MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RBS 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 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.09.1997 |
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Com. Reg. No.: |
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
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 473752 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure and has good amount of accumulated
losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially Mr. Giriraj of the company remained non-cooperative despite several
follow-ups. |
LOCATIONS
|
Registered Office : |
C/o Siemens Training Centre, Mehta House, 1st Floor, M V
Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
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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 ·
Bangalore ·
Chennai ·
Cochin ·
Goa ·
Delhi ·
Hyderabad ·
Delhi ·
Mumbai ·
Indore, ·
Pondicherry ·
Pune |
DIRECTORS
|
Name : |
Mr. Raval
Balkrishna Vipul |
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Designation : |
Chairman Cum
Managing 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 : |
06.07.1964 |
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Date of Appointment : |
16.09.1997 |
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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
/ SHAREHOLDING PATTERN
(As on 25.12.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Raval
Balkrishna Vipul |
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1849910 |
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Ms. Jagruti
Jayraj Pandit |
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90 |
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Total |
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1850000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of
Siemens Home Appliances |
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Products : |
·
Washing
Appliances ·
Small
Appliances ·
Refrigerators ·
Spares |
GENERAL
INFORMATION
|
No. of Employees : |
60 |
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Bankers : |
·
Standard
Chartered Bank ·
Dentsche
Bank ·
State Bank
of India ·
Indian Bank ·
Oriental
Bank of Commerce ·
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 : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and Associates
Chartered
Accountant |
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Address : |
6th
Floor, Express Towers, Nariman Points, Mumbai – 400021 |
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Tel No.: |
91-22-22876485 |
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Name : |
H P Patel and Associates Chartered Accountant |
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Address : |
4 Padma Society, 164 S V Road, Vile Parle (West), Mumbai – 400056,
Maharashtra. India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs. 10/- Each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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18500000 |
Equity Shares |
Rs. 10/- Each |
Rs.185.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
185.000 |
185.000 |
185.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.259 |
0.259 |
0.259 |
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4] (Accumulated Losses) |
(66.821) |
(66.564) |
(49.576) |
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NETWORTH |
118.438 |
118.695 |
135.683 |
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LOAN FUNDS |
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1] Secured Loans |
0.206 |
0.629 |
0.661 |
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2] Unsecured Loans |
15.750 |
16.750 |
14.900 |
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TOTAL BORROWING |
15.956 |
17.379 |
15.561 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
134.394 |
136.074 |
151.244 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.544 |
6.688 |
9.623 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.135 |
0.523 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.272 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
135.763
|
143.455 |
126.387 |
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Sundry Debtors |
29.594
|
29.819 |
26.224 |
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Cash & Bank Balances |
12.147
|
22.281 |
3.071 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.223
|
14.898 |
29.342 |
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Total
Current Assets |
197.727
|
210.453 |
185.024 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
61.818
|
76.143 |
44.675 |
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Provisions |
7.194
|
5.447 |
0.000 |
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Total
Current Liabilities |
69.012
|
81.590 |
44.675 |
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Net Current Assets |
128.715
|
128.863 |
140.349 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
134.394 |
136.074 |
151.244 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
366.995 |
304.464 |
221.653 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
366.995 |
304.464 |
221.653 |
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Profit/(Loss) Before Tax |
0.413 |
(17.375) |
(22.684) |
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Provision for Taxation |
0.000 |
0.000 |
4.042 |
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Profit/(Loss) After Tax |
0.413 |
(17.375) |
(26.726) |
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Import Value |
NA |
NA |
131.610 |
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Expenditures : |
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Interests |
1.632 |
1.784 |
0.000 |
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Depreciation |
2.662 |
3.857 |
0.000 |
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Other Expenditure |
362.288 |
316.198 |
244.337 |
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Total Expenditure |
366.582 |
321.839 |
244.337 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.11
|
(5.701) |
(12.05) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.11
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(5.701) |
(10.23) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.20
|
(8.00) |
(11.65) |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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(0.15) |
(0.44) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.72
|
0.83 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
|
2.86
|
2.58 |
4.14 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
RBS HOME APPLIANCES PRIVATE LIMITED |
|
Presented By |
Mr. Madhu |
|
1) Date and description of instrument creating the change |
Dated 16.08.2005 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 Interests as applicable and Margin 2.5% Thus the import Letter of Credit (90 days usance + 30 days lead time ) limit increased from Rs.40.000 Millions to Rs.55.000 Millions |
Siemens eyes bigger share of premium refrigerators market
New
Delhi, June 9
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 India, he said, "Depending on how the Indian market
matures, they will have a re-look at the manufacturing plans."
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 India, Siemens is
eyeing a 5 per cent market share. The company also proposes to enter the direct
cool refrigerators segment with below 200-litre capacity for the mass market.
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 North India in the next five-six months.
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.42.56 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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. |
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 |
|