MIRA INFORM REPORT
|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH CHASSIS
SYSTEMS INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
KALYANI BRAKES
LIMITED KALYANI BRAKES PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 306, Nanekarwadi Chakan, Taluka Rajgurunagar, Pune – 410501,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
25.05.1982 |
|
|
|
|
Com. Reg. No.: |
11-027224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 207.930
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1982PLC027224 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKK00678G / PNEK00047F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7312E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Brake System aggregates primarily for passenger
cars and multi passenger sports utility vehicles. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track record. General financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum number
of shadow businesses, says a study of 68 countries by Imperial College Business
School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-20-30616594)
LOCATIONS
|
Registered Office/ Factory 1 : |
Gat No. 306, Nanekarwadi Chakan, Taluka Rajgurunagar, Pune – 410501, Maharashtra,
India |
|
Tel. No.: |
91-20-39870302/
39870300 |
|
Fax No.: |
91-20-26810007/ 26111511 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
Off NH 6, Bambhori, Taluka Erandol, District Jalgaon - 425001,
Maharashtra, India |
|
|
|
|
Factory 3 : |
Plot No. 9, Sector 3, |
|
Tel. No.: |
91-124-2123569/ 2290528/ 3090358 |
|
Fax No.: |
91-124-2123540/ 2290638 |
|
E-Mail : |
|
|
|
|
|
Factory 4: |
|
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Vishwanathan Vishnampettai Balasubramanian |
|
Designation : |
Managing director |
|
Address : |
E 601, Kalpataru Regency, Road No. 10, Kalyani Nagar, Pune – 411006,
Maharashtra, India |
|
Date of Birth/Age : |
21.04.1960 |
|
Qualification : |
B.E. Mechanical |
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
05222476 |
|
|
|
|
Name : |
Mr. Gerhard Johannes Steiger |
|
Designation : |
Director |
|
Address : |
Panorama Strasse, 36 Weil Der Stadt, Germany 71263 |
|
Date of Birth/Age : |
23.05.1958 |
|
Qualification : |
Graduate in National Economy, University of Freiburg
Germany |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
02946897 |
|
|
|
|
Name : |
Mr. Sanjay Sharad Vaidya |
|
Designation : |
Director |
|
Address : |
67, Shailesh Housing Society, Vipul Karvenagar, Pune – 411052,
Maharashtra, India |
|
Date of Birth/Age : |
09.08.1955 |
|
Qualification : |
Chartered Accountant and CWAI |
|
Date of Appointment : |
27.03.2002 |
|
DIN No.: |
00024245 |
|
|
|
|
Name : |
Pfendtner Reinhard |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Sant Cugat Del Valles Spain |
|
Date of Birth/Age : |
02.01.1964 |
|
Qualification : |
Doctorate in Optical Electronics |
|
Date of Appointment : |
01.03.2012 |
|
DIN No.: |
05223299 |
|
|
|
|
Name : |
Franz Hauber Xaver |
|
Designation : |
Director |
|
Address : |
No. 289 38th Cross 8th Block, Jayanagar, Bangalore - 560082,
Karnataka, India |
|
Date of Birth/Age : |
18.07.1959 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
06485529 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Dnyanoba Dighe |
|
Designation : |
Secretary |
|
Address : |
Matoshri, 3rd Floor, 742, Guruwar Peth, Pune – 411042, |
|
Date of Birth/Age : |
01.06.1964 |
|
Date of Appointment : |
22.12.2009 |
|
PAN No.: |
AKCPD8987B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2013
|
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] |
97.96 |
|
Bodies
corporate |
0.06 |
|
Other
top fifty shareholders |
0.34 |
|
Others
|
1.64 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Brake System aggregates primarily for
passenger cars and multi passenger sports utility vehicles. |
||||||||||
|
|
|
||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· State Bank of India Tara Chambers 2nd Floor, Near Mariaai Mandir, Pune Mumbai
Highway, Wakdewadi, Pune - 411003, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Mutha Towers, 5th Floor, Suite No 8, Airport
Road, Yerawada, Pune, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Subsidiary
Company : |
Precision Seals Manufacturing Limited [U25199MH1989PLC050925] |
|
|
|
|
Other Related
Parties : |
· Robert Bosch LLC · Robert Bosch Investment Nederland B.V. |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,793,000 |
Equity Shares |
Rs. 10/- each |
Rs. 207.930 Millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
207.900 |
207.900 |
|
(b) Reserves & Surplus |
|
3830.000 |
3673.300 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4037.900 |
3881.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
239.000 |
261.800 |
|
(b) Deferred tax liabilities (Net) |
|
128.100 |
109.700 |
|
(c)
Other long term liabilities |
|
3.700 |
4.200 |
|
(d)
long-term provisions |
|
43.400 |
87.100 |
|
Total
Non-current Liabilities (3) |
|
414.200 |
462.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
3115.400 |
2131.500 |
|
(c)
Other current liabilities |
|
277.700 |
374.200 |
|
(d)
Short-term provisions |
|
43.400 |
49.600 |
|
Total
Current Liabilities (4) |
|
3436.500 |
2555.300 |
|
|
|
|
|
|
TOTAL |
|
7888.600 |
6899.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1310.000 |
2315.400 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
81.700 |
140.100 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
95.100 |
96.100 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
237.400 |
81.900 |
|
(e)
Other Non-current assets |
|
46.700 |
18.500 |
|
Total
Non-Current Assets |
|
1770.900 |
2652.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
1946.000 |
0.000 |
|
(b)
Inventories |
|
1007.300 |
1468.800 |
|
(c)
Trade receivables |
|
1571.200 |
1643.900 |
|
(d)
Cash and cash equivalents |
|
162.600 |
465.000 |
|
(e)
Short-term loans and advances |
|
1408.000 |
629.700 |
|
(f)
Other current assets |
|
22.600 |
39.900 |
|
Total
Current Assets |
|
6117.700 |
4247.300 |
|
|
|
|
|
|
TOTAL |
|
7888.600 |
6899.300 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
207.930 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3404.077 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3612.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
362.419 |
|
|
TOTAL BORROWING |
|
|
362.419 |
|
|
DEFERRED TAX LIABILITIES |
|
|
103.470 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4077.896 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1782.430 |
|
|
Capital work-in-progress |
|
|
325.614 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
598.690 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1007.781 |
|
|
Sundry Debtors |
|
|
1100.117 |
|
|
Cash & Bank Balances |
|
|
615.314 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
584.459 |
|
Total
Current Assets |
|
|
3307.671 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1652.307 |
|
|
Other Current Liabilities |
|
|
160.180 |
|
|
Provisions |
|
|
124.022 |
|
Total
Current Liabilities |
|
|
1936.509 |
|
|
Net Current Assets |
|
|
1371.162 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4077.896 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
12474.000 |
10298.500 |
8102.214 |
|
|
|
Other Income |
263.200 |
196.900 |
322.464 |
|
|
|
TOTAL |
12737.200 |
10495.400 |
8424.678 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9513.900 |
7299.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(135.500) |
(234.800) |
|
|
|
|
Employees benefits expense |
969.300 |
861.700 |
|
|
|
|
Other expenses |
2300.300 |
1842.500 |
|
|
|
|
TOTAL |
12648.000 |
9769.100 |
7475.443 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
89.200 |
726.300 |
949.235 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
18.400 |
7.200 |
5.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
70.800 |
719.100 |
943.635 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
357.200 |
326.000 |
320.138 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
513.900 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
227.500 |
393.100 |
623.497 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
70.800 |
123.800 |
131.051 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
156.700 |
269.300 |
492.446 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales on FOB Basis |
250.900 |
278.200 |
191.814 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
4357.900 |
2852.300 |
1439.314 |
|
|
|
Capital goods |
138.200 |
258.200 |
31.602 |
|
|
|
Stores and Spares |
111.900 |
85.100 |
19.924 |
|
|
TOTAL IMPORTS |
4608.000 |
3195.600 |
1490.840 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.00 |
13.00 |
20.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
1.23
|
2.57 |
5.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
3.82 |
7.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.95
|
5.90 |
12.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.10 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
1.66 |
1.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
207.900 |
207.900 |
|
Reserves & Surplus |
3673.300 |
3830.000 |
|
Net
worth |
3881.200 |
4037.900 |
|
|
|
|
|
long-term borrowings |
261.800 |
239.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
261.800 |
239.000 |
|
Debt/Equity ratio |
0.067 |
0.059 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8102.214 |
10298.500 |
12474.000 |
|
|
|
27.107 |
21.124 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8102.214 |
10298.500 |
12474.000 |
|
Profit |
492.446 |
269.300 |
156.700 |
|
|
6.08% |
2.61% |
1.26% |
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 |
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 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 |
No |
|
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 |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: ITXAL/511/2011 Filing Date:
11.04.2011 Reg. No.: ITXA/2613/2011 Reg. Date: 21.12.2011 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-I Respondent: BOSCH
CHASSIS SYSTEMS INDIA LTD - Petn. Adv : VIPUL ARUN BAJPAYEE (I4135) District: PUNE |
|
Bench: DIVISION Status: Admitted (Unready)
Category: TAX APPEALS Last Date: 22.04.2014
Stage: FOR ADMISSION Coram: HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE GIRISH S.
KULKARNI |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10196994 |
22/09/2012 * |
265,500,000.00 |
STATE BANK OF INDIA |
TARA CHAMBES,
WAKADEWADI, PUNE MUMBAI ROAD, PUNE, |
B58792334 |
|
2 |
90089536 |
02/07/1996 * |
6,000,000.00 |
THE UNITED WESTERN BANK LIMITED |
LAXMI ROAD BRANCH, OPP. GOKHALE HALL, PUNE, MAHARASHTRA - 411030, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Borrowing from government semi-government
bodies |
239.000 |
261.800 |
|
|
|
|
|
Total |
239.000 |
261.800 |
BACKGROUND OF THE
COMPANY
Subject is a company of the Bosch Group is
engaged in the business of manufacturing Brake System aggregates primarily for
passenger cars and multi passenger sports utility vehicles including lower
weight range of commercial vehicles and three wheelers. The company has
manufacturing plant in India and sells primarily in India to Indian and global
OEMs and also to dealers through its Automotive After-market division. The
trading business of foundation brake components has been discontinued from 1st
March, 2012 by way of sale to Foundation Brake manufacturing Limited (FBML).The
manufacturing of foundation brake components and hoses business which the
company discontinued from 1st November, 2012 by way of a sale of business to
FBML.
FINANCIAL RESULTS
During the year, the Company sold its Foundation brakes and Hoses business to Foundation Brake Mfg. Limited. Consequently, the figures for the year ended December 31, 2012 are not comparable with the figures for the previous year.
For the year 2012, net sales of the Company stood at Rs.
12474.000 Millions as compared to Rs.10299.000 Millions in 2011, a growth of
over 21%. However, the profitability during the year was adversely affected due
to many reasons such as steep increase in raw material costs, high import costs
due to weakening Rupee, inability of customers to absorb cost escalations etc.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debts |
|
|
|
- Income Tax |
13.500 |
1.600 |
|
- Sales Tax |
23.500 |
6.000 |
|
Claims against the Company not acknowledged as debts |
9.200 |
5.900 |
|
Excise and Customs demand - matters under dispute and Claims
for refund of Excise Duty, if any, against Excise Duty Refund received in the
earlier year. |
40.400 |
42.600 |
|
|
|
|
|
Total |
86.600 |
56.100 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Leasehold improvements
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. 59.79 |
|
|
1 |
Rs. 102.66 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.