|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
BUHLER ( |
|
|
|
|
Registered Office : |
13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
21.02.1991 |
|
|
|
|
Com. Reg. No.: |
08-011695 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85110KA1991PTC011695 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB00692G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB5987A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Food Processing Machinery. |
|
|
|
|
No. of Employees : |
350 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3680000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track record.
Financial company is performing well. Trade relations are reported to be fair. Business is active. Payments reported
to be fair. Business is active. Payments are reported to be regular and as
per commitments. The company can be considered 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.
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 |
|
Off-credit |
D |
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.
|
Source
: CIA |
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Dipak Mane |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9845959000 |
LOCATIONS
|
Registered Office/ Factory : |
13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, |
|
Tel. No.: |
91-80-27820000/ 22890000 |
|
Mobile No.: |
91-9845959000 (Mr. Dipak Mane) |
|
Fax No.: |
91-80-27820001/ 22890001 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4 Acres |
|
Location : |
Owned |
|
|
|
|
Sales Office : |
LOCATED AT: Ø
Mumbai Ø
Ø
Ø
Kolkata Ø
|
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Stefan Scheiber |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Bachwiesenstrasse 3, 9500 Will, |
|
Date of Birth/Age : |
05.09.1965 |
|
Date of Appointment : |
01.02.2006 |
|
Din No.: |
00439642 |
|
|
|
|
Name : |
Mr. Dipak Mane |
|
Designation : |
Managing Director |
|
Address : |
# 408, Wings |
|
Date of Birth/Age : |
23.11.1960 |
|
Date of Appointment : |
01.11.2000 |
|
Din No.: |
01215889 |
|
|
|
|
Name : |
Mr. Andreas Schachtner |
|
Designation : |
Director |
|
Address : |
Ruteliweg 24, Oberburen,9245 |
|
Date of Birth/Age : |
29.07.1965 |
|
Date of Appointment : |
30.05.2008 |
|
Din No.: |
02228706 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Sarji |
|
Designation : |
Company Secretary |
|
Address : |
No.20/1, 1st Floor, 3rd Cross, |
|
Date of Birth/Age : |
04.01.1978 |
|
Date of Appointment : |
05.07.2006 |
|
Pan No.: |
AVAPS2841L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Buhler Holding AG, |
|
9999990 |
|
Interfonda Limited, |
|
10 |
|
|
|
|
|
TOTAL
|
|
10000000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Food Processing Machinery. |
|
|
|
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Actual
Production |
|
Flour Milling |
Nos. |
768 |
|
Rice Milling |
Nos. |
1892 |
|
Others |
Nos. |
101 |
GENERAL INFORMATION
|
No. of Employees : |
350 [Approximately] |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, UB City, |
|
Tel. No.: |
91-81-40275000 |
|
Fax No.: |
91-80-22106000 |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
Buhler Holding AG, Switzerland ('Buhler Holding') |
|
|
|
|
Fellow Subsidiaries : |
·
Buhler AG, Uzwil ('Buhler Uzwil') ·
Buhler GmbH, Germany ('Buhler Germany') ·
Wuxi Buhler Machinery Manufacturing Company, China
('Buhler Wuxi') ·
Buhler Sortex Limited, London ('Sortex') ·
Buhler Druckguss AG, Uzwil ('Buhler Druckguss') ·
Buhler (Shanghai) Trading Company Limited
('Buhler Shanghai') ·
Optima Pressformen GmbH and Co. KG, Germany
('Optima') ·
Buhler Equipment Engineering (Wuxi) Company
Limited, China ('Buhler Equipment') ·
Buhler (P.J.S.C), Iran ('Buhler PJSC') ·
Buhler Management AG, Switzerland ·
Buhler (Pty) Limited, Australia ·
Buhler SA, Spain ·
Buhler (Wuxi) Commerial, China ('Buhler Com') ·
Buhler Aeroglide, USA ·
Schmidt-Seeger India Private Limited, India ·
Buhler Limited, London ·
Buhler Sanmak Ind., Brazil ·
Buhler Barth AG, Germany ·
Buhler (Changzhou) Machinery Co. Limited, China |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 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 |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
820.035 |
607.659 |
426.782 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
920.035 |
707.659 |
526.782 |
|
|
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 |
33.809 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
953.844 |
707.659 |
526.782 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
467.364 |
310.097 |
203.419 |
|
|
Capital work-in-progress |
46.258 |
0.838 |
53.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
330.016 |
41.482 |
40.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
6.666 |
9.184 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
291.139
|
177.905
|
254.951 |
|
|
Sundry Debtors |
153.828
|
111.547
|
87.996 |
|
|
Cash & Bank Balances |
265.627
|
517.676
|
212.146 |
|
|
Other Current Assets |
108.996
|
76.002
|
0.000 |
|
|
Loans & Advances |
137.417
|
52.488
|
120.801 |
|
Total
Current Assets |
957.007
|
935.618
|
675.894 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
223.633
|
126.079 |
111.753 |
|
|
Other Current Liabilities |
547.488
|
405.649
|
312.734 |
|
|
Provisions |
75.680
|
55.314
|
30.228 |
|
Total
Current Liabilities |
846.801
|
587.042
|
454.715 |
|
|
Net Current Assets |
110.206
|
348.576
|
221.179 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
953.844 |
707.659 |
526.782 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Service Income |
1598.000 |
1437.000 |
975.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
212.000 |
181.000 |
132.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB Value |
285.000 |
99.317 |
118.204 |
|
|
|
Commission Income |
145.000 |
132.249 |
94.250 |
|
|
|
Services |
0.000 |
38.467 |
22.595 |
|
|
TOTAL EARNINGS |
430.000 |
270.033 |
235.049 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
NA |
138.408 |
136.745 |
|
|
|
Sortex and milling machines |
NA |
126.959 |
97.415 |
|
|
|
Capital Goods |
NA |
6.911 |
22.845 |
|
|
TOTAL IMPORTS |
NA |
272.278 |
257.005 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
21.20 |
18.10 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.83
|
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.59
|
1.49 |
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 |
Yes |
|
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 |
Yes |
|
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 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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 13-D, KIADB Industrial Area, Attibele, Bangalore – 562 107, Karnataka, India to the present address w.e.f. 01.12.2009.
BACKGROUND:
Subject was incorporated on February 21, 1991
as a 51:49 joint venture between Buhler Holding AG (‘Buhler AG’) and HS
Nagashwaran, Sunjal Engineering Private Limited and Democratus Investment
Private Limited (‘The Indian Promoter Group’) to manufacturer and trade in food
processing machines and its spares and components. Over, period of time,
foreign collaborator (Buhler AG) has acquired all the shares from the Indian
promoter group resulting in the company becoming 100% subsidiary of Buhler
Holding AG, Switzerland during the year ended December 31, 2004.
FINANCIAL RESULTS:
The profit after
tax for the period April 2010 to March 2011 stands at Rs. 212 million as
compared to Rs 181 million for the previous year. (April 2009 to March 2010).
REVIEW OF PERFORMANCE:
OPERATIONS:
The order booking
during the period April 2010 to March 2011 increased to Rs.1885.000 millions as
compared to Rs.1493.000 millions during the previous year. Sales and Service
income for the year was at Rs. 1598.000 millions as compared to Rs. 1437.000
millions for the previous year. The Commission Income was at Rs 145 million as
compared to Rs 132.000 millions for the previous year. Exports are at Rs.
285.000 millions as compared to Rs 99.000 millions in the previous year. The
growth during 2010-11 has been fuelled by a stable economy in the Food Processing
sector. The expansion of the factory premises is going on at a brisk pace and
they expect the construction work to be completed by end of December 2011. They
expect the operations in the expanded factory to start by March 2012. They have
explored opportunities in markets like Africa and Middle East and have bagged
two big export orders in countries like Nigeria (Customer - Labana Global
Ventures Limited) and Saudi Arabia (Customer- Omar Kassem Alesayi Marketing
Company Limited). The exports this year are substantially higher than the last
year. They expect to grow around 10-15% in the current year over the previous
year. Prospects for the rest of the year look promising.
FINANCE:
The company
continues to fund its operations entirely on its own without any borrowings
from the Banks / others.
During the year the company has earned an interest income of Rs 27.000
millions mainly out of the Fixed Deposit.
FIXED ASSETS:
·
Land – Free hold
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Vehicles
·
Furniture and Fixtures
·
SAP Software
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 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.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.