|
|
|
MIRA INFORM REPORT
|
Report No. : |
502240 |
|
Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH CHASSIS SYSTEMS INDIA PRIVATE LIMITED (w.e.f. 23.03.2016) |
|
|
|
|
Formerly Known
As : |
BOSCH CHASSIS SYSTEMS INDIA LIMITED KALYANI BRAKES LIMITED KALYANI BRAKES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 306, Nanekarwadi (Chakan), Taluka Rajgurunagar, Pune – 410501,
Maharashtra |
|
Tel. No.: |
91-20-39870302 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.05.1982 |
|
|
|
|
Com. Reg. No.: |
11-027224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 208.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1982PTC027224 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388084553 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACK7312E1ZV |
|
|
|
|
TIN No: |
27180298997 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACK7312E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing of Brake System aggregates primarily for passenger cars and multi passenger sports utility vehicles including lower weight range of commercial vehicles and three wheelers. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Bosch Group” incorporated in the year 1982
having excellent track. The subject develops and manufactures braking system aggregates
primarily for passenger cars and multi passenger sports utility vehicles. As per the financial record of 2017, the company has achieved decent
growth of 17.87% in its revenue as compared to its previous year’s revenue
and has gained an average net profit margin of 4.12%. Rating takes into consideration, the robust financial risk profile marked
by adequate net worth base along with strong operating efficiency and
comfortable liquidity position. Rating continues to derive strength from company’s significant
presence in domestic as well and international mobility market by strong
brand appeal, wide distribution and service network and strong focus on Indian Technologies and development
segment with well experienced management team. Further, the company has achieved remarkable earnings per share of INR
200336 against its face value of INR 100000. Trade relations are trustworthy. Payments seems to be regular and as
per commitment. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions.
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 05.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office/ Factory 1 : |
Gat No. 306, Nanekarwadi (Chakan), Taluka Rajgurunagar, Pune – 410501,
Maharashtra, India |
|
Tel. No.: |
91-20-30616300 |
|
Fax No.: |
91-20-26810007/ 26111511 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
Off NH 6, Bambhori, Taluka Erandol, District Jalgaon - 425001,
Maharashtra, India |
|
|
|
|
Factory 3 : |
Plot No. 9, Sector 3, |
|
Tel. No.: |
91-124-2123569/ 2290528/ 3090358 |
|
Fax No.: |
91-124-2123540/ 2290638 |
|
E-Mail : |
|
|
|
|
|
Factory 4: |
Eldeco SIDCUL Industrial Park, Sitargarj, District Udham Singh Nagar –
262403, Uttarakhand, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nagarajaiah Umesh |
|
Designation : |
Managing Director |
|
Address : |
No.11/1, 287, 11th Cross, Upper Palace Orchards, Bangalore
– 560080, Karnataka, India |
|
Date of Birth/Age : |
19.08.1957 |
|
Qualification : |
Mechanical Engineer and MBA |
|
PAN No.: |
AABPU0209Q |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
03333180 |
|
|
|
|
Name : |
Mr. Gerhard Johannes Steiger |
|
Designation : |
Director |
|
Address : |
Weil Der Stadt Panoramastrabe 36 Weil Der Stadt, Germany 71263 |
|
Date of Birth/Age : |
23.05.1958 |
|
Qualification : |
Graduate in National Economy, University of Freiburg
Germany |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
02946897 |
|
|
|
|
Name : |
Mr. Andreas Friedhelm Wolf |
|
Designation : |
Director |
|
Address : |
No. 289, 38th Cross, 8th Block, Jayanagar, Bangaluru-560082, Karnataka, India |
|
Date of Birth/Age : |
16.06.1962 |
|
Qualification : |
Mechanical Engineering degree and PhD holder from
Technical University Dresden |
|
Date of Appointment : |
20.03.2015 |
|
DIN No: |
07088505 |
|
|
|
|
Name : |
Mrs. Padmaja Achanta Rama |
|
Designation : |
Director |
|
Address : |
37-B, Ugadi Road, 5th Main, 7th Cross, Akshayanagar West, Begur, Bangalore -560068, Karnataka, India |
|
Date of Birth/Age : |
24.07.1966 |
|
Qualification : |
Graduate in Electronics and Communication |
|
Date of Appointment : |
20.03.2015 |
|
DIN No: |
07123197 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Dnyanoba Dighe |
|
Designation : |
Secretary |
|
Address : |
742, Guruwar Peth, Matoshree Apartments, 3rd Floor, Pune – 411042, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Date of Appointment : |
22.12.2009 |
|
PAN No.: |
AKCPD8987B |
|
|
|
|
Name : |
Mr. Shivaramakrishna Sampara |
|
Designation : |
Chief Finance Officer |
|
Address : |
Windsor Residency, Flat No. 801, Balewadi Phata, Baner, Pune-411045, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1969 |
|
Date of Appointment : |
17.11.2014 |
|
PAN No.: |
ABIPS3740G |
|
|
|
|
Name : |
SVD and Associates |
|
Designation : |
Company Secretary |
|
Address : |
4th Floor, Vedwati Apartments, Shivajinagar, Pune – 411005, Maharashtra, India |
|
Tel. No: |
91-20-69000666 |
|
Email: |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Robert Bosch LLC, USA |
1039 |
49.95 |
|
Robert Bosch Investment Nederland BV, Netherlands |
1041 |
50.05 |
|
Total |
2080 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.08.2017
|
Category |
Percentage |
|
Public/Other than promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the business of manufacturing of Brake System aggregates primarily for passenger cars and multi passenger sports utility vehicles including lower weight range of commercial vehicles and three wheelers. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
5th Floor, Tower D, Themillenia, 1 and 2, Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFP3698A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
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|
Subsidiaries : |
Precision Seals Manufacturing Limited (U25199MH1989PLC050925) |
|
|
|
|
Holding Company: |
Robert Bosch Investment Nederland B.V., Netherlands |
|
|
|
|
Ultimate Holding
Company |
Robert Bosch GmbH, Germany |
|
|
|
|
Fellow Subsidiary
Companies with whom transactions have taken place during the year |
|
CAPITAL STRUCTURE
As on: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500 |
Equity Shares |
INR 100000/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2080 |
Equity Shares |
INR 100000/- each |
INR 208.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
208.000 |
208.000 |
207.900 |
|
(b) Reserves and Surplus |
4947.100 |
4530.400 |
3955.600 |
|
(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) |
5155.100 |
4738.400 |
4163.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
60.900 |
100.100 |
148.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.600 |
0.600 |
2.000 |
|
(d) long-term
provisions |
153.400 |
105.200 |
93.400 |
|
Total Non-current Liabilities
(3) |
214.900 |
205.900 |
243.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2196.600 |
2116.900 |
1949.500 |
|
(c) Other
current liabilities |
296.200 |
246.000 |
394.300 |
|
(d) Short-term
provisions |
64.100 |
48.900 |
52.600 |
|
Total Current
Liabilities (4) |
2556.900 |
2411.800 |
2396.400 |
|
|
|
|
|
|
TOTAL |
7926.900 |
7356.100 |
6803.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1229.000 |
1282.600 |
1462.300 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
9.600 |
55.800 |
56.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
95.100 |
95.100 |
95.100 |
|
(c) Deferred tax assets (net) |
51.300 |
2.500 |
0.000 |
|
(d)
Long-term loans and advances |
330.700 |
326.500 |
387.200 |
|
(e) Other
Non-current assets |
31.800 |
41.400 |
25.700 |
|
Total Non-Current
Assets |
1747.500 |
1803.900 |
2026.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2914.800 |
2662.500 |
1975.400 |
|
(b)
Inventories |
1141.400 |
1070.400 |
1037.700 |
|
(c) Trade
receivables |
1488.300 |
1207.200 |
1117.400 |
|
(d) Cash and
bank balances |
416.900 |
246.700 |
268.900 |
|
(e)
Short-term loans and advances |
216.200 |
354.900 |
369.000 |
|
(f) Other
current assets |
1.800 |
10.500 |
8.600 |
|
Total
Current Assets |
6179.400 |
5552.200 |
4777.000 |
|
|
|
|
|
|
TOTAL |
7926.900 |
7356.100 |
6803.800 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
10112.100 |
8578.800 |
9694.100 |
|
|
Other Income |
168.800 |
219.200 |
275.400 |
|
|
TOTAL |
10280.900 |
8798.000 |
9969.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5943.600 |
5731.500 |
6621.700 |
|
|
Purchases of Stock-in-Trade |
807.900 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(85.900) |
(22.500) |
(89.300) |
|
|
Employee benefit expense |
783.300 |
673.900 |
880.700 |
|
|
CSR expenditure |
1.400 |
0.900 |
0.000 |
|
|
Other expenses |
1753.400 |
1432.200 |
1863.500 |
|
|
Prior period items |
102.600 |
0.000 |
0.000 |
|
|
TOTAL |
9306.300 |
7816.000 |
9276.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
974.600 |
982.000 |
692.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.800 |
2.500 |
2.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
969.800 |
979.500 |
690.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
280.000 |
314.400 |
346.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
689.800 |
665.100 |
344.000 |
|
|
|
|
|
|
|
Less |
TAX |
273.100 |
94.400 |
(21.900) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
416.700 |
570.700 |
365.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
3994.600 |
3423.900 |
3058.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
4411.300 |
3994.600 |
3423.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
189.400 |
211.500 |
318.200 |
|
|
TOTAL EARNINGS |
189.400 |
211.500 |
318.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3856.700 |
2790.200 |
3663.600 |
|
|
Components and spare
parts |
12.900 |
11.300 |
37.700 |
|
|
Capital Goods |
28.700 |
27.700 |
23.200 |
|
|
TOTAL IMPORTS |
3898.300 |
2829.200 |
3724.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
200337.00 |
274375.000 |
175998.000 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
40.400 |
49.600 |
48.200 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
874.300 |
801.400 |
153.400 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
724.100 |
709.300 |
99.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
53.72 |
51.36 |
42.07 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
6.79 |
7.11 |
8.68 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
118.75 |
134.81 |
107.46 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.85 |
0.92 |
0.67 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.79 |
0.73 |
0.46 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.34 |
0.35 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.02 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.50 |
0.51 |
0.58 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.24 |
0.28 |
0.36 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial Charges] |
|
203.04 |
392.80 |
277.16 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
4.12 |
6.65 |
3.77 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
5.26 |
7.76 |
5.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
8.08 |
12.04 |
8.79 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
2.42 |
2.30 |
1.99 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.97 |
1.86 |
1.56 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.65 |
0.64 |
0.61 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.49 |
0.72 |
0.95 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
2.42 |
2.30 |
1.99 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
207.900 |
208.000 |
208.000 |
|
Reserves & Surplus |
3955.600 |
4530.400 |
4947.100 |
|
Net
worth |
4163.500 |
4738.400 |
5155.100 |
|
|
|
|
|
|
Long-term borrowings |
148.500 |
100.100 |
60.900 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
48.200 |
49.600 |
40.400 |
|
Total
borrowings |
196.700 |
149.700 |
101.300 |
|
Debt/Equity
ratio |
0.047 |
0.032 |
0.020 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9694.100 |
8578.800 |
10112.100 |
|
|
|
(11.505) |
17.873 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9694.100 |
8578.800 |
10112.100 |
|
Profit/ (Loss) |
365.900 |
570.700 |
416.700 |
|
|
3.77
% |
6.65
% |
4.12
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
208.000 |
208.000 |
|
(b) Reserves and Surplus |
5207.700 |
4824.400 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5415.700 |
5032.400 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
60.900 |
100.100 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.600 |
0.600 |
|
(d) long-term
provisions |
162.200 |
111.400 |
|
Total Non-current
Liabilities (3) |
223.700 |
212.100 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
|
(b) Trade
payables |
2194.700 |
2142.800 |
|
(c) Other current
liabilities |
309.600 |
261.000 |
|
(d) Short-term
provisions |
64.600 |
49.300 |
|
Total Current
Liabilities (4) |
2568.900 |
2453.100 |
|
|
|
|
|
TOTAL |
8208.300 |
7697.600 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1)
Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i)
Tangible assets |
1371.700 |
1426.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
10.300 |
55.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
51.300 |
4.600 |
|
(d)
Long-term loans and advances |
346.800 |
340.000 |
|
(e) Other
Non-current assets |
31.800 |
41.400 |
|
Total Non-Current
Assets |
1811.900 |
1867.900 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
3008.100 |
2791.400 |
|
(b)
Inventories |
1194.600 |
1121.400 |
|
(c) Trade
receivables |
1522.800 |
1253.700 |
|
(d) Cash and
bank balances |
434.600 |
269.600 |
|
(e)
Short-term loans and advances |
233.700 |
382.000 |
|
(f) Other
current assets |
2.600 |
11.600 |
|
Total
Current Assets |
6396.400 |
5829.700 |
|
|
|
|
|
TOTAL |
8208.300 |
7697.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Total
Revenue from operations |
10233.200 |
8612.700 |
|
|
Other Income |
174.500 |
222.800 |
|
|
TOTAL |
10407.700 |
8835.500 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
5804.900 |
5512.700 |
|
|
Purchases of
Stock-in-Trade |
807.900 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(88.100) |
(25.700) |
|
|
Employee benefit expense |
940.800 |
808.000 |
|
|
CSR expenditure |
1.400 |
0.900 |
|
|
Other expenses |
1852.300 |
1521.700 |
|
|
Prior period items |
102.600 |
0.000 |
|
|
Exceptional items |
16.600 |
0.000 |
|
|
TOTAL |
9438.400 |
7817.600 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
969.300 |
1017.900 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.800 |
2.500 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
964.500 |
1015.400 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
307.400 |
344.100 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
657.100 |
671.300 |
|
|
|
|
|
|
Less |
TAX |
273.700 |
100.500 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
383.400 |
570.800 |
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
184327.00 |
274423.00 |
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 |
No |
|
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 |
Yes |
|
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
OPERATIONS
Net Sales for the year ending March 2017 was INR 10112.000 Million as against INR 8579.000 Million for previous year, which is a growth of around 18%. The growth in net sales has mainly come from good growth in Actuation business, and significant growth in modulation business, which was driven by increase in installation rate of ABS and ESP and new business acquisitions.
Profit before depreciation, interest and tax (PBDIT) in the year is 10.6% of Net Sales as compared to 11.4 % in the previous year.
The reduction in percentage terms is mainly due to error in accounting for investment income pertaining to mutual funds which is rectified in the year (in previous year this was shown as income to an extent of INR 103 Million). On like to like basis, the PBDIT would be 10.2% of Net Sales for previous year.
After considering depreciation, interest expenses and other income, and one-time impact of prior period income reversal, Profit before tax (PBT) for the year stood at 6.8% of Net Sales as compared to 7.8% in the previous year. Again, on like to like basis the PBT would be 7.8% for the year as against 6.6% in the previous year (after adjusting for the error in accounting for investment income as stated above).
BACKGROUND OF THE COMPANY:
Subject the Company, a company of the Bosch Group is engaged in the business of manufacturing Brake System aggregates primarily for passenger cars and multi passenger sports utility vehicles including lower weight range of commercial vehicles and three wheelers. The Company has manufacturing plants in Pune and Manesar and sells primarily in India to Original Equipment Manufacturers (OEMs) and also to dealers through its Automotive Aftermarket division. The Company has become a Private Company w.e.f. March 23, 2016.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loan |
60.900 |
100.100 |
|
Total |
60.900 |
100.100 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B58792334 |
10196994 |
STATE BANK OF INDIA |
23/12/2009 |
22/09/2012 |
- |
265500000.0 |
TARA CHAMBES, WAKADEWADIPUNE MUMBAI ROADPUNEMH411003IN |
|
2 |
Y10174557 |
90089536 |
THE UNITED WESTERN BANK LIMITED |
15/03/1990 |
02/07/1996 |
- |
6000000.0 |
LAXMI ROAD BRANCHOPP. GOKHALE HALLPUNEMH411030IN |
|
3 |
B02809747 |
90088010 |
STATE BANK OF INDIA IFB |
11/12/1996 |
22/08/2008 |
05/01/2011 |
265500000.0 |
TARA CHAMBERS 2ND FLOOR, NEAR MARIAAI MANDIRPUNE MUMBAI HIGHWAYH WAKDEWADIPUNEMH411003IN |
|
4 |
B03070398 |
90084560 |
THE STATE BANK OF INDIA |
11/12/1996 |
22/12/1998 |
05/01/2011 |
265500000.0 |
INDUSTRIAL FINANCE BRANCHWAKADEWADIPUNEMH411003IN |
|
5 |
Y10169646 |
90084625 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
19/04/1997 |
30/01/2002 |
10/03/2005 |
30000000.0 |
1010MADAN MOHAN MALVIYA MARGWAKDEWADILUCKNOWUP226001IN |
|
6 |
Y10170561 |
90085540 |
ICICI LIMITED |
17/11/2000 |
28/12/2001 |
26/10/2002 |
100000000.0 |
ICICI TOWERBANDRA KURLA COMPLEX; BANDRA (E)MUMBAIMH400051IN |
|
7 |
Y10170652 |
90085631 |
STATE BANK OF INDIA |
30/01/2001 |
15/02/2001 |
13/09/2002 |
100000000.0 |
INDUSTRIAL FINANCE BRANCHWAKDEWADIPUNEMH411003IN |
|
8 |
Y10169599 |
90084578 |
THE FUJI BANK LIMITED |
29/01/1997 |
- |
08/02/2002 |
191250000.0 |
2; RAFFLES PLACEOUB CENTRESINGAPORENA04286SG |
|
9 |
Y10169153 |
90084132 |
STATE BANK OF INDIA |
18/06/1994 |
29/03/1996 |
27/03/2000 |
30000000.0 |
INDUSTRIAL FINANCE BRANCHTARA CHAMBERS; WAKDEWADIPUNEMH411003IN |
|
10 |
Y10169333 |
90084312 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LTD |
14/08/1995 |
29/03/1996 |
08/03/2000 |
30000000.0 |
163BACKBAY RECLAMATIONBOMBAYMH400020IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
|
31.03.2017 (INR
in Million) |
|
Claims against the Company not acknowledged as debts: |
|
|
|
Income Tax |
|
77.500 |
|
Sales Tax |
|
202.300 |
|
Demand for Duty of Excise, Customs and Service tax matters under dispute |
|
55.900 |
|
Labour and employee related matters |
|
5.100 |
|
Total |
|
340.800 |
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- 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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.