MIRA INFORM REPORT

 

 

Report No. :

346514

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

WEIDMULLER ELECTRONICS INDIA PRIVATE LIMITED

 

 

Registered Office :

Office No. 01, 3rd Floor, North Court, North Avenue, Opposite Joggers Park, Kalyaninagar, Pune - 411 014, Maharashtra

Tel. No.:

91-20-67204046

 

 

Country :

India

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.05.2008

 

 

Com. Reg. No.:

11-134201

 

 

Capital Investment / Paid-up Capital :

Rs.8.000 Million

 

 

CIN No.:

[Company Identification No.]

U31900PN2008FTC134201

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, assemble, process and Dealer in all types of electric and and devices, plastic and metal parts for electrical connectivity, electric and electronic hardware and software etc.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 40000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject subsidiary of foreign company (Weidmuller Holding AG and Company KG) incorporated in the year 2008. It is a small company, having moderate track record.

 

Management has failed to file its financials for the FY 14 with registrar of companies.

 

As per the available financials of FY 13, the company has achieved minimal sales turnover marked by adequate profitability margin. It has modest net worth base marked by nil borrowings.

 

Trade relations are fair. Business is active. Payments are slow but correct.

 

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

 

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 31-03-2015.

 

 

INFORMATION DECLINED BY

 

Name :

Ms. Sonia

Designation :

Accounts Department

Contact No.:

91-20-67204046

Date :

23.10.2015

 

 

 

LOCATIONS

 

Registered Office :

Office No. 01, 3rd Floor, North Court, North Avenue, Opposite Joggers Park, Kalyaninagar, Pune - 411 014, Maharashtra, India

Tel. No.:

91-20-67204046

Fax No.:

Not Available

E-Mail :

cs@skparekh.com

 

 

DIRECTORS

 

AS ON 30.06.2014

 

Name :

Mr. Mahmut Riza Bertan

Designation :

Managing director

Address :

Akat MH 8. Gazeteciler SI No. A5/4/1, Besiktas, Istanbul, 34335, Turkey

Date of Birth/Age :

12.09.1967

Date of Appointment :

01.01.2015

DIN No.:

06439678

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31900PN2008FTC134201

WEIDMULLER ELECTRONICS INDIA PRIVATE LIMITED

Managing director

1/1/2015

1/1/2013

-

Active

NO

 

 

Name :

Mr. Manoj Dunung

Designation :

Managing director

Address :

102 Tulip Esteem Park, 3/6 Rose Garden Road, J P Nagar 5th Phase, Bangalore, 560078, Karnataka, India

Date of Appointment :

25.09.2015

DIN No.:

06910156

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31900PN2008FTC134201

WEIDMULLER ELECTRONICS INDIA PRIVATE LIMITED

Managing director

25/09/2015

1/9/2014

-

Active

NO

 

 

Name :

Mr. Volpert Werner Briel

Designation :

Director

Address :

Birkenallee 34, Detmold, 32760, Germany

Date of Birth/Age :

04.08.1955

Date of Appointment :

30.06.2010

DIN No.:

01842888

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U40109DL2002PTC152516

VOITH HYDRO PRIVATE LIMITED

Director

1/10/2007

1/10/2007

1/7/2009

Active

NO

2

U31900PN2008FTC134201

WEIDMULLER ELECTRONICS INDIA PRIVATE LIMITED

Director

30/06/2010

1/3/2010

-

Active

NO

 

 

Name :

Mr. Harald Vogelsang

Designation :

Director

Address :

Palaisstrasse 44, Detmold, 32756, Germany

Date of Birth/Age :

02.07.1962

Date of Appointment :

30.09.2009

DIN No.:

02706056

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31900PN2008FTC134201

WEIDMULLER ELECTRONICS INDIA PRIVATE LIMITED

Director

30/09/2009

4/9/2009

-

Active

NO

 

 

 

 

KEY EXECUTIVES

 

Name :

Ms. Sonia

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2014

 

Names of Shareholders

 

No. of Shares

Weidmuller Holding Ag and Company, Kg, Germany

 

799999

Weidmuller Interface GmbH and Company. KG, Germany

 

1

Total

 

800000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.06.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture, assemble, process and Dealer in all types of electric and devices, plastic and metal parts for electrical connectivity, electric and electronic hardware and software etc.

 

 

Products :
  • Electric And Devices
  • Plastic
  • Metal Parts For Electrical Connectivity
  • Electric And Electronic Hardware
  • Electronic Software Etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

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 :

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 :

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

 

Auditors :

 

Name :

Khimji Kunverji and Company

Chartered Accountants

Address :

Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai – 400001, Maharashtra, India

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

AAAFK1142M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

Weidmuller Holding Ag and Company, Kg, Germany

 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs. 15.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

800000

Equity Shares

Rs.10/- each

Rs. 8.000 Million

 

 

 

 

 

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

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

8.000

8.000

8.000

(b) Reserves & Surplus

5.931

3.429

1.028

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

13.931

11.429

9.028

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.108

0.642

0.460

Total Non-current Liabilities (3)

1.108

0.642

0.460

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

0.263

0.328

0.627

(c) Other current liabilities

1.454

1.353

0.835

(d) Short-term provisions

1.007

0.303

0.051

Total Current Liabilities (4)

2.724

1.984

1.513

 

 

 

 

TOTAL

17.763

14.055

11.001

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.383

0.799

0.906

(ii) Intangible Assets

0.007

0.013

0.006

(iii) Capital work-in-progress

0.000

0.000

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)

0.629

0.199

-0.001

(d)  Long-term Loan and Advances

1.171

3.094

2.754

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2.190

4.105

3.665

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

4.023

3.772

2.892

(d) Cash and cash equivalents

9.320

5.992

3.946

(e) Short-term loans and advances

2.230

0.186

0.498

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

15.573

9.950

7.336

 

 

 

 

TOTAL

17.763

14.055

11.001

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2013

31.12.2012

31.12.2011

 

SALES

 

 

 

 

Income

35.194

31.186

23.285

 

Other Income

 

 

 

 

TOTAL

35.194

31.186

23.285

 

 

 

 

 

 

EXPENSES

31.451

27.713

20.790

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3.659

3.473

2.495

 

 

 

 

 

 

TAX

1.157

1.072

0.774

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2.502

2.401

1.721

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.13

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2013

31.12.2012

31.12.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2013

31.12.2012

31.12.2011

Return on Total Assets

(PBT/Total Assets}

(%)

21.36

25.06

22.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.30

0.28

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

5.72

5.02

4.85

 

 

 

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

8.000

8.000

8.000

Reserves & Surplus

1.028

3.429

5.931

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

9.028

11.429

13.931

 

 

 

 

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 Million)

(Rs. In Million)

(Rs. In Million)

Total Income

23.285

31.186

35.194

 

 

33.932

12.852

 

 

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

23.285

31.186

35.194

Profit

1.721

2.401

2.502

 

7.39%

7.70%

7.11%

 

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)

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

No

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: Registered office of the company has been shifted from Indo German Chamber Of Commerce, Maker Tower E, First Floor, Cuffe Parade, Mumbai -400005, Maharashtra, India to the present address w.e.f. 05.06.2009

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible Assets

 

 

 

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 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.64.88

UK Pound

1

Rs.99.89

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

KVT

 

 

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

5

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

31

 

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.