MIRA
INFORM REPORT
|
Report Date : |
20.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FUCHS LUBRICANTS ( |
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Formerly Known
As : |
FUCHS LUBRICANTS ( |
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Registered Office : |
Atur House 2nd Floor, 87, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.09.1994 |
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Com. Reg. No.: |
11-129240 |
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Capital Investment / Paid-up Capital : |
Rs.79.328 Millions |
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CIN No.: [Company
Identification No.] |
U99999MH1994FTC129240 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03856G / MUMF03876F / MUMF03471G |
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PAN No.: [Permanent
Account No.] |
AABCB0983D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in blending, manufacturing and trading of
lubricating oils, greases and specialities. |
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No. of Employees
: |
Approximately 60 (Office 20, Factory 30 and Branches 10) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
Atur House 2nd Floor, 87, Dr. Annie Besant Road, Worli,
Mumbai 400018, Maharashtra, India |
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Tel. No.: |
91-22-66255900 |
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Fax No.: |
91-22-66661049 |
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E-Mail : |
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Website: |
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Area: |
800 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
Plot No.-69, MIDC Additiona, Ambernath (East), District Thane, |
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Area : |
Owned |
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Factory 2/ Branch Office : |
NAVI MUMBAI (Factory) D 89 / 1, TTC Industrial Estate, Turbhe, Navi Mumbai, Maharashtra,
India |
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Tel No.: |
91-22-65167049 |
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Fax No.: |
91-22-27622475 |
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Regional Office/ Branches : |
MUMBAI (Western region) BANGALORE (South-Western region) |
DIRECTORS
AS ON 18.06.2010
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Name : |
Mr.
Alf JKurgen Untersteller |
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Designation : |
Director |
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Address: |
Schuetzenstrasse
30, D-68259 |
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Date of Birth/Age : |
27.05.1958 |
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Date of Appointment : |
12.10.2000 |
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Name : |
Mr.
Kersi Phiroze Hilloo |
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Designation : |
Managing
Director |
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Address: |
Forjeet
House, |
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Date of Birth/Age : |
17.09.1957 |
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Date of Appointment : |
01.08.2002 |
KEY EXECUTIVES
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Name : |
Mr. Manish Agarwal |
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Designation : |
Chief Finance Officer / Secretary |
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Address: |
Mahavir Vihar Flat A-204, Plot No. 10, Sector-25, Nerul, Navi
Mumbai-400706, |
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Date of Birth/Age : |
10.02.1970 |
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Date of Appointment : |
07.12.2007 |
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Name : |
Mr. Prashant |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.06.2010
|
Names of Shareholders |
No. of Shares |
|
Fuchs Finanzservice GMBH, |
40 |
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Fuchs Petrolub AG, |
7932760 |
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Total |
7932800 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.06.2010
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in blending, manufacturing and trading of lubricating
oils, greases and specialities. |
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Products : |
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%20PRIVATE%20LIMITED%20-%20200821%20-%20PRELIMINARY%20REPORT%2020-Nov-2012_files/image007.gif){kind=small}
PRODUCTION STATUS AS ON
As on 31.12.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Lubricatin Oils |
KL’s/ MT |
6000 |
6000 |
1630255 |
GENERAL INFORMATION
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No. of Employees : |
Approximately 60 (Office 20, Factory 30 and Branches 10) |
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Bankers : |
·
Scheduled Bank ·
Deutche Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Juzer Miyajiwala (BSR and Company) Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai 400013, |
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Tel No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440900 |
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Holding Company: |
Fuchs Petrolub AG |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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22325000 |
Equity Shares |
Rs. 10/- each |
Rs.223.250 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7932800 |
Equity Shares (of the above 7932760 (previous year 2932760) shares of Rs. 10 each
fully paid up are held by Fuchs Petrolub AG, the holding company) |
Rs. 10/- each |
Rs.79.328
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
79.328 |
29.328 |
29.328 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
210.892 |
104.087 |
71.025 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
290.220 |
133.415 |
100.353 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
39.660 |
108.227 |
0.000 |
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TOTAL BORROWING |
39.660 |
108.227 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
329.880 |
241.642 |
100.353 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.815 |
13.451 |
11.720 |
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Capital work-in-progress |
184.454 |
143.768 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
9.233 |
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DEFERREX TAX ASSETS |
4.440 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
94.369
|
86.420
|
96.513 |
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Sundry Debtors |
100.860
|
71.667
|
79.109 |
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Cash & Bank Balances |
3.458
|
0.886
|
3.313 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
31.820
|
24.131
|
10.027 |
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Total
Current Assets |
230.507
|
183.104
|
188.962 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
134.018
|
86.593
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Other Current Liabilities |
15.177
|
8.151
|
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Provisions |
4.151
|
3.947
|
5.105 |
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Total
Current Liabilities |
153.346
|
98.691
|
109.562 |
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Net Current Assets |
77.161
|
84.413
|
79.400 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
329.880 |
241.642 |
100.353 |
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%20PRIVATE%20LIMITED%20-%20200821%20-%20PRELIMINARY%20REPORT%2020-Nov-2012_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
550.644 |
|
465.307 |
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Other Income |
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TOTAL (A) |
550.644 |
523.422 |
465.307 |
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Less |
EXPENSES |
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Cost of Goods Sold |
387.405 |
382.722 |
313.542 |
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Overheads |
94.720 |
91.644 |
92.278 |
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TOTAL (B) |
482.125 |
474.366 |
405.820 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.519 |
49.056 |
59.487 |
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Less |
FINANCIAL
EXPENSES (D) |
7.573 |
9.822 |
0.281 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
60.946 |
39.234 |
59.206 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.698 |
1.692 |
2.028 |
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PROFIT BEFORE
TAX (E-F) (G) |
59.248 |
37.542 |
57.178 |
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Less |
TAX (I) |
2.443 |
NA |
7.787 |
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PROFIT AFTER TAX
(G-I) (J) |
56.805 |
NA |
49.391 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
5.073 |
0.000 |
NA |
|
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TOTAL EARNINGS |
5.073 |
0.000 |
NA |
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IMPORTS |
|
|
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Raw Materials |
283.142 |
250.780 |
NA |
|
|
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Capital Goods |
0.000 |
1.375 |
NA |
|
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TOTAL IMPORTS |
283.142 |
252.155 |
NA |
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Earnings Per
Share (Rs.) |
7.16 |
-- |
-- |
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%20PRIVATE%20LIMITED%20-%20200821%20-%20PRELIMINARY%20REPORT%2020-Nov-2012_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20200821%20-%20PRELIMINARY%20REPORT%2020-Nov-2012_files/image005.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20200821%20-%20PRELIMINARY%20REPORT%2020-Nov-2012_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
10.32
|
NA
|
10.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.13
|
19.09
|
28.49 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.28
|
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
1.55
|
1.09 |
|
|
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|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.85
|
1.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
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10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Trade References:
·
Mercedes Benz India Limited
Background and
Principal Activities:
The company incorporated on 21 September 1994, is a wholly owned
subsidiary of Fuchs Petrolab AG (‘the holding company’) a limited liability
company in
Future Plans and
Prospects:
The company has recorded a significant EBITDA for year, highest ever,
riding on back of increase demand and overall
growth in Indian economy despite a slow start at the beginning of the year. The
percentage of gross margin to sales revenue has also improved compared to
previous year. This has been achieved by the continuing focus on higher end
speciality segments of the lubricants markets.
Status on New
Manufacturing Facility at MIDC, Addl, Ambernath
In accordance with its expansion plans, the company has taken on lease
land admeasuring 39975 square meters from MIDC in Addl. Ambernath Industrial
Area for its proposed new manufacturing facility. The company has made
significant progress on construction of civil infrastructure since it took
physical possession of the land on 7th March 2008 and is in advance
stage of completion as on 31st December 2009. The application to
MIDC for Building Completion Certificate (BCC) has been made and the company
plans to start commercial production soon.
Contingent
Liabilities:
·
Guarantees given by the bank on behalf of the
company Rs. 5.223 Millions (2008 Rs. 1.600 Millions)
·
State and Central Sales tax demand not accepted by
the company Rs. 1.209 Millions (2008: Rs. Nil)
Fixed Assets :
- Leasehold Improvements
- Computers Hardware
- Equipments
- Furnitures and Fixtures
- Vehicles
- Computer Software
AS PER WEBSITE
Profile:
Subject is the wholly owned Indian subsidiary of Fuchs Petrolub AG
Germany, world leaders in speciality lubricants. Founded in 1931 FUCHS today is
a Group with global reach. It is the largest independent lubricant company in
the world today.
The Group has an extensive line of core programme lubricants, in
addition to tailor-made products for various market. Besides providing
innovative solutions for diverse lubrication requirements, the Group offers
comprehensive consulting and service programs, including the Internationally
renowned CENT condition monitoring support.
Several thousand employees in more than 50 operating companies help
maintain the leading position as a full line supplier of standard and
speciality lubricants for a vast range of applications. These include
automotive lubricants for four wheeler vehicles, motorcycles and off-highway
equipment and also specialised products for cement, steel, mining, engineering
and other service industries.
The global package of innovative products, interactive technical support
and specialised customer service offered by FUCHS is available in India on a
countrywide basis through the Indian company of the Fuchs Group, Fuchs
Lubricants (India) Private Limited which has a ISO 9001:2000 certification.
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.54.97 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
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 |
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.