MIRA
INFORM REPORT
|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT FRITZ WERNER LIMITED |
|
|
|
|
Registered
Office : |
Peenya, Yeshwantapur PO, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.10.1961 |
|
|
|
|
Com. Reg. No.: |
08-001433 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 71.792 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1961PLC001433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00311D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5723A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Metal Cutting including Grinding Machines and Related
Accessories and Related Services. |
|
|
|
|
No. of Employees
: |
150 (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 5000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a Flagship Company of Kothari Group. It is well established company having satisfactory track record. Company’s
performance capacity is high. General financial position of the company is strong. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Long term limits) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 (Short term limits) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
February, 2012 |
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 : |
Peenya, Yeshwantapur PO, |
|
Tel. No.: |
91-80-28395745 / 39821100 |
|
Fax No.: |
91-80-28394816 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office, Administration and International Business Division : |
Off |
|
Tel. No.: |
91-80-28395745/ 39821100 |
|
Fax No.: |
91-80-28394816 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
206, Runwal Commercial Complex, LBS Marg, Mulund (West), Mumbai –
400080, Maharashtra, India |
|
Tel. No.: |
91-22-25653362/ 58 |
|
Fax No.: |
91-22-25653392 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Also Located at: v v Chennai v v v v Kolkata v New
Delhi v
v
v v Pune |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Narendra Nath Upadhyay |
|
Designation : |
Whole – time Director |
|
Address : |
Flat B-102, Wellington Park Apartments, Richmond Town, Bangalore – 560 025, Karnataka, India |
|
Date of Birth/Age : |
01.11.1946 |
|
Qualification : |
M.com Member of ACS (Institute of Company Secretaries of India) Member of ICSA(The Institute of Chartered Secretaries and Administrators, London) |
|
Date of Appointment : |
25.11.2010 |
|
DIN No.: |
00033678 |
|
|
|
|
Name : |
Mr. Shailesh Rajnikant Sheth |
|
Designation : |
Director |
|
Address : |
Shakuntala School Building, Flat No.2, First Floor, 38, Maharshi Karve Marg, Marine Lines, Mumbai – 400 020, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1946 |
|
Qualification : |
B.com, Post Graduate Diploma in Business Administration-Indian Institute of Management |
|
Date of Appointment : |
01.12.2003 |
|
DIN No.: |
00041713 |
|
|
|
|
Name : |
Mrs. Prabhawati Devi Kothari |
|
Designation : |
Director |
|
Address : |
Kothari Niwas, 6B, Penn Road, Kolkata – 700 027, West Bengal, India |
|
Date of Birth/Age : |
10.09.1957 |
|
Qualification : |
B.com |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
00051860 |
|
|
|
|
Name : |
Mr. Arun Kumar Kothari |
|
Designation : |
Chairman |
|
Address : |
Kothari Niwas, 6B, Penn Road, Kolkata – 700 027, West Bengal, India |
|
Date of Birth/Age : |
10.07.1953 |
|
Qualification : |
B.com |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
00051900 |
|
|
|
|
Name : |
Mr. Sunil Vasantrao Diwakar |
|
Designation : |
Director |
|
Address : |
C-002, Shreeji Ville, Opposite Nitin Company, Almeda Road, Panchpakhadi, Thane (West) – 400 602, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1963 |
|
Date of Appointment : |
28.07.2008 |
|
DIN No.: |
00089266 |
|
|
|
|
Name : |
Mr. Ajit Khandelwal |
|
Designation : |
Director |
|
Address : |
4B, Ashok Towers, 11A, Palm Avenue, Kolkata – 700 019, West Bengal, India |
|
Date of Birth/Age : |
10.11.1957 |
|
Qualification : |
Bachelor of Engineering (Mechanical) Master of Technology- IIT, Chennai Post Graduate Diploma In International Management |
|
Date of Appointment : |
07.12.2006 |
|
DIN No.: |
00416445 |
|
|
|
|
Name : |
Mr. Vivek Narayan Joshi |
|
Designation : |
Director |
|
Address : |
Flat No.22, 2nd Floor, Chapel Road, Raj Flavia Building, Near Lialawati Hospital, Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1963 |
|
Qualification : |
Bachelor of Technology in Chemical Engineering- IIT, Mumbai Master of Science in Chemical Engineering- University of South Florida One Year P.G. Diploma in Management, IIM, Ahmedabad |
|
Date of Appointment : |
29.07.2009 |
|
DIN No.: |
02629672 |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Nath Upadhaya |
|
Designation : |
Secretary |
|
Address : |
Flat B 102, Wellingtonpark Apartments, Wellington Street, Richmond
Town, Bangalore-560025, Karnataka, India
|
|
Date of Birth/Age : |
01.11.1946 |
|
Date of Appointment : |
08.11.1978 |
|
PAN No.: |
AAJPU4331R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Equity Shareholders |
No. of Shares |
|
Kothari and Company Private Limited, |
5350000 |
|
Kothari Giridhar Das |
43000 |
|
Commercial House Private Limited, |
3300000 |
|
Kothari Investment and Industries Private Limited, |
5412928 |
|
M.D. Kothari and Company Limited, |
1796800 |
|
Vishnuhari Investment and Properties Limited, |
1837550 |
|
Kothari Devi Prabhawati |
4000000 |
|
Kothari Kumar Arun |
18600 |
|
Kotak Mahindra Trusteeship Services Limited, A/C India Growth Fund, A
Unit Scheme of Kotak Seaf India Fund |
2120561 |
|
Kotak Mahindra Trusteeship Services Limited, A/C India Growth Fund, A
Unit Scheme of Kotak Seaf India Fund |
1000 |
|
IL and FS Trust Company Limited, A/c IL and FS Private Equity Trust –
Leverage India Fund |
1979191 |
|
IL and FS Trust Company Limited, A/c IL and FS Private Equity Trust –
Leverage India Fund |
1000 |
|
Trustees of IVC Employees Welfare Trust, India |
141370 |
|
TOTAL
|
26002000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Kotak Mahindra Trusteeship Services Limited, A/C India Growth Fund, A
Unit Scheme of Kotak Seaf India Fund |
4946976 |
|
IL and FS Trust Company Limited, A/c IL and FS Private Equity Trust –
Leverage India Fund |
4946976 |
|
TOTAL
|
9893952 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Venture capital |
39.38 |
|
Bodies corporate |
49.30 |
|
Directors or relatives of Directors |
11.32 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Metal Cutting including Grinding Machines and Related
Accessories and Related Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Bank of India, Midcorporate branch, 1st
Floor, Bank of India building, No. 11, kempe Gowda Road, Bangalore – 560 009,
Karnataka, India ·
State Bank of India, Specialised MID Corporate
Branch, No.97, Railway Parallel Road, Kumarapark West, Bangalore – 560 020,
Karnataka, India ·
Axis Bank Limited, Corporate banking Branch,
Express Building, 2nd Floor, No.1, Queen’s Road, Bangalore – 560
001, Karnataka, India ·
Canara Bank, Industrial Finance Branch, No.83,
Richmond Road, Bangalore – 560 025, Karnataka, India ·
HDFC Bank Limited, Airport Road,
Bangalore-560016, Karnataka, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, "UB City" Canbera
Block, No.24, Vittal |
|
Tel. No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
PAN
: |
AABFS3421N |
|
|
|
|
Subsidiaries : |
· Bharat Fritz Werner GmbH, Germany · Matec Maschinenbau GmbH, Germany · Microsys Design Lab Pte. Limited, Singapore · Bharat fritz Werner GmbH, Germany · Bangalore Agrotech Limited CIN No.: U85110KA1994PLC016420 · Excel Precision Manufacturing Limited CIN No.: U27101KA1978PLC003395 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs. 2/- each |
Rs. 180.000 millions |
|
10000000 |
Preference Shares |
Rs. 2/-each |
Rs. 20.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26002000 |
Equity Shares |
Rs. 2/- each |
Rs. 52.004
millions |
|
9893952 |
Preference Shares |
Rs.2/- each |
Rs. 19.788
millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 71.792 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
71.792 |
71.792 |
71.792 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1192.358 |
1057.600 |
841.215 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1264.150 |
1129.392 |
913.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
662.852 |
118.771 |
375.630 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
662.852 |
118.771 |
375.630 |
|
|
DEFERRED TAX LIABILITIES |
45.013 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1972.015 |
1248.163 |
1288.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
745.812 |
702.379 |
717.829 |
|
|
Capital work-in-progress |
7.387 |
0.959 |
23.878 |
|
|
|
|
|
|
|
|
INVESTMENT |
1118.374 |
389.725 |
223.724 |
|
|
DEFERREX TAX ASSETS |
0.000 |
31.932 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1115.449
|
581.852
|
438.027
|
|
|
Sundry Debtors |
368.544
|
479.028
|
246.049
|
|
|
Cash & Bank Balances |
69.626
|
58.482
|
382.941
|
|
|
Other Current Assets |
2.881
|
0.225
|
9.287
|
|
|
Loans & Advances |
724.305
|
299.714
|
207.046
|
|
Total
Current Assets |
2280.805
|
1419.301
|
1283.350 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1371.234
|
879.523
|
589.507
|
|
|
Other Current Liabilities |
689.097
|
321.052
|
303.574
|
|
|
Provisions |
120.032
|
95.558
|
67.063
|
|
Total
Current Liabilities |
2180.363
|
1296.133
|
960.144 |
|
|
Net Current Assets |
100.442
|
123.168
|
323.206 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1972.015 |
1248.163 |
1288.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4477.354 |
3398.776 |
1975.161 |
|
|
|
Other Income |
33.329 |
33.433 |
51.907 |
|
|
|
TOTAL (A) |
4510.683 |
3432.209 |
2027.068 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
3020.508 |
2057.585 |
|
|
|
|
Employee benefit
expense |
690.210 |
518.282 |
|
|
|
|
Other Expense |
681.166 |
505.824 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(266.778) |
55.229 |
|
|
|
|
TOTAL (B) |
4125.106 |
3136.920 |
2084.558 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
385.577 |
295.289 |
(57.490) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
75.242 |
27.036 |
53.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
310.335 |
268.253 |
(111.243) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.972 |
65.861 |
65.342 |
|
|
|
|
|
|
|
|
|
|
Exceptional
income expenses |
0.000 |
0.000 |
(266.736) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
241.363 |
202.392 |
(443.321) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
85.745 |
(30.735) |
(62.605) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
155.618 |
233.127 |
(380.716) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
323.565 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
155.618 |
233.127 |
(57.151) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
230.938 |
30.627 |
18.381 |
|
|
TOTAL EARNINGS |
230.938 |
30.627 |
18.381 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
893.448 |
588.381 |
NA |
|
|
|
Capital Goods |
0.801 |
2.005 |
NA |
|
|
TOTAL IMPORTS |
894.249 |
590.386 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.76 |
8.79 |
(14.78) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.45
|
6.79 |
(18.78) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.39
|
5.95 |
(22.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.97
|
9.54 |
(22.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.18 |
(0.49) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52
|
0.11 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.10 |
1.34 |
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 |
Yes |
|
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 involved in |
Yes |
|
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 |
Yes |
LITIGATION DETAILS
|
High Court of Karnataka - Principal Bench
at Bangalore |
|
WP 21144/2012 |
|
Petitioner/Appnt. Name |
Bharat Ffritz Werner Karmika Sangha |
|
Respondent/Defnt. Name |
Bharat Fritz Werner Limited |
|
Petnr./Appnt. Advocate |
K S Subrahmanya |
|
Respnt./Defnt. Advocate |
AYN Gupta |
|
Date Filed |
25.06.2012 Classification: L (RES) |
|
District |
Bangalore City |
TURNOVER AND PROFITS
The turnover of the Company registered an all time high of Rs.4477.35 millions. The profit after tax (PAT) for the period stood at Rs.155.61 Million. A number of new initiatives were taken during the year, such as war on waste, design optimization, value engineering, productivity enhancement, etc. to achieve this profit.
FUTURE PROSPECTS
The manufacturing sector is passing through a phase of slowdown for capital goods in general and machine tools in particular. The weakening industrial growth affected by an uncertain global environment (fuelled by Euro Zone crisis internationally) has impacted demand for capital goods. The global economic and financial crisis is having a dampening effect on Indian manufacturing. There is a dark mood in the advanced economies, especially in Europe, which will have an adverse impact on the expansion of these markets for India’s exports, in terms of goods as well as services. To sum up, difficult days are ahead. Integrated decision making by the Government in the form of a stimulus will help industrial growth and creation of
OVERSEAS ACQUISITION
The Company completed acquisition of 90% ownership of Matec Maschinenbau GmbH (Matec) of Germany. With this acquisition, the combined synergy of both the companies will add significantly to their growth. The financial year of Matec Maschinenbau GmbH was changed from 1st July to 30th June, to 1st July to 31st March (the first such change of financial year being 1st July,2011to 31st March,2012), in order that both Bharat Fritz Werner Limited as well as Matec have the same financial year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U85110KA1961PLC001433 |
|
Name of the company |
BHARAT FRITZ WERNER LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Peenya, Yeshwantapur PO, Bangalore – 560 022, Karnataka, India E-Mail: bfw@bfw.co.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80007544 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Canara Bank, Industrial Finance Branch, No.83, Richmond Road,
Bangalore – 560 025, Karnataka, India E-mail: mgrcb1927adv@canarabank.com
|
|
Nature of instrument creating charge |
Further Mortgage Deed |
|
Date of instrument Creating the charge |
03.11.2012 |
|
Amount secured by the charge |
Rs. 555.050 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As may be prescribed by bank from time to time Terms of Repayment As applicable to respective credit limit Margin As per bank norms Extent and Operation of the charge The charge shall operate to the
extent of the loan amount plus interest commission costs expenses and other
charges thereon Others The charge in respect of Property No.(a) shall rank pari passu among
Canara Bank, Bank of India and Axis Bank Limited and No.(b) and (c) shall
rank pari passu between Canara Bank and Bank of India Charge in respect of Axis Bank Limited and Bank of India are
registered under separate charge ids (as the limits are extended by the banks
under Multiple Banking Arrangement) |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Equitable mortgage of immovable properties of the company with all
buildings and other structures/fixtures thereon (existing and to be
constructed) at (a) Sy.No.49 1 acre, 49/2 2 acre 10 guntas 49/2 1 acre 30
guntas 49/3 2 acres, 49/4 2 acre, 49/5 2 acres, 49/6 2 acres, 49/7 2 acres,
49/8 2 acres, 49/9 1 acre 26 guntas at
Peenya, Bangalore (i)Sy.No.303 (part) 304 (part) 360 sq.ft. Unit Nos. 207 and 224,
Bombay Agra Road, Mulund, Mumbai, (ii) Sy.No.303 (part), 304 (part) CTS
No.883 360 sq.fts. Unit No.s 206 and 223, Bombay Agra Road, Mulund, Mumbai,
(iii) Sy.No.303 (part) 304 (part) CTS no.883 30 sq. fts Unit No.209 and 226,
Bombay Agra Road, Mulund, Mumbai, (iv) Sy.No.303 (Part) 304 (Part) CTS No.883
360 sq.ft. Unit No.208 and 225, Bombay Agra Road, Mulund, Mumbai 0.97% undivided share out of all that piece and parcel of land
situated at Door No.560, 561 and 562 Anna Salai (Mount Road) Madras 500018
comprised in R.S.No.1413/1 and 1413/2 Teynampet village in Block No.28 in the
Sub-Registration District of Thousand Lights and the Registration District of
Madras South, totalling an extent of about 5,177 sq.meters together with the
office premises in fourth floor unit No.4-Q |
|
Date of instrument modifying the charge |
02.05.2012 |
|
Particulars of the present modification |
By the above, the charge amount of Rs.555.005 millions is additionally
secured by immovable properties of the company at Peenya, Bangalore, Bombay
Agra Road, Mulund, Mumbai and Anna Salai, Madras morefully described in
Sl.No.15 above Further the charge on the properties shall be share pari passu
among Canara Bank, Axis Bank Ltd. and Bank of India in the manner stated
above. Also SBI who were part of MBA go out and instead BOI now join the same (all other terms and conditions remain unchanged) |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer equipments
v
Intangible
Assets
· Computer software
· Patterns
WEB DETAILS
PRESS RELEASE
BHARAT FRITZ WERNER TO INVEST
RS 3500.000 MILLIONS ON EXPANSION
BANGALORE, JAN. 25
Machine tools
company Bharat Fritz Werner (BFW), will invest Rs 3500.000 millions over a
period of five years to expand its operations which includes setting up a new
plant and restructuring its aerospace business.
The company also
plans to grow inorganically and is in talks with a few companies in Europe in
the aerospace and medical equipment sector for acquisition.
BFW Vice-Chairman,
Mr. S.N. Mishra, told newspersons here on Tuesday that the company wants to
expand capacities to cash in on the emerging opportunities in the automobile as
well as aerospace sectors. He said the Rs 30000.000 millions domestic machine
tool industry is expected to grow to Rs 550000.000 millions by 2020.
He said through
these measures, the company expects to post a turnover of Rs 8500.000 millions
in two years and Rs 13000.000 millions by 2016. For the current fiscal, it
expects to grow 65 per cent over the previous year to Rs 3300.000 millions.
BFW, which counts
Maruti Suzuki and Honda Motorcycle and Scooters as its customers, has earmarked
Rs 330.000 millions for setting up a new plant in Hosur for manufacturing
machine tool spindles, Rs 450.000 millions for restructuring the aerospace
business, which will involve hiving off the business as an independent entity.
Another Rs 1150.000
millions will be invested in acquiring new machinery and for adding shop
floors.
The machine tool
spindle factory will help in indigenising critical components, which are now
extremely costly as most of them are imported, Mr Mishra said.
Mr Shailesh Sheth,
a director with BFW, said the company wants to increase its geographical reach
through an acquisition in Europe.
BFW is considered
to be the largest producer of conventional milling machines in the country and
its products cater to aerospace, automobile, defence, forging and
pharmaceutical segments.
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.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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%)
|
5 |
|
5 |
|
6 |
|
|
|
6 |
|
5 |
|
5 |
|
8 |
|
6 |
|
5 |
|
-- |
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.