MIRA INFORM REPORT
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Report No. : |
332401 |
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Report Date : |
16.07.2015 |
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, Maharashtra |
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Tel. No.: |
91-2135-669602 |
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Country : |
India |
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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
Million |
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CIN No.: [Company Identification
No.] |
U34300PN2005PTC021321 |
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IEC No.: |
Not Available |
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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 (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Brembo S.p.A”. It is an established company having satisfactory track record. Management has failed to file its financial record with government department for the year 2014. As per the financial record of 2013, company possesses healthy operational risk profile marked by adequate financial base along with zero debt balance sheet and financial as well as managerial support that company receives from holding company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding company support, the company can be considered for 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
31-03-2013.
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 |
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Date of Birth/Age : |
30.08.1953 |
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Date of Appointment : |
29.02.2012 |
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DIN No.: |
00213464 |
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|
Name : |
Mr. Sudhir Gajanan Nirantar |
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Designation : |
Additional Director |
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Address : |
B 1 Garud Heritage Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
29.07.1961 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03508413 |
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PAN No.: |
AAKPN8039Q |
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Name : |
Luca Bottazzi |
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Designation : |
Managing Director |
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Address : |
VIA L. DA Vinci, N.34 Paladina (BG), Paladina, Italy |
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Date of Birth/Age : |
05.05.1970 |
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Date of Appointment : |
29.02.2012 |
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DIN No.: |
03632468 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Patil |
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Designation : |
Supervisor |
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Name : |
Sanjeev Kumar Maheshwari |
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Designation : |
Secretary |
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Address : |
Flat No. A 302, Sr No. 1/10, Balewadi, Regulas Apptt. Building A, Pune - 411045, Maharashtra, India |
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Date of Appointment : |
16.06.2014 |
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PAN No.: |
AFBPM1635B |
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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 Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
C 401 Fourth Floor , Panchshil Tech Park, Yerwada, Pune-411006, Maharashtra, India |
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PAN No.: |
ACHFS9180N |
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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 |
|
|
|
|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(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 |
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|
|
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(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 |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(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 |
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Total Non-current Liabilities
(3) |
16.111 |
9.299 |
21.556 |
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(4)
Current Liabilities |
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(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 |
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TOTAL |
2007.456 |
1671.482 |
1419.931 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(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 |
|
|
|
|
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(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 |
|
|
|
|
|
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TOTAL |
2007.456 |
1671.482 |
1419.931 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
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SALES |
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Income |
2950.910 |
2548.500 |
2425.420 |
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Other Income |
67.940 |
47.820 |
30.230 |
|
|
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TOTAL |
3018.850 |
2596.320 |
2455.650 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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|
2552.100 |
|
2060.230 |
|
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
2552.100 |
2215.790 |
2060.230 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
466.750 |
380.530 |
395.420 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
93.000 |
82.850 |
68.780 |
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Less/ Add |
WRITE OFF OF
INTANGIBLE ASSETS |
10.360 |
10.360 |
10.360 |
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PROFIT BEFORE
TAX |
363.390 |
287.310 |
316.280 |
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Less |
TAX |
121.060 |
97.150 |
102.820 |
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PROFIT AFTER TAX
|
242.330 |
190.160 |
213.460 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
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|
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|
Export of Goods |
215.030 |
219.240 |
116.300 |
|
|
TOTAL EARNINGS |
215.030 |
219.240 |
116.300 |
|
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|
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|
Earnings Per
Share (Rs.) |
17.31 |
13.58 |
15.25 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
373.667 |
384.380 |
NA |
|
Net cash flows from (used in) operations |
436.557 |
424.803 |
405.159 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.21 |
7.46 |
8.80 |
|
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|
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|
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 Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
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 Million) |
(Rs. In Million) |
(Rs. In Million) |
|
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 Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2425.420 |
2548.500 |
2950.910 |
|
Profit |
213.460 |
190.160 |
242.330 |
|
|
8.80% |
7.46% |
8.21% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
----- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
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 Million 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.
MARKET SCENARIO
Overall two wheeler production growth was slightly better than 2012 yet lower at the rate *4% and just *3% for motorcycle segment. Most of the domestic customers reported single digit growth except for Honda, REML and Yamaha. Bajaj Auto on other hand, reported a drop in Sales Vs. 2012. Company’s market share improved from 52% in 2012 to 53.5% in 2013, thanks to robust growth from REML business where company enjoys 100% share. Company expects some improvement in two wheeler market in 2014 over 2013 on account of projected improvement in the GDP figures.
* LMC Automotive
INDUSTRIAL RELATIONS
The Company closed the negotiation for a 4 year contract (w.e.f. 01st April, 2013 till 31st March, 2017) with Bosch Chassis Systems Kamgar Sanghatana (Workers’ Union) representing unionized workers. This was achieved through extensive series of meetings between the Management and the Union which were held in a very constructive manner. The industrial relations in Chakan and Manesar plants continued to be cordial during the year 2013.
BACKGROUND
The company is engaged in manufacturing of two wheeler brake systems and related auxiliary parts.
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS
- Plant and equipment
- Furniture and Fixture
- Vehicles
- Office equipment
- Leasehold Improvement
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. 63.38 |
|
|
1 |
Rs. 99.13 |
|
Euro |
1 |
Rs. 69.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.