|
|
|
MIRA INFORM REPORT
|
Report No. : |
489080 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
RIETER INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gate No. 768/2, Village Wing Shindewadi-Bhor Road, Taluka Khandala,
Satara – 412801, Maharashtra |
|
Tel. No.: |
91-2169-304141 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.08.1995 |
|
|
|
|
Com. Reg. No.: |
11-139264 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 89.530 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899PN1995PTC139264 |
|
|
|
|
IEC No.: |
0595062644 |
|
|
|
|
GST No: |
27AAACR3556P1ZV |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR3556P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Supplier and Exporter of Textile Machinery and Components and Importer of Raw Material. [Registered Activity and also Confirmed by Management] |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Rieter India Private Limited is a subsidiary of Rieter Holding AG,
Switzerland. The company was incorporated in the year 1995 and is based in
Satara, Maharashtra. It is an established company having fine track record. For the financial ended year 2017, the company has witnessed a growth
in its revenue and has achieved good profit margin at 7.59% (Approx.) The company possesses strong financial profile marked by sound net
worth base and low debt level of the company. Further, rating takes into consideration good earning per share of the
company (i.e., Earning Per Share of INR 89 against face value of INR 10). Rating also derives strength from its long operational track record of
business operation along with financial support received from its holding
entity and its experienced management team. Fundamentals of the company are strong and healthy. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of aforesaid, the company can be considered for 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 29.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Avinash Joshi |
|
Designation : |
Deputy Manager Commercial |
|
Contact No.: |
91-9822341911 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Gate No. 768/2, Village Wing Shindewadi-Bhor Road, Taluka Khandala,
Satara – 412801, Maharashtra, India |
|
Tel. No.: |
91-2169-304141/ 304201/ 304226 |
|
Mobile No.: |
91-9822341911 (Mr. Avinash Joshi) |
|
Fax No.: |
91-2169-304226 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Wing Works and Office, Mahad-Pandharpur Road, Taluka Khandala, Satara
– 412801, Maharashtra, India |
|
Tel. No.: |
91-2169-284301 |
|
Fax No.: |
91-2169-284302 |
|
|
|
|
Sales Service/ Electric Service: : |
2nd and 3rd Floor, AGT Business Park, 25
Avinashi Road, Civil Aerodrome Post, Coimbatore – 641014, Tamilnadu, India |
|
Tel. No.: |
91-422-3325600 |
|
Fax No.: |
91-422-3325626 |
|
|
|
|
Branch Office 1 : |
S.C.O. 146-147, 3rd Floor, Sector – 34-A, Chandigarh – 160022, India |
|
Tel. No.: |
91-172-2621634 |
|
Fax No.: |
91-172-2621633 |
|
|
|
|
Branch Office 2 : |
Gate No 134/1, Vadhu Road, Off Pune Nagar Road, Koregaon Bhima, Pune-412216,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Per Olof Johan Olofsson |
||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||
|
Address : |
Sodra Esplanaden 18A, Lund, 22352, Sweden |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.02.1982 |
||||||||||||||||||||||||||||||||||
|
Qualification : |
Post
Graduate Mechanical Engineer degree from Donner Hogskola |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.01.2013 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAVPO2502L |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
02668275 |
||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Thomas Martin Anwander |
||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||
|
Address : |
Im Lerchenbuel, 24, 8405, Winterthur, Switzerland - 8405 |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.02.1960 |
||||||||||||||||||||||||||||||||||
|
Qualification : |
Corporate Finance at UBS
Ltd, New York, Study and Examination of Legl Science |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.08.1995 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
AFQPH1204Q |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
00470001 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sudhir Jalan |
||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||
|
Address : |
9, Alipore Road, Kolkata – 700 027, West Bengal, India |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.11.1944 |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.05.2008 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
AERPJ3106R |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
00111118 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Liske Carten |
||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||
|
Address : |
8832, Wilen B Wollerau Hoh, Rohneweg 18 |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.05.1973 |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.04.2011 |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
02925980 |
||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Vinayak Talavlikar |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 3, Swapnapurti Apartments, Kimbare Township, Kothrud, Pune –
411038, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1966 |
|
Date of Appointment : |
04.02.2009 |
|
PAN No.: |
AAKPT4120G |
|
|
|
|
Name : |
Mr. Avinash Joshi |
|
Designation : |
Deputy Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholder |
|
No. of Shares |
|
Rieter Holding AG |
|
8814052 |
AS ON 25.08.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
98.36 |
|
Public/
Other than Promoters – Individual/Hindu Undivided Family (Indian) |
0.64 |
|
Public/
Other than Promoters – Body Corporate |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Exporter of Textile Machinery and Components and Importer of Raw Material. [Registered Activity and also Confirmed by Management] |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Textile Machinery and Components |
||||
|
Countries : |
· China · Switzerland |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C and Credit (30 Days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, L/C and Credit (30 Days) |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End
Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
1500 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
Corporation Bank, Industrial Finance Branch, 14,
Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
--- |
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
7th Floor, Business Bay,
Tower A, Wing-1, Airport Road, Yerwada, Pune-411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFP9359C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Rieter
Holding AG, Switzerland |
|
|
|
|
Fellow Subsidiary Company : |
· Rieter Uzebekistan FF LLC, Uzbekistan · European Excellent Textile, China · Rieter Asia (Taiwan) Limited, China · Rieter Management AG, Switzerland · Rieter Holding AG, Switzerland · Rieter Machine Works Limited (Maschinenfabrik Rieter AG), Switzerland · Spindelfabrik Suessen GmbH, Germany · Bracker AG, Switzerland · Graf + Cie AG, Switzerland · Novibra Boskovice S.R.O., Czech Republic · Rieter CZ A.S., Czech Republic · Rieter (China) Textile Instruments Co. Limited., China · Rieter Ingolstadt GmbH, Germany · Rieter America, LLC, USA · Rieter Textile Machinery Trading and Services LLimited ( Rieter Tekstil Makinalari), Turkey |
|
|
|
|
Employees' Benefit Plans where there is
significant influence : |
Rieter Abhiyan Charitable Trust, India |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8953063 |
Equity Shares |
INR 10/- each |
INR 89.530 Million |
|
|
|
|
|
Note: During the year, the Company has bought back 1,698,520
shares from Rieter Holding AG at INR 993.980 Million vide resolution passed in
Board Meeting held on September 02, 2016. In accordance with the requirements
of Section 69(1) of the Companies Act, 2013, company has transferred nominal
value of shares bought back i.e. INR 16.980 Million to capital redemption
reserve from securities Premium.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
89.530 |
106.520 |
106.520 |
|
(b) Reserves and Surplus |
4302.270 |
4400.070 |
3634.550 |
|
(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) |
4391.800 |
4506.590 |
3741.070 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
118.000 |
1241.150 |
2492.180 |
|
(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 |
98.090 |
66.420 |
38.580 |
|
Total Non-current Liabilities
(3) |
216.090 |
1307.570 |
2530.760 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
1400.000 |
0.000 |
|
(b) Trade
payables |
1754.430 |
1297.540 |
1306.170 |
|
(c) Other
current liabilities |
1982.900 |
1799.370 |
1077.740 |
|
(d) Short-term
provisions |
180.710 |
95.600 |
101.740 |
|
Total Current
Liabilities (4) |
3918.040 |
4592.510 |
2485.650 |
|
|
|
|
|
|
TOTAL |
8525.930 |
10406.670 |
8757.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1907.550 |
2190.560 |
3406.330 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
32.870 |
|
(iii) Tangible assets
capital work-in-progress |
19.410 |
28.050 |
31.550 |
|
(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) |
334.660 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
666.080 |
540.090 |
379.500 |
|
(e) Other Non-current
assets |
81.320 |
0.400 |
1.100 |
|
Total Non-Current
Assets |
3009.020 |
2759.100 |
3851.350 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2233.990 |
1865.490 |
2023.500 |
|
(c) Trade
receivables |
744.660 |
1021.650 |
981.340 |
|
(d) Cash and
bank balances |
643.670 |
2461.120 |
423.150 |
|
(e)
Short-term loans and advances |
1187.340 |
1273.660 |
1475.810 |
|
(f) Other
current assets |
707.250 |
1025.650 |
2.330 |
|
Total Current
Assets |
5516.910 |
7647.570 |
4906.130 |
|
|
|
|
|
|
TOTAL |
8525.930 |
10406.670 |
8757.480 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
11561.330 |
9499.990 |
9023.020 |
|
|
Other Income |
607.490 |
447.860 |
401.740 |
|
|
TOTAL |
12168.820 |
9947.850 |
9424.760 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8523.450 |
6622.090 |
6858.760 |
|
|
Purchases of
Stock-in-Trade |
46.550 |
29.880 |
26.210 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(86.210) |
146.780 |
165.840 |
|
|
Employee benefit expense |
904.190 |
833.290 |
806.070 |
|
|
CSR expenditure |
4.510 |
0.000 |
0.000 |
|
|
Other expenses |
1426.160 |
1147.140 |
933.270 |
|
|
Exceptional items |
315.710 |
0.000 |
0.000 |
|
|
TOTAL |
11134.360 |
8779.180 |
8790.150 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
1034.460 |
1168.670 |
634.610 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.610 |
27.230 |
5.910 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
937.850 |
1141.440 |
628.700 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
394.540 |
486.220 |
472.510 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
543.310 |
655.220 |
156.190 |
|
|
|
|
|
|
|
Less |
TAX |
(334.660) |
(4.440) |
4.440 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
877.970 |
659.660 |
151.750 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export Earnings (FOB basis) |
|
4368.830 |
4168.960 |
|
|
Earnings
on other income |
|
256.000 |
144.850 |
|
|
TOTAL EARNINGS |
3530.680 |
4624.830 |
4313.810 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and spare
parts |
NA |
3854.970 |
4013.550 |
|
|
Capital Goods |
NA |
36.280 |
72.760 |
|
|
TOTAL IMPORTS |
NA |
3891.250 |
4086.310 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
89.00 |
61.93 |
14.91 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1060.130 |
831.960 |
125.470 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1410.920 |
1181.200 |
(928.790) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1580.580 |
1074.940 |
(950.780) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income *
365] |
23.51 |
39.25 |
39.70 |
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
15.53 |
9.30 |
9.19 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
74.72 |
71.20 |
69.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.46 |
0.63 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.54 |
0.53 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.64 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.27 |
0.77 |
0.70 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.89 |
1.02 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.44 |
0.49 |
0.93 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
10.71 |
42.92 |
107.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.59 |
6.94 |
1.68 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.30 |
6.34 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
19.99 |
14.64 |
4.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.67 |
1.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.84 |
1.26 |
1.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.43 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.16 |
32.61 |
24.57 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.67 |
1.97 |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
106.520 |
106.520 |
89.530 |
|
Reserves & Surplus |
3634.550 |
4400.070 |
4302.270 |
|
Net
worth |
3741.070 |
4506.590 |
4391.800 |
|
|
|
|
|
|
Long-term borrowings |
2492.180 |
1241.150 |
118.000 |
|
Short term borrowings |
0.000 |
1400.000 |
0.000 |
|
Current Maturities of Long
term debt |
125.470 |
831.960 |
1060.130 |
|
Total
borrowings |
2617.650 |
3473.110 |
1178.130 |
|
Debt/Equity
ratio |
0.700 |
0.771 |
0.268 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9023.020 |
9499.990 |
11561.330 |
|
|
|
5.286 |
21.698 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9023.020 |
9499.990 |
11561.330 |
|
Profit/ (Loss) |
151.750 |
659.660 |
877.970 |
|
|
1.68% |
6.94% |
7.59% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND:
Subject is engaged in
business of manufacturing textile machinery and related parts. The Company has
manufacturing locations in Maharashtra and Tamilnadu in India.
MARKET OUTLOOK
The year 2016 started with a decent margin situation for spinners with fibre and yarn prices at reasonable levels. Fibre prices mainly cotton started to fall by March 2016 due to lower demand and parallelly yarn demand started to reduce mainly from export markets. Starting from April till middle of the year cotton prices went up. Similar trend was observed for yarns and customer confidence improved. Fibre prices further went up and surpassed the international prices leading to a low margin situation for spinners by 3rd quarter of 2016. Arrival of new crop in Oct/Nov resulted in drop of fibre prices in last quarter of 2016 even though the demand for yarn was moderate.
Tirupur market for knitted garments reported good order bookings during 2nd quarter of 2016 indicating better demand for garments and apparels in export markets. Government announce a INR 60000.000 million package for the garment industry to make them more competitive in export market and create further job opportunities. Industry welcomed the move.
Apparel and garment sector was jubilant to get such a push from the government. Investors in state of Gujarat started to execute their investment plans to complete their expansion projects before the expiry of textile policy by 1st Sept 2017. Sintex Group went ahead with their plans and Rieter could get a good share of business.
Himatsingka Linens from Bangalore also placed their orders giving a major share of their orders to Rieter. Not much investment were coming from North of India as there were no favourable textile policy compared to state of Gujarat, Maharashtra and Madhya Pradesh. Many small spinning mills in South India suffered from higher cotton prices and low margins resulting in closure of more than 100 spinning mills in this region. Government announced demonetisation in beginning Nov which suddenly impacted the entire textile value chain. The SSI sector comprising of power loom, knitting and garment sector was affected badly as most of them were doing their business on cash. Retail sales came down by 40% and textile consumption dropped to a very low level. There was no investment in last 2 months of 2016.
Even big corporates who were less affected by demonetisation were not investing. Apart from machinery business, business for parts and components were also affected very badly. The situation started to improve in 1st quarter of 2017 with most of the retail business coming back to normal level. Cash crunch situation slowly improved and the economy showed bound back tendencies towards the beginning of 2nd quarter. Spinning mills started discussing their investment plans even though new order intake in 1st quarter of 2017 was very low. The spinning machinery market remains highly competitive with almost all major suppliers starting their manufacturing base in India. Lakshmi and Truetzschler launched series of new products in India ITME exhibition held in Mumbai in Dec 2016. Rieter also made a strong presence with new Autoleveller Draw frame, in mill monitoring system and introduced "Uptime" package for preventive maintenance of machine health in spinning mills.
SHARE CAPITAL
The Equity Share Capital of the Company as on 31st March, 2017 was INR 89.531 Million. During the year Company has brought back 1,698,520 Equity Shares from Rieter Holding AG at INR 993.980 Million. The Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity during the year. As on 31st March 2017 none of the Directors of the Company hold instruments convertible into equity shares of the Company.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
Y10170693 |
90085672 |
CORPORATION BANK |
02/03/2001 |
- |
- |
5000000.0 |
INDUSTRIAL FINANCE BRANCH, PUNE MUMBAI
ROAD, VAKDEWADI-411003, MAHARASHTRA, INDIA |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other external commercial borrowings |
118.000 |
1241.150 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
1400.000 |
|
|
|
|
|
Total |
118.000 |
2641.150 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
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 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
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
UK Pound |
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business is not
traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.