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MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
Note:
The registered office of the company has been shifted from 13-D, KIADB
Industrial Area, Attibele,
IDENTIFICATION DETAILS
|
Name : |
BUHLER ( |
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Registered Office : |
13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.02.1991 |
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Com. Reg. No.: |
08-011695 |
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CIN No.: [Company
Identification No.] |
U85110KA1991PTC011695 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00692G |
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PAN No.: [Permanent
Account No.] |
AAACB5987A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Food Processing Machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2831000 |
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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. 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Dipak Mane |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9845959000 |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office/ Factory : |
13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, |
|
Tel. No.: |
91-80-27820000/ 22890000 |
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Mobile No.: |
91-9845959000 (Mr. Dipak Mane) |
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Fax No.: |
91-80-27820001/ 22890001 |
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E-Mail : |
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Website : |
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Area : |
4 Acres |
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Location : |
Owned |
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Sales Office : |
Located at: Ř
Mumbai Ř
Ř
Ř
Kolkata Ř
|
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Stefan Scheiber |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Bachwiesenstrasse 3, 9500 Will, |
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Date of Birth/Age : |
05.09.1965 |
|
Date of Appointment : |
01.02.2006 |
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|
Name : |
Mr. Andreas Schachtner |
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Designation : |
Director |
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Address : |
Ruteliweg 24, Oberburen,9245 |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
30.05.2008 |
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Name : |
Mr. Dipak Mane |
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Designation : |
Managing Director |
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Address : |
# 408, Wings |
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Date of Birth/Age : |
23.11.1960 |
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Date of Appointment : |
01.11.2000 |
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Name : |
Mr. Guido Bless |
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Designation : |
Director |
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Address : |
Unterzil 22 9245, CH- Oberbuen, |
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Date of Birth/Age : |
18.02.1951 |
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Date of Appointment : |
27.11.1997 |
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Date of Ceasing : |
30.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Sarji |
|
Designation : |
Company Secretary |
|
Address : |
No.20/1, 1st Floor, 3rd Cross, |
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Date of Birth/Age : |
04.01.1978 |
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Date of Appointment : |
05.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Buhler Holding AG, |
|
9999990 |
|
Interfonda Limited, |
|
10 |
|
Total |
|
10000000 |
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Food Processing Machinery. |
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Products : |
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Exports : |
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Products : |
Food Processing Machinery |
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Countries : |
Ř
Ř
Ř
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Ř
Ř
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Terms : |
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Selling : |
Cash and Advance |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production/ Purchase |
|
Flour Milling |
Nos. |
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|
768 |
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Rice Milling |
Nos. |
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|
1892 |
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Others |
Nos. |
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|
101 |
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GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
350 (In office – 50, In factory – 300) (Approximately) |
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Bankers : |
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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 : |
12th and 13th Floor, UB City, |
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Tel. No.: |
91-81-40275000 |
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Fax No.: |
91-80-22106000 |
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Holding Company
: |
Buhler Holding AG, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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|
Note:
Of the above 9999990 equity shares are held by
Buhler Holding AG, Switzerland, the holding company, the balance being held by
nominees of Buhler AG.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
01.04.2008 to
31.03.2009 (12 Months) |
01.01.2007 to
31.03.2008 (15 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
607.659 |
426.782 |
294.973 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
707.659 |
526.782 |
394.973 |
|
|
LOAN FUNDS |
|
|
|
|
|
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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|
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TOTAL |
707.659 |
526.782 |
394.973 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
310.097 |
203.419 |
136.604 |
|
|
Capital work-in-progress |
0.838 |
53.000 |
7.552 |
|
|
Technical know-how fees |
0.000 |
0.000 |
3.256 |
|
|
|
|
|
|
|
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INVESTMENT |
41.482 |
40.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.666 |
9.184 |
9.133 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
177.905
|
254.951 |
188.592
|
|
|
Sundry Debtors |
111.547
|
87.996 |
117.568
|
|
|
Cash & Bank Balances |
517.676
|
212.146 |
166.550
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
128.490
|
120.801 |
79.511
|
|
Total
Current Assets |
935.618
|
675.894 |
552.221 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
126.079 |
111.753 |
103.504 |
|
|
Other Current Liabilities |
405.649
|
312.734 |
189.239
|
|
|
Provisions |
55.314
|
30.228 |
21.050
|
|
Total
Current Liabilities |
587.042
|
454.715 |
313.793
|
|
|
Net Current Assets |
348.576
|
221.179 |
238.428
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
707.659 |
526.782 |
394.973 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
01.04.2008 to
31.03.2009 (12 Months) |
01.01.2007 to
31.03.2008 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
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Sales and Service Income |
1437.000 |
975.000 |
973.000 |
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PROFIT AFTER TAX
|
181.000 |
132.000 |
98.536 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export at FOB Value |
99.317 |
118.204 |
167.000 |
|
|
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Commission Income |
132.249 |
94.250 |
NA |
|
|
|
Services |
38.467 |
22.595 |
NA |
|
|
TOTAL EARNINGS |
270.033 |
235.049 |
NA |
|
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IMPORTS |
|
|
|
|
|
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|
Components and Spares |
138.408 |
136.745 |
NA |
|
|
|
Sortex and milling machines |
126.959 |
97.415 |
NA |
|
|
|
Capital Goods |
6.911 |
22.845 |
NA |
|
|
TOTAL IMPORTS |
272.278 |
257.005 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
01.04.2008 to
31.03.2009 (12 Months) |
01.01.2007 to
31.03.2008 (15 Months) |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
0.86 |
0.79
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.49 |
1.76
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
01.04.2008 to
31.03.2009 (12 Months) (Rs. in millions) |
01.01.2007 to
31.03.2008 (15 Months) (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total
outstanding dues of Micro and Small Enterprises |
-- |
-- |
-- |
|
- Total
outstanding dues of creditors other than Micro and Small Enterprises |
126.079 |
111.753 |
103.504 |
BACKGROUND:
Subject was Incorporated on February 21, 1991 as a 51:49 joint venture
between Buhler Holding AG (‘Buhler AG’) and HS Nagashwaran. Sunjal Engineering
Private Limited and Democratus Investments Private Limited (‘the Indian
promoter group’) to manufacture and trade in food processing machines and its
spares and components. Over period of time, foreign collaborator (Buhler AG)
has acquired all the shares from the Indian promoter group resulting in the
company becoming 100% subsidiary of Buhler Holding AG,
FINANCIAL RESULTS
The profit alter tax for the period April 2009 to March 2010 stands at
Rs.181.000 millions as compared to Rs.132.000 millions for the previous year.
(April 2008 to March 2009).
REVIEW OF
PERFORMANCE
OPERATIONS
The order booking during the period April 2009 to March 2010 increased
to Rs.1493.000 millions as compared to Rs.1293.000 millions during the previous
year.
Sales and Service income for the year was at Rs.1437.000 millions as compared
to Rs.975.000 millions for the previous year. The Commission Income was at
Rs.132.000 millions as compared to Rs.94.000 millions for the previous year.
Exports are at Rs.99.000 millions as compared to Rs.118.000 millions in the
previous year.
The growth during 2009-10 has bean fuelled by a stable economy in the
Food Processing sector.
A new Application lab is being built at the new premises acquired last
year. The factory would also be expanded in the new premises in the year 2011.
They have expanded the office block in the existing building to accommodate the
R and D employees who would be shifting here f am the rented premises at
Electronic city.
They have scaled up their investment in the Research and Development.
The company has also applied with Department of Scientific and Industrial
Research for recognition under the Income Tax Act. They feel that their
investment In the R and D would bear fruits in the years to come.
They expect to grow around 10% in the current year over the previous
year. Prospects for the rest of the year look promising.
FINANCE
The company continues to fund its Operations entirely on its own without
any borrowings from the Banks/ others.
During the year the company has earned an interest income of Rs.23.000
millions mainly out of the Fixed Deposit.
TRADE REFERENCE:
·
Meskey and Femtee Trading Company Private Limited
FIXED ASSETS:
·
Land – Free hold
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Vehicles
·
Furniture and Fixtures
·
SAP Software
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.