70-30 Joint Venture Company between holding Company Saurer AG and ATE Enterprises Private Limited)
  • Peass Industrial Engineers Private Limited, India (CIN No.: U29259GJ1962PTC001177) (It is 51-49 Joint venture between holding Company Saurer AG and Patel Group)
  • Saurer Component GmbH, Germany (Group Company: Step Down subsidiary of holding Company of Saurer AG)
  • Saurer (Jiangsu) Textiles Machinery Co. Limited, China
  • Saurer Germany GmbH and Co KG, Germany (Group Company: Step Down subsidiary of holding Company of Saurer AG)
  • Saurer Component Pte Limited, Singapore (Subsidiary of Holding Company Saurer AG)

 

 

CAPITAL STRUCTURE

 

AS ON 30.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

66000000

Equity Shares

Rs.10/- each

Rs.660.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

64000000

Equity Shares

Rs.10/- each

Rs.640.000 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2014

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

 

640.000

(b) Reserves & Surplus

 

 

39.877

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

679.877

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

0.000

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

0.000

(d) Long-term provisions

 

 

21.929

Total Non-current Liabilities (3)

 

 

21.929

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

129.166

(c) Other current liabilities

 

 

66.051

(d) Short-term provisions

 

 

12.989

Total Current Liabilities (4)

 

 

208.206

 

 

 

 

TOTAL

 

 

910.012

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

428.551

(ii) Intangible Assets

 

 

0.701

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

4.188

(d)  Long-term Loan and Advances

 

 

13.680

(e) Other Non-current assets

 

 

0.200

Total Non-Current Assets

 

 

447.320

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

85.346

(b) Inventories

 

 

156.307

(c) Trade receivables

 

 

106.033

(d) Cash and cash equivalents

 

 

39.864

(e) Short-term loans and advances

 

 

75.009

(f) Other current assets

 

 

0.133

Total Current Assets

 

 

462.692

 

 

 

 

TOTAL

 

 

910.012

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2014

 

SALES

 

 

 

 

Income

 

 

712.670

 

 

Other Income

 

 

 

 

 

TOTAL                                    

 

 

712.670

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

 

 

650.980

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

 

 

61.690

 

 

 

 

 

Less

TAX                                                                 

 

 

21.813

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

 

 

39.877

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

166.740

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

 

 

0.62

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

 

31.03.2014

Current Maturities of Long term debt

 

 

NA

Net cash flows from (used in) operations

 

 

98.032

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2014

Net Profit Margin

(PAT / Total Income)

(%)
 

 

5.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

6.81

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.09

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
 

 

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.22

 

 

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

Yes

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

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 one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

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

 

 

CORPORATE INFORMATION:

 

The Company, is a 100% Subsidiary of Saurer AG. The Company was incorporated on 18th April 2013. The Company is engaged inter-alia in the business of trading, marketing, servicing and manufacture of parts and accessories for textile machinery and overseas contract for project/ machinery installation.

 

OPERATIONS:

 

The period ending on 31st March, 2014 is the first financial year, starting from on 18th April, 2013, the date of incorporation of the Company. The Company acquired the Natural Fibers and Components Business of Oerlikon Textile India Private Limited (OTIL), by virtue of Business Transfer Agreement dated 30th June 2013 for a lumpsum consideration of Rs.550.000 million.

 

Although it was the first financial year of the Company, the Company achieved a turnover of Rs.712.670 million and the profit after tax of Rs.39.877 million.

 

OUTLOOK:

 

The Directors foresee significant improvement in the market conditions of the textile machinery industry and therefore substantial investment is envisaged especially under Schlafhorst and Components business units in near future. The Company also envisages localization of various parts and components related to textile machinery to reduce costs and improve margins.

 

 

INDEX OF CHARGES

 

No Charges Exist for Company.

 

 

FIXED ASSETS

 

Tangible Assets

·         Land

·         Buildings

·         Plant and Equipments

·         Factory Equipments

·         Furniture and Fixtures

·         Vehicles

·         Computer Equipments

·         Office Equipments

·         Leasehold Improvements

Intangible Assets

·         Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.85

UK Pound

1

Rs.100.100

Euro

1

Rs.72.46   

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SMN

 

 

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

4

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.