MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOCK INDIA PRIVATE LIMITED |
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Registered Office : |
77, Suryakiran Compolex, Old Padra Road, Vadodara – 390 015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.12.1996 |
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Com. Reg. No.: |
04-31223 |
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CIN No.: [Company
Identification No.] |
U36998GJ1996PTC031223 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDB00701B |
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PAN No.: [Permanent
Account No.] |
AAACB7637H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Compressors, Spares and Components |
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 100000 |
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Status : |
Satisfactory |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office / Factory: |
77, Suryakiran Compolex, Old Padra Road, Vadodara – 390 015, Gujarat,
India |
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Tel. No.: |
91-265-2336696 |
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Fax No.: |
91-265-2338794 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Dhiren Daftray |
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Designation : |
Director |
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Address : |
17, Sobhna Nagar, Syed Vasna Road, Vadodara- 390 015, Gujarat, India |
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Date of Birth/Age : |
26.06.1953 |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Etter E Wolfgang |
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Designation : |
Director |
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Address : |
15D, 72622 , Nurtingen , Germany |
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Date of Birth/Age : |
16.10.1951 |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Heinrich A Rele |
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Designation : |
Director |
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Address : |
Nurtinger , STR 5 D 72636, Frichenhausen, Germany |
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Date of Birth/Age : |
21.10.1947 |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Gunter Vollrath Rugglf |
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Designation : |
Director |
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Address : |
Luisen STR 1, 90478, Numberg, Germany |
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Date of Appointment : |
21.08.2001 |
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Name : |
Mrs. Parul Dhiren Daftary |
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Designation : |
Director |
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Address : |
17, Sobhna Nagar, Syed Vasna Road, Vadodara- 390 015, Gujarat, India |
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Date of Birth/Age : |
21.0.71957 |
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Date of Appointment : |
21.08.2001 |
KEY EXECUTIVES
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Name : |
Dinesh Mehta and Company |
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Designation : |
Company Secretary |
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Address : |
B -12 Suryanagar , Atmajyoti Ashram Road, Elora Park, Baroda – 390
023, Gujarat, India |
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Date of Birth/Age : |
91-265-2391447 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) :- |
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No. of Shares |
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Bock GmbH and Company |
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840000 |
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Mr. Dhiren C Daftary |
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159500 |
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Mrs. Parul Dhiren Daftary |
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32000 |
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Mr. Dhiren C Daftary |
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46500 |
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Ms. Esha Shiren Daftary |
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2000 |
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Mr. N R Shah |
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120000 |
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Total
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1200000 |
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Equity Share Break Up (As on 31.03.2007)
:- |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial institutions
, non residents or Overseas corporate bodies or others |
70.00 |
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Director or
relatives of Director |
30.00 |
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Total |
100.00
% |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Compressors, Spares and Components |
GENERAL
INFORMATION
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Suppliers : |
· FCM Travel Solutions India limited · Bock Kaltemaschinen GMBH · Dasarath Metals · Shree Harsh Peripherals private Limited · National Fabricators |
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Customers : |
· Electronics Agencies Madras Private Limited · Imperial Chemicals · Accelerated Freeze Fast · Bharat Heavy Electrical Limited · Kasco Environmental Systems Private Limited · MESINA · Voltas Limited · Indian Dairy Machinery Company Limited · Em Pee Bee Exports and Imports Private Limited · Defence Research and Developments Organisation · Carrier Air-Conditioning and Refrigeration Limited |
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Bankers : |
· ABN Amro Bank · Bank of Baroda, International Business Branch, Ground Floor, Suraj Plaza, Satyajigunj , Vadodara , Gujarat., India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Y Iyer and Company Chartered Accountants |
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Address : |
Flat No. 4, Bijal Apartment, Opposite Cross Word, Near Arunday Circle,
Alkauri, Vadodara – 390 007, Gujarat, India |
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Tel. No.: |
91-265-2334047 / 6452774 |
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Name 2 : |
Mr. M V Dey and Associates Chartered Accountants |
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Address : |
F -3, Yash Apartments, B/H Gautam Nagar, Race Course Circle,
Vadodara- 390 007, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2400000 |
Equity Shares |
Rs. 10/- each |
Rs. 24.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1200000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.000 millions |
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 |
12.000 |
12.000 |
12.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.815 |
4.286 |
1.844 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.815 |
16.285 |
13.844 |
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LOAN FUNDS |
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1] Secured Loans |
7.806 |
0.877 |
0.000 |
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2] Unsecured Loans |
0.000 |
5.378 |
5.185 |
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TOTAL BORROWING |
7.806 |
6.255 |
5.185 |
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DEFERRED TAX LIABILITIES |
0.741 |
0.651 |
0.674 |
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TOTAL |
28.362 |
23.191 |
19.703 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.794 |
6.524 |
5.481 |
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Capital work-in-progress |
0.093 |
0.000 |
0.792 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.004
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16.879 |
11.860 |
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Sundry Debtors |
18.003
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13.668 |
10.941 |
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Cash & Bank Balances |
0.290
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0.744 |
2.760 |
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Other Current Assets |
6.150
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3.515 |
1.593 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
40.447
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34.806 |
27.154 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.975
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18.172 |
9.928 |
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Provisions |
0.000
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0.000 |
3.861 |
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Total
Current Liabilities |
18.975
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18.172 |
13.789 |
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Net Current Assets |
21.472
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16.634 |
13.365 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.033 |
0.065 |
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TOTAL |
28.362 |
23.191 |
19.703 |
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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 |
62.984 |
55.126 |
40.710 |
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Other Income |
0.000 |
0.112 |
0.101 |
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Total Income |
62.984 |
55.238 |
40.811 |
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Profit/(Loss) Before Tax |
3.740 |
6.248 |
2.528 |
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Provision for Taxation |
0.000 |
2.225 |
0.878 |
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Profit/(Loss) After Tax |
3.740 |
4.023 |
1.650 |
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Export Value |
8.359 |
3.208 |
0.519 |
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Expenditures : |
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Financial Charges |
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0.445 |
0.409 |
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Depreciation & Amortization |
59.244 |
0.228 |
0.178 |
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Other Expenditure |
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48.317 |
37.696 |
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Total Expenditure |
59.244 |
48.990 |
38.283 |
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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 |
(%) |
5.94
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7.28 |
4.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.94
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11.33 |
6.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
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15.12 |
8.31 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.38 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.35
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1.50 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.13
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1.92 |
1.97 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
BOCK INDIA
PRIVATE LIMITED |
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Presented By |
Director |
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1) Date and
description of instrument creating the change |
Memorandum of Equitable
mortgage of factory Shed by way of deposit of title deeds dated 27.08.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
Equitable
mortgage of factory shed situated at
: 281/282
admeasuring 1502.20 Sq.mtrs in GIDC Industrial Estate, Por, Ramangamadi ,
District Baroda Land bearing Survey No. 62/P and 63/P within the village
limit of Por Taluka and District Vadodara
in the Registration district sub district Vadodara |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
To cover the working capital finance aggregating to Rs. 3.000 millions
the details of facilities are:
Together with Interest, additional Interest , liquidated damages,
commitments charges, premium of
principal payment or on redemption of
guarantee , costs, charges and expenses and other money payable under the agreement letter of sanction and
terms and conditions amended from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda, International Business Branch, Ground Floor,
Suraj Plaza, Satyajigunj , Vadodara ,
Gujarat., India |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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 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.42.86 |
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UK Pound |
1 |
Rs.83.58 |
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Euro |
1 |
Rs.66.17 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
|
45 |
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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