MIRA
INFORM REPORT
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Report Date : |
20th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
RBS
HOME APPLIANCES PRIVATE LIMITED |
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Formerly Name.: |
BSH
Home Appliances Private Limited |
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Registered Office : |
C/o
Siemens Training Centre, Mehta House, 1st Floor, M V Road, Andheri
(East), Mumbai – 400093, Maharashtra, India |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
16.09.1997 |
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Com. Reg. No.: |
11-110691 |
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CIN No.: [Company
Identification No.] |
U29300MH1997PTC110691 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07484B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Distributor
of Siemens Home Appliances |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
-- |
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Status : |
Poor |
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Payment Behaviour : |
Slow
and Delayed |
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Litigation : |
Clear |
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Comments : |
The
company markets Siemens AG’s products in The
company can be considered for any business dealings on safe and secured trade
terms and conditions, in view of heavy losses. |
LOCATIONS
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Registered Office : |
C/o
Siemens Training Centre, Mehta House, 1st Floor, M |
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Tel. No.: |
91-22-56943810/55518000 |
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Mobile No.: |
91-9820039124 |
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Fax No.: |
91-22-56903321/55518020 |
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E-Mail : |
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Website.: |
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Sales
Office : |
Located
at: Ahmedabad,
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DIRECTORS
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Name : |
Mr.
Raval Balkrishna Vipul |
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Designation : |
Director
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Address : |
Flat
No. 503, Building No. 19, Mhada Oshiwara Griv, Andheri (West), Mumbai –
400053 |
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Date of Birth/Age : |
16.09.1997 |
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Date of Appointment : |
06.07.1964 |
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Name : |
Ms.
Jagruti Jayraj Pandit |
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Designation : |
Director
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Address : |
Flat
No. 305/306, Building No. 16, Indradarshan Phase – I, Office Lokhandwala,
Oshiwara, Andheri (West), Mumbai – 400053 |
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Date of Birth/Age : |
16.08.1970 |
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Date of Appointment : |
31.10.2001 |
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Name : |
Mr.
Nandini Lakshminarayan Prabhu |
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Designation : |
Director
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Address : |
Plot
No. 8, 1st Floor, Ramkrupa, Pandurangwadi, Mumbai – 400063 |
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Date of Birth/Age : |
14.06.1973 |
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Date of Appointment : |
04.03.2002 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Raval Balkrishna Vipul |
1849910 |
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Ms.
Jagruti Jayraj Pandit |
90 |
BUSINESS DETAILS
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Line of Business : |
Distributor
of Siemens Home Appliances |
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Products : |
Washing
Appliances Small
Appliances Refrigerators Spares |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
v
Standard Chartered Bank v
Dentsche Bank v
State Bank of v
Indian Bank v
Oriental Bank Centre v
Union Bank of India, Mumbai
Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023 |
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Facilities : |
Secured
Loan Loan
from ICICI Bank Limited |
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Banking Relations : |
Unknown |
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Auditors : |
S R Batliboi
& Associates Chartered
Accountant |
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Address: |
6th
Floor, |
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Tel. No.: |
91-22-22876485 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 250.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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18500000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 185.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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185.000 |
185.000 |
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2] Reserves & Surplus |
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0.259 |
0.259 |
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4] (Accumulated Losses) |
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(49.576) |
(26.726) |
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NETWORTH |
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135.683 |
158.533 |
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LOAN FUNDS |
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1] Secured Loans |
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0.661 |
0.000 |
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2] Unsecured Loans |
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14.900 |
7.500 |
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TOTAL BORROWING |
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15.561 |
7.500 |
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TOTAL |
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151.244 |
166.033 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.623 |
8.990 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
5.295 |
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DEFERREX TAX ASSETS |
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1.272 |
1.438 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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126.387 |
83.711 |
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Sundry Debtors |
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26.224 |
43.843 |
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Cash & Bank Balances |
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3.071 |
34.029 |
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Loans & Advances |
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29.342 |
35.225 |
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Total Current Assets |
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185.024 |
196.808 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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44.675 |
46.498 |
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Total Current Liabilities |
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44.675 |
46.498 |
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Net Current Assets |
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140.349 |
150.310 |
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TOTAL |
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151.244 |
166.033 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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221.653 |
281.088 |
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Profit/(Loss)
Before Tax |
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(22.684) |
(43.452) |
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Provision
for Taxation |
|
4.042 |
6.772 |
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Profit/(Loss)
After Tax |
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(26.726) |
(50.224) |
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Import
Value |
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131.610 |
110.658 |
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Total
Expenditure |
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247.257 |
329.383 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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(12.05) |
(17.86) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(10.23) |
(15.45) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(11.65) |
(21.11) |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.44) |
(0.27) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.44 |
0.34 |
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Current
Ratio (Current
Asset/Current Liability) |
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4.14 |
4.23 |
LOCAL AGENCY FURTHER INFORMATION
Directors
Report
They
launched six new products of freezers and refrigerators during the festive
season of Diwali with the launch of 270 litres direct cool models the company
increased its fortfolio to target the largest segment of the refrigerator
market.
They
also introduced which products litres 420 & 470 litres in frost free
segment. The company introduced new brand “Evolution” to market its
revolutionary range of dryers. They also fied up with Slemens AG,
The
company has expanded its operation during the past year New branches were
opened in Goa in September, 2004 and in chandigath, Haryana and
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Name of the company |
RBS
HOME APPLIANCES PRIVATE LIMITED |
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Presented By |
Mr. Madhu |
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1) Date and description of instrument creating the change |
Dated 16.08.2004 Hypothecation agreement for Rs. 38.750 Millions Hypothecation agreement for Rs. 1.250 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge in favour of the bank Washing machines, refrigerators, dish washers, kitchen appliances, toasters, irons, hair dyers etc. Belonging to or at the disposal of the borrower and which are now stored or which hereafter may from time to time be brought into or stored or be in or about the borrower’s premises or godown at andheri and at various places in India or transit and The borrower’s book – debts, outstanding, monies, deposit, receivables, claims and bills, contracts securities, investment which are now due and owing or which may at any this security becoming due and owing to the borrowers in the course of its business by any local or public body or authority |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as applicable for the import letter of credit limit of Rs. 40.000 Millions granted by the bank to the company |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
RBS
HOME APPLIANCES PRIVATE LIMITED |
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Presented By |
Mr. Madhu |
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1) Date and description of instrument creating the change |
Dated 16.08.2004 Hypothecation agreement for Rs. 38.750 Millions Hypothecation agreement for Rs. 1.250 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge in favour of the bank Washing machines, refrigerators, dish washers, kitchen appliances, toasters, irons, hair dyers etc. Belonging to or at the disposal of the borrower and which are now stored or which hereafter may from time to time be brought into or stored or be in or about the borrower’s premises or godown at andheri and at various places in India or transit and The borrower’s book – debts, outstanding, monies, deposit, receivables, claims and bills, contracts securities, investment which are now due and owing or which may at any this security becoming due and owing to the borrowers in the course of its business by any local or public body or authority |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as applicable for the import letter of credit limit of Rs. 40.000 Millions granted by the bank to the company Margin – 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated – 17.10.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge dated 16.08.2005 for Rs. 40.000 Millions has been modified by granting an additional. Importer letter of Credit limit Rs. 15.000 Millions against hypothecation by way of first charge in favour of the bank Washing machines, refrigerators, dish washers, kitchen appliances, toasters, irons, hair dyers etc. Belonging to or at the disposal of the borrower and which are now stored or which hereafter may from time to time be brought into or stored or be in or about the borrower’s premises or godown at andheri and at various places in India or transit and The borrower’s book – debts, outstanding, monies, deposit, receivables, claims and bills, contracts securities, investment which are now due and owing or which may at any this security becoming due and owing to the borrowers in the course of its business by any local or public body or authority |
Siemens eyes bigger share of premium refrigerators
market
RBS Home Appliances Private Limited
(formerly known as BSH Home Appliances Private Limited), launched a premium
range of refrigerators from the Siemens stable. RBS Home Appliances, the sole
distributor of Siemens home appliance products in the country, is looking at
almost 50 per cent growth in turnover this year. The company closed last year
with a turnover of Rs 400.000 millions.
Speaking at the launch, Mr. Vipul
Raval, Managing Director, RBS Home Appliances, said, "The company proposes
to strengthen its market share in the premium refrigerators category. Till now
the company's growth in turnover has been largely driven by the washing
machines category."
The company caters to the premium
segment of the home appliances segment, with its washing machines contributing
over 50 per cent of the turnover. Further, the company with its recent launch
in the North is looking at a 100 per cent growth in sales.
Clarifying that RBS was not a
subsidiary of Siemens', Mr. Raval said, BSH Home Appliances Private Limited,
100 per cent subsidiary of Bosch and Siemens Home Appliances Group, was granted
permission by FIPB on the condition that it would start manufacturing
activities within three years from commencement of operations. Since the same
was not started, the permission expired on 18.10.2001, after extension of one
year. Thereafter the entire shareholding of the company was transferred to
resident Indian individuals.
Pursuant to the transfer of the
entire shareholding the company, it is now an Indian private company. It also
changed its name to RBS Home Appliances Private Limited, with effect from
07.03.2002. On whether the company would review its decision to start
manufacturing in
Initially concentrating on the large
metropolitan cities like Mumbai and Chennai, it has now expanded its reach into
the northern market. The products currently available include refrigerators,
dishwashers, kitchen appliances and small appliances like food processors,
toasters, irons, and hair dryers.
The company on Wednesday unveiled
the Siemens' latest range of refrigerators with AgION technology, which is an
anti-microbial additive, offering protection against microbes that harm, decay
and destroy. The 500-litre capacity refrigerator is priced at Rs 0.044
Millions
The company offers refrigerators
only in over 300 litres capacity. The entry-level refrigerator is priced at Rs.
0.030 Millions. In the frost-free refrigerator market in
To strengthen its marketing network
in the country, RBS plans to set up exclusive Siemens outlets in the country
beside opening new branches in the country. It also plans to open five branches
in
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.21 |
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|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
21 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|