MIRA INFORM REPORT

 

 

Report No. :

339140

Report Date :

03.09.2015

 

IDENTIFICATION DETAILS

 

Name :

BARCO ELECTRONIC SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

C/O Perfect Accounting and Shared Services Private Limited, E-20, 1st and 2nd Floor, Hauz Khas, New Delhi – 110016

Tel. No.:

91-11-43156000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.07.1996

 

 

Com. Reg. No.:

55-080352

 

 

Capital Investment / Paid-up Capital :

Rs. 309.840 Million

 

 

CIN No.:

[Company Identification No.]

U92111DL1996PTC080352

 

 

IEC No.:

0596034318

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACB5865F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of electronic video/data projectors along related components and accessories and also Trader of visual display systems and accessories, IT enabled services-design and development of software for export.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having satisfactory track record.

 

The company has incurred loss from its operations during FY 2014.

 

However, the company is operating on its owned funds. Liquidity of the company is fair marked by favorable gap between trade receivables and payables.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for normal business dealings 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-120-4020000/ 11-43156000)

 

 

LOCATIONS

 

Registered Office :

C/O Perfect Accounting and Shared Services Private Limited, E-20, 1st and 2nd Floor, Hauz Khas, New Delhi – 110016, India

Tel. No.:

91-11-43156000

Fax No.:

91-11-41649080

E-Mail :

sanjay.goel@barco.com

Website :

http://www.barco.com

 

 

Regional Office :

A-38, B and C, Sector 64, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India

Tel. No.:

91-120-4020000

 

 

DIRECTORS

 

AS ON 26.09.2014

 

Name :

Mr. Jacques Pierre Marie Joseph Bertrand

Designation :

Director

Address :

Heidestraat 29, B-9250 Waasmunster, Belgium, NA, Belgium

Date of Appointment :

16.03.2005

DIN No.:

00238491

 

 

Name :

Mr. Rakesh Kumar Vohra

Designation :

Director

Address :

D-104, First Floor, Som Vihar, R K Puram, New Delhi - 110022, India

Date of Birth/Age :

52 Years

Qualification :

Graduate Economics, MBA Finance and Marketing

Experience :

32 Years

Date of Appointment :

06.09.2011

PAN No.:

AAJPV5084G

DIN No.:

00252822

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U92111DL1996PTC080352

BARCO ELECTRONIC SYSTEMS PRIVATE LIMITED

Director

06-09-2011

05-10-1999

Active

NO

 

 

Name :

Mr. Karl Jozef Hendrika Peeters

Designation :

Director

Address :

Barones Ludwina De Borrekenslaan 15, 2630 Aartselaar - 110022, Belgium

Date of Appointment :

17.06.2004

DIN No.:

00531642

 

 

Name :

Mr. Johan Albert Anna Heyman

Designation :

Additional Director

Address :

Sportstraat 6, 9960 Assenede, Belgium, NA, Belgium

Date of Appointment :

11.05.2015

DIN No.:

07177908

 

 

Name :

Mr. Eric Helene Victor Van Zele

Designation :

Director

Address :

Hertenllan 9, Hoeilaart, 1560, Belgium

Date of Appointment :

23.09.2011

DIN No.:

03599913

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U92111DL1996PTC080352

BARCO ELECTRONIC SYSTEMS PRIVATE LIMITED

Director

23-09-2011

16-08-2011

Active

NO

 

 

Name :

Mr. Lutz Nehrhoff Von Holderberg

Designation :

Managing Director

Address :

Flat No. 901 Sun Court- 1, Jaypee Greens, Greater Noida-201308, Uttar Pradesh, India

Date of Appointment :

26.09.2014

PAN No.:

ALRPH8782L

DIN No.:

06768361

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U92111DL1996PTC080352

BARCO ELECTRONIC SYSTEMS PRIVATE LIMITED

Managing director

26-09-2014

23-01-2014

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Goel

Designation :

Secretary

Address :

J-23, Gangaram Vatika, Tilak Nagar, New Delhi-110018, India

Date of Appointment :

18.03.2004

PAN No.:

AAEPG3004C

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.09.2014

 

Names of Shareholders

No. of Shares

 

Barco NV, Belgium

3098402

Barco Integrated Solutions NV, Belgium (As A Nominee of Barco N.V. Belgium)

1

Total

3098403

 

 

AS ON 26.09.2014

 

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]

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of electronic video/data projectors along related components and accessories and also Trader of visual display systems and accessories, IT enabled services-design and development of software for export.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.R.Batliboi and Company LLP

Chartered Accountants

Address :

Golf View Corporate Tower B, Sector – 4 2, Sector Road, Gurgaon - 122202, Haryana, India

Income-tax PAN of auditor or auditor's firm :

AALFS0506L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

Barco N.V., Belgium

 

 

Subsidiary Company:

Barco B.V Netherand, Netherlands Antilles

 

 

Fellow Subsidiary Company:

·         Barco Visual (Beijing) Electronics, China

·         Barco Inc., Xenia, UNITED STATES

·         Barco View Division, Dulutch, United States

·         Barco Control Rooms GmbH, Germany

·         Barco PTE Limited, Singapore

·         Barco lighting System INC, United States

·         CFG Barco Electronics Company Limited., China

·         Barco Company Limited, Japan

·         Barco Incorporation Rancho Cor Dova , USA

·         Barco SAS, France

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3500000

Equity Shares

Rs. 100/- each

Rs. 350.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3098403

Equity Shares

Rs. 100/- each

Rs. 309.840 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

309.840

309.840

309.840

(b) Reserves & Surplus

3535.393

3607.672

3542.724

(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)

3845.233

3917.512

3852.564

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

14.779

16.467

10.067

(d) long-term provisions

11.889

22.576

37.899

Total Non-current Liabilities (3)

26.668

39.043

47.966

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

499.729

541.792

733.020

(c) Other current liabilities

32.794

30.336

61.360

(d) Short-term provisions

36.481

37.595

12.976

Total Current Liabilities (4)

569.004

609.723

807.356

 

 

 

 

TOTAL

4440.905

4566.278

4707.886

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

319.416

306.218

317.343

(ii) Intangible Assets

10.624

8.247

2.432

(iii) Capital work-in-progress

0.000

13.816

6.586

(iv) Intangible assets under development

0.000

7.073

0.000

(b) Non-current Investments

1281.123

1589.868

1726.532

(c) Deferred tax assets (net)

102.952

89.647

73.712

(d)  Long-term Loan and Advances

27.943

23.634

31.549

(e) Other Non-current assets

17.874

7.760

7.110

Total Non-Current Assets

1759.932

2046.263

2165.264

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1326.173

1379.050

1292.005

(c) Trade receivables

627.082

662.699

674.333

(d) Cash and cash equivalents

637.345

356.813

456.521

(e) Short-term loans and advances

64.148

90.524

97.733

(f) Other current assets

26.225

30.929

22.030

Total Current Assets

2680.973

2520.015

2542.622

 

 

 

 

TOTAL

4440.905

4566.278

4707.886

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                     (A)

NA

NA

3924.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

NA

NA

3565.000

 

 

 

 

 

 

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

(Including Financial and Depreciation Expenses)

(Including Financial and Depreciation Expenses)

359.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

 

0.000

 

 

 

 

 

 

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

 

 

359.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

 

76.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

NA

NA

283.000

 

 

 

 

 

Less

TAX                                                                  (H)

NA

NA

91.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

(72.279)

64.948

192.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

(23.33)

20.96

61.97

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operations

538.037

108.467

21.570

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

NA

NA

9.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

NA

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

4.71

4.13

3.15

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

309.840

309.840

309.840

Reserves & Surplus

3542.724

3607.672

3535.393

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

3852.564

3917.512

3845.233

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from 14 LSC Community Centre, 2nd Floor, Mandigpur, Pushp Vihar, New Delhi, Delhi, India to the present address w.e.f 01.07.2009


FIXED ASSETS:

 

Tangible Assets

 

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Other Equipments

·         Leasehold Improvements

 

Intangible assets

 

·         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, 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. 66.16

UK Pound

1

  Rs. 101.22

Euro

1

Rs. 74.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

8

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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.