MIRA
INFORM REPORT
|
Report No. : |
306787 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BREMBO BRAKE INDIA PRIVATE LIMITED (w.e.f.24.02.2009) |
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Formerly Known
As : |
KBX MOTORBIKE PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
GAT No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune -
410501, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
19.09.2005 |
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Com. Reg. No.: |
11-021321 |
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Capital
Investment / Paid-up Capital : |
Rs.140.000
Millions |
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|
CIN No.: [Company Identification
No.] |
U34300PN2005PTC021321 |
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|
|
PAN No.: [Permanent Account No.] |
AACCK6860B |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automotive and Industrial Technology. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well - established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-2135-669613
LOCATIONS
|
Registered Office : |
GAT No. 307/7 and 8, Village Nanekarwadi, Taluka Rajgurnagar, Pune -
410501, Maharashtra, India |
|
Tel. No.: |
91-2135-669602/ 669601 / 669613 |
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Fax No.: |
91-2135-669606 |
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E-Mail : |
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Factory : |
Manesar, Haryana, India |
DIRECTORS
AS ON: 20.06.2014
|
Name : |
Mr. Paolo Magri |
|
Designation : |
Director |
|
Address : |
VIA, Mario Lupo 1, 24129, Bergamo-24121, Italy |
|
Date of Birth/Age : |
30.08.1953 |
|
Date of Appointment : |
29.02.2012 |
|
DIN No.: |
00213464 |
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|
|
|
Name : |
Mr. Sudhir Gajanan Nirantar |
|
Designation : |
Additional Director |
|
Address : |
B 1 Garud Heritage Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1961 |
|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
03508413 |
|
PAN No.: |
AAKPN8039Q |
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|
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|
Name : |
Luca Bottazzi |
|
Designation : |
Managing Director |
|
Address : |
VIA L. DA Vinci, N.34 Paladina (BG), Paladina, Italy |
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Date of Birth/Age : |
05.05.1970 |
|
Date of Appointment : |
29.02.2012 |
|
DIN No.: |
03632468 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Patil |
|
Designation : |
Supervisor |
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|
Name : |
Mr. Rajendra Jaysing Pardeshi |
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Designation : |
Secretary and Chief Financial Officer
|
|
Address : |
F-13/14, Lunawat Complex, Kothrud, Pune-411038, |
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Date of Birth/Age : |
21.12.1957 |
|
Date of Appointment : |
12.06.2007 |
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PAN No.: |
ABMPP3695B |
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|
|
|
Name : |
Kanjmag and Company |
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Designation : |
Company Secretaries |
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Address : |
1-2, “Ashwarya Sankul”, Survey No.17, G.A. Kulkarni Path, Opposite Loshi Railway Museum, Kothrud, Pune – 411038, Maharashtra, India |
MAJOR SHAREHOLDERS
AS ON: 20.06.2014
|
Names of Shareholders |
No. of Shares |
|
Brembo,S.P.A, Italy |
13999999 |
|
Sudhir Gajanan Nirantar |
1 |
|
Total |
14000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 20.06.2014
|
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
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Line of Business : |
Manufacturer and Exporter of Automotive and Industrial Technology. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Citi Bank N.A, Citi Business Citigroup Centre, 2nd Floor,
Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
C 401 Fourth Floor , Panchshil Tech Park, Yerwada, Pune-411006, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
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|
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Name : |
Lovelock and Lewes Chartered Accountants |
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Holding Company : |
Brembo S.p.A |
CAPITAL STRUCTURE
AS ON: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
140.000 |
140.000 |
140.000 |
|
(b) Reserves & Surplus |
1226.517 |
984.188 |
794.032 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1366.517 |
1124.188 |
934.032 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.501 |
0.903 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.111 |
8.798 |
20.653 |
|
Total Non-current Liabilities (3) |
16.111 |
9.299 |
21.556 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
533.217 |
459.102 |
413.788 |
|
(c) Other current
liabilities |
12.199 |
11.123 |
21.285 |
|
(d) Short-term provisions |
79.412 |
67.770 |
29.270 |
|
Total Current Liabilities (4) |
624.828 |
537.995 |
464.343 |
|
|
|
|
|
|
TOTAL |
2007.456 |
1671.482 |
1419.931 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
366.548 |
419.169 |
402.792 |
|
(ii) Intangible Assets |
20.626 |
30.985 |
41.345 |
|
(iii) Capital
work-in-progress |
5.583 |
2.985 |
1.728 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
12.489 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.088 |
35.840 |
42.534 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
491.334 |
488.979 |
488.399 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
183.093 |
155.865 |
176.526 |
|
(c) Trade receivables |
440.320 |
369.404 |
313.727 |
|
(d) Cash and cash
equivalents |
867.985 |
643.201 |
413.919 |
|
(e) Short-term loans and
advances |
17.196 |
9.539 |
24.280 |
|
(f) Other current assets |
7.528 |
4.494 |
3.080 |
|
Total Current Assets |
1516.122 |
1182.503 |
931.532 |
|
|
|
|
|
|
TOTAL |
2007.456 |
1671.482 |
1419.931 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2950.910 |
2548.500 |
2425.420 |
|
|
|
Other Income |
67.940 |
47.820 |
30.230 |
|
|
|
TOTAL |
3018.850 |
2596.320 |
2455.650 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
2552.100 |
|
2060.230 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2552.100 |
2215.790 |
2060.230 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
466.750 |
380.530 |
395.420 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
93.000 |
82.850 |
68.780 |
|
|
|
|
|
|
|
|
|
Less/ Add |
WRITE OFF OF
INTANGIBLE ASSETS |
10.360 |
10.360 |
10.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
363.390 |
287.310 |
316.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
121.060 |
97.150 |
102.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
242.330 |
190.160 |
213.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
215.030 |
219.240 |
116.300 |
|
|
TOTAL EARNINGS |
215.030 |
219.240 |
116.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.31 |
13.58 |
15.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.21 |
7.46 |
8.80 |
|
|
|
|
|
|
|
Operating Profit Margins
(PBTIT / Sales) |
(%) |
15.82 |
14.93 |
16.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.27 |
17.22 |
22.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.26 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43 |
2.20 |
2.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
140.000 |
140.000 |
140.000 |
|
Reserves & Surplus |
794.032 |
984.188 |
1226.517 |
|
Net worth |
934.032 |
1124.188 |
1366.517 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2425.420 |
2548.500 |
2950.910 |
|
|
|
5.075 |
15.790 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2425.420 |
2548.500 |
2950.910 |
|
Profit |
213.460 |
190.160 |
242.330 |
|
|
8.80% |
7.46% |
8.21% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
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
OPERATIONS:
During the year company focused on consolidation of operations activity and reliability by improving robustness of all processes involved. Company was able to stabilized all important processes which reflected in good improvement in the score of QMS Audit conducted by Corporate Quality. The Company manufactured 1.91 Mio Brake Systems in 2013 against 1.72 Mio in 2012 representing 11% growth in volume. Company also undertook initiatives in the area of conservation of water, technology absorption. Details of which are given in the Annexure.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10113432 |
23/07/2008 |
60,000,000.00 |
CITIBANK N.A. |
CITIBUSINESS
CITIGROUP CENTRE, 2ND FLOOR, BANDRA |
A42022996 |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Leasehold Improvement
·
Right to Manufacture
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.