MIRA INFORM REPORT
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Report No. : |
314638 |
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Report Date : |
28.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
RITTAL INDIA PRIVATE LIMITED [w.e.f.19.04.2000] |
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Formerly Known
As : |
RITTAL BIR PRIVATE LIMITED |
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Registered
Office : |
# 23 and 24, Kiadb Industrial Area, Doddaballapur, Bangalore – 561203,
Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
16.05.1994 |
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Com. Reg. No.: |
08-015641 |
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Capital
Investment / Paid-up Capital : |
Rs. 650.000 Million |
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CIN No.: [Company Identification
No.] |
U31100KA1994PTC015641 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR00791A |
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PAN No.: [Permanent Account No.] |
AAACR7927A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Enclosure Systems and Parts and Accessories thereof. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability level of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
|
Rating Agency Name |
ICRA |
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Rating |
Long term limits = A+ [Suspended] |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
March 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short term limits = A1 [Suspended] |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
March 2014 |
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 DECLINED BY
|
Name : |
Mr. Kamal Nath |
|
Designation : |
Finance Manager |
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Contact No.: |
91-80-33720700 |
|
Date : |
27.03.2015 |
LOCATIONS
|
Registered Office : |
# 23 and 24, Kiadb Industrial Area, Doddaballapur, Bangalore – 561203,
Karnataka, India |
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Tel. No.: |
91-80-33720700/ 33720893/ 33720797/ 33720778 |
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Mobile No.: |
91-9342555035 [Mr. Kamal Nath] |
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Fax No.: |
91-80-33720866 |
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E-Mail : |
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Website : |
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Branch Offices : |
Located at: · NCR · Hyderabad · Ahmedabad · Kolkata · Bangalore · Mumbai · Pune · Chennai |
DIRECTORS
AS ON 23.06.2014
|
Name : |
Mr. Ajay Bhargava |
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Designation : |
Managing director |
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Address : |
N-13, Sacred Heart Town, Wanwadi, Pune – 411040, Maharashtra, India |
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Date of Birth/Age : |
16.07.1960 |
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Date of Appointment : |
01.06.2011 |
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PAN No.: |
AAZPB1470G |
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DIN No.: |
03476544 |
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Name : |
Dieter Heinz Scherz |
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Designation : |
Director |
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Address : |
3, Hohler Weg 57072, Germany |
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Date of Birth/Age : |
15.11.1948 |
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Date of Appointment : |
27.06.2012 |
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DIN No.: |
05339249 |
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Name : |
Armin Peter Federer |
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Designation : |
Director |
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Address : |
30, Schenkenberg Chemnitz, Germany |
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Date of Birth/Age : |
27.11.1961 |
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Date of Appointment : |
27.06.2012 |
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DIN No.: |
05339672 |
KEY EXECUTIVES
|
Name : |
Mr. Kamal Nath |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.06.2014
|
Names of Shareholders |
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No. of Shares |
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Rittal GmbH and Company KG, Germany |
|
6499900 |
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Elektronik GmbH, Germany |
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100 |
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Total |
|
6500000 |
AS ON 23.06.2014
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Enclosure Systems and Parts and Accessories thereof. |
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Products/ Services : |
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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 : |
Not Divulged |
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Bankers : |
Not Divulged |
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Auditors : |
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Name : |
Sudit K Parekh and Company Chartered Accountants |
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Address : |
Ballard House, 2nd Floor, Adi Marzaban Path,
Ballard Pier Fort, Mumbai – 400001, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFS4500P |
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Holding company
: |
Rittal Gmbh and Co KG |
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Fellow
Subsidiary company : |
· Rittal RGS Gmbh · LOH Services Gmbh · Rittal Electro Mechanical Technologis · Rittal Corp · Kelvin Srl · LKH Kunststoffwerke Gmbh · Rittal KK · Rittal Limited · Rittal Co Limited · Rittal GDC · Rittal Middle East · Rittal LLC · Rittal Limited · Rittal PTE Limited · Rittal PTY Limited · Rittal Limited · E-Plan · Rittal S P A Vignate · Rittal Schaltschranke · Rittal Disprel S A |
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Enterprises
which are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Rittal Limited, Great Britain · R & P Pty. Limited, Australia · Rittal Sistemas Electromecanicos Limited, Brazil · Rittal RGS Großschaltschränke GmbH, Germany · Rittal Rwg Gmbh and Co. KG , Germany · Rittal Electrical Equipment (Shanghai) Co Limited, China · Rittal Systems SDN BHD Malaysia · Rittal Pt · Rittal LLC HO Chi Minh City |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
6,500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 650.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
6,500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 650.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders'
Funds |
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|
(a) Share Capital |
650.000 |
650.000 |
650.000 |
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(b) Reserves & Surplus |
1188.505 |
1125.805 |
1055.479 |
|
(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) |
1838.505 |
1775.805 |
1705.479 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
68.762 |
128.677 |
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(b) Deferred tax liabilities (Net) |
46.101 |
53.110 |
57.600 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
9.310 |
30.699 |
25.813 |
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Total
Non-current Liabilities (3) |
55.411 |
152.571 |
212.090 |
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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 |
875.382 |
561.123 |
582.619 |
|
(c)
Other current liabilities |
141.918 |
137.996 |
178.267 |
|
(d)
Short-term provisions |
23.864 |
10.798 |
11.653 |
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Total
Current Liabilities (4) |
1041.164 |
709.917 |
772.539 |
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TOTAL |
2935.080 |
2638.293 |
2690.108 |
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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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(i)
Tangible assets |
943.928 |
891.199 |
770.588 |
|
(ii)
Intangible Assets |
11.265 |
21.416 |
30.709 |
|
(iii)
Capital work-in-progress |
8.049 |
8.111 |
1.100 |
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(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 |
15.662 |
11.237 |
11.944 |
|
(e)
Other Non-current assets |
4.742 |
3.472 |
4.373 |
|
Total
Non-Current Assets |
983.646 |
935.435 |
818.714 |
|
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(2)
Current assets |
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|
|
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(a)
Current investments |
0.050 |
0.050 |
0.050 |
|
(b)
Inventories |
448.089 |
317.286 |
371.787 |
|
(c)
Trade receivables |
1088.991 |
955.893 |
992.651 |
|
(d)
Cash and cash equivalents |
296.026 |
336.021 |
428.906 |
|
(e)
Short-term loans and advances |
99.348 |
71.236 |
78.000 |
|
(f)
Other current assets |
18.930 |
22.372 |
0.000 |
|
Total
Current Assets |
1951.434 |
1702.858 |
1871.394 |
|
|
|
|
|
|
TOTAL |
2935.080 |
2638.293 |
2690.108 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
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|
SALES |
|
|
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|
|
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TOTAL |
3721.623 |
3466.469 |
3109.738 |
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Less |
EXPENSES |
|
|
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|
|
|
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TOTAL |
3639.431 |
3357.440 |
2838.377 |
|
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PROFIT BEFORE
TAX |
82.192 |
109.029 |
271.361 |
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Less |
TAX |
19.492 |
38.703 |
76.818 |
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PROFIT AFTER TAX |
62.700 |
70.326 |
194.543 |
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Earnings Per
Share (Rs.) |
9.65 |
10.82 |
29.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.68 |
2.03 |
6.26 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81 |
4.15 |
10.09 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.06 |
0.16 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.04 |
0.08 |
|
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87 |
2.40 |
2.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
650.000 |
650.000 |
650.000 |
|
Reserves & Surplus |
1055.479 |
1125.805 |
1188.505 |
|
Net
worth |
1705.479 |
1775.805 |
1838.505 |
|
|
|
|
|
|
Long-term borrowings |
128.677 |
68.762 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
128.677 |
68.762 |
0.000 |
|
Debt/Equity ratio |
0.075 |
0.039 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
3109.738 |
3466.469 |
3721.623 |
|
|
|
11.471 |
7.361 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
3109.738 |
3466.469 |
3721.623 |
|
Profit |
194.543 |
70.326 |
62.700 |
|
|
6.26% |
2.03% |
1.68% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
HIGH COURT OF KARNATKA – BENGALURU
BENCH ITA 268/2014 |
|||
|
Petitioner |
THE COMMISSIONER OF INCOME- TAX
|
Respondent |
M/S RITTAL INDIA PRIVATE LIMITED |
|
Petnr./Appnt. Adv:- |
ARVIND K V |
Resp./Defnt Adv.: |
-- |
|
Filling Date : |
23.06.2014 |
District:- |
Bengaluru city |
|
Stage |
Pending for admission |
Disposal Dt. |
28.01.2014 |
|
Case no. |
ITA 278/2013 |
|
|
|
Court Name |
Income tax appellate tribunal Bangalore |
|
|
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2013 (Rs.
In Million) |
31.12.2012 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
0.000 |
68.762 |
|
|
|
|
|
Total |
0.000 |
68.762 |
REVIEW OF OPERATIONS:
There was an increase in revenue of Rs.255.154 Million, which works out to about 7.36% growth from Rs. 3466.469 Million to Rs. 3721.623 Million during the financial year ended 31.12.2013.
There is a decrease in the Profit before Tax during the year.
FUTURE PROSPECTS:
The Board of Directors is confident of similar growth during the coming years. Fixed Deposits:
The company has not accepted any deposits from the public during the year. Directors:
There is no change in the constitution of the Board of
Directors from the date of the previous Annual General Meeting till date.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Vehicles
· Office equipment
· 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,
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. 62.60 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.