MIRA INFORM REPORT
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BORGWARNER
EMISSIONS SYSTEMS INDIA PRIVATE LIMITED [w.e.f.
14.11.2011] |
|
|
|
|
Formerly Known
As : |
BORGWARNER VIKAS EMISSIONS
SYSTEMS INDIA PRIVATE LIMITED [30.07.2010] ENSA VIKAS EGR
SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
16A/20, W.E.A.,
Main Ajmal Khan Road, Karol Bagh, New Delhi - 110005 |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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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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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE04365E |
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PAN No.: [Permanent Account No.] |
AABCE7232N |
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Legal Form : |
Private Limited
Liability Company |
|
Line of
Business : |
Manufacturer of EGR
Cooler Assembly and Allied Products. |
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|
No. of
Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit
Limit : |
USD 590000 |
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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. The company is progressing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be
considered normal for business dealing at usual trade terms and condition. |
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
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.
LOCATIONS
|
Registered
Office : |
16A/20, W.E.A., Main
Ajmal Khan Road, Karol Bagh, New Delhi - 110005 |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 4, 20th
Milestone, Mathura Road, Faridabad – 121006, Haryana, India |
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Tel. No.: |
91-129-4295100 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Charles Henry
Polzin |
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Designation : |
Director |
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Address : |
21610 E, Valley
Woods, Beverly Hills, Michigan 48025, United States of America |
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Date of
Birth/Age : |
09.06.1954 |
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Date of
Appointment : |
29.09.2012 |
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DIN No.: |
00254746 |
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Other
Directorship:
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Name : |
Mr. Brady Daniel
Ericson |
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Designation : |
Director |
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Address : |
334, Boundary,
Tres Pass Arden, North Carolina, Arden – 28704, U.S.A |
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Date of
Birth/Age : |
10.01.1972 |
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Date of
Appointment : |
09.04.2010 |
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DIN No.: |
03048330 |
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Name : |
Mr. Chris P Gropp |
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Designation : |
Director |
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Address : |
Auburn Hills,
Michigan, United States Of America, Na, United State Of America |
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Date of
Birth/Age : |
21.07.1964 |
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Date of
Appointment : |
29.09.2012 |
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DIN No.: |
05267039 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of
Shareholders |
|
No. of Shares |
|
BorgWarner
Emissions Systems Spain, S.L., Vigo Spain |
|
2794296 |
|
BorgWarner Spain
Holdings, S.L, Vigo Spain |
|
1862864 |
|
Total |
|
4657160 |
Equity Share
Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer of EGR
Cooler Assembly and Allied Products. |
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Products : |
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PRODUCTION
STATUS AS ON 31.03.2011
|
Particulars |
Installed Capacity |
Actual Production |
|
EGR Coolers (Nos) |
600000 |
403253 |
GENERAL INFORMATION
|
No. of
Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited,
HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra, India |
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Facilities : |
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Banking Relations : |
---- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
Building-B( 7th
And 8th Floor ), Tower-B, DLF Cyber City, Gurgaon – 122002,
Haryana, India |
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PAN No.: |
AAEFP3641G |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs 150.000.
Millions |
|
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|
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Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4657160 |
Equity Shares |
Rs.10/- each |
Rs. 46.572
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 (15 MONTHS) |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
46.572 |
46.571 |
46.571 |
|
|
2] Share Application
Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
102.188 |
40.628 |
0.000 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
(3.688) |
|
|
NETWORTH |
148.760 |
87.199 |
42.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.394 |
16.569 |
73.463 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
40.394 |
16.569 |
73.463 |
|
|
DEFERRED TAX
LIABILITIES |
11.165 |
9.195 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
200.319 |
112.963 |
116.346 |
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|
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
156.866 |
108.366 |
110.373 |
|
|
Capital
work-in-progress |
1.018 |
4.398 |
2.744 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX
ASSETS |
0.000 |
0.000 |
1.571 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
135.471 |
56.599 |
26.913 |
|
|
Sundry Debtors |
87.908 |
47.631 |
31.303 |
|
|
Cash & Bank Balances |
0.001 |
11.734 |
4.497 |
|
|
Other Current Assets |
0.159 |
0.159 |
0.000 |
|
|
Loans & Advances |
62.683 |
20.332 |
23.089 |
|
Total Current Assets |
286.222 |
136.455 |
85.802 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.755 |
84.923 |
0.000 |
|
|
Other Current Liabilities |
82.193 |
49.881 |
83.536 |
|
|
Provisions |
1.839 |
1.452 |
0.608 |
|
Total Current Liabilities |
243.787 |
136.256 |
84.144 |
|
|
Net Current Assets |
42.435 |
0.199 |
1.658 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
200.319 |
112.963 |
116.346 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 (15 MONTHS) |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
583.400 |
406.400 |
188.300 |
|
|
|
Other Income |
0.750 |
9.969 |
2.963 |
|
|
|
TOTAL
(A) |
584.150 |
416.369 |
191.263 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
452.918 |
317.991 |
142.421 |
|
|
|
Administrative
Expenses |
|
|
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|
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|
Advertising
Expenses |
|
|
|
|
|
|
TOTAL
(B) |
452.918 |
317.991 |
142.421 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
131.232 |
98.378 |
48.842 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
6.573 |
7.164 |
11.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
124.659 |
91.214 |
37.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
31.086 |
24.712 |
17.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
93.573 |
66.502 |
20.625 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.013 |
22.186 |
(1.510) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-I) (J) |
61.560 |
44.316 |
22.135 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
40.628 |
(3.688) |
(25.823) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
102.188 |
40.628 |
(3.688) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of
exports |
N.A |
1.778 |
2.398 |
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS |
N.A |
1.778 |
2.398 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
N.A |
102.475 |
53.333 |
|
|
|
Capital Goods |
N.A |
3.952 |
0.000 |
|
|
TOTAL IMPORTS |
N.A |
106.427 |
53.333 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
13.21 |
9.52 |
4.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 (15 MONTHS) |
31.12.2009 |
|
PAT / Total Income |
(%) |
10.54 |
10.64 |
11.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.04 |
16.36 |
10.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.11 |
27.16 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.63 |
0.76 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91 |
1.75 |
3.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.00 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
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 |
No |
|
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 |
---------------------- |
|
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 |
No |
NOTE : Registered Office
of the Company has been shifted from 12-A,
Shivaji Marg New Delhi – 110015 Delhi India to the present address w.e.f
05.08.2011.
GENERAL INFORMATION
BorgWarner emissions systems India Private. Limited (formerly known as
BorgWarner vikas emissions systems
India Private limited (the 'company') was incorporated on February 8,
2007 as a joint venture between vikas group
(holding 40% of share capital) and BorgWarner systems Spain s.l (formerly
known as dytech ensa spain)
(holding 60% of share capital).
During the year, BorgWarner Spain holding s.l. Has acquired 40% from
vikas Group, consequently, the company
has become a 100% subsidiary of BorgWarner group. The company is primarily
engaged in the manufacture and marketing of EGR systems and to provide technical
services and support in relation to EGR systems and its components for
automotive industries.
BUSINESS
OPERATION AND FUTURE PROSPECTS
The
industrial activity has been running successfully for passenger car EGR Coolers
during the period. During the period the Company has earned Profit (before tax)
of Rs 93.6 million (Last year of Rs 66.5 million) on a net sales of Rs 583.4
million (Last year Rs.410.3 million). This increase is mainly due to
implementation of Bharat Stage IV (BS-IV) emissions norms in major metropolitan
cities in India and new business from Mahindra, Renault Nissan for their new
models launch.
Currently
the development work is on for BS-IV and BS-V emissions norms with customers
like Ashok Leyland, Mahindra and Mahindra, General Motors, Suzuki, Renault and
several other leading automobile manufacturers for their various engine
applications / programs. The Company is also working to explore the possibility
of manufacturing complete module (Cooler with valve) of EGR cooler. Due to space
constraint at existing premises at Faridabad, The Company has already been
taken a new site on lease for 6years at IMT Manesar, Gurgaon for shifting the
complete plant by the end of 2012. This new site will take care of all the
future plans of the company.
The company
has also been working on various raw material parts localization plans, which
will contribute to make our product more competitive in the market.
FIXED ASSETS
Tangible Assets
- Leasehold Improvements
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Computers
- Vehicles
Intangible Assets
- Technical Know How
- Software
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information
has been collected from various sources including but not limited to: The
Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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.54.74 |
|
UK Pound |
1 |
Rs.89.01 |
|
Euro |
1 |
Rs.72.48 |
|
|
|
|
INFORMATION DETAILS
|
Report Prepared by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE
INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.