MIRA
INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
BONFIGLIOLI TRANSMISSIONS PRIVATE LIMITED |
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Registered
Office : |
Plot No. AC7-AC 11, SIDCO Industrial Estate, Thirumudivakkam, Chennai –
600044, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1998 |
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Com. Reg. No.: |
18-40717 |
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Capital
Investment / Paid-up Capital : |
Rs.400.000 Millions |
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CIN No.: [Company Identification
No.] |
U29309TN1998PTC040717 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB04482C CHEB02226A |
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PAN No.: [Permanent Account No.] |
AABCB1675N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of Instrumentation Control Equipments,
Gear Boxes and Electric Motors. |
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No. of Employees
: |
500 (Approximately) [Factory + Branches] |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Srinivasan |
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Designation : |
Chief Finance Officer |
LOCATIONS
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Registered Office : |
Plot No. AC7-AC 11, SIDCO Industrial Estate, Thirumudivakkam, Chennai
– 600044, |
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Tel. No.: |
91-44-24781035/36/37/1463/2478/2128/2129 |
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Fax No.: |
91-44-24781904/0091/0092 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft (Approximately) |
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Location : |
Owned |
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Branch Office : |
Located At:
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Regional Office : |
Located At:
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DIRECTORS
As On 27.09.2010
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Name : |
Ms. Sonia Bonfiglioli |
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Designation : |
Director |
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Date of Birth/Age : |
25.11.1963 |
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Date of Appointment : |
20.11.1998 |
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DIN No. : |
02433473 |
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Name : |
Mr. Pacetti Tizano |
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Designation : |
Director |
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Date of Birth/Age : |
82 Years |
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Date of Appointment : |
30.06.2008 |
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DIN No. : |
02329181 |
KEY EXECUTIVES
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Name : |
Mr. Srinivasan |
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Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Bonfiglioli Biduttori |
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39999990 |
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Muthuswamy Ganesh |
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10 |
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Total |
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40000000 |
As On 27.09.2010
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Equity Share Breakup |
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Instrumentation Control Equipments, Gear
Boxes and Electric Motors. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30/60/90 Days) |
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Purchasing : |
L/C, Cash and Credit (30/60/90 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
500 (Approximately) [Factory + Branches] |
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Bankers : |
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Facilities : |
Cash credit – Rs. 200.000 Millions (ING Vysya Bank Limited)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
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Pan No. : |
AAEFP3641G |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs.400.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
400.000 |
400.000 |
400.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
423.107 |
401.666 |
456.534 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
823.107 |
801.666 |
856.534 |
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LOAN FUNDS |
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1] Secured Loans |
986.175 |
879.381 |
902.048 |
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2] Unsecured Loans |
601.404 |
647.166 |
294.100 |
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TOTAL BORROWING |
1587.579 |
1526.547 |
1196.148 |
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DEFERRED TAX LIABILITIES |
36.602 |
21.547 |
51.045 |
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TOTAL |
2447.288 |
2349.760 |
2103.727 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1042.315 |
926.042 |
821.535 |
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Capital work-in-progress |
119.090 |
91.711 |
38.472 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1067.735
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1080.869 |
1172.794 |
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Sundry Debtors |
903.516
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543.736 |
704.505 |
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Cash & Bank Balances |
13.024
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27.053 |
4.983 |
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Other Current Assets |
0.989
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0.993 |
3.762 |
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Loans & Advances |
524.652
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499.206 |
393.285 |
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Total
Current Assets |
2509.916
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2151.857 |
2279.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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792.667 |
1003.703 |
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Other Current Liabilities |
1213.813
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18.799 |
19.082 |
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Provisions |
10.220
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8.384 |
12.824 |
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Total
Current Liabilities |
1224.033
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819.850 |
1035.609 |
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Net Current Assets |
1285.883
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1332.007 |
1243.720 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2447.288 |
2349.760 |
2103.727 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2650.561 |
2675.407 |
2791.779 |
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Other Income |
NA |
35.242 |
17.894 |
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TOTAL (A) |
NA |
2710.649 |
2809.673 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
NA |
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Advertising Expenses |
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TOTAL (B) |
NA |
2512.389 |
2520.764 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
329.796 |
198.260 |
288.909 |
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Less |
FINANCIAL
EXPENSES (D) |
171.376 |
159.978 |
92.829 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
158.420 |
38.282 |
196.080 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.959 |
110.612 |
102.966 |
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PROFIT BEFORE
TAX (E-F) (G) |
31.461 |
(72.330) |
93.114 |
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Less |
TAX (H) |
NA |
(17.462) |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
NA |
(54.868) |
NA |
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Earnings Per
Share (Rs.) |
NA |
(1.37) |
NA |
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Expected Sales (2010-2011): Rs. 3000.000 Millions.
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA
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(2.02) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
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(2.70) |
3.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
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(2.35) |
3.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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(0.09) |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.42
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2.93 |
2.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.05
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2.62 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
PRODUCTION:
The Company is in the process of increasing volumes
of 700 series production and also planning to develop 500 series.
FUTURE OUTLOOK:
The Directors are very confident about getting
more market share for the products in the forthcoming years to achieve better
sales and results.
BANKERS CHARGES REPORT
AS PER REGISTRY
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Name of the company |
BONFIGLIOLI
TRANSMISSIONS PRIVATE LIMITED |
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Presented By |
BONFIGLIOLI
TRANSMISSIONS PRIVATE LIMITED and Vysya Bank Limited |
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1) Date and description of instrument creating the change |
a) Letter of hypothecation
to secure time to time Trust loan against goods b) Export Credit
Agreement c) Agreement for
Hypothecation of Fixed Assets d) Foreign
Currency Loan Agreement e) Term Loan
Agreement f) Agreement for
hypothecation of Stock trade, Machinery, Book Debt, Bills and all other
movables |
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2) Amount secured by the charge/amount owing on the securities of charge |
a) Term Loan Rs.
50.000 Millions b) Cash
Credit/PCL Rs. 50.000 Millions -Curn-PSL
facility Rs. 100.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) For Term
Loan:- Exclusive First Charge on the Fixed Assets of the company present and
future. b) For Cash Credit’
PCL cum PSL facility:- Exclusive First Charge on Raw Material, Stock in
Process, Finished Goods and spares. Lodgement of orders followed by confirmed
LCS / Confirmed orders. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) Charge will be
in force from the date of availing the credit till the entire payment |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, |
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6) Date and brief description of instrument modifying the charge |
15.09.2005 a) General
Hypothecation Agreement b) Letter of
Renewal /Adhoc Facilities c) Omnibus
Counter Guarantee d) Facility
Agreement |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
a) The ILC/FLC/BG
limit sanctioned to the company has been enhanced from Rs.20.000 millions to
Rs.50.000 millions and various limits sanctioned to the company are as
mentioned below. Rs. In Millions
In addition to
the existing securities already charged to the bank to secure the above
mentioned limits, the above limits are further secured by the following
securities. Primary Security:
- a) Exclusive First
Charge on the Current Assets of the company both present and future. b) Exclusive
First Charge on the Fixed Assets of the company both present and future Net
Block as on 31.3.2004 Rs.309.600 millions. Terms: - Maximum
exposure towards BG at any point of time shall not exceed JNR Rs.20.000
millions. MI other Terms
and conditions are as per Sanction letter dated 09.11.2004, 12.08.2005 and
Documents executed by the company |
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Corporate
identity number of the company |
U29309TN1998PTC040717 |
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Name of the
company |
BONFIGLIOLI
TRANSMISSIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. AC7-AC
11, SIDCO Industrial Estate,
Thirumudivakkam, Chennai - 600044, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
The Supplemental
Agreement Relating to Deposit of Title Deeds |
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Date of
instrument Creating the charge |
21.10.2010 |
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Amount secured by
the charge |
Rs. 300.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As determined by the banker from time to time. Terms of
Repayment - As determined by the banker from time to time. Margin - As
determined by the banker from time to time. |
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Particulars of
the present modification |
Equitable
mortgage by deposit of title deeds over the immovable properties of the
company situated at Thirumuduivakkam Village,
Sriperumbudur Tk, Kancheepuram Dist, on a FIRST PARIPASSU Charge to
secure the Term Loan facility of Rs.100.000 millions and on a SECOND
PARIPASSU Charge to secure the working capital Facilities of Rs.200.000
millions enjoyed by the Company with Axis Bank Limited. |
FIXED ASSETS:
- Building
- Plant and machinery
- Motor vehicles
- Furniture and fixtures
- Office equipments
- Computer software
TRADE REFERENCES:
- Pratap
Texchem
- Involute
Technologies Private Limited
AS PER WEB SITE DETAILS:
HISTORY:
45 Years of
technical innovation awarded with great success Forty-five years ago, back in
1956, the Bonfiglioli Group experience began. At that time, the market was
still taking shape and demanded ever-increasing production capacities from the
industry. In order to conquer a leading position over an increasing number of
competitors, Costruzioni Meccaniche Bonfiglioli started its activity under the
trademark C.M.B. and launched an innovative project in the field of speed
reduction units, abandoning the gear construction for other companies. The
first gearboxes entirely designed and produced in-house were worm gears,
followed by helical units and then by a parallel shaft series. These products
enabled C.M.B. to expand to more application fields, until the successful
approach to packaging machines, produced mostly in
NEWS:
BONFIGLIOLI RIDUTTORI S.P.A IS
KEY TO THE SUCCESS OF THE WORLD'S BIGGEST WIND FARM
25.06.2010
“Alpha Ventus”, the
world’s biggest off-shore wind farm came on line on the 29th April.
The installation stands 45 km off the German
The Bonfiglioli
Group, which boasts a turnover of around 700 million Euros, has been producing
motion control systems for wind turbines since 1985 and is firmly established
as global market leader with a share of over 30%. As the preferred partner for
this major development, which costs some 250 million Euros, the group supplied
the gearmotors that orient the wind turbine nacelles and adjust the angle of
attack of the blades.
Because of its
unique characteristics in terms of location and high power output, the
installation demanded components of extreme reliability and performance. The Bonfiglioli
Group, which produces equipment for some of the world’s most sophisticated
applications, was able to deliver precisely this.
The Bonfiglioli
Group is forecasting a turnover of 98.5 million Euros from wind turbine
equipment alone in
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.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
29 |
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.