MIRA
INFORM REPORT
|
Report Date : |
9th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
INA
BEARINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Indo
German Technology Park, Sr. No. 297/298/2999, Urawade, Tal Mulshi, Pune – 412
108, Maharashtra |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23.09.1997 |
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|
Com. Reg. No.: |
25-15240 |
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CIN No.: [Company
Identification No.] |
U99999DL1997PTC089827U34300PN1997PTC015240 |
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04152B |
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|
|
|
PAN No.: [Permanent
Account No.] |
AAAC17163H |
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|
Legal Form : |
Private
limited liability company |
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|
Line of Business : |
Manufacturing,
Producing, Designing, Preparing, Assembling, Heating, Grading, Moulding,
Casting, Buying, Selling, Re-Selling, Imports, Exports, Transporting,
Storing, Forwarding, Distributing, Disposing, Developing, Handling,
Manipulating, Marketing, Supplying and or otherwise Dealing in all types,
Description, Diameters, Capacities, Applications and uses of Anti-friction,
Bearings, Needle Rollers, Needle Roller Bearings and Combined Needle Roller
Bearings and their assemblies linear products, engine elements and Allied
Items, their Components, Parts, Raw Materials and Consumables. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
750000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a part of well-known German giant having business interest in several
countries. Available information indicates high financial responsibility of
the company. Trade relations are fair. Payments are regular. The
company can be considered good for normal business dealings. It can
be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
|
Registered Office/Factory |
Indo
German Technology Park, Sr. No. 297/298/2999, Urawade, Tal Mulshi, Pune – 412
108, Maharashtra |
|
Tel. No.: |
91-20-56101036 |
|
Fax No.: |
91-20-22923912 |
DIRECTORS
|
Name : |
Mr. Bishwarup Dhar |
|
Designation : |
Managing Director |
|
Address : |
B – 2,
Kapil Malhar, Baner Road, Pune – 411045, Maharashtra |
|
Date of Birth/Age : |
28.12.1948 |
|
Qualification |
B. E.
(Mech) |
|
Experiences |
32
Years |
|
Date of Appointment : |
29.12.1998 |
|
|
|
|
Name : |
Mr. Dip Ing (TH) Gert Buechel. |
|
Designation : |
Additional Director |
|
Address : |
Bornwog
– 86 83165, Mulheima, Germany |
|
Date of Appointment : |
01.10.1999 |
|
|
|
|
Name : |
Mr. Milind B. Kasodekar |
|
Designation : |
Additional Director |
|
Address : |
D
Wing, Punya Nagar, Bibwewadi, Pune – 411037, Maharashtra |
|
Date of Appointment : |
02.07.2003 |
|
|
|
|
Name : |
Mr.
Alexander Strauss |
|
Designation : |
General
Manger |
|
Date of Birth/Age : |
37
Years |
|
Qualification |
Mechanical
Engineer |
|
Experiences |
19
Years |
|
Date of Appointment : |
27.10.2003 |
KEY EXECUTIVES
|
Name
: |
Mr.
Shrikrishna Korde |
|
Designation
: |
Company
Sectary |
|
Address
: |
4 –
A1, Madhuwanti Cooperative Society, Near Karve Statue Kothrud, Pune – 411038,
Maharashtra |
|
Date
of Birth/Age : |
15.05.1976 |
|
Date
of Appointment : |
27.05.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
M/s.
Industriewerk Schaeffler INA Ingenierdienst GmbH |
9999999 |
|
M/s.
Schaeffler Beteiligungs Gesellschaft GmbH |
1 |
|
M/s.
INA Schaeffler KG |
13322500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Producing, Designing, Preparing, Assembling, Heating, Grading, Moulding,
Casting, Buying, Selling, Re-Selling, Imports, Exports, Transporting,
Storing, Forwarding, Distributing, Disposing, Developing, Handling,
Manipulating, Marketing, Supplying and or otherwise Dealing in all types,
Description, Diameters, Capacities, Applications and uses of Anti-friction,
Bearings, Needle Rollers, Needle Roller Bearings and Combined Needle Roller
Bearings and their assemblies linear products, engine elements and Allied
Items, their Components, Parts, Raw Materials and Consumables. |
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Products : |
|
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Roller Bearings |
Nos. |
23467000 |
17777188 |
13656385 |
|
Engine Components |
Nos. |
200000 |
80288 |
80288 |
GENERAL
INFORMATION
|
Bankers : |
v
ICICI
Bank Limited v
HDFC
Bank Limited v
IDBI
Bank Limited v
Canara
Bank |
|
|
|
|
Facilities : |
Unsecured
Loan Term
Loan – Rs. 172.839 From
INA Schaeffer KG – Germany Loan
Taken From FAG Limited – Rs. 32.500 Total
– Rs. 205.339 Millions |
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|
|
|
Banking Relations : |
Good |
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|
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Auditors : |
S. B.
Billimoria & Company Chartered
Accountants |
|
Address: |
5, The Landmark, 42, Aundh Road, Khadki,
Pune – 411 003, Maharashtra |
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Tel. No.: |
91-20-25690891-6 |
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Fax No.: |
91-20-25691619 |
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|
|
|
Associates/Subsidiaries : |
Industriewerk
Schaeffler INA Ingenierdienst GmbH Industriestrasse,
1-3, D-91074, Herzogenaurach, Germany FAG
Roller Bearing Private Limited |
|
|
|
|
Group Company |
INA
Bearing Company Limited Hydrel
AG INA
France INA
Brasil Limited INA
USA Incorporated INA
Bearing Chushik Hoesa Schaeffer
Versicherungs Vermittelungs Schaeffer
(China) Company Limited Schaeffer
Asia Management (Shanghai) Limited INA
Skalica Spol FAG
Bearing India Limited Lux
India Private Limited |
|
|
|
|
Holding Company |
INA
Schaeffer KG |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,000,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
23,322,500 |
Equity
Shares |
Rs. 10/- Each |
Rs. 233.225 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
233.225 |
233.225 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(43.703) |
(78.776) |
|
|
NETWORTH |
|
189.522 |
154.449 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
205.339 |
164.379 |
|
|
TOTAL BORROWING |
|
205.339 |
163.379 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
394.861 |
317.828 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
113.445 |
114.528 |
|
|
Capital work-in-progress |
|
0.226 |
0.042 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
31.912 |
0.000 |
|
|
Intangible Assets |
|
5.490 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
19.580 |
6.781 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
195.504 |
160.569 |
|
|
Sundry Debtors |
|
158.007 |
97.323 |
|
|
Cash & Bank Balances |
|
136.141 |
69.207 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
43.610 |
17.177 |
|
Total Current Assets |
|
533.262 |
344.276 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
306.395 |
145.750 |
|
|
Provisions |
|
2.659 |
2.049 |
|
Total Current Liabilities |
|
309.054 |
147.799 |
|
|
Net Current Assets |
|
224.208 |
196.477 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
394.861 |
317.828 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
648.165 |
451.179 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(23.298) |
(13.048) |
|
Provision
for Taxation |
|
11.775 |
7.464 |
|
Profit/(Loss)
After Tax |
|
(35.073) |
(5.584) |
|
|
|
|
|
|
Export
Value |
|
28.386 |
19.702 |
|
|
|
|
|
|
Import
Value |
|
378.931 |
227.667 |
|
|
|
|
|
|
Total
Expenditure |
|
626.051 |
439.802 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(5.41) |
(1.23) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(3.59) |
(2.89) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(3.60) |
(2.84) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.12) |
(0.08) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.71 |
2.01 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.72 |
2.32 |
LOCAL AGENCY
FURTHER INFORMATION
Future
Prospects
The
company had earned profits before tax consecutively for the second time,
amounting to Rs. 23.29 in the current financial year as against Rs. 13.05 for
the financial year ending 31.03.2004
Sales
for the current year were Rs. 625.69 against Rs. 432.80 in the previous year an
increased of 44.57%
With the
continuing growth in the automobile sector coupled with improved performance of
the economy the company is hopeful of better performance in the year to come.
New
Project
In view
of its forthcoming modernisation and expanstion plan, the company had entered
into an agreement to leases with MIDC in respect of Plot No. A – 3, Talegaon
Industrial Estate, Pune
Fixed
Assets
v
Building
v
Office
Equipment
v
Furniture
& Fixture
v
Computer
v
Software
v
Vehicles
v
Canteen
Equipment
v
Plant
& Machinery
v
Electrical
Installation
associates
INA
Group
Which is
the largest privately held industrial group in Germany and has over 30
manufacturing units worldwide, makes
precision engineering products for automotive, machine tool, material handling
and general engineering applications.
Its
major focus, however, is in the automotive sector. Its product range includes
roller and specialised ball bearings, linear systems, belt tensioners and
engine components.
The
group has been supplying needle roller bearings and other anti-frictional
bearings and components to the Indian automobile sector over many years. It has
now thought fit to put up a manufacturing base here.
The
objective is to have a manufacturing base to keep up with the opportunities.
With the automobile sector going in for new designs and new generation
vehicles, there is an opportunity of growth. Putting up the base is more of a
strategy to capture the market with a long-term vision in mind.
With the
advent of new generation vehicles – be it four-stroke two-wheelers of
next-generation-cars-the company expects the demand for high precision
components is rapidly rise.
Last
year, the INA group made a sales of DM 15 millions selling an assortment of
imported components, including needle roller bearing, cylindrical roller
bearing, overrunning alternative pulleys, special types of ball bearings,
tension pulleys, to Indian vehicle manufacturers. On the other hand, it expects
to reach a sales of Rs. 100 millions on sale of needle bearings alone in the
first year of production, from local manufacture.
The
needle roller bearing unit, with an investment of Rs. 160.000 millions - Rs. 80
millions of which will be spent in the first year – is expected to yield to
turnover of Rs. 300 millions by the year 2003, at full capacity. The group
continue to import the other products that have been importing and focus on
localising the manufacture of needle roller bearings, needle cages, needle
bushes, belt tensioners and clutch bearings.
Since
the objective of the company is to meet the customers demand at the shortest
possible time, it plans to start production through the assembly route,
importing the components and gradually integrate the manufacturing process,
working backwards.
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 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.45.92 |
|
UK
Pound |
1 |
Rs.84.62 |
|
Euro |
1 |
Rs.58.03 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |