MIRA INFORM REPORT
|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUCHS LUBRICANTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sarjan Plaza, 2nd Floor, 100, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
21.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-129240 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.79.328
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1994FTC129240 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in Blending, Manufacturing and Trading of Lubricating Oils, Greases
and Specialities. |
|
|
|
|
No. of Employees
: |
Not Available |
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 1530000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Fuchs Petrolub Ag, Germany. It is an established company having satisfactory track record. There
appears a growth in the sales turnover but some dip in the profitability of
the company during December 2011. However, trade relations are reported as fair. Business is active.
Payments are reported to be regular 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Sarjan Plaza, 2nd Floor, 100, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-66255900/66661046-48 |
|
Fax No.: |
91-22-66661049 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. N-69, MIDC Addl, Ambernath Industrial Area, Ambernath (East),
Thane-421506, Maharashtra, India |
|
Tel. No.: |
91-251-6482910 |
|
Fax No.: |
91-251-2621995 |
|
|
|
|
Regional Office : |
Located At:
|
DIRECTORS
AS ON 18.06.2012
|
Name : |
Hilloo Phiroze Kersi |
|
Designation : |
Managing Director |
|
Address : |
Forjett House, Forjett Street, Mumbai-400036, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1957 |
|
Date of Appointment : |
01.08.2012 |
|
Din No.: |
00309968 |
|
|
|
|
Name : |
Untersteller Jurgen Alf |
|
Designation : |
Director |
|
Address : |
Schuetzenstrasse 30, D-68259, Mannheim, Germany |
|
Date of Birth/Age : |
27.05.1958 |
|
Date of Appointment : |
12.07.2000 |
|
Din No.: |
00270102 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Fuchs Finanz Service GmbH, Mannheim |
|
40 |
|
Fuchs Petrolub Ag, Germany |
|
7932760 |
|
|
|
|
|
TOTAL
|
|
7932800 |
AS ON 18.06.2012
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Blending, Manufacturing and Trading of Lubricating Oils, Greases
and Specialities. |
||||
|
|
|
||||
|
Product : |
|
PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Lubricating Oils KL |
20000 |
20000 |
2815.91 |
NOTE: Installed capacity is as certified by the management and has not been
verified by auditors, as this is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M.
Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
PAN No: |
AAAFB9852F |
|
|
|
|
Holding Company : |
Fuchs Petrolub AG |
|
|
|
|
Fellow Subsidiaries/ Associates : |
|
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22325000 |
Equity Shares |
Rs.10/- each |
Rs.223.250 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7932800 |
Equity Shares |
Rs.10/- each
|
Rs.79.328
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.328 |
79.328 |
79.328 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
303.639 |
275.722 |
210.892 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
382.967 |
355.050 |
290.220 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
298.848 |
249.118 |
39.660 |
|
|
TOTAL BORROWING |
298.848 |
249.118 |
39.660 |
|
|
DEFERRED TAX LIABILITIES |
12.942 |
5.282 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
694.757 |
609.450 |
329.880 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
458.646 |
461.227 |
63.815 |
|
|
Capital work-in-progress |
7.662 |
3.591 |
184.454 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
4.439 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
192.908
|
174.594 |
94.369 |
|
|
Sundry Debtors |
139.641
|
116.145 |
100.860 |
|
|
Cash & Bank Balances |
1.153
|
0.744 |
3.458 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
57.047
|
66.870 |
31.820 |
|
Total
Current Assets |
390.749
|
358.353 |
230.507 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
141.347
|
199.057 |
134.017 |
|
|
Other Current Liabilities |
13.675
|
9.850 |
15.178 |
|
|
Provisions |
7.288
|
4.824 |
4.150 |
|
Total
Current Liabilities |
162.310
|
213.731 |
153.345 |
|
|
Net Current Assets |
228.439
|
144.622 |
77.162 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
694.757 |
609.450 |
329.880 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
935.419 |
733.848 |
550.644 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
631.135 |
482.961 |
387.405 |
|
|
|
Overhead |
204.143 |
156.179 |
94.720 |
|
|
|
TOTAL (B) |
835.278 |
639.140 |
482.125 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
100.141 |
94.708 |
68.519 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.661 |
2.797 |
7.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.480 |
91.911 |
60.946 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.740 |
7.789 |
1.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
42.740 |
84.122 |
59.248 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.823 |
19.291 |
2.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
27.917 |
64.831 |
56.805 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.606 |
2.104 |
5.073 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
353.904 |
283.142 |
|
|
|
Capital Goods |
NA |
5.017 |
0.000 |
|
|
TOTAL |
NA |
358.921 |
283.142 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.52 |
8.17 |
-- |
|
%20PRIVATE%20LIMITED%20-%20223461%2003-Jun-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
2.98
|
8.83 |
10.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03
|
10.26 |
20.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
1.30 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
1.67 |
1.50 |
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 |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from Atur House, 2 NF, 87, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India to the present address w.e.f. 06.02.2012.
|
Unsecured Loan |
As
on 31.12.2011 [Rs.
in Millions] |
As
on 31.12.2010 [Rs.
in Millions] |
|
Other Debts |
298.848 (A) |
249.118 (B) |
|
TOTAL
|
298.848 |
249.118 |
|
NOTE: (A) This is bank
overdraft. Bank overdraft is secured by a corporate guarantee from Fuchs Petrolub
AG, the holding company. (B) This is bank overdraft. Bank overdraft is secured by a corporate
guarantee from Fuchs Petrolub AG, the holding company. |
||
BACKGROUND AND PRINCIPAL ACTIVITIES:
Subject
incorporated on 21 September 1994 is a wholly owned subsidiary of Fuchs
Petrolub AG (‘the Holding Company’), a limited liability company in Germany.
The Company is engaged in blending, manufacturing and trading of lubricating
oils, greases and specialities.
FUTURE
PLANS AND PROSPECTS:
The Company has recorded
increase in EBITDA for the year, despite higher overheads due to start of new
plant. The percentage of gross margin to sales revenue has marginally fallen
compared to previous year due to higher input costs. During the year the
Company has started new OEM Division to further strengthen its future plan of
increase in sales volume and to achieve higher growth.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U99999MH1994FTC129240 |
|
Name of the
company |
FUCHS LUBRICANTS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Atur House, 2 NF, 87, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of Hypothecation
of stocks and book debts dated 28/06/2011 |
|
Date of
instrument Creating the charge |
28.06.2011 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest To be decided at
the time of disbursement and as may be prescribed by the bank from time to
time Terms of Repayment CC / OD - payable
on demand WCDL/STL - Max period
of 180 days Margin Margin of 25% on
inventory and book debts Extent and Operation of the charge First charge over
current assets of the company both present and future. |
|
Short particulars
of the property charged |
First charge over
current assets of the company both present and future. |
FIXED ASSETS:
Intangible Assets
- Computer
Software
- Business
Rights and Non Compete Hit
Tangible Assets
- Leasehold
Land
- Leasehold
Land Improvement
- Buildings
- Factory
Buildings
- Computers
- Equipments
- Furniture and
Fittings
- Vehicles
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 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 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.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared by
: |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.