MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BSH HOME APPLIANCES PRIVATE LIMITED (w.e.f. 02.09.2009) |
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|
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Formerly Known
As : |
RBS HOME APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Arena House, Main Building, Plot No.103, Road
No.,12, MIDC, Andheri East, Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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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 |
|
|
|
|
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
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 440000 |
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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
|
Name : |
Mr. Manjunath |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-9901027239 |
|
Date : |
04.07.2012 |
LOCATIONS
|
Registered / Head Office : |
2nd Floor, Arena House, Main Building, Plot No.103, Road
No.,12, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67518067/ 67518000/ 67518040 |
|
Mobile No.: |
91-9901027239 [Mr. Manjunath] |
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Fax No.: |
91-22-67518020/ 67508020 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Branch Office : |
Located At: ·
Ahmedabad ·
·
·
Chennai ·
·
·
·
·
Mumbai ·
Pune ·
Pondichery |
DIRECTORS
AS ON 08.12.2010
|
Name : |
Mr. Marc Hantscher |
|
Designation : |
Additional Director |
|
Address : |
Oakwood Premier Mumbai, 29/1, |
|
Date of Birth/Age : |
04.11.1969 |
|
Date of Appointment : |
06.04.2010 |
|
DIN No.: |
03114489 |
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|
|
|
Name : |
Dr. Dirk Hoffmann |
|
Designation : |
Director |
|
Address : |
19a Bo Seng Ave, Singapore-309819 |
|
Date of Birth/Age : |
25.08.1961 |
|
Date of Appointment : |
07.08.2009 |
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DIN No.: |
02862491 |
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|
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|
Name : |
Mr. Heiko Scheltz |
|
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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DIN No.: |
02886046 |
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Email : |
KEY EXECUTIVES
|
Name : |
Himani Kamal |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
05.04.2010 |
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PAN No.: |
AGWPC6595L |
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|
Name : |
Mr. Manjunath |
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Designation : |
Finance Executive |
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Name : |
Mr. Sudesh |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
BSH Vermogensverwaltuns GmbH, Germany |
|
90 |
|
BSH Bosch and Siemens Hausgeraete |
|
18499910 |
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|
|
|
|
Total |
|
18500000 |
AS ON 08.12.2010
|
Equity Shares
Break Up 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 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Supplier of Household Appliances. |
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Imports : |
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Products : |
Household Appliances. |
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Countries : |
· UK ·
European Countries ·
Germany |
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Terms : |
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Selling : |
L/C / Cash and Credit |
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Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
500 (Approximately) |
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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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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Related Parties
: |
· SRM Home Solutions Private Limited ·
DJ Home Appliances Private Limited (Both ceased
to be related party from April 6, 2010) |
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Holding
Company : |
BSH Bosch undSiemens Hausgerate GmbH, Germany |
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|
Fellow
Subsidiaries (w.e.f. April 6,
2010): |
· BSH Home Appliances FZE ·
BSH Home Appliances Pte. Limited, Singapore ·
BSH Hausgerate Service GmbH ·
BSH Home Appliances (China) Company Limited, ·
BSH Home Appliances Mfg. Limited, Thailand ·
BSW Household Appliances China ·
BSH Electrical Appliances Jiangsu ·
BSH Ev Turkey ·
Siemens Electrogerate GmbH |
CAPITAL STRUCTURE
AS ON 31.03.2011
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 |
NOTE:
1.
25,000,000 equity shares of Rs.10/- each
2.
18,500,000 equity shares of Rs.10/- each fully paid
up of the above 18,499,910 shares are held by BSH Bosch undSiemens Hausgerate
GmbH, Holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
185.000 |
185.000 |
185.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(76.095) |
(41.823) |
(20.620) |
|
|
NETWORTH |
108.904 |
143.177 |
164.380 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.905 |
143.177 |
164.380 |
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
15.272 |
7.629 |
3.964 |
|
|
Capital work-in-progress |
8.691 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.300 |
3.255 |
1.821 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
264.879
|
103.370
|
154.922
|
|
|
Sundry Debtors |
81.482
|
63.655
|
28.811
|
|
|
Cash & Bank Balances |
50.760
|
32.800
|
14.538
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
41.303
|
30.935
|
62.316
|
|
Total
Current Assets |
438.424
|
230.760 |
260.587
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
303.888
|
62.022
|
59.165
|
|
|
Other Current Liabilities |
26.894
|
13.589
|
19.410
|
|
|
Provisions |
27.000
|
22.856
|
23.417
|
|
Total
Current Liabilities |
357.782
|
98.467 |
101.992
|
|
|
Net Current Assets |
80.642
|
132.293 |
158.595
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.905 |
143.177 |
164.380 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sales and Service Income) |
|
|
532.121 |
|
|
|
Other Income |
|
|
5.561 |
|
|
|
TOTAL (A) |
765.227 |
529.100 |
537.682 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
335.236 |
|
|
|
Personnel Expenses |
|
|
38.932 |
|
|
|
Other Expenses |
|
|
126.791 |
|
|
|
TOTAL (B) |
794.319 |
549.738 |
500.959 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
36.723 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
1.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.092) |
(20.638) |
35.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.085 |
1.998 |
1.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(32.177) |
(22.636) |
33.680 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
2.095 |
1.433 |
6.722 |
|
|
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|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(34.272) |
(21.203) |
26.958 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(48.349) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(21.391) |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
285.574 |
255.610 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.85) |
(1.15) |
1.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(4.48)
|
(4.28) |
5.01
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
6.33
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.09)
|
(9.50) |
12.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30)
|
(0.16) |
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.29
|
0.69 |
0.62
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
2.34 |
2.55
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. in Millions) |
||
|
Sundry Creditors |
|
|
|
|
-
Creditors Due Small Micro Enterprises |
0.000 |
0.000 |
0.000 |
|
-
Creditors Due Others |
303.888 |
62.022 |
59.165 |
|
Total |
303.888
|
62.022
|
59.165 |
|
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 |
Yes |
|
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 |
No |
|
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 |
PERFORMANCE
REVIEW:
The net sales of the
company have seen a growth of nearly 45% compared to the previous year. In
comparison to growth in the sales, the overheads have also increased
substantially for the year ended 31st March 2011 as a result of which the
company has incurred a loss.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
In respect of Value added taxes |
4.618 |
0.000 |
|
Others |
0.075 |
0.000 |
|
|
|
|
|
Total |
4.693 |
0.000 |
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 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.54.55 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
YES |
|
--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.