MIRA INFORM REPORT

 

 

Report Date :

07.07.2014

 

IDENTIFICATION DETAILS

 

Name :

BOSCH REXROTH (INDIA) LIMITED (w.e.f. 20.06.2011)

 

 

Formerly Known As :

REXROTH MANEKLAL INDUSTRIES LIMITED

 

 

Registered Office :

Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.02.1974

 

 

Com. Reg. No.:

04-002468

 

 

Capital Investment / Paid-up Capital :

Rs. 63.509 Millions

 

 

CIN No.:

[Company Identification No.]

U29120GJ1974PLC002468

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMB00364A

 

 

PAN No.:

[Permanent Account No.]

AAACM9898F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Hydraulic Systems.

 

 

No. of Employees :

900 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of “Bosch Rexroth Ag, Germany”. It is a well-established company having fine track record.

 

The management has failed to file its financial record with government department for the year 2013.

 

As per available financial record of 2012, the rating reflects company’s established position in the domestic market for industrial and mobile hydraulic solutions and marked by reputed customer profile and decent general financial position of the company.

 

Further rating also reflects managerial and financial supported that company gets from its parent company.  

 

Trade relation are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view of strong holding support, the company can be considered good 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long Term Fund Based Cash credit: “AA-”

Rating Explanation

High degree of safety and very low credit risk.

Date

March 2014

 

Rating Agency Name

ICRA

Rating

Short Term Fund Based Limits: “A1+”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

March 2014

 

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 BY

 

Name :

Mr. Ramakant Shinde

Designation :

Manager

Contact No.:

91-22-66058817

Date :

04.07.2014

 

 

LOCATIONS

 

Registered Office/ Factory/ Corporate office :

Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat, India

Tel. No.:

91-22-66058817

Fax No.:

Not Available

E-Mail :

vanraj.rathod@boschrexorth.co.in

shinde.rd@boschrexroth.co.in

Website:

http://www.boschrexroth.co.in

 

 

Factory 2:

Located at:

 

·         Bangalore

 

 

Sales Office:

Plot No. 96, B Wing, Ground Floor, Prabaht Bhavan, L.B.S. Marg, Vikroli (West), Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-66058817 / 77 / 88

 

 

Branch Office:

Located at:

 

·         Kolkata

·         Chennai

·         Jamshedpur

·         Pune

·         Delhi

 

 

DIRECTORS

 

As on: 25.06.2013

 

Name :

Mr. Karl Tragl

Designation :

Additional Director

Address :

Am Scholzenfeld 13, Partenstein, Germany-97846

Date of Birth/Age :

05.06.1962

Qualification :

Post Qualification

Date of Appointment :

22.02.2011

DIN No.:

03527241

 

 

Name :

Mr. Heribert Michael Ott

Designation :

Director

Address :

Birkigstrasse 13, Lohar Germany-97816

Date of Birth/Age :

15.10.1954

Qualification :

Post Qualification

Date of Appointment :

23.01.1999

DIN No.:

01639234

 

 

Name :

Mr. Johannes Thomas Grobe

Designation :

Managing director

Address :

3, Old No. 10, Midford, Garden Off. M. G. Road, Bangalore – 560001, Karnataka, India 

Date of Birth/Age :

24.11.1965

Qualification :

Post Qualification

Date of Appointment :

01.08.2012

DIN No.:

06424758

 

 

Name :

Mr. Deepak Sitaldas Chellani

Designation :

Whole-time director

Address :

1201, Raj Heritage Tower, L. M. Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

28.06.1964

Date of Appointment :

01.08.2012

DIN No.:

06433338

 

 

Name :

Mr. Ramaswamy Srinivas Pradeep

Designation :

Whole-time director

Address :

No. 1, 11th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

01.08.2012

DIN No.:

06433529

 

 

Name :

Mr. Franz Hauber Xaver

Designation :

Director

Address :

No. 1, 11th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

18.07.1959

Date of Appointment :

01.08.2012

DIN No.:

06485529

 

 

KEY EXECUTIVES

 

Name :

Mr. Vanrajsinh Ganpatsinh Rathod

Designation :

Secretary

Address :

Shraddha Associates, Opposite Laxmi Lime, Godagam, Ahmedabad – 382481, Gujarat, India

Date of Birth/Age :

26.10.1987

Date of Appointment :

25.06.2013

PAN No.:

AMJPR7847R

 

 

Name :

Mr. Ramakant Shinde

Designation :

Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 25.06.2013

 

SHAREHOLDERS DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 25.06.2013

 

Category

 

Percentage

 

 

 

Public Financial companies

 

0.01

Nationalized or other banks 

 

0.03

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

96.98

Bodies corporate

 

0.22

Other top fifty shareholders

 

0.83

Others

 

1.93

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Hydraulic Systems.

 

 

Products:

ITC Code

Products or Services

84798999

Other

84798999

Hydraulic Equipment

84798999

Electical Devices

 

PRODUCTION STATUS (AS ON: 31.12.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

 

 

 

 

Hydraulic Equipments and Linear Motion Technology

Nos.

450000

352848

 

Notes:

 

(A)    Since licensing of products of the Company has been discontinued, particulars of the licensed capacity have not been furnished.

 

(B)    The Installed Capacity has been certified by the Company’s management and relied upon by the Auditors, this being a technical matter.

 

(C)    Production of Hydraulic equipment’s excludes 65,122 Nos. (Previous Year: 77,498 Nos.) for captive use.

 

(D)    The company manufactures spares, components etc., for use in the production of Hydraulic Systems as well as for sale. As no portion of the production of such spares, components etc., is specifically for sales, the quantitative details of actual production is not given.

 

GENERAL INFORMATION

 

No. of Employees :

900 (Approximately)

 

 

Bankers :

·         Deutsche Bank, H S Marg, Mumbai - 400001, Maharashtra, India

·         HDFC Bank Limited, Sanand – Viramgam, Gujarat, India

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.12.2012

As on

31.12.2011

Long term borrowings

 

 

Working capital loans from banks

0.501

0.000

 

 

 

Total

0.501

0.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India

PAN No.:

AADFP9359C

 

 

Holding Company :

·         Bosch Rexroth AG, Germany

 

 

Ultimate Holding Company :

·         Robert Bosch GmbH, Germany

 

 

 

Subsidiaries :

·         MIVIN Engg. Technologies Private Limited, India

CIN No.: - U29120KA2002PTC031230

 

 

Fellow Subsidiaries :

·         Bosch Limited, India

·         Bosch Rexroth S.p.A., Italy

·         Bosch Rexroth (China) Limited, China

·         Bosch Rexroth BV, Netherlands

·         Bosch Rexroth Filtration Systems GmbH, Germany

·         Bosch Thermotechnik GmbH, Germany

·         Robert Bosch Licensing Administration CV, Netherland

·         Bosch Rexroth Korea Limited, South Korea

·         Bosch Rexroth Ltda., Brazil

·         Bosch Rexroth Pte Limited., Singapore

·         Bosch Rexroth Oy, Finland

·         Bosch Rexroth Schweiz AG, Switzerland

·         Bosch Rexroth Sdn. Bhd., Malaysia

·         Bosch Rexroth Teknik AB, Sweden

·         PT. Bosch Rexroth, Indonesia

·         Shanghai Bosch Rexroth Hydraulics and Automation Limited, China

·         Bosch Automotive Electronics India Private Limited, India

·         Bosch Chassis Systems India Limited, India

·         Bosch Electrical Drives India Private Limited, India

·         Bosch Rexroth Mellansel AB, Sweden

·         Robert Bosch Engineering and Business Solutions Limited, India

·         Bosch Rexroth Corporation, USA

·         Bosch Rexroth DSI SAS, France

·         Bosch Rexroth Oil Control S.p.A., Italy

·         Bosch Rexroth Sp. z o. o., Poland

·         Bosch Rexroth Otomasyon San. ve., Turkey

·         Bosch Rexroth (Beijing) Hydraulics Company Limited, China

·         Bosch Rexroth Mechatronics Gmbh, Germany

·         Bosch Rexroth Beijing Hydraulics Company Limited, China

·         Bosch Rexroth Corporation, Japan

·         Bosch Rexroth A/S, Denmark

·         Bosch Rexroth Electric Drives and Controls (Xi'an) Company Limited, China

·         Bosch Rexroth Fluidtech SAS, France

·         Bosch Rexoth Limited, United Kingdom

·         Bosch Rexroth Company Limited, Taiwan

·         Dalian Rexroth Control Technology Limited, China

·         Bosch Rexroth (Changzhou) Company Limited, China

·         Bosch Rexroth Services BV, Netherland

·         Bosch (China) Investment Limited, China

·         Bosch India Foundation, India

 

 

Entities where Key Management Personnel are able to exercise significant influence :

·         Bosch Rexroth Employees' Gratuity Trust Fund

·         Bosch Rexroth (India) Limited Superannuation Fund

 

 

 

CAPITAL STRUCTURE

 

As on: 25.06.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

19000000

Equity Shares

Rs.10/- each

Rs. 190.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6350920

Equity Shares

Rs.10/- each

Rs. 63.509 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

 

63.509

52.996

(b) Reserves & Surplus

 

1883.969

1385.482

(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)

 

1947.478

1438.478

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

1250.000

1250.000

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

273.996

231.565

(d) long-term provisions

 

92.275

73.656

Total Non-current Liabilities (3)

 

1616.271

1555.221

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1593.921

1585.460

(b) Trade payables

 

1305.040

1262.288

(c) Other current liabilities

 

0.000

0.000

(d) Short-term provisions

 

100.976

41.402

Total Current Liabilities (4)

 

2999.937

2889.150

 

 

 

 

TOTAL

 

6563.686

5882.849

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

1108.752

1100.023

(ii) Intangible Assets

 

1.393

9.737

(iii) Capital work-in-progress

 

2020.941

1283.385

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

54.557

45.642

(d) Long-term Loan and Advances

 

189.950

242.636

(e) Other Non-current assets

 

3.738

3.182

Total Non-Current Assets

 

3379.331

2684.605

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

1534.964

1262.682

(c) Trade receivables

 

1491.985

1805.386

(d) Cash and cash equivalents

 

66.136

44.171

(e) Short-term loans and advances

 

84.394

75.223

(f) Other current assets

 

6.876

10.782

Total Current Assets

 

3184.355

3198.244

 

 

 

 

TOTAL

 

6563.686

5882.849

 

 

SOURCES OF FUNDS

 

 

 

31.12.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

52.996

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

1394.729

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

1447.725

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

1500.000

TOTAL BORROWING

 

 

1500.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

2947.725

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1031.592

Capital work-in-progress

 

 

585.804

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

13.919

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

1004.753

 

Sundry Debtors
 

 

1580.865

 

Cash & Bank Balances
 

 

165.782

 

Other Current Assets
 

 

0.410

 

Loans & Advances
 

 

178.239

Total Current Assets
 

 

2930.049

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors
 

 

1264.933

 

Other Current Liabilities
 

 

245.081

 

Provisions
 

 

103.625

Total Current Liabilities
 

 

1613.639

Net Current Assets
 

 

1316.410

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

2947.725

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2012

31.12.2011

31.12.2010

 

SALES

 

 

 

 

 

Income

5969.681

6157.718

4871.119

 

 

Other Income

12.142

16.847

75.298

 

 

TOTAL                                     (A)

5981.823

6174.565

4946.417

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

1779.320

1932.127

 

 

 

Purchases of stock-in-trade

2625.799

2667.169

 

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(345.661)

(66.349)

 

 

 

Employee benefit expense

621.293

574.097

 

 

 

Other expenses

713.773

707.969

 

 

 

TOTAL                                     (B)

5394.524

5815.013

4413.425

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

587.299

359.552

532.992

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

273.905

263.063

121.827

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

313.394

96.489

411.165

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

101.617

99.043

96.989

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

211.777

(2.554)

314.176

 

 

 

 

 

Less

TAX                                                                  (H)

79.128

6.692

119.397

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

132.649

(9.246)

194.779

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1173.200

1182.446

987.667

 

 

 

 

 

Add

ADJUSTMENT ON AMALGAMATION

85.680

0.000

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

1391.529

1173.200

1182.446

 

 

 

 

 

 

Earnings Per Share (Rs.)

20.89

(1.74)

35.13

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

31.12.2011

31.12.2010

PAT / Total Income

(%)

2.21

(0.15)

3.94

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

3.55

(0.04)

6.45

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.71

(0.06)

7.90

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

(0.01)

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.47

1.97

1.03

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.11

1.82

 

 

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

52.996

63.509

Reserves & Surplus

1,385.482

1,883.969

Net worth

1,438.478

1,947.478

 

 

 

long-term borrowings

1,250.000

1,250.000

Short term borrowings

1,585.460

1,593.921

Total borrowings

2,835.460

2,843.921

Debt/Equity ratio

1.971

1.460

 

 

 

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

4,871.119

6,157.718

5,969.681

 

 

26.413

(3.054)

 

 

 

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

4,871.119

6,157.718

5,969.681

Profit

194.779

(9.246)

132.649

 

4.00%

(0.15)%

2.22%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT NOT AVAILABLE

 

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

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

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

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

 

UNSECURED LOAN

(Rs. In Millions)

Particulars

As on

31.12.2012

As on

31.12.2011

Long term borrowings

 

 

Term loans from banks

1250.000

1250.000

 

 

 

Short term borrowings

 

 

Loans repayable on demand from banks

93.420

85.460

Loans repayable on demand from others

1500.000

1500.000

 

 

 

Total

2843.420

2835.460

 

CASE DETAILS

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 1429 of 2008

 

Status : PENDING

( Converted from : ST/2148/2008 )

CCIN No : 001092200801429

 

Last Listing Date:

11/05/2009

 

Coram

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

HONOURABLE MR.JUSTICE AKIL KURESHI

 

 

S.NO.

Name of the Petitioner

Advocate On Record

 

1

COMMISSIONER OF INCOME TAX-I,

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

 

1

BOSCH REXROTH (INDIA) LTD.

MR MANISH J SHAH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

 

Presented On

: 18/06/2008

Registered On

: 18/06/2008

 

Bench Category

: SINGLE BENCH

District

: AHMEDABAD

 

Case Originated From

: THROUGH ADVOCATE

Listed

: 123 times

 

Stage Name

: FOR FINAL HEARING - TAX MATTERS

 

Act

INCOME-TAX ACT, 1961

 

 

 

LOWER COURT DETAILS

 

S. No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

 

1

INCOME TAX APPLICATION/2820/2002

DISTRICT COURT, AHMEDABAD RURAL

-

31/08/2007

 

 

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

 

1

15/08/2008

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR MANISH J SHAH:1

 

2

15/08/2008

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MRS MAUNA M BHATT:1

 

3

16/10/2008

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MRS MAUNA M BHATT:1

 

4

29/11/2008

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MRS MAUNA M BHATT:1

 

 

 

LINKED MATTERS

 

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

 

1

TAX APPEAL/1458/2008

PENDING

-

-

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

 

2

TAX APPEAL/1459/2008

PENDING

-

-

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

 

3

TAX APPEAL/1460/2008

PENDING

-

-

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

 

4

TAX APPEAL/1461/2008

PENDING

-

-

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

 

 

 

COURT PROCEEDINGS

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

 

1

11/05/2009

1

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

 

 

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/1429/2008

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN 

HONOURABLE MR.JUSTICE AKIL KURESHI

01/07/2009

N

ORDER

-

Y

 

CERTIFIED COPY

 

S. No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

02/07/2009

O/18927/2009

01/07/2009

07/07/2009

08/07/2009

Delivered

-

 

 

REVIEW OF OPERATIONS

 

For the year ended on 31st December, 2012, the Company has achieved Turnover of Rs. 5,969.680 million as against the Turnover of Rs.6157.720 million during the previous year, representing decrease in Turnover of 3.05%. Result before Tax for the year was a profit of Rs. 211.780 million compared to a loss of Rs.2.550 million in the previous year, after considering exceptional and non-recurring items. Material costs as a percentage to sales decreased by 4.12% to 70.49%. Profit before interest, depreciation and taxes was 100.28% higher compared to previous year.

 

BUSINESS SITUATION

 

For Indian economy, the year 2012 started with weak notes and remained in that status throughout the year. The slowdown is not just confined to India. There has been a general slowdown in the global economy which has been passing through a rather prolonged phase of uncertainty. The slowdown has been all pervasive and almost all the sectors have been affected. The slowing growth rate in India can be explained in terms of both global factors and domestic factors. The growth rate of India’s exports declined. At the same time, however, the international price of crude oil remained high. India’s trade and current account deficit widened. Turning to domestic factors, rainfall in the monsoon season of 2012 has been below normal, particularly in the key months of June and July which affected sowing and resulted in lower growth rate of agriculture and allied sectors. However, due to backlog of previous year and synergies emerged out of merger of Hagglunds Drives (India) Private Limited with the company; we could manage to achieve our targets and to end up with profits. It is expected to grow further in future and has a positive outlook. Further infrastructure development, favorable government policies, and new investment in power projects, metals, oil and gas and petrochemical industries will lead to industrial and manufacturing growth which will boost growth in the engineering sector.

 

SANAND GREENFIELD PROJECT

 

As informed to you in the Directors’ Report for the year ended on 31-12-2011, the Company has purchased industrial land at Sanand near Ahmedabad and construction work of new premises has been completed. The Company’s factory premises along with Registered and Corporate Office have been shifted from Near Vatva Railway Station, Vatva, Ahmedabad – 382 445 to Sanand Viramgam Highway, Mouje Iyava, Taluka Sanand, Dist. Ahmedabad 382 170 with effect from 5th March, 2013.

 

Note: No Charges Exist for Company

 

FIXED ASSETS

 

·         Leasehold Land

·         Freehold Land

·         Roads

·         Building

·         Plant and Machinery

·         Electric Installations

·         Furniture and Fixtures

·         Computers

·         Software

·         Vehicles

·         Jigs and Fixtures

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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

UK Pound

1

Rs. 102.66

Euro

1

Rs. 81.32

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--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

 

60

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.