MIRA INFORM REPORT
|
Report No. : |
319759 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIESSE MANUFACTURING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.32, Khata No.469, Sondekoppa Road, Jakkasandra Village,
Nelamangala Taluk, Jakkasandra-562123, Karnataka |
|
Tel. No.: |
91-80-49489801 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.02.2006 |
|
|
|
|
Com. Reg. No.: |
08-038415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 674.518 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299KA2006FTC038415 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB7928D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in manufacturing / assembling and trading of woodworking machines. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Biesse S.p.A., ITALY. It is an
established company having satisfactory track. There is a significant decrease in the profit of the company during
FY2014. Also the company has accumulated losses which is yet to be wiped off.
However, the company has healthy capital structure marked by debt free
balance sheet, good net worth and gets good backing from its holding company. Trade relations are fair. Business is active. Payment terms are
usually correct. In the view good holding company, subject can be considered for
business dealings at usual trade terms and conditions. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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.
LOCATIONS
|
Registered Office/ Head Office : |
Survey No.32, Khata No.469, Sondekoppa Road, Jakkasandra Village,
Nelamangala Taluk, Jakkasandra-562123, Karnataka, India |
|
Tel. No.: |
91-80-49489801 / 49489802 /
49489803 |
|
Fax No.: |
91-80-49489810 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1: |
Shop No. 6 to 10, Om Sai Plaza, 'A' Wing, Kasarwadvli, Near Owala Naka, Ghodbandar Road, Thane (West) - 400 601 Maharashtra, India |
|
Tel. No.: |
91-22-25973448 / 3529 |
|
|
|
|
Branch Office 1: |
E-19, First Floor, Sector 3, Noida - 201 301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4280660 / 61 / 62 |
DIRECTORS
As on 31.03.2014
|
Name : |
Sergio Mina |
|
Designation : |
Director |
|
Address : |
Via S. Stefano, 33/1, Gradara Ps, 61012, Italy |
|
Date of Birth/Age : |
07.08.1953 |
|
Date of Appointment : |
08.02.2006 |
|
DIN No.: |
01677472 |
|
|
|
|
Name : |
Stefano Bottene |
|
Designation : |
Director |
|
Address : |
Flat No.103, Brigade Manor,, King Street, Richmond Town,, Bangalore-560025, Karnataka, India |
|
Date of Birth/Age : |
26.06.1967 |
|
Date of Appointment : |
10.06.2008 |
|
DIN No.: |
02199594 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Stefano Porcellini |
|
10000 |
|
Sergio Mina |
|
10000 |
|
Biesse S.P.A., Italy |
|
67431839 |
|
Total |
|
67451839 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in manufacturing / assembling and trading of woodworking machines. |
|
|
|
|
Products : |
Woodworking machines |
|
|
|
|
Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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|
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Exports : |
Not Available |
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Imports : |
Not Available |
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|
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Terms : |
|
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Selling : |
Not Available |
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|
|
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Purchasing : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
|||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
RCE and Co. Chartered Accountants |
|
Address : |
Site No.458 & 459, MP Arcade Building, 2nd Floor, 18th Main, 4th 'T' Block, Jayanagar, Bangalore – 560041, Karnataka, India |
|
PAN No.: |
AAAFR9072R |
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|
|
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Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Fellow Subsidiaries
: |
Center Gain Limited, China Viet Italia Srl, Italy HSD Spa, Italy Biesse Asia Pte Limited, Singapore Biesse America Inc., USA Biesse Canada Inc., Canada Biesse Group Australia Pty Limited, Australia Biesse Group New Zealand Limited, Newzealand Biesse Trading (Shanghai) Co Limited., Shanghai PT Biesse Indonesia, Indonesia Dongguan Korex Machinery Co Limited, China Biesse Malaysia, Malaysia |
|
|
|
|
Holding companies : |
Biesse SpA |
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|
|
|
Subsidiaries : |
Nuova Faos International Manufacturing Company Private Limited |
CAPITAL STRUCTURE
As on 14.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67,451,839 |
Equity Shares |
Rs.10/- each |
Rs.674.518
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
674.518 |
674.518 |
674.518 |
|
(b) Reserves & Surplus |
(49.019) |
(105.621) |
(226.491) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
550.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1175.499 |
568.897 |
448.027 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
34.525 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.522 |
3.855 |
4.421 |
|
Total
Non-current Liabilities (3) |
9.522 |
3.855 |
38.946 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
9.261 |
2.393 |
|
(b) Trade payables |
391.531 |
849.500 |
763.305 |
|
(c) Other current liabilities |
78.217 |
39.714 |
55.628 |
|
(d) Short-term provisions |
10.799 |
24.483 |
10.972 |
|
Total
Current Liabilities (4) |
480.547 |
922.958 |
832.298 |
|
|
|
|
|
|
TOTAL |
1665.568 |
1495.710 |
1319.271 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
338.202 |
333.547 |
366.172 |
|
(ii) Intangible Assets |
2.717 |
4.078 |
5.443 |
|
(iii) Capital work-in-progress |
0.385 |
0.547 |
1.862 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
26.427 |
26.427 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
121.190 |
121.166 |
110.365 |
|
(e) Other Non-current assets |
5.033 |
0.033 |
0.000 |
|
Total
Non-Current Assets |
493.954 |
485.798 |
483.842 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
429.752 |
352.445 |
311.464 |
|
(c) Trade receivables |
457.598 |
438.555 |
274.433 |
|
(d) Cash and cash equivalents |
35.563 |
13.297 |
120.968 |
|
(e) Short-term loans and
advances |
248.701 |
205.615 |
128.564 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1171.614 |
1009.912 |
835.429 |
|
|
|
|
|
|
TOTAL |
1665.568 |
1495.710 |
1319.271 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1476.100 |
1362.700 |
|
|
|
|
Other Income |
4.165 |
27.448 |
|
|
|
|
TOTAL (A) |
1480.265 |
1390.148 |
1436.357 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1369.774 |
1212.268 |
1399.211 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.491 |
177.880 |
37.146 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.541 |
7.683 |
15.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.950 |
170.197 |
21.599 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.072 |
45.341 |
47.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.878 |
124.856 |
(26.208) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.276 |
3.986 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.602 |
120.870 |
(26.208) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.84 |
1.79 |
(0.39) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.83 |
8.87 |
(1.82) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.49 |
13.05 |
2.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.08 |
8.50 |
(1.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.22 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.02 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44 |
1.09 |
1.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
674.518 |
674.518 |
674.518 |
|
Reserves & Surplus |
(226.491) |
(105.621) |
(49.019) |
|
Net
worth |
448.027 |
568.897 |
625.499 |
|
|
|
|
|
|
long-term borrowings |
34.525 |
0.000 |
0.000 |
|
Short term borrowings |
2.393 |
9.261 |
0.000 |
|
Total
borrowings |
36.918 |
9.261 |
0.000 |
|
Debt/Equity
ratio |
0.082 |
0.016 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1436.357 |
1362.700 |
1476.100 |
|
|
|
(5.128) |
8.322 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1436.357 |
1362.700 |
1476.100 |
|
Profit |
(26.208) |
120.870 |
56.602 |
|
|
(1.82%) |
8.87% |
3.83% |
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 |
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 |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10491443 |
13/05/2014 * |
210,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C05328281 |
* Date of charge modification
OPERATIONS OF THE COMPANY AND OUTLOOK FOR FUTURE:
During the year, the
revenue from operations was Rs.1476.100 Million as compared to that of
Rs.1362.700 Million for the last year, thus achieving a growth of 8%. However,
the profit before tax decreased by about 46% from Rs.124.900 Million to
Rs.66.900 Million on account of increased expenses. The Directors are hopeful
of achieving better results during the current financial year.
FIXED ASSETS
- Land
- Building
- Plant and
machinery
- Furniture and
fixture
- Office
equipment
- Computers
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 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.63.61 |
|
|
1 |
Rs.96.55 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.