MIRA
INFORM REPORT
|
Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOMBARDIER TRANSPORTATION INDIA LIMITED |
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|
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Formerly Known
As : |
ABB DAIMLER-BENZ TRANSPORTATION ( |
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Registered
Office : |
B-301-307, Somdutt Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.12.1995 |
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Com. Reg. No.: |
55-74938 |
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Capital Investment
/ Paid-up Capital : |
Rs.349.550
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC074938 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB04764E/ DELB04749D |
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PAN No.: [Permanent Account No.] |
AAACA5584C |
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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. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial
position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B-301-307, Somdutt Chambers, |
|
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, |
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Tel. No.: |
91-265-2353068 |
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Factory 2/ Warehouse : |
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Tel. No.: |
91-265-2648761/ 762/ 2638953 |
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Fax No.: |
91-265-2649669/ 2638951 |
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Factory 3 : |
Brown Boveri House, |
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Tel. No. : |
91-265-2353068 |
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Fax No. : |
91-265-2355891 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Virendra Prasad Srivastava |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Paras 4/52, Vishal Khand, Gomti Nagar, |
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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 |
|
Address : |
11, |
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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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|
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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 |
|
Date of
Appointment : |
28.08.2008 |
|
|
|
|
Name : |
Mr. Olivier Jean Stephane Guitton |
|
Designation : |
Additional Director |
|
Address : |
Bombardier |
|
Date of
Birth/Age : |
02.08.1967 |
|
Date of
Appointment : |
28.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Secretary |
|
Address : |
B-3/3, |
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Date of Birth/Age : |
10.11.1966 |
|
Date of Appointment : |
23.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Virendra Prasad Srivastava |
|
1 |
|
Mahesh Kumar Ahuja |
|
1 |
|
Rajeev Jyoti |
|
1 |
|
Sunil Khattar |
|
1 |
|
Bombardier Transportation Gmbh |
|
34954992 |
|
Prasant Kumar Biswal |
|
1 |
|
Satish Vinayak Danekar |
|
1 |
|
Virendra Prasad Jain |
|
1 |
|
|
|
|
|
Total |
|
34954999 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
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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GENERAL INFORMATION
|
Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
6th
Floor, HT House, 18-20, Kasturb Gandhi Marg, |
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Tel. No.: |
91-11-43633000 |
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Fax No.: |
91-11-43633200 |
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Holding/ Ultimate Company : |
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Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34954999 |
Equity Shares |
Rs.10/- each |
Rs.349.550
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
349.550 |
349.550 |
349.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2198.314 |
2136.592 |
2235.164 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2547.864 |
2486.142 |
2584.714 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
899.557 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
899.557 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3447.421 |
2486.142 |
2584.714 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2212.606 |
1230.638 |
112.821 |
|
|
Capital work-in-progress |
186.173 |
620.626 |
287.033 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
128.400 |
180.062 |
70.496 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8762.295
|
1762.458
|
313.314 |
|
|
Sundry Debtors |
1328.602
|
516.096
|
212.717 |
|
|
Cash & Bank Balances |
2789.948
|
1085.451
|
3140.350 |
|
|
Other Current Assets |
25.731
|
303.622
|
209.640 |
|
|
Loans & Advances |
1370.215
|
678.120
|
137.491 |
|
Total
Current Assets |
14276.791
|
4345.747
|
4013.512 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6693.659
|
1979.740
|
451.591 |
|
|
Other Current Liabilities |
6156.399
|
1587.289
|
1303.142 |
|
|
Provisions |
506.491
|
323.902
|
144.415 |
|
Total
Current Liabilities |
13356.549
|
3890.931
|
1899.148 |
|
|
Net Current Assets |
920.242
|
454.816 |
2114.364 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3447.421 |
2486.142 |
2584.714 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15013.891 |
2573.773 |
1974.932 |
|
|
|
Other Income |
847.631 |
176.737 |
247.598 |
|
|
|
TOTAL (A) |
15861.522 |
2750.510 |
2222.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials and Components and
Services |
12259.947 |
1308.185 |
1003.857 |
|
|
|
Personnel Expenses |
1018.864 |
341.227 |
114.438 |
|
|
|
Operating and Other expenses |
2227.596 |
1158.384 |
378.718 |
|
|
|
TOTAL (B) |
15506.407 |
2807.796 |
1497.013 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
355.115 |
(57.286) |
725.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.882 |
2.376 |
1.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
321.233 |
(59.662) |
724.207 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
227.523 |
66.177 |
18.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.710 |
(125.839) |
705.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.988 |
(27.267) |
243.245 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
61.722 |
(98.572) |
461.985 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2130.568 |
2229.140 |
1767.155 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2192.290 |
2130.568 |
2229.140 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.77 |
(2.82) |
13.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.39
|
(3.58)
|
20.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
(4.89)
|
35.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
(2.26)
|
17.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.05)
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.59
|
1.57
|
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.12
|
2.11 |
LOCAL AGENCY FURTHER INFORMATION
NATURE OF
OPERATION:
Bombardier Transportation India Limited is in the business of
manufacturing and supply of Rail Transportation Systems in the propulsion
business, the company manufactures traction / auxiliary converters, vacuum
circuit breakers, control electronics and tap changers and trades in
transformers. In the signaling business the company is engaged in the supply
and installation of signaling equipment and in the passenger and bogie
business. The company manufactures and is engaged in the supply of coaches,
bogies for metro trains.
OPERATIONS:
The Gross Block (Assets) of the company has increased to Rs 3149 million
as 31st March 2010 as compared to Rs 1942 million as on 31st March 2009 based on
various investments in capital assets during the year for Savli, Maneja and
other sites. The company kept its focus on its new investment and consequent
growth plans out of those investments.
During the Year, the company has started Delivery of Metro Trains to
DMRC from its new site at Savli. As a result of above, the company posted a
477% growth in revenues corn pared to previous year.
The main manufacturer of Electric Locomotives in Indian Railways -
Chittaranjan Locomotive Works (CLW) — retained higher production of both
3-Phase AC Electric Locomotives as well as Conventional Engines during the
year. This has resulted in higher production and dispatches of 3 phase
components to CLW. However during the year of review the propulsion site at
Maneja increased its production considerably in areas of Metro Products i.e.
MPP Converters both
With a healthy order backlog of Rs. 20.6 Billion, the company is
expected to grow rapidly in the coming years.
NEW OPPORTUNITIES
AND FUTURE PROSPECTS:
MAIN LINE (INDIAN
RAILWAY) MARKET:
With the GDP growth in Q1 FY11 at 8.8% after a Q4 FY10 growth of 8.5%,
it is expected that the economy will grow at a projected growth of 9.2% in
FY11. Amongst the sectors which are major contributors is the manufacturing
sector.
The growth in industrial production, recovery in agricultural output and
foreign trade is expected to increase Rail Freight volumes by 6.6% to 946.6 M.
Tonnes in 2010-11. This trend is also seen in terms of Indian Railways revenue
growth of 7% YoY up to July 2010. Indian Railways continues to push mega
projects like Madhepura (E-loc), Marowhara (D-loc), Dankuni (E-loc ancillary)
and Kancharapara (EMU) under the Public Private Partnership.
In addition to the above the production of Locomotives both at CLW
(E-loc) and DLW (D-loc) continues to be sustained at high levels of around 250
nos p.a., supporting high level of Propulsion equipment off take.
In addition to the above Indian Railways is also planning number of
Signaling projects in the areas of TMS for Sealdah and Howrah Zones and has
also identified four ETCS projects to upgrade signaling systems. These projects
offer significant opportunities for Bombardier Transportation in view of our
strong position in these segments.
MASS TRANSIT
MARKET:
The Company had started delivery of trains from the new Savli factory
from June 2009 and till date over sixty 4-Car trains (240 Cars) are in
commercial service on the net work of Delhi Metro supporting opening of new lines
specially from Central Secretariat Gurgaon.
Currently the company is engaged in exploring new business for Mumbai
Line Il, Hyderabad Metro and Delhi Metro Phase Ill projects. The Company enjoys
a competitive advantage because of the local manufacturing facilities
established at Savli,
The Company has also made significant progress in delivering Delhi Metro
signaling contract on time and major work has been completed supporting in
operationalising Line
Fixed Assets:
·
·
·
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,
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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.