MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
Note : the correct name of the company is ‘Borgwarner Vikas Emissions Systems India Private
Limited’
IDENTIFICATION DETAILS
|
Name : |
BORGWARNER VIKAS EMISSIONS SYSTEMS INDIA PRIVATE LIMITED [w.e.f.
30.07.2010] |
|
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Formerly Known
As : |
ENSA Vikas EGR Systems Private Limited |
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Registered
Office : |
12-A, Shivaji Marg, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
08.02.2007 |
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Com. Reg. No.: |
55-158761 |
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Capital
Investment / Paid-up Capital : |
Rs.46.572 millions |
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CIN No.: [Company Identification
No.] |
U28910DL2007PTC158761 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is primarily engaged in business of Manufacturing and
marketing of EGR systems and to provide technical services and support in relation
to EGR systems and its components for automotive industry |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [27] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 171000 |
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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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
12-A, Shivaji Marg, |
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Tel. No.: |
91-11-42070707 |
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Fax No.: |
91-11-25451004 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 08.04.2010
|
Name : |
Mr. Praveen Agarwal |
|
Designation : |
Director |
|
Address : |
89, Sunder Nagar, |
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Date of Birth/Age : |
03.09.1953 |
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Date of Appointment : |
08.02.2007 |
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DIN : |
00036445 |
|
Other Directorship : |
Sanden Vikas ( Cin : U45202dl1982ptc014381 Pranav Vikas ( Cin : U99999dl1987ptc028569 Ecocat ( Cin : U74899dl1991ptc044234 Kenmore Vikas ( Cin : U74899dl1998ptc091512 Gallay India Private Limited Cin : U74899dl1993ptc052660 RPS Vikas Castings Private Limited Cin : U27310dl2004ptc131667 |
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Name : |
Mr. Abhimanyu Sharaff |
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Designation : |
Director |
|
Address : |
A – 11, Anand Niketan, |
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Date of Birth/Age : |
31.10.1981 |
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Date of Appointment : |
08.02.2007 |
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Din : |
00215487 |
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Other Directorship : |
RPS Vikas Castings Private Limited U27310dl2004ptc131667 Kenmore Vikas ( U74899dl1998ptc091512 |
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|
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Name : |
Mr. Giuliano Antonio Zucco |
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Designation : |
Director |
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Address : |
Via Marconi 17, Valperga, |
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Date of Birth/Age : |
09.10.1947 |
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Date of Appointment : |
08.02.2007 |
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DIN : |
00958823 |
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Name : |
Mr. Stuart Peter Kirby |
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Designation : |
Director |
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Address : |
Morade 9, Santa Cristina De Vaiona, Pontevedra, Spaiin |
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Date of Birth/Age : |
06.07.1960 |
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Date of Appointment : |
08.02.2007 |
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DIN : |
01389583 |
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|
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Name : |
Mr. Giuliana Ribet |
|
Designation : |
Director |
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Address : |
Via Roma 153-10060, |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
29.06.2009 |
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DIN : |
02680843 |
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|
|
Name : |
Mr. Marco Venesia |
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Designation : |
Director |
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Address : |
Via Alpignano 19, |
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Date of Birth/Age : |
28.05.1948 |
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Date of Appointment : |
|
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DIN : |
01215793 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.04.2010
|
Names of Shareholders |
|
No. of Shares |
|
Praveen Agarwal |
|
246186 |
|
Abhimanyu Sharaff |
|
5000 |
|
Dayco Ensa S.L. |
|
2794296 |
|
Manmohak Fin-Invest-Lease Limited, |
|
20000 |
|
Kenmore Vikas [ |
|
1551678 |
|
Rispana Leasing Finance and Investment Private Limited, |
|
40000 |
|
Total |
|
4657160 |
As on 08.04.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companies Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
34.60 |
|
Directors or relatives of Directors |
5.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in business of Manufacturing and marketing
of EGR systems and to provide technical services and support in relation to
EGR systems and its components for automotive industry |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountant |
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Address : |
C-1, Upasana, 1, |
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Joint Venture : |
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Associates : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,657,160 |
Equity Shares |
Rs.10/-each |
Rs.46.572 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
46.572 |
46.572 |
46.572 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(3.688) |
(25.823) |
(8.569) |
|
|
NETWORTH |
42.884 |
20.749 |
38.003 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.463 |
91.936 |
14.188 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
73.463 |
91.936 |
14.188 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116.347 |
112.685 |
52.191 |
|
|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
|
|
FIXED ASSETS [Net Block] |
110.373 |
124.903 |
4.646 |
|
|
Capital work-in-progress |
2.744 |
0.000 |
76.501 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.571 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.913
|
26.049 |
5.312 |
|
|
Sundry Debtors |
31.303
|
34.651 |
2.127 |
|
|
Cash & Bank Balances |
4.497
|
0.203 |
0.957 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
25.350
|
22.748 |
15.965 |
|
Total
Current Assets |
88.063
|
83.651 |
24.361 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.589
|
81.446 |
49.159 |
|
|
Other Current Liabilities |
7.946
|
14.112 |
4.043 |
|
|
Provisions |
2.869
|
0.311 |
0.115 |
|
Total
Current Liabilities |
86.404
|
95.869 |
53.317 |
|
|
Net Current Assets |
1.659
|
(12.218) |
(28.956) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116.347 |
112.685 |
52.191 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
|
|
|
|
NET SALES |
188.300 |
78.200 |
4.600 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
139.458 |
79.539 |
12.615 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
48.842 |
(1.339) |
(8.015) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.030 |
7.572 |
0.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.812 |
(8.912) |
(8.207) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.187 |
7.575 |
0.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.625 |
(16.486) |
(8.347) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.510) |
0.768 |
0.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
22.135 |
(17.254) |
(8.569) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(25.823) |
(8.569) |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3.688) |
(25.823) |
(8.569) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
NA |
3.764 |
0.464 |
|
|
TOTAL EARNINGS |
NA |
3.764 |
0.464 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
46.440 |
5.018 |
|
|
|
Capital Goods |
-- |
39.002 |
30.989 |
|
|
TOTAL IMPORTS |
NA |
85.442 |
36.007 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.75 |
(3.70) |
(4.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
11.76
|
[22.06] |
[186.28] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.95
|
[21.08] |
[181.46] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.39
|
[7.90] |
[28.77] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
[0.79] |
[0.22] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.73
|
9.05 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.87 |
0.46 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS OPERATION and FUTURE
PROSPECTS
The industrial activity
has been running successfully for 1.3jtd EGR Coolers during the year. The
Company did a turnaround this year and came in back with a profit (before tax)
of Rs 20.6 million (Last year loss of Rs 16.5 million) on a net sales of Rs
188.3 million (Last year Rs.78.2 million). This is because of higher capacity
utilized as compared to last year, based on respectable volumes from customers.
As Bharat Stage IV emission norms are going to come in April 2010, development
work is on with customers like TATA Motors, Ashok Leyland, Mahindra and
Mahindra, General Motors and several other leading automobile manufacturers for
their various engine applications / programs.
History
Ensa Vikas EGR Syatems Private Limited
has been incorporated on 08.02.2007 and is a joint venture between vikas
group [holding 40% of share capital] and Dayco Ensa [Spain [holding 60% of
Share capital, holding 2794296 numbers of equity shares of Rs.10 each]. The
company is primarily engaged in business of Manufacturing and marketing of EGR
systems and to provide technical services and support in relation to EGR
systems and its components for automotive industry
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28910DL2007PTC158761 |
|
Name of the company
|
BorgWarner Vikas
Emissions Systems India Private Limited |
|
Address of the
registered office or of the principal place of business in |
12-A, Shivaji
Marg, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10184361 |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
[West], Mumbai – 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation |
|
Date of
instrument Creating the charge |
13.05.2011 |
|
Amount secured by
the charge |
Rs.82.460
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per sanction letter or as mutually agreed. Terms of Repayment
- As per sanction letter or as mutually agreed. Margin - As per
sanction letter or as mutually agreed. Extent and
Operation of the charge - Hypothecation of the movable property |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first and exclusive charge on Term Loan and second Charge for Working
capital limits. |
|
Date of
instrument modifying the charge |
25.09.2009 |
|
Particulars of the
present modification |
The limits of the
facilities has been revised as under: 1. CC/WCDL - Rs.
30 million 2. TL - Rs. 42.46 million 3. BG - Rs. 10.00 million |
FIXED ASSETS :
- Leasehold improvements
- Data processing Equipments
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Motor Vehicle
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.