MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BSH HOME APPLIANCES PRIVATE LIMITED (w.e.f. 06.09.2009) |
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Formerly Known
As : |
RBS HOME APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
C/O Siemens Training Centre, 1st Floor, Mehta Estate, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
16.09.1997 |
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Com. Reg. No.: |
11-110691 |
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Capital
Investment / Paid-up Capital : |
Rs.185.000 Millions |
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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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PAN No.: [Permanent Account No.] |
AAACB5118R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Importer and Supplier of Household Appliances. |
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No. of Employees
: |
150 (Head Office) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 657520 |
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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 established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sudesh |
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Designation : |
Sales Manager |
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Contact No.: |
91-9901027239 |
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Date : |
10.06.2011 |
LOCATIONS
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Registered Office : |
C/O Siemens Training Centre, 1st Floor, Mehta Estate, |
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Tel. No.: |
91-22-67518067/ 67518000/ 67518040 |
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Fax No.: |
91-22-67518020 |
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E-Mail : |
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Branches : |
Located At: ·
Ahmedabad ·
·
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Chennai ·
·
·
·
·
Mumbai ·
Pune ·
Pondichery |
DIRECTORS
AS ON 08.12.2010
|
Name : |
Mr. Marc Hantscher |
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Designation : |
Additional Director |
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Address : |
Oakwood Premier Mumbai, 29/1, |
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Date of Birth/Age : |
04.11.1969 |
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Date of Appointment : |
06.04.2010 |
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Name : |
Dr. Dirk Hoffmann |
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Designation : |
Director |
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Address : |
19a Bo Seng Ave, Singapore-309819 |
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Date of Birth/Age : |
25.08.1961 |
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Date of Appointment : |
07.08.2009 |
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Name : |
Mr. Heiko Scheltz |
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Designation : |
Director |
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Address : |
Poetschener 43 b 82131 Guting |
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Date of Birth/Age : |
01.05.1968 |
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Date of Appointment : |
28.09.2009 |
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Name : |
Mr. Godly Mathew |
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Designation : |
Director |
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Address : |
Flat No.- A/1001-2, Hill Side, Raheja Vihar, Tungwa, Powai, Chandvali,
Mumbai-400072, |
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Date of Birth/Age : |
30.11.1959 |
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Date of Appointment : |
02.08.2010 |
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Name : |
Mr. Vipul Balkrishna Raval |
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Designation : |
Managing Director |
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Address : |
Flat No. 205/206, 2nd Floor, Indradarshan Society, Phase-I,
Lokhandwala, 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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Date of Ceasing: |
31.03.2010 |
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Name : |
Mr. Saskia Margarete Irmgard Holz |
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Designation : |
Additional Director |
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Address : |
Rosenheimer STR 214, Munich-81669 |
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Date of Birth/Age : |
06.10.1976 |
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Date of Ceasing : |
01.09.2010 |
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Name : |
Mrs. Jagruti J Pandit |
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Designation : |
Director |
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Address : |
Building No. 16, Flat 603/604, Indra Darshan, |
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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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Date of Ceasing: |
12.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.12.2010
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Names of Shareholders |
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No. of Shares |
|
BSH Vermogensverwaltuns |
|
90 |
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BSH Bosch and Siemens Hausgeraete |
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18499910 |
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Total |
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18500000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Supplier of Household Appliances. |
GENERAL INFORMATION
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No. of Employees : |
150 (Head Office) |
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Bankers : |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai
Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
H P Patel and Associates Chartered Accountant |
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Address : |
4 Padma Society, 164, |
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Tel. No.: |
91-22-23754250/ 26713584 |
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Fax No.: |
91-22-23747542 |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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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 |
0.772 |
0.772 |
0.260 |
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4] (Accumulated Losses) |
[21.392] |
[48.349] |
[66.821] |
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NETWORTH |
164.380 |
137.423 |
118.439 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.206 |
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2] Unsecured Loans |
0.000 |
3.000 |
15.750 |
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TOTAL BORROWING |
0.000 |
3.000 |
15.956 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
164.380 |
140.423 |
134.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.964 |
5.008 |
4.544 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
1.941 |
1.135 |
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DEFERREX TAX ASSETS |
1.821 |
2.017 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
154.922
|
153.493 |
135.763 |
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Sundry Debtors |
28.811
|
43.770 |
29.594 |
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Cash & Bank Balances |
14.538
|
9.535 |
12.148 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
62.316
|
17.190 |
20.223 |
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Total
Current Assets |
260.587
|
223.988 |
197.728 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
59.165
|
45.067 |
53.851 |
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Other Current Liabilities |
19.410
|
37.981 |
7.967 |
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Provisions |
23.417
|
9.483 |
7.194 |
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Total
Current Liabilities |
101.992
|
92.531 |
69.012 |
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Net Current Assets |
158.595
|
131.457 |
128.716 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
164.380 |
140.423 |
134.395 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income (Sales and Service Income) |
532.121 |
535.740 |
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Other Income |
5.561 |
3.152 |
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TOTAL (A) |
537.682 |
538.892 |
366.995 |
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Less |
EXPENSES |
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Cost of Goods Sold |
335.236 |
349.286 |
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Personnel Expenses |
38.932 |
31.909 |
363.920 |
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Other Expenses |
126.791 |
113.223 |
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TOTAL (B) |
500.959 |
494.418 |
363.920 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.723 |
44.474 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
1.264 |
2.094 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.459 |
42.380 |
3.075 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.779 |
1.887 |
2.662 |
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PROFIT BEFORE
TAX (E-F) (G) |
33.680 |
40.493 |
0.413 |
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Less |
TAX (I) |
6.722 |
[1.217] |
0.671 |
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PROFIT AFTER TAX
(G-I) (J) |
26.958 |
41.710 |
[0.258] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[48.349] |
[66.821] |
NA |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve |
0.000 |
0.512 |
NA |
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Dividend Distribution Tax |
0.000 |
3.301 |
NA |
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|
Proposed Dividend |
0.000 |
19.425 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
[21.391] |
[48.349] |
NA |
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Basic and
Diluted Earnings Per Share (Rs.) |
1.46 |
2.25 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.01
|
7.74 |
[0.07] |
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Net Profit Margin (PBT/Sales) |
(%) |
6.33
|
7.56 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.73
|
17.68 |
0.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.29 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.70 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.42 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors – Goods |
51.702 |
27.126 |
35.989 |
|
Sundry Creditors- Expenses |
7.463 |
17.941 |
17.862 |
CHANGE OF NAME OF
THE COMPANY:
The name of the Company has been changed to BSH Home Appliances Private
Limited wef. 6TH
September, 2009. Further, the Company has obtained the Fresh Certificate
of Incorporation consequent upon the change of name.
Various object clauses as contained in the Memorandum of Association of
the Company were amended in the two Extra Ordinary General Meetings of the
members held on April 3, 2009 and August 7, 2009, respectively.
PERFORMANCE
REVIEW:
During the year under report, the net sales and service income amounted
to Rs.538 Million. The Company registered a PBT of Rs.34 Million during the year
despite foreign exchange fluctuations by enforcing strict cost control
measures. Though stiff competition and presence of large players continued to
pressurise margins, the Company made a Profit after Tax of Rs.27 Million which
is 5.01% of the total turnover of the Company. The turnover remained on the
same level as last year due to missing project business. The showrooms have
been carved out from the Company from the beginning of April, 2009
Fixed Assets:
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Demo Washers
·
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.44.72 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
29 |
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.