|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BROSE |
|
|
|
|
Registered
Office : |
Office No.202, 2nd Floor, Survey No.19/20, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.06.2006 |
|
|
|
|
Com. Reg. No.: |
11-139773 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.157.845 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35914PN2006PTC139773 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB07584D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB8958P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Automotive Products. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 620000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. 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
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Details)
|
Name : |
Ms. Roopali Kamate |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-20-30437800 |
|
Date : |
10.07.2012 |
LOCATIONS
|
Registered Office : |
Office No.202, 2nd Floor, Survey No.19/20, Panchshil Tech
Park, Hinjewadi, Pune – 411057, Maharashtra, India |
|
Tel. No.: |
91-20-30437800/ 30437801/ 30437870 |
|
Fax No.: |
91-20-30437850 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No.255, Hissa No.1/8, Village Hinjewadi, Taluka: Mulshi,
District Pune – 411033, Maharashtra, India |
DIRECTORS
(AS ON 27.09.2011)
|
Name : |
Mr. Ashwani Aggarwal |
|
Designation : |
Director |
|
Address : |
D-489, Sector- Eleven, Faridabad – 121006, Haryana, India |
|
Date of Birth/Age : |
01.03.1959 |
|
Date of Appointment : |
31.05.2010 |
|
DIN No.: |
03139415 |
|
|
|
|
Name : |
Mr. Stefan Winfried Halusa |
|
Designation : |
Director |
|
Address : |
Fliederweg 19, Ahorn, Germany 96482 |
|
Date of Birth/Age : |
19.04.1965 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
02585048 |
|
|
|
|
Name : |
Mr. Kurt Rudolph Sauernheimer |
|
Designation : |
Director |
|
Address : |
Hildburghaeuser Weg 11 D-96450 Coburg Germany D-96274 |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Appointment : |
02.06.2006 |
|
DIN No.: |
01876339 |
KEY EXECUTIVES
|
Name : |
Ms. Roopali Vikram Kamate |
|
Designation : |
Company Secretary |
|
Address : |
401, Celestia Balewadi Road, Baner, Pune – 411045, Maharashtra, India |
|
Date of Birth/ Age : |
22.07.1979 |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
ARXPK8076G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Brose International GMBH, Germany |
|
27319820 |
|
Brose Fahrzeugteile Verwaltungsgesellschaft MBH, Germany |
|
2722 |
|
|
|
|
|
Total |
|
27322542 |
(AS ON 14.05.2012)
|
Names of Allottee |
|
No. of Shares
Allotted |
|
|
|
|
|
Brose International GMBH, Germany |
|
11195308 |
|
Brose Fahrzeugteile Verwaltungsgesellschaft MBH Meerane, Germany |
|
1119 |
|
|
|
|
|
Total |
|
11196427 |
(AS ON 08.02.2012)
|
Names of Allottee |
|
No. of Shares
Allotted |
|
|
|
|
|
Brose International GMBH, Germany |
|
8051859 |
|
Brose Fahrzeugteile Verwaltungsgesellschaft MBH Meerane, Germany |
|
789 |
|
|
|
|
|
Total |
|
8052648 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automotive Products. |
|
|
|
|
Exports : |
|
|
Products : |
Automotive Products |
|
Countries : |
Asia and European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
150 (Approximately) |
|
|
|
|
Bankers : |
· State Bank of India Pune Main Branch, Maharashtra, India
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veer
Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : (As on 31.03.2010) |
· Brose International GMBH, Germany |
|
|
|
|
Fellow Subsidiary : (As on 31.03.2010) |
· Brose China Company Limited (Formerly Known as Brose Shanghai Automotive Systems Company Limited) |
|
|
|
|
Associates : (As on 31.03.2010) |
· Brose Fahrzeugteile Verwaltungsgesellschaft MBH, Meerane · Brose Fahrzeugteile GmbH and Company Kommanditgesellschaft, Coburg · Brose Fahrzeugteile GmbH and Company KG, Hallstadt, Germany · Brose Schliebsysteme GmbH and Company Kommanditgesellschaft, Germany · Brose Fahrzeugteile GmbH and Company Kommanditgesellschaft, Wurzburg |
CAPITAL STRUCTURE
(AFTER -
27.09.2011)
Authorised Capital : Rs.900.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.465.716 Millions
(AS ON 27.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45400000 |
Equity Shares |
Rs.10/- each |
Rs.454.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27322542 |
Equity Shares |
Rs.10/- each |
Rs.273.225
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45400000 |
Equity Shares |
Rs.10/- each |
Rs.454.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15784543 |
Equity Shares |
Rs.10/- each |
Rs.157.845
Millions |
|
|
|
|
|
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 |
157.845 |
84.873 |
84.873 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.830 |
4.204 |
0.000 |
|
|
4] (Accumulated Losses) |
(12.150) |
0.000 |
(1.389) |
|
|
NETWORTH |
154.525 |
89.077 |
83.484 |
|
|
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 |
0.597 |
0.671 |
|
|
|
|
|
|
|
|
TOTAL |
154.525 |
89.674 |
84.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
101.152 |
48.182 |
43.181 |
|
|
Capital work-in-progress |
2.456 |
1.058 |
0.745 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.838
|
0.000 |
0.000 |
|
|
Sundry Debtors |
16.716
|
12.129 |
21.144 |
|
|
Cash & Bank Balances |
19.330
|
17.815 |
29.469 |
|
|
Other Current Assets |
27.421
|
16.012 |
0.000 |
|
|
Loans & Advances |
28.985
|
11.858 |
6.666 |
|
Total
Current Assets |
96.290
|
57.814 |
57.279 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
40.458
|
12.701 |
12.519 |
|
|
Other Current Liabilities |
2.380
|
1.821 |
3.555 |
|
|
Provisions |
2.535
|
2.858 |
0.976 |
|
Total
Current Liabilities |
45.373
|
17.380 |
17.050 |
|
|
Net Current Assets |
50.917
|
40.434 |
40.229 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.525 |
89.674 |
84.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
Gross Turnover
including Other Income |
164.877 |
106.363 |
63.508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.724 |
22.626 |
9.442 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.618 |
13.190 |
6.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(15.894) |
9.436 |
3.189 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.460 |
3.843 |
1.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(16.354) |
5.593 |
1.503 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Service Fee |
163.988 |
106.051 |
63.220 |
|
|
TOTAL EARNINGS |
163.988 |
106.051 |
63.220 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
5.864 |
8.168 |
|
|
TOTAL IMPORTS |
NA |
5.864 |
8.168 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.04) |
0.66 |
0.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.05)
|
8.90 |
3.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.11 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.20 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
3.33 |
3.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
- Creditors Due small micro enterprises |
1.566 |
0.000 |
0.000 |
|
- Creditors Due others |
38.892 |
12.701 |
12.519 |
|
|
|
|
|
|
Total |
40.458
|
12.701 |
12.519 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
NOTE:
The Registered Office of the company has been shifted
from, 204, Sasco Bhawan, Azadpur Commercial Complex, Azadpur, Delhi – 110033,
India, to the present address w.e.f. 02.06.2011.
BUSINESS PERFORMANCE
During the
Financial year 2010-11, development teams provided Design, FEA and Electronic Development
support to Brose Group. In addition, IT team supported central IT Function at
Coburg, Germany and Purchasing team provided sourcing and supplier development
support to Brose Group. The Customer Team is set up for Business Development
and acquisition of projects from OEM’s. The Manufacturing Plant is set up at
Pune to support export and domestic customers. The plant ramp up has completed
with Window Regulators as the first product.
FIXED ASSETS:
· Computer and Data Processing Machines
· Furniture and Fixture
· Office Equipment
· Vehicles
· Plant and Machinery
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.56.02 |
|
|
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.