|
Report Date : |
12.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
VBH HOLDING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
203A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.08.2006 |
|
|
|
|
Com. Reg. No.: |
55-152086 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.49.843 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20109DL2006FTC152086 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELV07073D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV2990H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Hardware Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
203A, Triveni Plaza, 17A/57, Wea Karol Bagh, New Delhi – 110005, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
4-5, Ground Floor, Tower A, Spazedge, Sector-47, Gurgaon-Sohna Road, Gurgaon-122 002, Haryana, India |
|
Tel. No.: |
91-124-4992824 |
|
Fax No.: |
91-124-4992825 |
|
E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Gaurav Gupta |
|
Designation : |
Director |
|
Address : |
1111, Sector – A, Pocket – A, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
22.08.1977 |
|
Date of Appointment : |
30.03.2007 |
|
DIN No.: |
00691071 |
|
|
|
|
Name : |
Mr. Rainer Hribar |
|
Designation : |
Director |
|
Address : |
7, Felsenweg, Tagerwilen, Switzerland – 8274 |
|
Date of Birth/Age : |
25.03.1957 |
|
Date of Appointment : |
17.08.2006 |
|
DIN No.: |
01392016 |
|
|
|
|
Name : |
Mr. Andre Geffke |
|
Designation : |
Director |
|
Address : |
WHG-12, Jenaer Str.70, Erfurt, Germany, 99099 |
|
Date of Birth/Age : |
30.08.1967 |
|
Date of Appointment : |
29.10.2007 |
|
DIN No.: |
01871004 |
|
|
|
|
Name : |
Mr. Rajan Puri |
|
Designation : |
Managing director |
|
Address : |
F-4/25, Ground Floor, DLF City, Phase – 1, Gurgaon - 122002, Haryana,
India |
|
Date of Birth/Age : |
09.12.1966 |
|
Date of Appointment : |
10.01.2009 |
|
DIN No.: |
02320616 |
|
|
|
|
Name : |
Mr. David Phillip Grace |
|
Designation : |
Additional director |
|
Address : |
302, 3rd Floor, Block B-5, World Spa, Gurgaon – 122001,
Haryana, India |
|
Date of Birth/Age : |
02.07.1973 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No.: |
03226719 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
VBH Holding AG,
Germany |
|
4984215 |
|
Gaurav
Gupta as nominee of the company VBH Holding AG |
|
100 |
|
Total |
|
4984315 |
List of Allottees
As on 08.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
VBH Holding AG,
Germany |
|
6550000 |
As on 27.09.2010
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Trader and Importer of Hardware Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
The Royal Bank of Scotland N. V. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SPMG and Company Chartered Accountants |
|
Address : |
104A, Triveni Plaza, 17A/57, W.E.A., Karolbagh, New Delhi – 110005,
India |
|
PAN.: |
AASFS1953N |
|
|
|
|
Subsidiaries : |
·
VBH Singapore Pte. Limited ·
VBH Deutchland GmbH ·
VBH Thailand Company Limited ·
VBH Australia Private Limited ·
VBH Middle East FZCO ·
VBH Malaysia Sdn Bhd ·
VBH Kuwait General Trading Company · Guangzhou VBH Construction Hardware |
CAPITAL STRUCTURE
After 27.09.2010
Authorised Capital : Rs.120.000
Millions
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11534315 |
Equity Shares |
Rs.10/- each |
Rs.115.343
Millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4984315 |
Equity Shares |
Rs.10/- each |
Rs.49.843
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.843 |
49.843 |
16.154 |
|
|
2] Share Application Money |
0.000 |
0.000 |
9.664 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(18.333) |
(8.447) |
(3.759) |
|
|
NETWORTH |
31.510 |
41.396 |
22.059 |
|
|
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 |
31.510 |
41.396 |
22.059 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.970 |
6.133 |
2.605 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.654 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.199
|
42.283 |
16.147 |
|
|
Sundry Debtors |
11.982
|
7.105 |
1.918 |
|
|
Cash & Bank Balances |
2.935
|
0.606 |
4.932 |
|
|
Other Current Assets |
1.632
|
1.050 |
0.750 |
|
|
Loans & Advances |
0.000
|
0.109 |
0.028 |
|
Total
Current Assets |
65.748
|
51.153 |
23.775 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.267
|
17.505 |
5.104 |
|
|
Other Current Liabilities |
4.435
|
1.513 |
1.162 |
|
|
Provisions |
0.558
|
0.549 |
0.041 |
|
Total
Current Liabilities |
49.260
|
19.567 |
6.307 |
|
|
Net Current Assets |
16.488
|
31.586 |
17.468 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
8.052 |
3.677 |
0.332 |
|
|
|
|
|
|
|
|
TOTAL |
31.510 |
41.396 |
22.059 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
49.578 |
30.840 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) |
(14.261) |
(6.551) |
(3.544) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. Value) |
2.379 |
1.814 |
0.036 |
|
|
TOTAL EARNINGS |
2.379 |
1.814 |
0.036 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
0.47 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
2.61 |
3.77 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS:
During the year the company earned a turnover of Rs.49.578 Millions as
compared to previous year of Rs.30.840 Millions but due to acute competition in
the market the expenditure incurred are high thus resulting a loss of Rs.14.261
Millions as compared to previous year loss of Rs.6.551 millions. The director
are expected an upward growth in the future years.
FIXED ASSETS:
·
Furniture and Fixtures
·
Office Equipments
·
Weighting Machines
·
Machinery
·
Air Conditioner
·
Motor Vehicles
·
Computers and Software
WEBSITE DETAILS:
History
The road to becoming VBH GmbH
The Company’s origins:
1919 – the trading company Gottfried Schill KG
is founded in Stuttgart.
1952 – competitors found Schippert and Stetter
KG.
1975 – the two companies merge to become VBH
Vereinigter Baubeschlag Handel.
Steady international expansion and conversion into a public limited
company
1982 – the export business is launched with
the first Western European branches.
1987 – within Germany VBH sells its products
from its head office in Korntal-Münchingen. Sales increase six fold since the
merger in 1975.
1988 – the VBH companies are integrated into a
public limited company.
1989 – the Company is floated on the stock
exchange.
1990 – following the reunification of Germany
VBH expands its extensive sales and logistics structure to Eastern Germany and
subsequently to Eastern Europe.
1993 – VBH becomes European market leader
thanks to its steady international expansion. Further companies are acquired
and branches established in Western and Southern Europe, as well as in Russia.
1996 – VBH employs 1,652 staff worldwide and
has over 40 branches in Germany. esco Metallbaubeschläge GmbH is also integrated
into the Group.
1997 – VBH opens branches in China and
Singapore, enabling it to serve the Asian market. It also expands its presence
in Southeast Europe.
1998 – the VBH-esco Technology Centre, which develops
exclusive products for the window market together with renowned industry
partners, is founded.
2000 – VBH establishes a branch in Australia.
The transformation from trading company to
service provider
2001 – the crisis in the German construction
industry forces VBH to implement restructuring measures. By contrast, sales
outside of Germany grow steadily, particularly in Eastern and Southern Europe.
A branch is founded in Dubai, UAE.
As of 2004, VBH turns changes from a trading
company into a service provider, thus countering the market-led decline in
Germany. VBH is a key partner for many customers, whom it supports with
innovative services and solutions.
2008 – VBH employs around 3,000 staff
worldwide, achieving sales of Euro 880 million. VBH generates around 60% of its
sales outside Germany. The Company is represented by 130 branches in 40
countries.
VBH Holding India Private Limited
Subject, established in November 2006, is a
subsidiary of VBH Holding AG Germany, Europe’s largest distributor of Door and
Window hardware fittings and accessories.
In line with VBH’s core competencies, the
operations focus was toward the emerging manufacturing sector for uPVC Windows
and Doors within the country. At the point of establishing the operations, the
manufacturing of uPVC Windows and Doors was just 2 years old having been
launched in mid 2004 by a local manufacturer. Within a short space in time, VBH
established itself as the dominant supplier of uPVC hardware and accessories to
this emerging market.
After achieving success within the uPVC
segment, the operations diversified with the introduction of an Aluminium
Window Hardware range supported by its brand partner GIESSE and in combination
with its own VBH branded range. In addition, the operations expanded further
with the introduction of its own VBH branded Ironmongery range of hardware and
fittings for the large Manufacturing and Developer segment.
VBH India remains dedicated and focused toward
the various market segments and continues to strive toward providing the
customer base with a quality range of hardware and fittings for all
applications.
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.55.24 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
28 |
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.