MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BRAKES INDIA LIMITED |
|
|
|
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Registered
Office : |
No. 21, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
09.11.1962 |
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|
|
|
Com. Reg. No.: |
18-004928 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.239.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35999TN1962PLC004928 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEB00159F |
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|
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PAN No.: [Permanent Account No.] |
AAACB2533Q |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 30000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and a reputed company having good track record. The financial position of the company seems to be strong. Performance capability seems to be high. Liquidity position of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments.
The company can be considered for normal business dealings at usual trade terms and condition. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=AA |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
28.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Have very strong degree of safety and lowest
credit risk. |
|
Date |
28.05.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-44-26526000)
LOCATIONS
|
Registered Office : |
No. 21, Patulas Road, Madras, Chennai – 600 002, Tamil
Nadu, India |
|
Tel. No.: |
91-44-26251861 / 6161 / 8161 / 8116 / 8426 |
|
Fax No.: |
91-44-26287010 / 26257844 / 26257010 |
|
Fax No.: |
|
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E-Mail : |
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|
|
|
Corporate Office : |
Padi, Chennai – 600 050, Tamil Nadu, India |
|
Tel. No.: |
91-44-26258161 / 26526000 / 6577 |
|
Fax No.: |
91-44-26257010 / 26257844 / 7010 / 26248211 |
|
E-Mail : |
bi-marketing@brakesindia.co.in |
|
|
|
|
Foundry Division: |
New No. 5, 4th Main Road, Gandhi Nagar, Adya, Chennai – 600 020, Tamil Nadu, India |
|
Tel. No.: |
91-44-24908719 |
|
E-Mail : |
DIRECTORS
AS ON 26.08.2013
|
Name : |
Mr. Ragavachary Ramanujam |
|
Designation : |
Managing Director |
|
Address : |
4(old No.17), |
|
Date of Birth/Age : |
29.07.1936 |
|
Date of Appointment : |
02.10.2010 |
|
Voter ID : |
TN/02/01D/0276654 |
|
DIN No.: |
00365735 |
|
|
|
|
Name : |
Mr. Santhanam Viji |
|
Designation : |
Managing Director |
|
Address : |
71, (Old No.33), |
|
Date of Birth/Age : |
07.06.1946 |
|
Date of Appointment : |
01.04.2010 |
|
Voter ID : |
CJJ1001858 |
|
DIN No.: |
00139043 |
|
|
|
|
Name : |
Mr. Ramanujam Srikanth |
|
Designation : |
Managing Director |
|
Address : |
15, |
|
Date of Birth/Age : |
19.09.1961 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00272553 |
|
|
|
|
Name : |
Mr. Thiruvallur Thattai
Srinivasaraghavan |
|
Designation : |
Director |
|
Address : |
No.9 (Old No. 5), |
|
Date of Birth/Age : |
19.01.1955 |
|
Date of Appointment : |
29.08.2008 |
|
Voter ID : |
TN/02/010/0276585 |
|
DIN No.: |
00018247 |
|
|
|
|
Name : |
Mr. Sriram Viji |
|
Designation : |
Whole-time director |
|
Address : |
New No.22 (Old No.20) D'Silva Road, Chennai – 600004 |
|
Date of Birth/Age : |
01.02.1979 |
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
03630636 |
|
|
|
|
Name : |
Mr. William J Vander Roest |
|
Designation : |
Alternate Director |
|
Address : |
3118, |
|
Date of Birth/Age : |
05.02.1957 |
|
Date of Appointment : |
05.09.2011 |
|
DIN No.: |
00520340 |
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|
|
|
Name : |
Mr. Michel Pierre Berthelin |
|
Designation : |
Alternate Director |
|
Address : |
3118, |
|
Date of Birth/Age : |
08.06.1970 |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
03419706 |
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|
|
|
Name : |
Mr. Jurgen Karl Baro Piza |
|
Designation : |
Director |
|
Address : |
Auf Dem, Schferlaykopf 6, Bad Breisig – 53498, Germany |
|
Date of Birth/Age : |
30.03.1960 |
|
Date of Appointment : |
07.09.2012 |
|
DIN No.: |
06374423 |
|
|
|
|
Name : |
Mr. Matthias Gothe |
|
Designation : |
Director |
|
Address : |
6823, Domain, West Bloomfied, MI 48322 |
|
Date of Birth/Age : |
16.08.1972 |
|
Date of Appointment : |
07.09.2012 |
|
DIN No.: |
05228303 |
|
|
|
|
Name : |
Mr. Christopher O'reilly Mccormick |
|
Designation : |
Alternate director |
|
Address : |
22596, Fuller Drive Novi, MI 48374, USA |
|
Date of Birth/Age : |
27.08.1964 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
06374501 |
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Other Directorship: |
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|
|
|
|
Name : |
Mr. Mario Franz Sabel |
|
Designation : |
Alternate director |
|
Address : |
Im, Vogelsang 3, 56332 Diabilch, Germany |
|
Date of Birth/Age : |
23.03.1970 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
06374534 |
|
|
|
|
Name : |
Mr. David William Keddie |
|
Designation : |
Alternate Director |
|
Address : |
Im Berg 14 A, Weissenthurm, 56575, Germany |
|
Date of Birth/Age : |
04.09.1971 |
|
Date of Appointment : |
29.10.2012 |
|
DIN No.: |
06432484 |
KEY EXECUTIVES
|
Name : |
Mr. Tirumalachari Narayanan |
|
Designation : |
Secretary |
|
Address : |
I – 1, Benco Colony, Beasant
Nagar, Chennai – 600090, |
|
Date of Birth/Age : |
06.05.1959 |
|
Date of Appointment : |
01.01.1999 |
|
PAN No.: |
AABPN1218N |
MAJOR SHAREHOLDERS
AS ON 26.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Lucas Industries Limited, |
|
1172080 |
|
T.V. Sundaram Iyengar and Sons Limited, |
|
507632 |
|
Sundaram Industries Limited, |
|
239200 |
|
Southern Roadways Limited, |
|
313624 |
|
Sundaram Finance Limited, |
|
159460 |
|
R. Ramanujam and Sundaram Finance Limited, |
|
2 |
|
S. Viji and Sundaram Finance Limited, |
|
2 |
|
|
|
|
|
Total |
|
2392000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.08.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings |
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|
Products : |
|
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Complete Brake Systems |
Nos. |
9500000 |
7792113 |
|
Castings |
MT |
80000 |
75780 |
|
Engineering Plastics |
MT |
6000 |
2063 |
|
Special Purpose Machines and Test Rigs |
Nos. |
150 |
123 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
HSBC Bank (Mauritius) Limited, 6th Floor,
HSBC Centre, 18, Cybercity, Ebene – NA, Mauritius ·
DBS Bank Limited, 806, Anna Salai, Chennai – 600
002, Tamil Nadu, India ·
Standard Chartered Bank, 19, Rajaji Salai,
Chennai – 600 001, Tamilnadu, India ·
The Bank of Nova Scotia, Classic Towers, 1547, Trichy
Road, Coimbatore – 641 018, Tamil Nadu, India |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Facilities : |
NOTES: Long Term
Borrowings: Secured by exclusive first charge on specific plant and machinery and
movable property. Short Term
Borrowings: Secured by hypothecation of raw materials, components,
work-in-progress, finished goods and book debts. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
23, C. P. Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India |
|
PAN.: |
AAAFS8812J |
|
|
|
|
Associates: |
· T.V. Sundram Iyengar and Sons Limited · Lucas Industries Limited · T R W Automotive Inc. and Associates · Turbo Energy Limited · Sundaram Dynacast Private Limited ·
Sundaram Medical Foundation |
|
|
|
|
Joint Venture : |
·
BIH Braking Company Limited |
|
|
|
|
Subsidiaries : |
·
Showatech, Inc. ·
The Dunes |
CAPITAL STRUCTURE
AS ON 26.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 100/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2392000 |
Equity Shares |
Rs. 100/- each |
Rs.239.200 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
239.200 |
239.200 |
239.200 |
|
(b) Reserves & Surplus |
8648.401 |
7504.014 |
6250.626 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8887.601 |
7743.214 |
6489.826 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1365.684 |
1648.875 |
1561.837 |
|
(b) Deferred tax liabilities (Net) |
784.167 |
758.925 |
697.878 |
|
(c) Other long term liabilities |
25.395 |
22.150 |
22.150 |
|
(d) long-term provisions |
159.367 |
134.871 |
115.337 |
|
Total Non-current Liabilities (3) |
2334.613 |
2564.821 |
2397.202 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
726.260 |
2000.125 |
1371.858 |
|
(b) Trade payables |
3051.398 |
3186.271 |
2858.991 |
|
(c) Other current
liabilities |
1262.340 |
1158.235 |
1002.840 |
|
(d) Short-term provisions |
716.960 |
608.195 |
573.518 |
|
Total Current Liabilities (4) |
5756.958 |
6952.826 |
5807.207 |
|
|
|
|
|
|
TOTAL |
16979.172 |
17260.861 |
14694.235 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6320.278 |
6617.780 |
5615.906 |
|
(ii) Intangible Assets |
70.999 |
88.471 |
80.007 |
|
(iii) Capital
work-in-progress |
231.607 |
109.445 |
148.516 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
413.809 |
411.415 |
411.415 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
330.350 |
248.607 |
251.554 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7367.043 |
7475.718 |
6507.398 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.005 |
8.318 |
8.546 |
|
(b) Inventories |
3883.906 |
3895.640 |
3288.808 |
|
(c) Trade receivables |
4925.108 |
5067.828 |
4104.133 |
|
(d) Cash and cash
equivalents |
14.554 |
9.274 |
7.683 |
|
(e) Short-term loans and
advances |
788.556 |
804.083 |
777.667 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9612.129 |
9785.143 |
8186.837 |
|
|
|
|
|
|
TOTAL |
16979.172 |
17260.861 |
14694.235 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
31187.515 |
31640.960 |
26153.573 |
|
|
|
|
Other Income |
264.447 |
146.706 |
189.873 |
|
|
|
|
TOTAL (A) |
31451.962 |
31787.666 |
26343.446 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Material Consumed |
19303.933 |
19488.789 |
16178.316 |
|
|
|
|
Changes in Inventories of Finished Goods, work-in-progress and
stock-in-Trade |
(435.044) |
(57.521) |
(313.035) |
|
|
|
|
Employee benefit expense |
2890.243 |
2635.879 |
2248.129 |
|
|
|
|
Other expenses |
6222.674 |
6175.358 |
5310.852 |
|
|
|
|
Exceptional Items |
0.000 |
0.000 |
(179.400) |
|
|
|
|
TOTAL (B) |
27981.806 |
28242.505 |
23244.862 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3470.156 |
3545.161 |
3098.584 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
288.954 |
377.883 |
276.769 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3181.202 |
3167.278 |
2821.815 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
871.175 |
739.035 |
620.728 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2310.027 |
2428.243 |
2201.087 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
605.242 |
591.047 |
496.309 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
1704.785 |
1837.196 |
1704.778 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
583.600 |
530.200 |
354.300 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Interim Dividend |
334.900 |
382.700 |
334.900 |
|
|
|
|
Proposed Dividend |
167.400 |
119.600 |
119.600 |
|
|
|
|
Tax on Dividend |
58.100 |
81.500 |
74.400 |
|
|
|
|
Transfer to General Reserve |
1120.000 |
1200.000 |
1000.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
608.000 |
583.600 |
530.200 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings (FOB) |
5894.581 |
6099.464 |
4577.952 |
|
|
|
TOTAL EARNINGS |
5894.581 |
6099.464 |
4577.952 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1182.910 |
1003.413 |
906.395 |
|
|
|
|
Stores & Spares |
2641.744 |
2837.348 |
2129.409 |
|
|
|
|
Capital Goods |
95.943 |
256.926 |
193.767 |
|
|
|
TOTAL IMPORTS |
3920.597 |
4097.687 |
3229.571 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
713.00 |
768.00 |
713.00 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.42 |
5.78 |
6.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.41 |
7.67 |
8.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.14 |
14.51 |
15.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.47 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.41 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
239.200 |
239.200 |
239.200 |
|
Reserves & Surplus |
6250.626 |
7504.014 |
8648.401 |
|
Net
worth |
6489.826 |
7743.214 |
8887.601 |
|
|
|
|
|
|
long-term borrowings |
1561.837 |
1648.875 |
1365.684 |
|
Short term borrowings |
1371.858 |
2000.125 |
726.260 |
|
Total
borrowings |
2933.695 |
3649.000 |
2091.944 |
|
Debt/Equity
ratio |
0.452 |
0.471 |
0.235 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
26153.573 |
31640.960 |
31187.515 |
|
|
|
20.981 |
(1.433) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
26153.573 |
31640.960 |
31187.515 |
|
Profit |
1704.778 |
1837.196 |
1704.785 |
|
|
6.52% |
5.81% |
5.47% |
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
CHENNAI COURT
|
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Members |
81.231 |
382.286 |
|
Short Term Borrowings |
|
|
|
From Members |
161.361 |
1587.864 |
|
|
|
|
|
Total |
242.592 |
1970.150 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10358925 |
10/05/2012 |
520,000,000.00 |
HSBC
BANK (MAURITIUS) LIMITED |
6TH
FLOOR, HSBC CENTRE, 18, CYBERCITY, EBENE - NA, MAURITIUS |
B40884280 |
|
2 |
10318707 |
24/05/2013
* |
451,180,000.00 |
HSBC
BANK (MAURITIUS) LIMITED |
6TH
FLOOR, HSBC CENTRE, 18,CYBERCITY, EBENE, - NA, MAURITIUS |
B76563006 |
|
3 |
10260645 |
27/03/2013
* |
540,000,000.00 |
STANDARD
CHARTERED BANK |
19,RAJAJI
SALAI, CHENNAI – 600 001, TAMIL NADU, INDIA |
B73242406 |
|
4 |
10237959 |
08/05/2013
* |
409,195,000.00 |
DBS
BANK LIMITED |
806,
ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA |
B76562404 |
|
5 |
10214690 |
29/03/2010 |
150,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI – 400 013, MAHARASHTRA,
INDIA |
A83820951 |
|
6 |
10149314 |
27/02/2009 |
400,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 64,CREAMS ROAD, CHENNAI – 600 006, TAMIL NADU, INDIA |
A58703919 |
|
7 |
10126607 |
07/10/2008 |
219,000,000.00 |
HSBC
BANK (MAURITIUS) LIMITED |
5TH FLOOR,
LES CASCADES BUILDING, EDITH CAVELL ST |
A48755250 |
|
8 |
90297999 |
24/03/2005 |
150,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 149 ; GREAMS ROAD, MADRAS – 600 006, TAMIL NADU, INDIA |
- |
|
9 |
90297851 |
15/07/2004
* |
11,850,000.00 |
FORD
INDIA PRIVATE LIMITED |
CORPORATE
OFFICE ; S.P. KOIL, CHENGALPATTU – 603 204, TAMIL NADU, INDIA |
- |
|
10 |
90297806 |
26/03/1999 |
88,900,000.00 |
INDUSTRIAL
DEV. BANK OF INDIA |
IDBI
TOWER, CUFFE PARADE, COLABA, MUMBAI – 400 002, MAHARASHTRA, INDIA |
- |
* Date of charge modification
REVIEW OF BUSINESS
AND OPERATIONS:
During the Financial Year 2012-13, both the global and domestic
economies witnessed slower growth. Many countries in Euro zone faced
recessionary trends. Operating in such testing conditions was a challenge for
Indian Industries especially the automotive sector. Faced with high inflation,
high interest rates, decelerating GDP growth, volatile commodity and diesel
prices and lack of funding and investment in infrastructure projects, the
performance of the Indian Auto Industry showed marginal or negative growth in
almost all segments.
Production of Passenger and Utility vehicles showed a marginal increase
of 2.8% during 2012-13, mainly aided by the surge in demand for diesel powered
utility vehicles. Output of Medium and Heavy Commercial vehicles was the worst
affected by the negative economic factors and witnessed a decline of 27.6%
during the year. Growth in Light Commercial Vehicles, in spite of increased
numbers in the smaller 4 wheelers (with GVW less than 3.5T), was overall muted
at 1.6%. Tractor production that continued its downward trend from the last
quarter of the previous fiscal year also decreased by 9.8%.
The decline in Vehicle production had its effect on the Brake Division s
sales to OE customers which declined marginally by 1.3%. The drop in OE sales
would have been much greater but for the new businesses won by subject and
several measures taken by it to protect and increase its market share. Sale of
brake parts to the replacement market was sluggish on account of high interest
rates, lack of liquidity in the market and inventory reduction in the
distribution chain. With the softening of export market demand in Europe,
export sales of Brake Division declined marginally by 1.9%.
Sale of castings to external customers from the Foundry Division declined
by 2.6% from the previous year.
Given the economic and market conditions, overall Sale revenue
registered a drop of 1.4%.
Input costs of some commodities saw a rise during the first half of the
financial year and moderated later. But its volatility resulted in strong
customer resistance to price revision to reflect the increased material costs.
The power situation in Tamil Nadu remained grim and subject experienced several
unscheduled power cuts and forced power holidays which not only caused production
disturbances but also increased costs due to higher cost of diesel generated
power. High domestic inflation numbers also resulted in general increase in
employee costs and other conversion costs thereby exerting pressure on subject
s margins in a depressed market.
The continuous and sustained pursuit for cost reduction through special
teams, improving productivity through kaizens and continuous improvement
programmes the constant endeavor to improve operational excellence and in
addition, effective working capital and treasury management have helped subject
to protect overall profitability levels.
Towards the end of the financial year a customer concern on a part
supplied by subject arose, which in the opinion of the customer required a
recall of their vehicles produced during a certain period for replacement with
a new part. subject fully co-operated with the customer and rose to the
challenge of supplying the new part within a short time. While the root cause
and appropriate counter measures are being explored jointly with the customer
and technical partner TRW, subject has made financial provision to meet the
eventuality of customer seeking cost reimbursement for recall.
BUSINESS OUTLOOK:
The leading Macro Economic indicators continue to be disappointing in
the current year and the vehicle demand and production levels have further come
down during the first quarter. Large current account and fiscal deficit, rising
fuel prices on account of a depreciating Rupee, volatile exchange rates and
continuing energy shortage pose challenges. As a result, the overall sentiment
in the automotive industry in the short run is negative and one of uncertainty.
Subject is constantly assessing the market situation and taking proactive
measures to meet the business challenges it faces in the short term, while
still keeping a positive view on the long term prospects.
Construction activity at the new Manufacturing site at Jhagadia
(Gujarat) is nearing completion and the first phase of production is expected
to commence during the second half of the financial year 2013-14.
CERTIFICATIONS,
RECOGNITIONS AND AWARDS:
Subject constant focus is to increase customer satisfaction levels and
customer delight covering all parameters and this has been recognized by way of
various awards granted, which include:-
1)
Best Supplier Award for overall performance
-Tractor and Farm Equipments.
2)
Best in class performance in "Quality"
for the year 2012-13 - from Ashok Leyland Limited
3)
Superior performance in the field of "Incoming
Quality Improvement" in the year 2012-13 -from Maruti Suzuki India Limited
4)
Outstanding performance and dedication during
2011-12 for excellence in Business Association and Cost Reduction - TML
Drivelines Limited
5)
Spare Parts Division Performance Award in recognition
of outstanding contribution during 2011-12 - Mahindra and Mahindra Limited
6)
"Greenco Gold" award by Confederation of
Indian Industry to the Foundry Division for its efforts made on energy
efficiency, water conservation, green house gas management, waste management,
renewable energy, material conservation and recycling etc.
7)
Achieving targets in delivery (Foundry Division)
-Toyota Kirloskar Motors
8)
Achieving targets in quality (Foundry Division)
-Toyota Kirloskar Auto Parts
All the main manufacturing sites continue to be certified for Quality
Systems under ISO/TS 16949:2009, for Environmental Management Systems under ISO
14001:2004 and for Occupational Health Safety Management System under OHSAS
18001:2007. In addition, Foundry Division is certified under BS EN: 16001:2009
for Energy Management System. Several additional measures have been taken to
further strengthen the quality systems in subject.
FIXED ASSETS:
·
Land Freehold
·
Land Leasehold
·
Building
·
Plant and Machinery
·
Computer Software
·
Furniture and Fixture
·
Vehicles
PRESS
RELEASE
Brakes India, a joint
venture between TRW Automotive and TVS Group, Celebrates Golden Jubilee
January 31, 2013
PADI, India, Jan. 31, 2013
/PRNewswire/ -- Brakes India Limited, a 51:49 joint venture based in Padi,
India, between TVS Group and a subsidiary of TRW Automotive Holdings Corp.
(NYSE: TRW), that manufactures a range of foundation brake, brake actuation,
electronic braking systems and ferrous castings, today celebrated its 50th
anniversary Golden Jubilee.
"We are proud
that Brakes India has achieved the significant milestone of completing 50 years
in business," said R. Ramanujam, chairman and managing director, Brakes
India. "The journey has been interesting, challenging, and extremely fulfilling.
This could not have been possible without the support and guidance from a very
supportive joint venture partner in TRW and the commitment of an excellent team
of dedicated and loyal employees who have made this company what it is
today."
John Plant, chairman and CEO
of TRW Automotive, said "Today marks a very special occasion for one of India's
most successful joint ventures. Brakes India has grown to an annual
turnover of more than $600 million US dollars
during its first half-century and we look forward to further success in
partnership with the TVS Group in one of the world's fastest growing
markets."
Since its inception
in 1962, Brakes India has steadily expanded its product range and manufacturing
footprint and now comprises 17 manufacturing locations that includes a Foundry
operation.
About
TVS
The TVS Group is India's
leading supplier of automotive components and one of the country's most
respected business groups. With a combined turnover of more than US$ 6 billion, the TVS Group employs a total workforce of
more than 25,000 and comprises around 30 companies. These operate in diverse
fields that range from two-wheeler and automotive component manufacturing to
automotive dealerships, finance and electronics.
About
Brakes India
Brakes India Limited
was founded in 1962 as a joint venture between TV Sundram Iyengar & Sons
and Lucas Industries Limited of the UK, and is the largest manufacturer of
braking components and systems in India with an annual turnover of more than $600 million USD. The company manufactures braking
equipment for automotive and non-automotive applications. Besides exporting
products to 35 countries worldwide, Brakes India caters to over 60% of the
domestic OEM market. Its manufacturing sites have been assessed at ISO
9001,TS16949,ISO 14001, ISO 18001, and the Foundry division has received
the prestigious Deming prize .
About
TRW
With 2011 sales of $16.2 billion, TRW Automotive ranks among the world's
leading automotive suppliers. Headquartered in Livonia, Michigan,
USA, the Company, through its subsidiaries, operates in 26 countries and
employs over 60,000 people worldwide. TRW Automotive products include
integrated vehicle control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts and airbags),
electronics, engine components, fastening systems and aftermarket replacement
parts and services. All references to "TRW Automotive",
"TRW" or the "Company" in this press release refer to TRW
Automotive Holdings Corp. and its subsidiaries, unless otherwise
indicated. TRW Automotive news is available on the internet at www.trw.com.
Forward-Looking
Statements
This release
contains statements that are not statements of historical fact, but instead are
forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. We caution readers not to place undue
reliance on these statements, which speak only as of the date hereof. All
forward-looking statements are subject to numerous assumptions, risks and
uncertainties which could cause our actual results to differ materially from
those suggested by the forward-looking statements, including those set forth in
our Report on Form 10-K for the fiscal year ended December 31, 2011
(our "Form 10-K"), and our Reports on Form 10-Q for the fiscal
quarters ended March 31, June 29 and September 28, 2012, such as: any developments related to antitrust investigations adversely
affecting our financial condition, results, cash flows or reputation; any
shortage of castings or other supplies causing a production disruption for any
customers or us; general economic conditions causing a material contraction in
automotive sales and production adversely affecting our results or the
viability of our supply base; the unsuccessful implementation of our current
expansion efforts adversely impacting our business and results; commodity
inflationary pressures adversely affecting our profitability or supply base;
strengthening of the U.S. dollar and other foreign currency exchange rate
fluctuations impacting our results; pricing pressures from our customers
adversely affecting our profitability; increasing costs negatively impacting
our profitability; the loss of any of our largest customers materially
adversely affecting us; risks associated with non-U.S. operations, including
economic and political uncertainty in some regions, adversely affecting our
business, results or financial condition; any inability to protect our
intellectual property rights adversely affecting our business or our
competitive position; costs of product liability, warranty and recall claims
and efforts by customers to adversely alter contract terms and conditions
concerning warranty and recall participation; costs or liabilities relating to
environmental, health and safety regulations adversely affecting our results;
work stoppages or other labor issues at our facilities or at the facilities of
our customers or suppliers adversely affecting our operations; any disruption
in our information technology systems adversely impacting our business and
operations; and other risks and uncertainties set forth in our Form 10-K and in
our other filings with the U.S. Securities and Exchange Commission. We do
not undertake any obligation to release publicly any update or revision to any
of the forward-looking statements.
Brakes India Selects Vimana by System Insights for
Machine Monitoring
Brakes India Limited is the leading
manufacturer of automotive and non-automotive braking systems and ferrous
castings in India. It is part of the TVS Group of companies.
Sriram Viji, Board Member and Executive
Director at Brakes India said, "We look forward to working with System
Insights in increasing the capacity of our high utilization machining lines. We
believe that vimana's analytic capabilities can help us make the lines cheaper
to run by increasing productivity and reducing our tooling and rejection
costs.”
Dr. Athulan Vijayaraghavan, CTO and
Founder of System Insights expressed his enthusiasm and noted, “We are excited
to work with Brakes India in increasing their machine reliability, reducing
their tooling and rejection costs. We are confident that vimana can find
opportunities to increase capacity in their high-volume production lines."
At the Polambakkam facility of Brakes India, vimana will monitor and analyze
data from mills, lathes, and some special purpose machinery made by the client.
For these high volume lines, setup for specific capacity, vimana will assist in
increasing capacity by determining opportunities for productivity improvements.
Additionally, the solution will be able to increase process reliability by
finding reasons for downtimes, machine breakdowns, and address other quality
issues.
vimana software solution monitors and
manages machine tool productivity
vimana is the only software product
that combines a comprehensive real-time data solution, based on the MTConnect
data standard, with multi-dimensional, complex reasoning and machine learning
technologies to deliver predictive manufacturing solutions for both
machining-based discrete and process manufacturing industries.
vimana identifies periods of production
losses using a sophisticated classification engine, and provides users with the
information and insight needed to improve utilization. vimana includes
real-time dashboards as well as historical reports and analysis; it integrates
with a wide range of modern and legacy factory equipment using the MTConnect
open standard for machine tool data interoperability.
CMT REPORTCorruption, 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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
66 |
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.