MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHLE BEHR INDIA LIMITED (w.e.f. 11.03.2014) |
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Formerly Known
As : |
BEHR INDIA LIMITED |
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Registered
Office : |
Gat No.626/1/2 and 622/1/0, 29, Milestone, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.04.1997 |
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Com. Reg. No.: |
11-107619 |
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Capital
Investment / Paid-up Capital : |
Rs.271.000 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN1997PLC107619 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB01594F |
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PAN No.: [Permanent Account No.] |
AABCB2186L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Selling of automotive air-conditioning systems, parts and components thereof, heat exchanger and ventilation units, engine cooling parts and components thereof for passenger and commercial vehicles and also engaged in trading of automotive parts and components and also has an engineering services division, which is involved in providing product design services to Behr group companies. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is established company having satisfactory track record. The company has incurred loss from its operational activities during
financial year 2013. However, the rating reflects BIL”s established track record of
business operation supported by diversified customer base and sound liquidity
profile of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing at usual; trade
terms and condition. |
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
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slowly on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = “BBB+” |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
18.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
18.12.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ashish Sathe |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-2135-665000 |
|
Date : |
15.09.2014 |
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 |
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Fax No.: |
91-2135-665050/ 665150 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
B-5, Chakan Industrial Area, District Khed, Pune, |
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Location : |
Owned |
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Factory 3 : |
ELPRO Compound City Survey No.4270, Chinchwadgaon, Pune - 411033,
Maharashtra, India |
DIRECTORS
As on 26.08.2013
|
Name : |
Mr. Deepak Ramnath Chopra |
|
Designation : |
Director |
|
Address : |
H.No.7 and 8, Anfilco Housing Colony, Anand Farm Palam Gurgaon Road, Dundhahera, Gurgaon – 122016, Haryana, India |
|
Date of Birth/ Age : |
25.12.1954 |
|
Qualification : |
C.A, C.S, ICWA |
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Date of Appointment : |
27.03.2009 |
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DIN No.: |
00028770 |
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|
|
|
Name : |
Mr. Deep Chand Anand |
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Designation : |
Director |
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Address : |
1, Shri Aurobindo Marg, New Delhi – 110016, India |
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Date of Birth/ Age : |
26.08.1933 |
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Date of Appointment : |
13.05.1997 |
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DIN No.: |
00090123 |
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|
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Name : |
Mr. Sunil Prem Nath Kaul |
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Designation : |
Managing Director |
|
Address : |
House No.8, Atul Excellency, SR No.207, 2 Kaspate Vasti, Wakad, Pune – 411027, Maharashtra, India |
|
Date of Birth/ Age : |
13.08.1959 |
|
Qualification : |
B.E.(Mechanical), AMIE (Electrical) |
|
Experience : |
33Years |
|
Date of Appointment : |
15.12.2009 |
|
PAN No.: |
ABKPK4349K |
|
DIN No.: |
00110549 |
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|
|
|
Name : |
Joerg Josef Stratmann |
|
Designation : |
Director |
|
Address : |
Schottstr Stuttgart, Germany 70192 |
|
Date of Birth/Age : |
02.06.1969 |
|
Date of Appointment : |
19.06.2013 |
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DIN No. : |
02549163 |
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|
|
|
Name : |
Colin Leslie Carter |
|
Designation : |
Director |
|
Address : |
IM, Dorn 12, Beilstein-71717, Germany |
|
Date of Birth/ Age : |
19.11.1955 |
|
Qualification : |
Master of Business Administration |
|
Date of Appointment : |
17.12.2008 |
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DIN No.: |
02820523 |
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|
|
|
Name : |
Joerg Joachim Schernikau |
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Designation : |
Director |
|
Address : |
IM Langen Han 10, Stuttgart-70565, Germany |
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Date of Birth/ Age : |
22.03.1968 |
|
Qualification : |
PhD in Mechanical Engineering, Postgraduate Degree in Economics, Diploma in Electrical Engineering |
|
Date of Appointment : |
21.09.2011 |
|
DIN No.: |
05169758 |
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|
|
|
Name : |
Michael Karl Frick |
|
Designation : |
Director |
|
Address : |
Taubenweg, Stolberg RHLD, Stolberg-52223, Germany |
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Date of Birth/ Age : |
28.05.1966 |
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Qualification : |
Diploma in Business Administration |
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Date of Appointment : |
21.09.2011 |
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DIN No.: |
05182617 |
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|
|
|
Name : |
Arul Kumar Palani |
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Designation : |
Director |
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Address : |
A2-1104, Prism Apartments, Behind Spicer College, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
07.12.1962 |
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Qualification : |
Post Graduate engineer |
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Date of Appointment : |
05.12.2012 |
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DIN No. : |
06459244 |
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|
|
|
Name : |
Bernd Hans Leimbach |
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Designation : |
Director |
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Address : |
Torfweg Ortsteil, Stangengrun, Kirchberg, Stolberg, Germany |
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Date of Birth/Age : |
24.11.1956 |
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Date of Appointment : |
19.06.2013 |
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DIN No. : |
06605737 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Sathe |
|
Designation : |
Accounts Manager |
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|
|
Name : |
Mr. Anand Deeparam Choudhary |
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Designation : |
Secretary |
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Address : |
Gera Enclave, Flat No. B 102, Deepak Market, Ganpati Chowk, Viman
Nagar, Pune - 411014, Maharashtra, India |
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Date of Birth/Age : |
05.08.1988 |
|
Date of Appointment : |
18.06.2012 |
MAJOR SHAREHOLDERS
As on 26.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Behr Holding International |
|
17400000 |
|
Asia Investments Private Limited, |
|
11599995 |
|
Deepak R. Chopra Jointly with R. N. Chopra |
|
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 V. N. Sood Jointly with V. N. Sood |
|
1 |
|
Total |
|
29000000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.08.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Selling of automotive air-conditioning
systems, parts and components thereof, heat exchanger and ventilation units,
engine cooling parts and components thereof for passenger and commercial
vehicles and also engaged in trading of automotive parts and components and
also has an engineering services division, which is involved in providing
product design services to Behr group companies. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· US ·
France |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· US ·
France |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Actual
Production [Qty.] |
|
Automotive air conditioning systems, its parts and components |
Nos. |
375095 |
|
Radiators, comprising of radiator assemblies and fan shroud assembly |
Nos. |
653309 |
|
Compressor assembly and its components and parts thereof |
Nos. |
134018 |
|
Ventilation Units |
Nos. |
40 |
|
Visco |
Nos. |
140656 |
|
Heat Exchangers |
Nos. |
65132 |
|
Condensers |
Nos. |
275703 |
|
EGR |
Nos. |
4304 |
GENERAL INFORMATION
|
Customers : |
Tata Motors |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
· Bank of Baroda, Corporate Financial Services Branch, Mantri Court, 39 Ambedkar Road, Pune - 411001, Maharashtra, India ·
ING Vysya Bank Limited, 928, Mantri Centre,
F.C. Road, Pune - 411004, Maharashtra, India ·
HDFC Bank Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
C-401, 4th
Floor, |
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PAN
No.: |
AACFS6921Q |
|
|
|
|
Ultimate Holding
Company: |
· Behr Gmbh and Co. Kg |
|
|
|
|
Fellow Subsidiary
company: |
· Anand Automotive Limited CIN No.:U74999MH1975PLC206199 · Frape Behr S.A. Frape Behr S.A. ·
Behr Climate Systems INC. ·
Behr Brasil Ltda ·
Behr Holding International GmbH ·
Behr Hella Thermo Control India Private
Limited ·
Behr France Rouffach S.A.S. ·
Behr France Hambach S.A.R ·
Behr Czech S.R.O. ·
Dongfeng Behr Thermal System ·
Behr South Africa (PTY) Limited ·
Behr Slovakia S.R.O. ·
Behr Ostrava S.R.O. ·
Behr Korea INC ·
Behr Kirchberg ·
Behr Japan K.K |
|
|
|
|
Associate: |
· Gabriel India Limited CIN
No.: L34101PN1961PLC015735 ·
Asia Investments Private Limited CIN
No.: U65993MH1966PTC206200 ·
Spicer India Limited CIN
No.: U34300MH1993PLC073227 |
CAPITAL STRUCTURE
As on 26.08.2013
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 |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 Millions |
As on 31.03.2013
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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
271.000 |
241.000 |
241.000 |
|
(b) Reserves & Surplus |
526.630 |
405.230 |
298.750 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
797.630 |
646.230 |
539.750 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
97.270 |
221.000 |
130.940 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
15.760 |
0.000 |
|
(c) Other long term liabilities |
49.080 |
33.780 |
44.310 |
|
(d) long-term provisions |
0.000 |
0.000 |
9.100 |
|
Total Non-current Liabilities (3) |
146.350 |
270.540 |
184.350 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1212.610 |
857.330 |
535.300 |
|
(b) Trade payables |
759.190 |
1050.600 |
1298.840 |
|
(c) Other current
liabilities |
550.210 |
753.800 |
728.620 |
|
(d) Short-term provisions |
158.830 |
96.150 |
90.270 |
|
Total Current Liabilities (4) |
2680.840 |
2757.880 |
2653.030 |
|
|
|
|
|
|
TOTAL |
3624.820 |
3674.650 |
3377.130 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
926.410 |
872.050 |
795.830 |
|
(ii) Intangible Assets |
198.190 |
234.060 |
257.010 |
|
(iii) Capital
work-in-progress |
8.070 |
33.530 |
30.120 |
|
(iv)
Intangible assets under development |
67.200 |
74.120 |
99.270 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.200 |
0.000 |
1.090 |
|
(d) Long-term Loan and Advances |
181.530 |
210.850 |
140.070 |
|
(e) Other Non-current assets |
7.140 |
9.460 |
5.400 |
|
Total Non-Current Assets |
1390.740 |
1434.070 |
1328.790 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
585.300 |
785.380 |
666.090 |
|
(c) Trade receivables |
1106.170 |
954.280 |
961.400 |
|
(d) Cash and cash
equivalents |
91.080 |
76.830 |
125.730 |
|
(e) Short-term loans and
advances |
331.120 |
336.620 |
255.560 |
|
(f) Other current assets |
120.410 |
87.470 |
39.560 |
|
Total Current Assets |
2234.080 |
2240.580 |
2048.340 |
|
|
|
|
|
|
TOTAL |
3624.820 |
3674.650 |
3377.130 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5773.830 |
5507.370 |
5051.63 |
|
|
|
Other Income |
23.430 |
55.730 |
12.39 |
|
|
|
TOTAL (A) |
5797.260 |
5563.100 |
5064.020 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3769.360 |
3655.200 |
3158.69 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
393.55 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
5.900 |
13.910 |
(46.240) |
|
|
|
Employees benefits expense |
527.720 |
444.440 |
310.04 |
|
|
|
Other expenses |
1079.550 |
896.830 |
681.52 |
|
|
|
TOTAL (B) |
5382.530 |
5010.380 |
4497.560 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
414.730 |
552.720 |
566.460 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
155.440 |
151.120 |
99.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
259.290 |
401.600 |
467.380 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
267.060 |
233.560 |
216.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(7.770) |
168.040 |
250.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.830 |
61.550 |
89.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(48.600) |
106.490 |
160.950 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
730.880 |
682.400 |
802.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1540.790 |
1694.890 |
1402.180 |
|
|
|
Components and Spare Parts |
9.590 |
3.110 |
0.900 |
|
|
|
Capital Goods |
112.630 |
86.480 |
6.590 |
|
|
TOTAL IMPORTS |
1663.010 |
1784.480 |
1409.670 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.84 |
4.42 |
6.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.84) |
1.91 |
3.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.13) |
3.05 |
4.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.22) |
4.71 |
7.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.26 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64 |
1.67 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.81 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Share Capital |
241.000 |
241.000 |
271.000 |
|
Reserves & Surplus |
298.750 |
405.230 |
526.630 |
|
Net
worth |
539.750 |
646.230 |
797.630 |
|
|
|
|
|
|
long-term borrowings |
130.940 |
221.000 |
97.270 |
|
Short term borrowings |
535.300 |
857.330 |
1212.610 |
|
Total
borrowings |
666.240 |
1078.330 |
1309.880 |
|
Debt/Equity
ratio |
1.234 |
1.669 |
1.642 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
5051.630 |
5507.370 |
5773.830 |
|
|
|
9.022 |
4.838 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
5051.630 |
5507.370 |
5773.830 |
|
Profit |
160.950 |
106.490 |
(48.600) |
|
|
3.19% |
1.93% |
(0.84%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
124.460 |
126.060 |
126.970 |
|
Total |
124.460 |
126.060 |
126.970 |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- 31.10.2013 |
||||||
|
Lodging No: ITXAL/1879/2013 |
Failing Date: 30/10/2013 |
Reg. No.: ITXA/2440/2013 |
Reg. Date: 20/12/2013 |
|||
|
Petitioner:- |
The Commissioner of Income Tax |
Respondent:- |
BEHR INDIA LIMITED |
|||
|
Petn.Adv:- |
Tejveer Singh Mastan Singh |
|
|
|||
|
District:- |
Pune |
|||||
|
|
||||||
|
Bench:- |
Division |
|
|
|||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|||
|
Next Date:- |
13/06/2014 |
Stage:- |
|
|||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|||||
|
|
|
|||||
|
Act:- |
Income Tax Act, 1961 |
|||||
|
Under Section:- |
260A |
|||||
Note: The registered office of the company has been shifted from 29, Milestone Pune Nasik Highway, Village Kuruli, Khed – 410501, Maharashtra, India to the present address w.e.f. 01.02.2007.
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from foreign companies |
14.010 |
41.300 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
50.000 |
150.000 |
|
Total |
64.010 |
191.300 |
CORPORATE INFORMATION
The Company is a public limited company domicile in India and incorporated under the provisions of the Companies Act, 1956. The Company is primarily engaged in the manufacture and selling of automotive air-conditioning systems, parts and components thereof, heat exchanger and ventilation units, engine cooling parts and components thereof for passenger and commercial vehicles. The Company was engaged in trading of automotive parts and components, mainly to Behr group companies until previous year. The Company also has an engineering services division, which is involved in providing product design services to Behr group companies.
PERFORMANCE:
The Company registered turnover of Rs 5773.830 Million, during the year, as compared to Rs. 5507.370 Million in the previous year. This represents an increase of 4.6 %. Profit before Tax (PBT) of Rs. (7.770) Million, as compared to Rs. 168.040 Million last year. Profit after Tax (PAT) was Rs. (48.600) Million, as compared to Rs.106.490 Million last year.
EXPORTS:
During the financial year, overall exports of manufactured goods amounted to Rs.182.14 Million, as compared to Rs.267.29 Million in previous year. Earning from Engineering Services amounted to Rs.548.74 Million, as against Rs.413.63 Million in previous year.
New opportunities are constantly being identified to generate more export sales. The Company is confident of successively growing exports in the coming years.
NEW BUSINESS:
Ř Air Conditioning
Business :
The Company has been nominated by Mahindra for S101 SUV business, Maximo van (P405/409) LCV HVAC business (carryover of LOGAN), Bolero Refresh(U301) Control Panel.
Ř Engine Cooling :
The company has started supply for Honda Amaze CAC and is also nominated for Honda City CAC, Bolero Refresh (U301) ECM and Mini SUV S101 ECM both gasoline and Diesel.
Ř EGR
The company has been nominated for Greaves EGR which will be fitted in TATA Iris and Maximo van (P405/409). The company has also been nominated for FIAT 1.3 SDE EGR
Ř VISCO
The company has been nominated for supply of Visco fan for Nissan Ashok Leyland MCV and Daimler India LDT vehicles
FUTURE PLAN OF
ACTION:
a. Development of Low-Cost HVAC system.
b. Implementation of low GWP and Environment friendly new-generation refrigerant HFO1234yF for the existing vehicle platforms and Projects in development.
c. Develop ECM for L, M and HCV:
d. Compact and low weight Modules for sub-3.5 tonners
e. Compact and low weight - high efficiency modules for M and HCV
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date Of Charge Creation/Modification |
Charge Amount Secured |
Charge Holder |
ADDRESS |
Service Request Number (SRN) |
|
1 |
10470712 |
23/11/2013 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B94182227 |
|
2 |
10329806 |
19/11/2013 * |
925,000,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F.C. ROAD, PUNE - 411004, MAHARASHTRA, INDIA |
B93643401 |
|
3 |
10317997 |
03/07/2012 * |
775,000,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F.C. ROAD, PUNE - 411004, MAHARASHTRA, INDIA |
B44221828 |
|
4 |
90084946 |
19/11/2013 * |
710,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT, 39 AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
B93962561 |
* Date of charge modification
FIXED ASSETS
· Land
Buildings
Plant
and Equipment
Vehicles
Office
Equipment
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.