MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
KLUBER LUBRICATION INDIA PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Silver Jubilee Block, 3rd Cross, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.02.1999 |
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Com. Reg. No.: |
08-035009 |
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Capital
Investment / Paid-up Capital : |
Rs.32.124
millions |
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|
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CIN No.: [Company Identification
No.] |
U23201KA1999PTC035009 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK06044D |
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PAN No.: [Permanent Account No.] |
AABCK2965L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Trading in all kinds of lubricants, lubricating oils, greases and lubricating sprays in the Indian market. |
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No. of Employees
: |
About 25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1170000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
3rd Floor, Silver Jubilee Block, 3rd Cross, |
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Tel. No.: |
91-80-39410410/ 30766035/ 41240201/ 30766017 |
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Fax No.: |
91-80-41240209 |
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E-Mail : |
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Website : |
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Marketing
Offices : |
Located at: v
Mumbai v
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DIRECTORS
As on 30.09.2010
|
Name : |
Dr. Jorg Matthias Grossmann |
|
Designation : |
Director |
|
Address : |
Georg Kalb Strasse 14, Pullach |
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Date of Birth/Age : |
01.10.1957 |
|
Date of Appointment : |
18.02.1999 |
|
DIN No.: |
00368004 |
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|
|
|
Name : |
Hanno Dieter Wentzler |
|
Designation : |
Director |
|
Address : |
Gutenberg Strasse 1, |
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Date of Birth/Age : |
04.12.1954 |
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Date of Appointment : |
18.02.1999 |
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DIN No.: |
00524929 |
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|
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Name : |
Mr. Niranjan Gulab Ajwani |
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Designation : |
Director |
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Address : |
B9/19, Vasant Vihar, |
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Date of Birth/Age : |
13.08.1948 |
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Date of Appointment : |
18.02.1999 |
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DIN No.: |
00368023 |
KEY EXECUTIVES
|
Name : |
K.R. Viju Parmaeshwar |
|
Designation : |
President and Chief Executive Officer |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B. |
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Experience : |
33 Years |
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Date of Appointment : |
01.04.2000 |
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Name : |
Juzer Yusuf Gabajiwala |
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Designation : |
Secretary |
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Address : |
B/54, Abhishek, 2nd |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
01.10.2006 |
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PAN No.: |
AADPG1269N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kluber Lubrication |
|
289086 |
|
Niranjan Gulab Ajwani |
|
32123 |
|
Jorg Matthias Grossmann |
|
14 |
|
Hanno Dieter Wentzler |
|
14 |
|
Total |
|
321237 |
As on 30.09.2010
|
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] |
|
89.00 |
|
Directors
or relatives of directors |
|
11.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Trading in all kinds of lubricants, lubricating oils, greases and lubricating sprays in the Indian market. |
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|
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity * |
Actual
Production |
|
Speciality Lubricants |
MT |
|
1600 |
2104 |
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* Installed
capacities and production are on Single shift basis, as certified by the management
and have not been verified by the auditors, as this is a technical matter.
GENERAL INFORMATION
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No. of Employees : |
About 25 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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PAN No.: |
AAAFB9852F |
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Holding Company : |
Kluber
Lubrication GmbH Address: Hocherweg 2-4, |
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Ultimate Holding Company : |
Freudenberg and Company |
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Fellow Subsidiaries : |
v
Kluber Lubrication Benelux S.A., v
Kluber Lubrication, v
Kluber Lubrication, v
Kluber Lubrication, v
Kluber Lubrication v
Kluber Lubrication v
Kluber Lubrication ( v
Kluber Lubrication Industries ( v
NOK Kluber Company Limited, v
OKS Spezialschmierstoffe v
Chem-trend (Deutschland) - v
Chem-Trend Chemicals Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
321237 |
Equity Shares |
Rs.100/- each |
Rs.32.124
millions |
|
|
|
|
|
Of the above
(i) 289086 equity shares are held by Kluber
Lubrication GmbH, the holding company. The ultimate holding body is Freudenberg
and Company Kommanditgesellschaft.
(ii) 32151 equity shares are held by
individual shareholders.
(iii) 91782 bonus shares were allotted by
capitalization of reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32.124 |
32.124 |
32.124 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
260.259 |
156.761 |
106.056 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
292.383 |
188.885 |
138.180 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
67.074 |
13.473 |
|
|
TOTAL BORROWING |
0.000 |
67.074 |
13.473 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.144 |
3.211 |
|
|
|
|
|
|
|
|
TOTAL |
292.383 |
258.103 |
154.864 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
90.979 |
86.882 |
79.513 |
|
|
Capital work-in-progress |
0.208 |
0.266 |
4.175 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
5.745 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
149.064
|
114.265 |
107.879 |
|
|
Sundry Debtors |
88.921
|
57.669 |
80.633 |
|
|
Cash & Bank Balances |
75.978
|
9.267 |
2.969 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.598
|
58.620 |
48.810 |
|
Total
Current Assets |
378.561
|
239.821 |
240.291 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
107.249
|
40.744 |
148.602 |
|
|
Other Current Liabilities |
11.760
|
10.493 |
10.193 |
|
|
Provisions |
64.101
|
17.629 |
10.320 |
|
Total
Current Liabilities |
183.110
|
68.866 |
169.115 |
|
|
Net Current Assets |
195.451
|
170.955 |
71.176 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
292.383 |
258.103 |
154.864 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
818.021 |
574.101 |
504.712 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
818.021 |
574.101 |
504.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
647.201 |
467.890 |
424.512 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
647.201 |
467.890 |
424.512 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.820 |
106.211 |
80.200 |
|
|
|
|
|
|
|
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|
Less |
INTEREST (D) |
2.936 |
9.680 |
1.169 |
|
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|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
167.884 |
96.531 |
79.031 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.276 |
11.359 |
8.974 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
156.608 |
85.172 |
70.057 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
53.110 |
34.467 |
26.815 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
103.498 |
50.705 |
43.242 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
24.644 |
8.292 |
8.326 |
|
|
TOTAL EARNINGS |
24.644 |
8.292 |
8.326 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
63.914 |
61.794 |
44.285 |
|
|
|
Traded Goods |
177.908 |
123.027 |
103.771 |
|
|
|
Capital Goods |
2.711 |
5.765 |
1.424 |
|
|
TOTAL IMPORTS |
244.533 |
190.586 |
149.480 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
322.00 |
158.00 |
134.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.65
|
8.83 |
8.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.35
|
26.07 |
21.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.45 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.72 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
3.48 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Background:
The Company was
incorporated on 18th February, 1999 as a joint venture between
Kluber Lubrication GmbH ("KLG"), a 100% subsidiary of Freudenberg and
Company,
The business of
the Company involves manufacture and trading in all kinds of lubricants,
lubricating oils, greases and lubricating sprays in the Indian market. The
Company operates from
OPERATIONS:
Sales for the year
grew by 44% in comparison to the previous year. The sales to the all major
industries were the major contributors to this growth.
The company has
used the excellent Production facilities and skilled workforce of all the
entities together and derived the benefit of economies of scale.
OUTLOOK FOR THE
CURRENT YEAR:
The outlook of the
current year is positive and further synergies are planned between the brands.
CONTINGENT
LIABILITIES AND CAPITAL COMMITMENTS:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Claims against the Company not acknowledged as debts v
Entry tax |
0.360 |
|
Capital Commitments |
-- |
FIXED ASSETS:
Tangible Assets
v
v
v Furniture and Fixtures
v Leasehold Improvements
v Computers
v Vehicles
v Plant and Machinery
v Office Equipments
Intangible Assets
v 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.