MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INA BEARINGS
INDIA PRIVATE LIMITED |
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Registered Office : |
Indo German
Technology Park, Sr. No. 297/298/2999, Urawade, Tal Mulshi, Pune – 412108,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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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.] |
U99999DL1997PTC089827 U34300PN1997PTC015240 |
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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 : |
Manufacturer and
Exporter of Bearings. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1400000 |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Narendra Jadav |
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Designation : |
Account Officers |
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Date : |
04.07.2008 |
LOCATIONS
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Registered Office : |
Indo German
Technology Park, Sr. No. 297/298/2999, Urawade, Tal Mulshi, Pune – 412108,
Maharashtra, India |
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Tel. No.: |
91-20-56101036 |
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Fax No.: |
91-20-22923912/
66524756 |
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E-Mail : |
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Factory : |
Plot No-A-3 Talegaon Industrial and Floriculture Park Village Ambi
Navalakh Limbre, Taluka, Maval, Pune, Maharashtra, India |
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Tel. No.: |
91-20-30614104/ 30614100/ 30614124/ 30614131 |
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Fax No.: |
91-20-30614362 |
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E-Mail : |
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Area : |
21 Acares |
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Location : |
Owned |
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Branch Office 1
: |
200, 3rd Main, 6th Cross, Mico Layout, Bangalore
– 560076, Karnataka, India |
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Tel No.: |
91-80-26685516/ 26685583 |
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Fax No.: |
91-80-26689986 |
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Email : |
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Branch Office 2
: |
A-322, Ansal Chamber – 1, 3 Bhikaji Cama Place, New Delhi – 110066,
India |
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Tel No.: |
91-11-26712413/ 55608061/ 55673442/ 26189553 |
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Fax No.: |
91-11-26712412 |
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Email : |
DIRECTORS
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Name : |
Mr. Bishwarup Dhar |
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Designation : |
Managing Director |
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Address : |
House No.B – 2,
Kapil Malhar, Baner Road, Pune – 411045, Maharashtra, India |
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Date of Birth/Age : |
28.12.1948 |
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Qualification |
B. E. (Mech) |
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Experiences |
32 Years |
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Date of Appointment : |
29.12.1998 |
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Email : |
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Name : |
Mr. Dip Ing (TH) Gert Buechel. |
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Designation : |
Additional Director |
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Address : |
Bornwog – 86
83165, Mulheima, Germany |
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Date of Appointment : |
01.10.1999 |
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Name : |
Mr. Milind B. Kasodekar |
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Designation : |
Additional Director |
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Address : |
D Wing, Punya
Nagar, Bibwewadi, Pune – 411037, Maharashtra |
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Date of Appointment : |
02.07.2003 |
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Name : |
Mr. Alexander
Strauss |
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Designation : |
General Manger |
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Date of Birth/Age : |
37 Years |
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Qualification |
Mechanical
Engineer |
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Experiences |
19 Years |
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Date of Appointment : |
27.10.2003 |
KEY EXECUTIVES
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Name : |
Mr. Shrikrishna
Korde |
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Designation : |
Company Sectary |
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Address : |
4 – A1,
Madhuwanti Cooperative Society, Near Karve Statue Kothrud, Pune – 411038,
Maharashtra |
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Date of
Birth/Age : |
15.05.1976 |
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Date of
Appointment : |
27.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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9999999 |
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M/s.
Industriewerk Schaeffler INA Ingenierdienst GmbH |
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1 |
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M/s. Schaeffler Beteiligungs
Gesellschaft GmbH |
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13322500 |
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M/s. INA
Schaeffler KG |
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Total |
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23322500 |
(As on 21.06.2007)
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Names of Allottees |
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No. of Shares Allotted |
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Schaeffler KG |
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16350600 |
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Industriewerk
Schaeffler INA Ingenierdienst GmbH |
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12274400 |
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Total |
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28625000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Bearings. |
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Products : |
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Exports : |
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Products : |
Bearing |
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Countries : |
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Terms : |
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Purchasing : |
Credit (30-60 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
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Roller Bearings |
Nos. |
23467000 |
17777188 |
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Engine Components |
Nos. |
200000 |
80288 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
840 (Factory – 800 and Branches – 40) |
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Bankers : |
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Facilities : |
Unsecured
Loan (As on 31.03.2005) 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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Auditors : |
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Name : |
S. B. Billimoria
and Company Chartered
Accountants |
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Address : |
5, The Landmark, 42, Aundh Road, Khadki, Pune – 411003, Maharashtra,
India |
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Tel. No.: |
91-20-25690891-6 |
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Mobile No.: |
91-20-25691619 |
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Name : |
Deepak Ahooja Chartered Accountant |
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Name : |
Hemant Joshi Chartered Accountant |
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Address : |
C/o. S. B. Billimoria and Company 5, The Landmark, Pune – 411003,
Maharashtra, India |
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Associates/Subsidiaries : |
Industriestrasse,
1-3, D-91074, Herzogenaurach, Germany
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Group Company |
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Holding Company |
INA Schaeffer KG |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23322500 |
Equity Shares |
Rs.10/- Each |
Rs.233.225 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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233.225 |
233.225 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
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48.106 |
(43.703) |
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NETWORTH |
|
281.331 |
189.522 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
562.473 |
205.339 |
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TOTAL BORROWING |
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562.473 |
205.339 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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843.804 |
394.861 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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107.257 |
113.445 |
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Capital work-in-progress |
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212.513 |
0.226 |
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INVESTMENT |
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32.052 |
31.912 |
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Intangible Assets |
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0.000 |
5.490 |
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DEFERREX TAX ASSETS |
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6.021 |
19.580 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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360.877 |
195.504 |
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Sundry Debtors |
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216.652 |
158.007 |
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Cash & Bank Balances |
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164.514 |
136.141 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
99.030 |
43.610 |
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Total
Current Assets |
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841.073 |
533.262 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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304.967 |
306.395 |
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Provisions |
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50.145 |
2.659 |
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Total
Current Liabilities |
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355.112 |
309.054 |
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Net Current Assets |
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485.961 |
224.208 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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843.804 |
394.861 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
1050.336 |
649.570 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
1050.336 |
649.570 |
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Profit/(Loss) Before Tax |
|
153.226 |
2.330 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
153.226 |
2.330 |
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Export Value |
|
34.199 |
17.848 |
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Import Value |
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0.000 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
|
27.230 |
29.270 |
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Other Expenditure |
|
0.000 |
617.970 |
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Total Expenditure |
|
897.113 |
647.240 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
14.59 |
0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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14.59 |
0.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.78 |
1.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.54 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.26 |
2.71 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Building
- Office Equipment
- Furniture & Fixture
- Computer
- Software
- Vehicles
- Canteen Equipment
- Plant & Machinery
- 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 sale 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 sale 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
tensionless 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 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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
4 |
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--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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|