MIRA
INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEHR INDIA LIMITED |
|
|
|
|
Registered
Office : |
Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.04.1997 |
|
|
|
|
Com. Reg. No.: |
11-107619 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.241.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1997PLC107619 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB01594F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2186L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Air Conditioning Systems for
Automobiles. |
|
|
|
|
No. of Employees
: |
2000 (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 2580000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Behr Holding International GmbH, Germany”.
It is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal 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 |
CRISIL |
|
Rating |
BBB+ [Long Term] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
25.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ [Long Term] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
25.09.2012 |
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 / Factory 1 : |
Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501,
Maharashtra, India |
|
Tel. No.: |
91-2135-665000 |
|
Fax No.: |
91-2135-665050/ 665150 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
B-5, Chakan Industrial Area, District Khed, Pune, |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
ELPRO Compound City Survey No.4270, Chinchwadgaon, Pune-411033,
Maharashtra, India |
DIRECTORS
AS ON 21.08.2012
|
Name : |
Mr. Deep Chand Anand |
|
Designation : |
Director |
|
Address : |
1, Shri Aurobindo Marg, |
|
Date of Birth/ Age : |
26.08.1933 |
|
Date of Appointment : |
13.05.1997 |
|
DIN No.: |
00090123 |
|
|
|
|
Name : |
Mr. Sunil Prem Nath Kaul |
|
Designation : |
Managing Director |
|
Address : |
House No.8, Atul Excellency, SR No.207, 2 Kaspatye Vasti,
Wakad, Pune – 411 027, |
|
Date of Birth/ Age : |
13.08.1959 |
|
Qualification : |
B.E.(Mechanical), AMIE (Electrical) |
|
Experience : |
21 Years |
|
Date of Appointment : |
15.12.2009 |
|
DIN No.: |
00110549 |
|
|
|
|
Name : |
Dirk Wolfgang Heers
|
|
Designation : |
Director |
|
Address : |
C/6, No.38, URB Santa Maria, DE LA Vall E – 08757, Corber
A De, Llobre, Gat Es Paria, Spain – 08757 |
|
Date of Birth/ Age : |
29.07.1962 |
|
Date of Appointment : |
22.12.2004 |
|
DIN No.: |
01027925 |
|
|
|
|
Name : |
Mr. Pravesh Kumar Srivastava |
|
Designation : |
Director |
|
Address : |
PL 40/41 Pratham Society, 210/3, Wakad Telephone Exchange, Pune – 411
027, |
|
Date of Birth/ Age : |
04.02.1955 |
|
Date of Appointment : |
01.01.2006 |
|
Din No.: |
02217308 |
|
|
|
|
Name : |
Colin Leslie Carter |
|
Designation : |
Director |
|
Address : |
IM, Dorn 12, Beilstein-71717, |
|
Date of Birth/ Age : |
19.11.1955 |
|
Date of Appointment : |
17.12.2008 |
|
DIN No.: |
02820523 |
|
|
|
|
Name : |
Mr. Deepak Ramnath Chopra |
|
Designation : |
Director |
|
Address : |
H.No.7 and 8, Anfilco Housing Colony, Anand Farm Palam Gurgaon Road,
Dundhahera, Gurgaon – 122 016, Haryana, India |
|
Date of Birth/ Age : |
25.12.1954 |
|
Date of Appointment : |
27.03.2009 |
|
DIN No.: |
00028770 |
|
|
|
|
Name : |
Joerg Joachim Schernikau |
|
Designation : |
Director |
|
Address : |
IM Langen Han 10, Stuttgart-70565, Germany |
|
Date of Birth/ Age : |
22.03.1968 |
|
Date of Appointment : |
21.09.2011 |
|
DIN No.: |
05169758 |
|
|
|
|
Name : |
Michael Karl Frick |
|
Designation : |
Director |
|
Address : |
Taubenweg, Stolberg RHLD, Stolberg-52223, Germany |
|
Date of Birth/ Age : |
28.05.1966 |
|
Date of Appointment : |
21.09.2011 |
|
DIN No.: |
05182617 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Deeparam Choudhary |
|
Designation : |
Secretary |
|
Address : |
Gera Enclave, Flat No. B 102, Deepak Market, Ganpati Chowk, Viman
Nagar, Pune-411014, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1988 |
|
Date of Appointment : |
18.06.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Behr Holding International |
|
16260000 |
|
Asia Investments Private Limited, |
|
10839995 |
|
Deepak R. Chopra (Jointly with K.K. Jaggi) |
|
1 |
|
K.K. Jaggi (Jointly with Deepak Chopra) |
|
1 |
|
Pravesh Kumar Srivastava (Jointly with K.K. Jaggi) |
|
1 |
|
Mahendra Daulatram Goyal (Jointly with K.K. Jaggi) |
|
1 |
|
Ramni VN Sood (Jointly with K.K. Jaggi) |
|
1 |
|
|
|
|
|
TOTAL
|
|
27100000 |
AS ON 21.08.2012
|
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] |
|
60.00 |
|
Bodies
corporate |
|
40.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Air Conditioning Systems for
Automobiles. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2012]
|
Particulars |
Unit |
Actual
Production [Qty.] |
|
Automotive air conditioning systems, its parts and components |
Nos. |
425368 |
|
Radiators, comprising of radiator assemblies and fan shroud assembly |
Nos. |
476233 |
|
Compressor assembly and its components and parts thereof |
Nos. |
130075 |
|
Ventilation Units |
Nos. |
222 |
|
Visco |
Nos. |
137007 |
|
Heat Exchangers |
Nos. |
46566 |
|
Condensers |
Nos. |
333431 |
|
EGR |
Nos. |
1526 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
ING
Vysya Bank Limited, P.B.No.4038,Chanakya Building, Near Dinesh Hall, Off
Ashram Road, Ahmedabad-380009, Gujarat, India v
ING Vysya
Bank Limited, 928, Mantri Centre, F.C. Road, Pune-411004 Maharashtra, India v
Bank
of v
HDFC
bank Limited (Pimpari Branch) v
Kotak
Mahindra Bank (Pune Branch) v
Deutsche
Bank, Pune, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
C-401, 4th
Floor, |
|
PAN No: |
AACFS6921Q |
|
|
|
|
Holding Company
: |
Behr Holding International |
|
|
|
|
Ultimate Holding
Company: |
Behr GmbH and Company KG, |
|
|
|
|
Fellow Subsidiaries
: |
·
Behr America Inc, United States ·
Shanghai Sanden Behr Automotive Air Conditioning
Company Limited, China ·
Behr Climate Systems Inc., United States ·
Behr Dayton Thermal Products LLC, United States ·
Behr France Rouffach S.A.S, France ·
Behr Hella Thermo Control GmbH, Germany ·
Behr Industry GmbH, Germany ·
Behr Japan K.K, Japan ·
Behr Korea Inc,, Korea ·
Behr Ostrava S.R.O., Czech Republic ·
Behr South Africa (Pty) Limited, South Africa ·
Dongfeng Behr Thermal System, South Africa ·
Mahle Behr Industry Gmbh and Co, Germany ·
Sanden (Thailand) Company Limited, Thailand ·
Behr Industrietechnik GmbH and Co, Germany ·
Behr Brasil Ltda, Sao Paulo, Brazil ·
Behr Thermot-tronik GmbH, Germany ·
Behr Czech S.R.O, Czech Republic ·
Behr France Hambach S.A.R.L, France ·
Behr Heat Transfer Inc, United States ·
Behr-Hella Thermocontrol India Private Limited,
India ·
Behr Industry Reichenbach, Germany ·
Behr Kirchberg GmbH, Germany ·
Behr Mexico S. De R L, Mexico ·
Behr Service Gmbh, Germany ·
System K.K Behr-Toyo Engine Cooling System K.K,
Japan ·
Frape Behr S.A, Spain ·
Mahle Behr Industry Reichbach, Germany ·
Shanghai Behr Thermal System Company Limited,
China ·
Behr America Service Parts L.L.C, United States |
|
|
|
|
Associates : |
·
Gabriel India Limited, India ·
Anand Automotive Limited, India ·
Mahle Gmbh and Company KG, Germany ·
Spicer India Limited, India ·
Victor Gaskets India Limited, India ·
Asia Investments Private Limited, India ·
Mahle Filter Systems (India) Private Limited,
India |
CAPITAL STRUCTURE
AS ON 21.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34100000 |
Equity Shares |
Rs.10/- each |
Rs.341.000 Millions |
|
1000000 |
Preferences Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
Total
|
|
Rs.441.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27100000 |
Equity Shares |
Rs.10/- each
|
Rs.271.000
Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25100000 |
Equity Shares |
Rs.10/- each |
Rs.251.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24100000 |
Equity Shares |
Rs.10/- each
|
Rs.241.000
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 |
241.000 |
241.000 |
241.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
405.230 |
298.750 |
193.817 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
646.230 |
539.750 |
434.817 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
422.090 |
411.420 |
395.933 |
|
|
2] Unsecured Loans |
577.940 |
254.820 |
302.244 |
|
|
TOTAL BORROWING |
1000.030 |
666.240 |
698.177 |
|
|
DEFERRED TAX LIABILITIES |
15.760 |
0.000 |
0.000 |
|
|
Other Liabilities (Deferred Income) |
0.000 |
0.000 |
51.159 |
|
|
|
|
|
|
|
|
TOTAL |
1662.020 |
1205.990 |
1184.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1106.110 |
1052.840 |
860.462 |
|
|
Capital work-in-progress |
115.220 |
129.390 |
258.017 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
1.090 |
13.845 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
785.380
|
666.090 |
391.345
|
|
|
Sundry Debtors |
954.280
|
961.400 |
551.528
|
|
|
Cash & Bank Balances |
76.830
|
125.730 |
115.406
|
|
|
Other Current Assets |
95.190
|
44.960 |
82.904
|
|
|
Loans & Advances |
513.410
|
395.630 |
316.720
|
|
Total
Current Assets |
2425.090
|
2193.810 |
1457.903 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1095.970
|
1298.840 |
1215.509 |
|
|
Other Current Liabilities |
820.510
|
772.930 |
154.866
|
|
|
Provisions |
67.920
|
99.370 |
35.699
|
|
Total
Current Liabilities |
1984.400
|
2171.140 |
1406.074
|
|
|
Net Current Assets |
440.690
|
22.670 |
51.829
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1662.020 |
1205.990 |
1184.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5507.370 |
5051.630 |
3331.381 |
|
|
|
Other Income |
55.730 |
12.390 |
88.879 |
|
|
|
TOTAL (A) |
5563.100 |
5064.020 |
3420.260 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3567.500 |
|
|
|
|
|
Purchases of stock-in-trade |
87.690 |
393.550 |
|
|
|
|
Employee benefit expense |
444.440 |
310.040 |
3021.726 |
|
|
|
Other expenses |
907.040 |
681.520 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
3.640 |
(46.240) |
|
|
|
|
TOTAL (B) |
5010.310 |
4497.560 |
3021.726 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
552.790 |
566.460 |
398.534 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.120 |
99.080 |
73.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
401.670 |
467.380 |
325.197 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
233.560 |
216.690 |
183.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
168.110 |
250.690 |
142.170 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.620 |
89.740 |
38.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
106.490 |
160.950 |
103.279 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
243.200 |
150.367 |
47.088 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
0.000 |
48.200 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
7.820 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
12.070 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
349.690 |
243.227 |
150.367 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
682.400 |
802.900 |
661.610 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
4.42 |
6.68 |
4.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.91
|
3.18 |
3.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.05
|
4.96 |
4.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
7.72 |
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.46 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.55
|
1.23 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.01 |
1.04 |
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 |
-- |
|
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] |
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 |
Yes |
PERFORMANCE:
The Company
registered turnover of Rs 5507.400 Millions, during the year, as compared to
Rs. 5051.600 Millions in the previous year. This represents an increase of 9 %.
Earnings before Interest, Taxation and Depreciation and Amortization (EBITDA)
was Rs. 534.600 Millions, as compared to Rs. 554.500 Millions in the previous
year, which represents a decrease of 3.6%. Increased sales and keeping cost
under control during the year helped the company in registering Profit before
Tax (PBT) of Rs. 168.110 Millions, as compared to Rs. 250.700 Millions last
year, which represents a decrease of 32.94%. Profit after Tax (PAT) was Rs.
106.500 Millions, as compared to Rs.160.900 Millions last year, which
represents a decrease of 33.81%. The main reason of decrease in profit is
depreciation of Rupee by 18% against US$.
EXPORTS:
During the
financial year, overall exports both for traded and manufactured goods amounted
to Rs. 267.300 Millions, as compared to Rs. 537.400 Millions in previous year.
Earning from Engineering Services amounted to Rs. 413.600 Millions, as against
Rs. 262.700 Millions in previous year, which represents an increase of 57.4%.
New opportunities
are constantly being identified to take export sales to a new high. The Company
is confident of successively growing exports in the next two years period.
NEW BUSINESS:
AIR CONDITIONING
BUSINESS:
The Company has
been nominated by Volvo Eicher Commercial Vehicles (VECV) for HVAC systems both
LHD and RHD Versions on the new M and HCV to be launched in 2013. The Company
started supply of HVAC systems for the LHD Version to Volkswagen India and
front HVAC for Renault Duster.
ENGINE COOLING:
The Company will
soon start supply of Charger Cooler to Nissan Motors, UK. The Company is also
under nomination process for acquiring business of T-35 Visco Clutch for Bharat
Benz and Nissan Ashok Leyland.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
10317997 |
|
Corporate
identity number of the company |
U34300PN1997PLC107619 |
|
Name of the
company |
BEHR INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No.626/1/2 and 622/1/0, 29, Milestone, Pune Nashik Highway, Village Kuruli, Taluka Khed, Pune-410501,
Maharashtra, India |
|
Type of charge |
Immovable property Any interest in immovable property |
|
Particular of
charge holder |
ING Vysya Bank
Limited, 928, Mantri Centre, F.C. Road, Pune-411004 Maharashtra, India Email: sharecare@ingvysyabank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry- Modification and Extension of Equitable Mortgage dt.03/07/2012 |
|
Date of
instrument Creating the charge |
03.07.2012 |
|
Amount secured by
the charge |
Rs.775.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. TL- IVBR
+3.75% p.a. present IVBR10.45% p.a. Terms of Repayment This is a
mortgage agreement. 1.TL -42 months,
repayment -13 residual quarterly installments 2. BG: 12 months 3. Treasury
Limit: forwards 12 months. Margin This is a
mortgage agreement CC/ WCDL/ Export
Financing Preshipment and post shipment- INR and FX Supply Bill discounting :
25% on stock and book debts (upto 90 days) Extent and Operation of the charge The revised and
restructured limit are as follows: : 1.TL - Rs.
250.000 Millions 2.Line of
credit:460.000 Millions (Increased from 360.000 Millions) 3. Fund based;
(250.000) 4.Non fund based
:(300.000) Treasury limit :
65.000 Total: 775.000
Millions Others Security by way
of mortgage is extended for enhanced limit by continuing first pari passu
charge on term loans and Continuing second pari passu charge on working
capital facilities and forward contract booking/ treasury limits. |
|
Short particulars
of the property charged |
An ascertained
area of NA land admeasuring 0 hectors 51.79ares = 5179.1 sq. mtrs. carved out
of all that piece and parcel of land bearing Gat no. 626/1
admeasuring 6 hectors 91 ares Village Kururli Tal Khed Dist Pune. Total Area of Gat
no.626/2 admeasuring 2 hectors 63 ares =26304.36 sq mtrs non agricultural
land of Village Kururli Tal Khed Dist Pune. all making
together a total area of 3 hectares 14.79 ares =31483.46 sq mtrs non
agricultural land together with a perpetual right to use of An ascertained
area of NA land admeasuring 0 hectares 01.214 ares =121.405 sq. mtrs. out of
ascertained ares of NA land admeasuring 2 hectares 65 ares carved out of all
that piece and parcel of land bearing Gat no.622/1/0
totally admeasuring 5 hectares 11 Ares of Village Kururli Taluka Khed Dist
Pune Land admeasuring
0 hectares 68.80 ares= 6880.41 sq. mtrs. Sufficient enough to carve out and
lay a 15mtrs. wide tar approach road with fencing /wall o both sides thereof
for the purpose approach passing through
Gat no. 626/1of Villege Kururli Taluka Khed
Dist Pune together with
buildings / structures standing thereon or to be constructed thereon and also
as stated in the agreement |
|
Date of latest
modification prior to the present modification |
13.05.2011 |
|
Particulars of
the present modification |
By the present
modification on the enhanced limits joint charge in favour of Bank of Baroda
and ING Vysya Bank Limited., and each of them severally is continued. By this
equitable mortgage to ING Vysya Bank Limited, First Pari passu charge for
term Loan of 250.000 Millions and Second pari passu charge on Working capital
facilities aggregating to Rs. 525.000 Millions is continued. All other terms
and conditions remains the same. |
FIXED
ASSETS:
Tangible Assets
v
Land (Free Hold)
v
Building
v
Plant and Machinery
v
Moulds
v
Furniture and Fittings
v
Motor Vehicles
v
Computer/ Hardware
v
Office and Other Equipments
Intangible Assets
v
Software Product Development
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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--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%)
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.