MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOMBARDIER TRANSPORTATION INDIA LIMITED |
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Formerly Known As : |
ABB DAIMLER-BENZ TRANSPORTATION (INDIA) LIMITED |
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Registered Office : |
B-301-307, Somdutt Chambers, 15 – Bhikaji Cama Place, New Delhi –
110066 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.12.1995 |
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Com. Reg. No.: |
55-74938 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC074938 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing / Supply of Tap Changers,
Dbtf Breakers and Signaling Systems to Railway and to provide consultancy for
Rail Systems, Transit Systems and Mass Transit Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Pawan Bhutra |
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Designation : |
Company Secretary |
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Date : |
16.12.2008 |
LOCATIONS
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Registered Office : |
B-301-307, Somdutt Chambers, 15 – Bhikaji Cama Place, New Delhi –
110066, India |
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Tel. No.: |
91-11-2618 0340/ 41 |
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Fax No.: |
91-11-2618 6651 |
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E-Mail : |
mukesh_agarwal3@rediffmail.com |
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Website : |
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Factory 1: |
724, GIDC Industrial Estate, Phase III, Savli, Vadodara – 390013,
Gujarat, India |
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Tel. No.: |
91-265-2353068 |
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Factory 2/ Warehouse : |
Erda Road, Maneja, Vadodara – 390 013, Gujarat |
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Tel. No.: |
91-265-2648 761 / 762 |
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Fax No.: |
91-265-2649 669 |
DIRECTORS
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Name : |
Mr. Virendra P. Srivastava |
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Designation : |
Chairman cum Managing Director
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Address : |
Paras 4/52, Vishal Khand, Gomti Nagar, Lucknow – 226010, Uttar
Pradesh, India |
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Date of Birth/Age : |
01.01.1938 |
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Date of Appointment : |
27.12.1995 |
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Email : |
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Name : |
Mr. Rajeev Jyoti |
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Designation : |
Managing Director |
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Address : |
11, Productivity Road, Akota, Near Dodsal Colony, Vadodara – 390020,
Gujarat, India |
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Date of Birth/Age : |
20.05.1953 |
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Date of Appointment : |
14.12.1999 |
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Email : |
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Name : |
Mr. Kurt Gwerder |
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Designation : |
Director |
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Address : |
Rebmooserg 35-D, CH – 5200 BRUGG – 5200 |
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Date of Birth/Age : |
14.12.1952 |
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Date of Appointment : |
28.08.2008 |
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Email : |
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Name : |
Mr. Marcel Cornelis Johannes Fassbender |
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Designation : |
Additional Director |
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Address : |
Scharfschwerdt Strasse, 39-A, D – 16540, Hohen Neuendorf |
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Date of Birth/Age : |
01.12.1971 |
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Date of Appointment : |
28.08.2008 |
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Name : |
Mr. Olivier Jean Stephane Guitton |
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Designation : |
Additional Director |
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Address : |
Bombardier Transportation France SAE Place DES Ateliers –
BO – 159154, Crespin |
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Date of Birth/Age : |
02.08.1967 |
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Date of Appointment : |
28.08.2008 |
KEY EXECUTIVES
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Name : |
Mr. Pawan Bhutra |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Virendra P. Srivastava |
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2 |
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Mahesh Kumar Ahuja |
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1 |
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Rajeev Jyoti |
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1 |
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Sunil Khattar |
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1 |
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Bombardier Transportation Gmbh Germany |
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34954992 |
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Prasant Kumar Biswal |
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1 |
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Kallya Rao |
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1 |
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Total |
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34954999 |
(As on 30.09.2007)
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Category |
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Percentage
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing / Supply of Tap
Changers, Dbtf Breakers and Signaling Systems to Railway and to provide
consultancy for Rail Systems, Transit Systems and Mass Transit Systems. |
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Products : |
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Exports : |
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Products : |
Software |
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Countries : |
Germany |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Purchasing : |
L/C, Cash or Credit (up to 30 days) |
GENERAL
INFORMATION
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Suppliers : |
Bombardier Group |
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Customers : |
Indian Railway |
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No. of Employees : |
150 |
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Bankers : |
Hongkong and Shanghai Banking Corporation |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
6th
Floor, HT House, 18-20, Kasturb Gandhi Marg, New Delhi – 110001, India |
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Tel No.: |
91-11-43633000 |
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Fax No.: |
91-11-43633200 |
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Parent Company : |
Bombardier Group |
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Holding Company : |
Bombardier Transportation Gmbh Germany |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34954999 |
Equity Shares |
Rs.10/- each |
Rs.349.550 Millions |
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Note:
Of the above 34954992 shares are held by
Bombardier Transportation Gmbh Germany, the holding company and balance 7
shares are held by its nominees. The entire share capital of the holding company
is held its Bombardier Inc. Canada, the ultimate holding Company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
349.550 |
349.550 |
349.550 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1773.179 |
1334.777 |
952.568 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2122.729 |
1684.327 |
1302.118 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2122.729 |
1684.327 |
1302.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.275 |
42.882 |
49.483 |
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Capital work-in-progress |
1.989 |
10.473 |
0.390 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
71.208 |
62.527 |
74.143 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
169.695
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150.252 |
163.178 |
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Sundry Debtors |
451.070
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272.578 |
303.398 |
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Cash & Bank Balances |
1734.457
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1413.082 |
1067.694 |
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Other Current Assets |
78.184
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146.166 |
89.174 |
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Loans & Advances |
63.463
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42.685 |
34.969 |
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Total
Current Assets |
2496.869
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2024.763 |
1658.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
366.844
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325.281 |
367.519 |
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Provisions |
134.768
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131.037 |
112.792 |
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Total
Current Liabilities |
501.612
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456.318 |
480.311 |
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Net Current Assets |
1995.257
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1568.445 |
1178.102 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2122.729 |
1684.327 |
1302.118 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1936.063 |
1561.632 |
1336.146 |
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Other Income |
137.747 |
127.267 |
91.800 |
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Total Income |
2073.810 |
1688.899 |
1427.946 |
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Profit/(Loss) Before Tax |
663.036 |
583.863 |
418.457 |
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Provision for Taxation |
224.634 |
201.654 |
158.613 |
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Profit/(Loss) After Tax |
438.402 |
382.209 |
259.844 |
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Export Value |
36.826 |
13.865 |
NA |
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Import Value |
312.430 |
260.862 |
NA |
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Expenditures : |
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Administrative Expenses |
246.136 |
208.423 |
202.420 |
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Raw Material Consumed |
1079.753 |
796.633 |
670.533 |
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Interest |
0.029 |
0.742 |
0.274 |
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Personnel Expenses |
71.440 |
59.326 |
54.509 |
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Depreciation & Amortization |
13.416 |
15.931 |
12.984 |
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Other Expenditure |
0.000 |
23.981 |
68.769 |
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Total Expenditure |
1410.774 |
1105.036 |
1009.489 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
21.14
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22.63 |
18.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
34.25
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37.39 |
31.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.55
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28.24 |
24.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.35 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.24
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0.27 |
0.37 |
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Current Ratio (Current Asset/Current Liability) |
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4.98
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4.44 |
3.45 |
LOCAL AGENCY
FURTHER INFORMATION
Company Profile:
Bombardier Transportation, a global major in railway
transport, will start its manufacturing activity in India at Savli, Gujarat by the
end of this year, reports Peerzada Abrar. The manufacturing plant will start
with bogies by the fourth quarter of 2008, and metro cars by early next year
for the Delhi Metro Rail Corporation (DMRC).
Bombardier has bagged a $700 million contract from DMRC to supply 424
Bombardier MOVIA metro cars. Bombardier India managing director, Rajeev Jyoti,
said that around 600 people would be hired, along with 40 engineers, at the 160
thousand square meters facility. The work on the facility started in December 2007.
Fixed Assets:
- Land-Freehold
- Building
- Leasehold Improvements
- Plant and Machinery
- Furniture and Fittings
- Vehicles
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 records 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.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
52 |
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 |
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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. |
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 |
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