MIRA INFORM REPORT

 

 

Report No. :

349244

Report Date :

16.11.2015

 

IDENTIFICATION DETAILS

 

Name :

FREUDENBERG FILTRATION TECHNOLOGIES INDIA PRIVATE LIMITED

 

 

Registered Office :

Gat No.837/2, Pune Nagar Road, Village Sanaswadi, Taluka Shirur, Pune-412208, Maharashtra

Tel. No.:

91-20-30082012

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

14.07.2008

 

 

Com. Reg. No.:

11-133620

 

 

Capital Investment / Paid-up Capital :

Rs. 339.742 Million

 

 

CIN No.:

[Company Identification No.]

U74999PN2008FTC133620

 

 

IEC No.:

0308048016

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEF01438D

 

 

 

PAN No.:

[Permanent Account No.]

AABCF2480K

 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Filters for industrial use and providing Air Filtration Systems.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 566300

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a wholly-owned subsidiary of Freudenberg Beteiligungs- Gmbh, Germany having moderate track. It was incorporated in the year 2008 and it develops, manufactures and markets a filter program and filtration services.

 

As per financial of the year 2014, the company has reported some accumulated losses from its past few years.

 

Further, rating remain constrained on account of company’s moderate financial risk profile marked by its negative reserves level, small net worth position and leverage balance sheet profile of the company.

 

However, rating takes into consideration company’s strong support from its holding company, experienced management team and widely established diversified group of markets and industries.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding support, the company can be considered for business dealings with some caution.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-20-30082012 [Continuously Ringing] 91-20-40261563/ 66751620 [Number Incorrect])

 

 

LOCATIONS

 

Registered Office :

Gat No.837/2, Pune Nagar Road, Village Sanaswadi, Taluka Shirur, Pune-412208, Maharashtra, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

rakesh.nathwani@fruendenberg-filter.com

Website:

www.freudenberg.com

 

 

Factory :

Indo German Technology Park, Survey No. 297/99, Village-Urawade, Tahsil-Mulshi, Pune-412108, Maharashtra, India

Tel. No.:

91-20-30082012

Fax No.:

91-20-66751641

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Rakesh Maganlal Nathwani

Designation :

Managing director

Address :

Building No. G, Flat No. 504, Mystique Moods, Behind Symbiosis College Viman Nagar, Dukirline Pune City-411014, Maharashtra, India

Date of Birth/Age :

18.01.1963

Qualification :

B Com, CA

Date of Appointment :

15.01.2009

PAN No.:

ABCPN4756F

DIN No.:

00141935

 

 

Name :

Mr. Dhirendra Arvind Choudhary

Designation :

Managing director

Address :

B-204, Apollo, Hirandani Estate,, Ghodbunder Road, Thane-400607, Maharashtra, India

Date of Birth/Age :

01.12.1964

Date of Appointment :

01.01.2013

PAN No.:

ADVPC6641F

DIN No.:

00616396

 

 

Name :

Mr. Andreas Erwin Kreuter

Designation :

Director

Address :

Madonnenbergweg 7, Schriesheim, 69198, Germany

Date of Birth/Age :

07.08.1967

Date of Appointment :

21.07.2008

DIN No.:

02196754

 

 

Name :

Mr. Joerg Alfred Horst

Designation :

Director

Address :

Roonstrasse 7, Weinheim, 69469, Germany

Date of Birth/Age :

23.06.1955

Date of Appointment :

21.07.2008

DIN No.:

02225571

 

 

Name :

Mr. Karat Roger Viju Parameshwar

Designation :

Director

Address :

A2, Cornwell Rustumji, No. 3 Cornwell Road, Bangalore-560025, Karnataka, India

Date of Birth/Age :

24.01.1953

Date of Appointment :

01.04.2009

DIN No.:

02446230

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

FFT Beteiligungs GmbH

 

33974170

Freudenberg Filtration Technologies KG

 

1

Total

 

33974171

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Filters for industrial use and providing Air Filtration Systems.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

2.509

92.383

 

 

 

Total

2.509

92.383

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Behede Joshi and Associates

Chartered Accountants

Address :

14 To17, Suyash Commercial Mall, Near Pancard ClubSno. 74 and 75, Baner,

Income-tax PAN of auditor or auditor's firm :

AAGFB6550Q

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding Company:

Freudenberg and Co, Germany

 

 

Fellow Subsidiary Company :

·         Freudenberg Filtrtation Technologies SE and CO. KG

·         Korea Filtration Technologies Company Limited

·         Freudenberg & Vilene Nonwovens (Suzhou) Company Limited

·         Freudenberg Far Eastern Spunweb Company Limited

·         Freudenberg Filtrtation Technologies LP

·         Freudenberg S.p.A. a socio unico

·         Freudenberg Tecnologie di Filtrazione S.a.s.

·         Freudenberg Nonwovens India Private Limited

·         Kluber Lubrication India Private Limited

·         Freudenberg Filtration Technologies(AUST)Pty Limited, Australia

·         FV Service KG

·         Japan Vilene Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38,000,000

Equity Shares

Rs. 10/- each

Rs. 380.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

33,974,171

Equity Shares

Rs. 10/- each

Rs. 339.742 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

339.742

110.195

32.800

(b) Reserves & Surplus

(141.529)

(106.640)

(65.304)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

77.395

Total Shareholders’ Funds (1) + (2)

198.213

3.555

44.891

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(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

6.935

6.388

3.209

Total Non-current Liabilities (3)

6.935

6.388

3.209

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2.509

92.383

28.662

(b) Trade payables

173.684

154.636

58.064

(c) Other current liabilities

44.933

38.111

7.895

(d) Short-term provisions

18.352

17.336

6.911

Total Current Liabilities (4)

239.478

302.466

101.532

 

 

 

 

TOTAL

444.626

312.409

149.632

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

111.842

22.486

11.862

(ii) Intangible Assets

24.475

34.875

1.669

(iii) Capital work-in-progress

6.080

2.308

11.041

(iv) Intangible assets under development

1.525

1.525

41.956

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.199

-0.101

0.269

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

144.121

61.093

66.797

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

58.387

75.625

31.236

(c) Trade receivables

148.981

120.413

38.646

(d) Cash and cash equivalents

21.801

4.743

1.336

(e) Short-term loans and advances

71.336

50.535

11.617

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

300.505

251.316

82.835

 

 

 

 

TOTAL

444.626

312.409

149.632

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

539.450

343.569

163.545

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

574.639

384.534

196.990

 

 

 

 

 

 

PROFIT BEFORE TAX

(35.189)

(40.965)

(33.445)

 

 

 

 

 

Less

TAX                                                                 

(0.300)

0.370

(0.193)

 

 

 

 

 

 

PROFIT AFTER TAX

(34.889)

(41.335)

(33.252)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(106.639)

(65.304)

(32.052)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(141.528)

(106.639)

(65.304)

 

 

 

 

 

 

Earnings Per Share (Rs.)

(1.03)

(3.75)

(10.14)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(8.06)

(13.27)

(34.71)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.18)

(11.52)

(0.75)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.01

25.99

0.64

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.25

0.83

0.82

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

32.800

110.195

339.742

Reserves & Surplus

(65.304)

(106.640)

(141.529)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

77.395

0.000

0.000

Net worth

44.891

3.555

198.213

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

28.662

92.383

2.509

Total borrowings

28.662

92.383

2.509

Debt/Equity ratio

0.638

25.987

0.013

 

 

 

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)

Total Income

163.545

343.569

539.450

 

 

110.076

57.014

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

163.545

343.569

539.450

Profit

(33.252)

(41.335)

(34.889)

 

(20.33%)

(12.03%)

(6.47%)

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

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

 

 

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

NATURE OF OPERATIONS:

 

Freudenberg Filtration Technologies India Private Limited (the Company) was incorporated on July 14, 2008 under the Companies Act, 1956 (the Act). The Company is a subsidiary of Freudenberg Beteiligungs GmbH (FBG) which is a 100% subsidiary of Freudenberg and Co. (F ad Co.), a limited partnership. The Companys principal activities comprise manufacturing of Filters for industrial use and providing Air Filtration systems.

 


PRESENT OUTLOOK AND FUTURE PROSPECTS OF THE COMPANY:

 

The global economic scenario has shown the sign of improvement across market segments and accordingly, the company is geared up for the higher activities.

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Leasehold Improvements

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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. 66.14

UK Pound

1

  Rs. 100.55

Euro

1

Rs. 71.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.