|
|
|
MIRA INFORM REPORT
|
Report No. : |
488239 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BRAKE PARTS INDIA PRIVATE LIMITED [w.e.f. 04.05.2013] |
|
|
|
|
Formerly Known
As : |
AFFINIA
INDIA PRIVATE LIMITED AFFINIA
MAT INDIA BRAKING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
236, R. G. Mall, Sector-9, Rohini, North West Delhi, New Delhi-110085 |
|
Tel. No.: |
91-130-4012500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
30.08.2007 |
|
|
|
|
Com. Reg. No.: |
55-167549 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 329.051 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29253DL2007PTC167549 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCA5049Q |
|
|
|
|
GST No.: |
07AAGCA5049Q1Z6 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Disc Brake Pads which are used in Passenger and Commercial vehicle. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 3907100 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Brake Parts Inc India LLC, USA.
It is an established company incorporated in the year 2007 having excellent
track. The company possesses robust financial profile marked by healthy net worth base along with negligible debt recorded and favourable gap between trade payables to its trade receivables. The rating also takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of strong holding support and sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 29.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Jitendra Singh |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-130-4012500 |
|
Date : |
25.01.2018 |
[91-8860200018] Number is continuously ringing
LOCATIONS
|
Registered Office : |
236, R. G. Mall, Sector-9, Rohini, North West Delhi, New Delhi-110085, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Village Rewli , P.O. Murthal, District Sonepat-131027, Haryana, India |
|
Tel. No.: |
91-130-4012500/ 4092521/ 2514/ 2518/ 2510 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Herman David Overbeeke |
|
Designation : |
Director |
|
Address : |
98 Belden Hill Rd Wilton Ct Wilton Ct 06897 US |
|
Date of Birth/Age : |
07.06.1961 |
|
Qualification : |
Bachelor of Science, Degree in Mechanical Engineering |
|
Date of Appointment : |
21.06.2010 |
|
DIN No.: |
03067447 |
|
|
|
|
Name : |
Mr. Jeffrey Scott Fedorchak |
|
Designation : |
Director |
|
Address : |
1101 Grayhawk Circle Algonquin 601026343 US |
|
Date of Birth/Age : |
27.05.1957 |
|
Qualification : |
Bachelor of Science in Industrial Engineering |
|
Date of Appointment : |
25.06.2011 |
|
DIN No.: |
03517150 |
|
|
|
|
Name : |
Mr. Michael John Caruso |
|
Designation : |
Director |
|
Address : |
8214 Country Shire Ln , Spring Grove Illinois 60081 US |
|
Date of Birth/Age : |
16.12.1964 |
|
Qualification : |
Bachelor Degree in Finance; Certified Public Accountant |
|
Date of Appointment : |
15.12.2011 |
|
DIN No.: |
05166952 |
|
|
|
|
Name : |
Mr. Anil Kumar Bhatia |
|
Designation : |
Managing Director |
|
Address : |
F-32, Venus Apartment, Plot No.43 Sector-9, Rohini, Delhi-110085, India |
|
Date of Birth/Age : |
05.06.1964 |
|
Qualification : |
Graduation, Tool Engineering, Qualified Lead Auditor of TS 16949 |
|
Date of Appointment : |
15.12.2011 |
|
PAN No.: |
AHJPB3108J |
|
DIN No.: |
05168705 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Kumar Singh |
|
Designation : |
Company Secretary |
|
Address : |
Building No. 6, Street No.3, Opposite Dispensary, Wazirabad Village, Delhi-110084, India |
|
Date of Appointment : |
29.03.2010 |
|
PAN No.: |
CPNPS0948R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Brake Parts Inc India LLC, USA |
|
3290511 |
|
Brake Parts Inc India LLC [As a Nominee of Brake Parts Inc India LLC] |
|
01 |
|
|
|
|
|
Total |
|
3290512 |
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Disc Brake Pads which are used in Passenger and Commercial vehicle. [Registered Activity] |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
· State Bank of India Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates LLP Chartered Accountants |
|
Address : |
13th Floor, Bakhtawar, 229, Nariman Point, Mumbai -400021, Maharashtra, India |
|
PAN No.: |
ACLFS1562L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding
company : |
Brake Parts Inc India LLC, USA |
|
|
|
|
Ultimate
Holding company: |
BPI Holdings International Inc., USA |
|
|
|
|
Fellow
Subsidiary companies: |
· Shanghai BPI Trading Co. Limited · BPI Distribution Mexico S.A. de C.V. · BPI Braking System (Qingdao) Co. Limited · Auto Electrics De Mexico, S.A.P.I de C.V |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3300000 |
Equity Shares |
INR 100/- each |
INR 330.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3290512 |
Equity Shares |
INR 100/- each |
INR 329.051
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
329.051 |
329.051 |
329.051 |
|
(b) Reserves & Surplus |
1038.434 |
841.963 |
660.815 |
|
(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) |
1367.485 |
1171.014 |
989.866 |
|
|
|
|
|
|
(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 |
5.386 |
5.386 |
5.386 |
|
(d)
long-term provisions |
25.799 |
25.120 |
16.146 |
|
Total
Non-current Liabilities (3) |
31.185 |
30.506 |
21.532 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
194.805 |
200.000 |
0.000 |
|
(b)
Trade payables |
119.169 |
155.578 |
194.045 |
|
(c)
Other current liabilities |
26.879 |
26.481 |
15.043 |
|
(d)
Short-term provisions |
0.457 |
0.423 |
6.113 |
|
Total
Current Liabilities (4) |
341.310 |
382.482 |
215.201 |
|
|
|
|
|
|
TOTAL |
1739.980 |
1584.002 |
1226.599 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
220.328 |
235.295 |
233.925 |
|
(ii)
Intangible Assets |
0.141 |
0.000 |
0.098 |
|
(iii)
Capital work-in-progress |
5.789 |
0.500 |
3.055 |
|
(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) |
3.429 |
3.512 |
4.233 |
|
(d) Long-term Loan and
Advances |
42.378 |
33.366 |
19.452 |
|
(e)
Other Non-current assets |
21.649 |
8.497 |
185.697 |
|
Total
Non-Current Assets |
293.714 |
281.170 |
446.460 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
295.796 |
305.638 |
288.788 |
|
(c)
Trade receivables |
441.407 |
376.739 |
348.579 |
|
(d)
Cash and cash equivalents |
701.477 |
580.169 |
117.284 |
|
(e)
Short-term loans and advances |
1.441 |
8.747 |
24.035 |
|
(f)
Other current assets |
6.145 |
31.539 |
1.453 |
|
Total
Current Assets |
1446.266 |
1302.832 |
780.139 |
|
|
|
|
|
|
TOTAL |
1739.980 |
1584.002 |
1226.599 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1407.196 |
1748.401 |
1137.946 |
|
|
|
Other Income |
42.247 |
85.477 |
41.059 |
|
|
|
TOTAL |
1449.443 |
1833.878 |
1179.005 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
900.991 |
1233.154 |
743.985 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(5.806) |
8.960 |
(2.135) |
|
|
|
Employees benefits expense |
127.945 |
161.597 |
102.619 |
|
|
|
Other expenses |
102.277 |
140.718 |
100.361 |
|
|
|
|
2.019 |
3.672 |
0.105 |
|
|
|
TOTAL |
1127.426 |
1548.101 |
944.935 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
322.017 |
285.777 |
234.070 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.326 |
4.297 |
0.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
318.691 |
281.480 |
233.631 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.490 |
23.489 |
16.394 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
297.201 |
257.991 |
217.237 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
100.731 |
76.843 |
77.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
196.470 |
181.148 |
139.496 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of manufactured goods exported |
1317.463 |
1745.943 |
1137.041 |
|
|
TOTAL EARNINGS |
1317.463 |
1745.943 |
1137.041 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of imports of raw materials |
522.732 |
982.274 |
546.252 |
|
|
TOTAL IMPORTS |
522.732 |
982.274 |
546.252 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
59.71 |
55.05 |
42.39 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
191.491 |
197.526 |
216.649 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
91.814 |
107.575 |
121.979 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
114.49 |
78.65 |
111.81 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.19 |
4.64 |
3.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
48.28 |
46.05 |
95.20 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.09 |
0.94 |
0.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.42 |
1.21 |
0.99 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.20 |
0.24 |
0.18 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.14 |
0.17 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.25 |
0.33 |
0.22 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.17 |
0.20 |
0.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
96.82 |
66.51 |
533.19 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
13.96 |
10.36 |
12.26 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.29 |
11.44 |
11.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
14.37 |
15.47 |
14.09 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [15 Months] |
31.12.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.24 |
3.41 |
3.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.37 |
2.61 |
2.28 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.79 |
0.74 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.19 |
0.61 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.24 |
3.41 |
3.63 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2016
[15
Months] |
31.03.2017 [12
Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
329.051 |
329.051 |
1038.434 |
|
Reserves & Surplus |
660.815 |
841.963 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
989.866 |
1171.014 |
1038.434 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
200.000 |
194.805 |
|
Total
borrowings |
0.000 |
200.000 |
194.805 |
|
Debt/Equity
ratio |
0.000 |
0.171 |
0.188 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2016
[15
Months] |
31.03.2017 [12
Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1137.946 |
1748.401 |
1407.196 |
|
|
|
53.645 |
(19.515) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2016
[15
Months] |
31.03.2017 [12
Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1137.946 |
1748.401 |
1407.196 |
|
Profit/ (Loss) |
139.496 |
181.148 |
196.470 |
|
|
12.26% |
10.36% |
13.96% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C70813852 |
10180360 |
STATE BANK OF INDIA |
07/09/2009 |
05/03/2013 |
30/10/2015 |
200000000.0 |
OVERSEAS BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
194.805 |
200.000 |
|
|
|
|
|
Total |
194.805 |
200.000 |
BACKGROUND
Subject was incorporated in India as a private limited company under the Companies Act, 1956 on 30 August, 2007. The Company is a wholly owned subsidiary of Brake Parts INC India LLC, USA, ‘’the Holding Company’’. A fresh certificate of incorporation was issued by the Registrar of Companies, N.C.T of Delhi & Haryana on 4th May, 2013 under section 23(1) of the Companies Act, 1956 as a consequent to the change in name to Brake Parts India Private Limited. The Company is mainly engaged in the manufacturing of disk brake pads.
The
Company obtained an approval vide letter dated 9 June, 2008 from the Office of
the Development Commissioner Noida Special Economic Zone for setting up a 100%
Export Oriented Unit (EOU) under the provisions of the EOU Scheme 2004-2009.
The Company commenced commercial operations from 1 November, 2008.
OPERATIONS
The Company is engaged in the business of manufacturing of Disc Brake Pads which are used in Passenger and Commercial vehicle.
There
has been no change in the business of the Company during the financial year
ended 31st March, 2017.
The company has made a turnover of INR 1,407 MN (USD 21.70 MN) against INR 1,748 MN (USD 26.35 MN) last year. The Company manufactured 2.88 MN Disc Brake Pads this year against 3.81 MN last year.
(Note: The current Reporting Period is April 01, 2016 to March 31, 2017 i.e. for 12 Months and Previous Reporting Period is January 01, 2015 to March 31, 2016 i.e. for 15 Months)
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Office equipment
· Computer equipments
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
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
UK Pound |
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.