MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH REXROTH (INDIA) LIMITED (w.e.f. 20.06.2011) |
|
|
|
|
Formerly Known
As : |
REXROTH MANEKLAL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Taluka Dascroi, Near Vatva Railway Station, Vatva,
Ahmedabad-382445, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
18.02.1974 |
|
|
|
|
Com. Reg. No.: |
04-002468 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 52.996 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120GJ1974PLC002468 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMB00364A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9898F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Hydraulic Systems/ Valves/
Pumps. |
|
|
|
|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a subsidiary of Bosch Rexroth AG, Germany. It is a well
established company having satisfactory track. Networth of the company
appears to be sound. It has incurred a minimal loss during 2011. However, trade relations are reported as trustworthy. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
LAA (Long Term Fund Based Limits) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
November 2010 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Fund Based Limits) |
|
Rating Explanation |
Very strong degree of safety and lowest credit limit |
|
Date |
November 2010 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Desai |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-79-66132113 |
|
Date : |
14.08.2012 |
LOCATIONS
|
Registered Office : |
Taluka Dascroi, Near Vatva Railway Station, Vatva,
Ahmedabad-382445, Gujarat, India |
|
Tel. No.: |
91-79-25832837 / 66132113 |
|
Fax No.: |
91-79-25832558 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 18.06.2012
|
Name : |
Mr. Vegulaparanan Kasi Viswanathan |
|
Designation : |
Chairman |
|
Address : |
15/A1, Palace Road, Bangalore-560052, Karnataka, India |
|
Date of Birth/Age : |
20.11.1950 |
|
Date of Appointment : |
01.02.2008 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Mr. Heribert Michael Ott |
|
Designation : |
Director |
|
Address : |
Birkigstrasse 13, Lohar Germany-97816 |
|
Date of Birth/Age : |
15.10.1954 |
|
Date of Appointment : |
23.01.1999 |
|
DIN No.: |
01639234 |
|
|
|
|
Name : |
Mr. Voglsanger Martin Manfered |
|
Designation : |
Director |
|
Address : |
Am Scholzenfeld 7, Partenstein, Germany-97846 |
|
Date of Birth/Age : |
13.08.1968 |
|
Date of Appointment : |
01.12.2007 |
|
PAN No.: |
AGRPV8164F |
|
DIN No.: |
01991671 |
|
|
|
|
Name : |
Mr. Reinhard Georg Otto Albert Liebe |
|
Designation : |
Managing Director |
|
Address : |
35, amrkadamb Bunglows, Ramdev Nagar, Ahmedabad-380054, Gujarat, India
|
|
Date of Birth/Age : |
25.01.1949 |
|
Date of Appointment : |
01.07.2008 |
|
PAN No.: |
AECPL4277N |
|
DIN No.: |
02339657 |
|
|
|
|
Name : |
Mr. Karl Tragl |
|
Designation : |
Additional Director |
|
Address : |
Am Scholzenfeld 13, Partenstein, Germany-97846 |
|
Date of Birth/Age : |
05.06.1962 |
|
Date of Appointment : |
22.02.2011 |
|
DIN No.: |
03527241 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Suryakant Desai |
|
Designation : |
Secretary |
|
Address : |
302, Ashirwad, Near Alay Tower Navrangpura, Ahmedabad-380009, Gujarat,
India |
|
Date of Birth/Age : |
18.04.1954 |
|
Date of Appointment : |
01.05.2001 |
|
PAN No.: |
AAJPD6641H |
|
|
|
|
Name : |
Mr. Desai |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Shareholders
details are not available
AS ON 18.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.98 |
|
Bodies corporate |
0.22 |
|
Other top fifty shareholders |
0.83 |
|
Others |
1.93 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydraulic Systems/ Valves/
Pumps. |
PRODUCTION STATUS (AS ON : 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Hydraulic Equipments and Linear Motion Technology |
Nos. |
450000 |
352848 |
Notes:
(A)
Since licensing of products
of the Company has been discontinued, particulars of the licensed capacity have
not been furnished.
(B)
The Installed Capacity
has been certified by the Company’s management and relied upon by the Auditors,
this being a technical matter.
(C)
Production of Hydraulic
equipments excludes 65,122 Nos. (Previous Year : 77,498 Nos.) for captive use.
(D)
The company manufactures
spares, components etc., for use in the production of Hydraulic Systems as well
as for sale. As no portion of the production of such spares, components etc.,
is specifically for sales, the quantitative details of actual production is not
given.
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Deutsche Bank, H S Marg, Mumbai-400001, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028,
Maharashtra, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Holding Company : |
·
Bosch Rexroth AG, Germany |
|
|
|
|
Ultimate Holding Company : |
·
Robert Bosch GmbH, Germany |
|
|
|
|
Subsidiaries : |
·
MIVIN Engg. Technologies Private Limited, India CIN No.: - U29120KA2002PTC031230 |
|
|
|
|
Fellow Subsidiaries : |
·
Bosch Rexroth B.V., Netherlands ·
Bosch Rexroth (China) Limited, China ·
Bosch Rexroth Corporation, USA ·
Bosch Rexroth Corporation, Japan ·
Bosch Rexroth Filteration System GmbH, Germany ·
Bosch Rexroth SAS Venissieux., France ·
Bosch Rexroth LtdA., Brazil ·
Bosch Rexroth Fluidtech SAS, France ·
Bosch Rexroth PTE Limited, Singapore ·
Bosch Rexroth PTY Limited, Australia ·
Bosch Rexroth SDN BHD., Malaysia ·
Bosch Rexroth Teknik AB, Sweden ·
Bosch Limited, India ·
Bosch Rexroth Denmark A/S., Denmark ·
Bosch Chasis Systems India Limited, India ·
P.T. Bosch Rexroth, Indonesia ·
Robert Bosch Eng and Business Solution Limited,
India ·
Shanghai Bosch Rexroth Hydraulic and Auto, China ·
Bosch Rexroth Oil Controls S.P.A., Italy ·
Bosch Rexroth Electric Drives and Controls
(Shenzhen)., China ·
Bosch Rexroth Korea Limited, South Korea ·
Bosch Rexroth Mechatronics, Germany ·
Bosch Rexroth (Beijing) Hydraulic Company
Limited, China ·
Bosch Rexroth (Changzhou) Company Limited, China ·
Bosch Rexroth Otomayson Sanaye VE, Turkey ·
Bosch Automative Electronics, India ·
Bosch Electric Drive Limited, India ·
Hagglunds Drives Production AB, Sweden ·
Hagglunds Drives (India) Limited, India ·
Dalian Rexroth, China |
|
|
|
|
Entities where Key Management Personnel are able to
exercise significant influence : |
·
Bosch Rexroth Employees' Gratuity Trust Fund ·
Bosch Rexroth (India) Limited Superannuation Fund |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5299600 |
Equity Shares |
Rs.10/- each |
Rs. 52.996
Millions |
|
|
|
|
|
AS ON 18.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs. 190.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6350920 |
Equity Shares |
Rs.10/- each |
Rs. 63.509
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
52.996 |
52.996 |
52.996 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1385.483 |
1394.729 |
1199.950 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1438.479 |
1447.725 |
1252.946 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.039 |
|
|
2] Unsecured Loans |
2835.460 |
1500.000 |
700.000 |
|
|
TOTAL BORROWING |
2835.460 |
1500.000 |
700.039 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
8.684 |
|
|
|
|
|
|
|
|
TOTAL |
4273.939 |
2947.725 |
1961.669 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1109.760 |
1031.592 |
519.918 |
|
|
Capital work-in-progress |
1456.036 |
585.804 |
74.091 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
45.642 |
13.919 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1269.083
|
1004.753 |
623.194 |
|
|
Sundry Debtors |
1805.386
|
1580.865 |
1129.191 |
|
|
Cash & Bank Balances |
46.671
|
165.782 |
305.153 |
|
|
Other Current Assets |
0.683
|
0.410 |
27.947 |
|
|
Loans & Advances |
155.989
|
178.239 |
71.088 |
|
Total
Current Assets |
3277.812
|
2930.049 |
2156.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1183.131
|
1264.933 |
520.172 |
|
|
Other Current Liabilities |
310.721
|
245.081 |
161.435 |
|
|
Provisions |
121.459
|
103.625 |
107.306 |
|
Total
Current Liabilities |
1615.311
|
1613.639 |
788.913 |
|
|
Net Current Assets |
1662.501
|
1316.410 |
1367.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4273.939 |
2947.725 |
1961.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6112.937 |
4871.119 |
3579.303 |
|
|
|
Other Income |
61.628 |
75.298 |
106.646 |
|
|
|
TOTAL (A) |
6174.565 |
4946.417 |
3685.949 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
4653.144 |
3528.516 |
2402.324 |
|
|
|
Manufacturing Service Costs |
107.615 |
82.481 |
737.568 |
|
|
|
Employees Related Expenses |
574.096 |
446.414 |
0.000 |
|
|
|
Administrative, Selling and Other Expenses |
582.419 |
364.620 |
0.000 |
|
|
|
Prior Period Items |
0.000 |
(8.606) |
81.931 |
|
|
|
TOTAL (B) |
5917.274 |
4413.425 |
3221.823 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
257.291 |
532.992 |
464.126 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
160.801 |
121.827 |
81.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
96.490 |
411.165 |
382.228 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.044 |
96.989 |
66.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2.554) |
314.176 |
315.878 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.692 |
119.397 |
124.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(9.246) |
194.779 |
191.126 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
987.667 |
796.541 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1182.446 |
987.667 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10.017 |
0.000 |
93.385 |
|
|
|
Commission Earnings |
33.704 |
31.796 |
28.279 |
|
|
|
Services |
0.000 |
8.462 |
35.207 |
|
|
|
Miscellaneous Income |
0.000 |
0.000 |
16.517 |
|
|
TOTAL EARNINGS |
43.721 |
40.258 |
173.388 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
677.183 |
744.662 |
393.291 |
|
|
|
Stores & Spares |
25.221 |
21.576 |
37.705 |
|
|
|
Capital Goods |
47.262 |
29.797 |
16.692 |
|
|
|
Traded Goods |
1830.520 |
1376.922 |
942.515 |
|
|
TOTAL IMPORTS |
2580.186 |
2172.957 |
1390.203 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.74) |
35.13 |
51.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(0.15)
|
3.94 |
5.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.04)
|
6.45 |
8.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06)
|
7.90 |
11.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
2.15 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.82 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
HIGH COURT OF GUJARAT
TAX APPEAL No.
1010 of 2009
|
Status : PENDING |
( Converted from
: ST/1122/2009 ) |
CCIN No :
001092200901010 |
|
Last Listing Date: |
21/02/2011 |
|
Coram |
· HONOURABLE MR.JUSTICE
AKIL KURESHI |
|
· HONOURABLE MS
JUSTICE SONIA GOKANI |
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF INCOME TAX-I |
MRS MAUNA M BHATT for: PETITIONER(s) - 1 |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
BOSCH REXROTH (INDIA) LIMITED |
|
|
Presented On |
: 08/04/2009 |
Registered On |
: 08/04/2009 |
|
Bench Category |
: Division Bench |
District |
: Ahmedabad |
|
Case Originated From |
: Through Advocate |
Listed |
: 5 times |
|
StageName |
: For Final Hearing - Tax Matters |
||
|
Act |
INCOME-TAX ACT,
1961 |
Office Details
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
|
1 |
08/04/2009 |
Memo Of Appeal / Petition / Suit |
Mrs. Mauna M Bhatt Advocate for PETITIONER(s) - 1 |
20 |
|
2 |
17/06/2009 |
Certified Copy |
Mrs. Mauna M Bhatt Advocate for PETITIONER(s) - 1 |
6 |
|
3 |
10/01/2011 |
Vakalatnama |
Mr. Manish J Shah Advocate For Respondent(s) - 1 |
5 |
Court Proceedings
|
S. No. |
Notified Date |
CourtCode |
Stage |
Action |
Coram |
|
1 |
06/12/2010 |
11 |
For Final Hearing - Tax Matters |
Next Date |
· Honourable Mr.
Justice M.D. Shah |
|
2 |
21/02/2011 |
11 |
For Final Hearing - Tax Matters |
Fixed Rule / Admit |
· Honourable
MR.JUSTICE AKIL KURESHI |
|
· Honourable Ms
Justice Sonia Gokani |
Available Orders
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
|
1 |
Tax Appeal/1010/2009 |
Honourable Ms. Justice H. N. Devani |
30/11/2010 |
N |
N |
|
Honourable Mr. Justice H. B. Antani |
Certified Copy
|
S. No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
|
1 |
Mrs. Mauna M Bhatt |
Ordinary |
01/12/2010 |
O/50794/2010 |
30/11/2010 |
03/12/2010 |
06/12/2010 |
Delivered |
|
2 |
Mrs. Mauna M Bhatt |
Ordinary |
14/12/2010 |
O/53922/2010 |
13/12/2010 |
03/05/2011 |
- |
Notified |
|
3 |
Mrs. Mauna M Bhatt |
Ordinary |
22/02/2011 |
O/6215/2011 |
21/02/2011 |
- |
- |
Pending |
HIGH
COURT OF GUJARAT
TAX
APPEAL No. 2085 of 2010 To TAX APPEAL No. 2086 of 2010
|
Status : PENDING
|
( Converted from
: ST/2600/2010 ) |
CCIN No :
001092201002085 |
|
Last Listing
Date: |
14/06/2011 |
|
Coram |
HONOURABLE MR.JUSTICE AKIL KURESHI |
|
HONOURABLE MS JUSTICE SONIA GOKANI |
|
S.NO. |
|
Advocate On
Record |
|
1 |
COMMISSIONER OF INCOME TAX - I |
MRS MAUNA M BHATT for: PETITIONER(s) 1 |
%20LIMITED%20-%20190558%2016-Aug-2012_files/image004.gif){kind=small}
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|
1 |
BOSCH REXROTH (INDIA) LIMITED |
|
|
Presented On |
: 13/09/2010 |
Registered On |
: 13/09/2010 |
|
Bench Category |
: Division Bench |
District |
: Ahmedabad |
|
Case Originated
From |
: Through Advocate |
Listed |
: 2 times |
|
Stage Name |
: For Admission On Special Board |
||
|
Classification |
DB - Banking Matters - Baking Regulation Act,
1949 - Relating To Reserve Bank O India and Other Banks Under The Banking
Regulations Act And Other Banking Laws. |
|
|
Act |
Income-Tax Act, 1961 |
Office
Details
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
|
1 |
20/09/2010 |
Certified Copy |
Mrs. Mauna M Bhatt Advocate For PETITIONER(s) - 1 |
6 |
Court
Proceedings
|
S. No. |
Notified Date |
Court Code |
Stage |
Action |
Coram |
|
1 |
14/06/2011 |
10 |
For Admission On Special Board |
Fixed Rule / Admit |
Honourable Mr. Justice Akil Kureshi |
|
Honourable Ms Justice Sonia Gokani |
Available
Orders
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
|
1 |
TAX APPEAL/2085/2010 |
Honourable Ms Justice Sonia Gokani |
14/06/2011 |
N |
N |
|
Honourable Mr. Justice Akil Kureshi |
Certified
Copy
|
S. No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
|
1 |
Mrs. Mauna M Bhatt |
Ordinary |
15/06/2011 |
O/20877/2011 |
14/06/2011 |
22/07/2011 |
25/07/2011 |
Delivered |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
6.773 |
31.584 |
9.947 |
|
Creditors due
others |
1176.358 |
1233.349 |
510.225 |
|
TOTAL |
1183.131 |
1264.933 |
520.172 |
YEAR IN RETROSPECT
Sales of the
Company for the year 2011 were Rs.6075.85 million compared to Rs. 4,831.31
million in 2010, an increase of 25.76%. Result before Tax for the year was a
loss of Rs.2.55 million compared to a profit of Rs.314.17 million in the
previous year, after considering exceptional and non-recurring items. Material
costs as a percentage to sales increased by 3.67% to 76.69%. Profit before
interest, depreciation and taxes were 51.73% lower compared to previous year.
BUSINESS SITUATION
The year 2011 was a
difficult year in general and their Company was affected by many negative
developments in India and elsewhere in the world viz. increase in crude prices,
rupee depreciation, increase in interest rates etc. India adopted a tight
monetary policy to control inflation, with RBI raising interest rates 7 times
in 2011. This led to higher interest burden on the Company. Many economic
sectors served by the Company viz. steel, power, bulk material handling and
capital goods were adversely affected resulting into delayed off take of
products by the customers, higher inventory and higher receivables. Sudden and
steep depreciation of Indian Rupee in the second half of the year increased
cost of production and further eroded operating margins as the Company is
dependent on imported parts and components for many of its products.
SUBSIDIARY COMPANY
As MIVIN Engg.
Technologies Private Limited, Bangalore, is a subsidiary of their Company, the
audited Financial Statements of MIVIN Engg. Technologies Private Limited for the
financial year ended 31st December, 2011 pursuant to section 212 of
the Companies Act, 1956 are annexed to this Annual Report.
HAGGLUNDS DRIVES
(INDIA) PRIVATE LIMITED
Bosch Rexroth AG,
Germany, has acquired the business of Hagglunds worldwide. Consequently,
Hagglunds Drives (India) Private Limited incorporated in 1994 and having its
registered office in Pune has become a Bosch Group company. Hagglunds Drives
(India) Private Limited is engaged in the business of Hydraulic Drives. Your
Company will strive to derive benefits of synergies out of this.
The Scheme of
Amalgamation of Hagglunds Drives (India) Private Limited with Bosch Rexroth
(India) Limited from the appointed date of April 01, 2011, has been approved by
the shareholders of both the companies and submitted to the Hon´ble High Courts
of judicature at Gujarat and Mumbai for sanction under Section 391 and 394 of
the Companies Act, 1956. The Scheme will be given effect to in the financial
statements upon receipt of statutory approvals.
SANAND GREENFIELD
PROJECT
As already
informed to in the previous year, the Company purchased industrial land
admeasuring 134,828 sq. metres at Sanand near Ahmedabad. Civil Construction for
the building has started and we plan to fully commission the project in the
last quarter of 2012. The Company has spent Rs.1,276.56 million till end of
December, 2011 on land and building. The total project cost is estimated to be
Rs.2,468.3 million.
FIXED ASSETS
·
Leasehold Land
·
Freehold Land
·
Roads
·
Building
·
Plant and Machinery
·
Electric Installations
·
Furniture and Fixtures
·
Computers
·
Software
·
Vehicles
·
Jigs and Fixtures
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. 55.64 |
|
|
1 |
Rs. 87.31 |
|
Euro |
1 |
Rs. 68.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
48 |
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.