MIRA
INFORM REPORT
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Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BREMELS RUBBER INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No.128 and 129, 8th Main Road, 3rd Phase, Pennya
Industrial Area, Bangalore – 560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.12.1996 |
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Com. Reg. No.: |
08-21454 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC021454 |
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IEC No.: |
0788016571 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB04433C |
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PAN No.: [Permanent
Account No.] |
AAACB5835B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Thread Retreading Materials, Mainly
Precured Thread Rubber. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shankar Karanth |
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Designation : |
Sales Department |
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Contact No.: |
91-9243497386 |
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Date : |
26.09.2008 |
LOCATIONS
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Registered Office : |
Plot No.128 and 129, 8th Main Road, 3rd Phase, Pennya
Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28395153/ 54 |
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Mobile No.: |
91-9243497386 |
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Fax No.: |
91-80-28395400 |
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E-Mail : |
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Website : |
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Area : |
2 Acres |
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Location : |
Owned |
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Factory : |
22-23, S. N. S/ Chembers, No – 239, Sankey Road, Bangalore – 560001,
Karnataka, India |
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Tel. No.: |
91-80-23316346/ 3310821/ 23613208 |
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Fax No.: |
91-80-23611054 |
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Mobile : |
91-9844035544 |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. M V Shetty |
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Designation : |
Managing Director |
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Name : |
Mr. Nischit Bhaskar Shetty |
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Designation : |
Managing Director |
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Address : |
No.22 and 23, SNS Chanbers, 239 Sankey Road, Bangalore – 560080, Karnataka,
India |
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Date of Birth/Age : |
02.03.1975 |
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Date of Appointment : |
01.03.1999 |
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Name : |
Mrs. Lasha Bhaskar Shetty |
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Designation : |
Director |
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Address : |
No.22 and 23, SNS Chanbers, 239 Sankey Road, Bangalore – 560080, Karnataka,
India |
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Date of Birth/Age : |
23.12.1952 |
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Date of Appointment : |
31.12.1991 |
KEY EXECUTIVES
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Name : |
Mr. Srinivas Shetty |
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Designation : |
Administrative Manager |
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Name : |
Mrs. Vandana Lohia |
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Designation : |
Company Secretary |
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Address : |
1st floor, No.149, 27th Cross, Jayanagar VI
Block, Bangalore – 560070, India |
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Tel No.: |
91-80-41464284 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Nischit B. Shetty |
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11100 |
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Lasha B. Shetty |
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6000 |
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Adith B Shetty |
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11000 |
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Lans Foundations |
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4000 |
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Aditlok Investments Private Limited |
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2850 |
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K Satish Kumar |
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50 |
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Total |
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35000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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8.00 |
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Directors or relatives of directors |
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80.00 |
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Other top fifty shareholders |
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12.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Thread Retreading Materials, Mainly
Precured Thread Rubber. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, T/T and D/P |
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Purchasing : |
L/C, T/T and D/P |
GENERAL
INFORMATION
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Customers : |
End Users
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No. of Employees : |
165 |
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Bankers : |
Rajmahal Vilas Extension Branch, Sadashivnagar, Bangalore – 560080,
Karnataka, India
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Facilities: |
C/C, O/D, L/C |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pai and Rao Chartered Accountant |
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Address : |
4 Yamuna bai Road, Madhava Nagar, Bangalore – 560001, Karnataka, India
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Tel No.: |
91-80-22366078 |
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Fax No.: |
91-80-22356076 |
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Associates/Subsidiaries : |
Biyar Rubber Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.500 |
3.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.676 |
2.697 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.176 |
6.197 |
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LOAN FUNDS |
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1] Secured Loans |
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23.967 |
16.100 |
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2] Unsecured Loans |
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3.000 |
0.460 |
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TOTAL BORROWING |
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26.967 |
16.560 |
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DEFERRED TAX LIABILITIES |
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0.268 |
0.268 |
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TOTAL |
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34.411 |
23.025 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.654 |
2.336 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.022 |
0.006 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.556 |
7.722 |
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Sundry Debtors |
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42.817 |
25.944 |
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Cash & Bank Balances |
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5.051 |
3.272 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.144 |
2.020 |
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Total
Current Assets |
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64.568 |
38.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.968 |
17.641 |
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Provisions |
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0.865 |
0.634 |
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Total
Current Liabilities |
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34.833 |
18.275 |
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Net Current Assets |
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29.735 |
20.683 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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34.411 |
23.025 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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152.201 |
96.228 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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152.201 |
96.228 |
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Profit/(Loss) Before Tax |
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1.915 |
1.521 |
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Provision for Taxation |
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0.936 |
0.540 |
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Profit/(Loss) After Tax |
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0.979 |
0.981 |
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Expenditures : |
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Financial Charge |
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0.978 |
1.274 |
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Depreciation & Amortization |
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0.752 |
0.527 |
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Other Expenditure |
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148.556 |
92.906 |
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Total Expenditure |
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150.286 |
94.707 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.64
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1.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.25
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1.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.77 |
3.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.61 |
5.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.85 |
2.13 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Details |
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Existence
Verification |
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Name |
Bremels Rubber Industries Private Limited |
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Statutory
Approvals |
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Legal Status of Firm |
Private Limited Company |
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Income Tax Registration |
AAACB5835B FT001 |
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Central Sales Tax Registration |
70050272 |
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State Sales Tax Registration |
70000270 |
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Service Tax Registration |
(BAS) AAACB5835BST001 |
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VAT/ TIN Registration |
29070286463 |
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Excise Registration |
AAACB5835B XM001 |
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Import Export Code |
0788016571 |
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Name of Bank |
Canara Bank |
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Current Account Number |
31070 |
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Account Since |
15 years |
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Credibility
Factors |
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IndiaMART Client Since |
3 years |
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Trade
Affiliations |
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SSI Registration |
03/01/21138/PMT/SSI Date : 02.06.1984 |
Trade
Reference:
- Karnataka State Road, Transport Corporation
- Maharashtra, State Road, Transport Corporation
Website
Details:
Profile:
Subject with an
impeccable track record spanning 25 years, has carved a niche for itself as a
reliable, quality-conscious manufacturer of top-grade pre-cured tread rubber.
Re-treading is gaining popularity as a reliable and
cost-effective alternative to the expensive option of investing in brand new
tyres. This may be attributed to the proven fact that retreading not only
increases tyre life significantly but also extends mileage up to 100% in some
cases. It also costs less up to 1/5th of the cost of a new tyre. Therefore,
there is a constant demand in the re-treading industry for high quality
re-treading rubber.
Subject commitment to high standards of production is reflected in its state-of-the-art plant at Peenya in Bangalore where sophisticated machinery takes care of the complex manufacturing processes. Teams of skilled technical personnel carefully monitor every stage of production.
The raw material is subjected to stringent Visual, Physical and Chemical analysis to ensure that only the materials that conform to quality control standards pass through for final production. Further, the final product is put through a rigorous battery of tests that measure parameters of abrasion resistance, tensile strength, hardness, tear, heat and aging resistance. Only those batches that meet the specified requirements are dispatched to the re-tread manufacturers. Bremels pre-cured tread rubber conforms to the highest international standards and is the best assurance for a reliable, economical and durable product. Bremels pre-cured tread rubber is available in a wide range of designs to sit diverse usage patterns.
Their allied products are bonding gum, black vulcanizing cement and envelopes for Tyre Re-treading works.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|