MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
INA BEARINGS
INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. A-3 Talegaon Industrial Area, Village Navalakh Umbre, Taluka,
Maval, Pune-410507, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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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.] |
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 : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Profitability of the company
appears to be under pressure. There appears to be some accumulated losses
recorded by the company. However trade
relations are reported as fair. Business is active. Payments are reported to
be slow. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Deepak Ahhoja |
|
Designation : |
Chartered Accountant |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A-3 Talegaon Industrial Area, Village Navalakh Umbre, Taluka,
Maval, Pune-410507, |
|
Tel. No.: |
91-20-30614104/ 30614100/ 30614124/ 30614131 |
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Fax No.: |
91-20-30614362/ 30614308 |
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E-Mail : |
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Website : |
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Area : |
21 Acre (Owned) |
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Regional Office
1: |
200, 3rd Main, 6th Cross, MICO Layout,
Bangalore560076, |
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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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Regional Office
2 : |
A-322, Ansal Chamber – 1, |
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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 : |
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Regional Office
3 : |
31, Shakespeare Sarani, |
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Tel No.: |
91-33-22833226 |
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Fax No.: |
91-33-22890097 |
DIRECTORS
As on 15.06.2010
|
Name : |
Mr. Norbert Indelkofer |
|
Designation : |
Director |
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Address : |
Honaustrabe 40, |
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Date of Birth/Age : |
19.01.1958 |
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Date of Appointment : |
31.12.2005 |
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Name : |
Mr. Milind B. Kasodekar |
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Designation : |
Alternate Director |
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Address : |
D Wing, Punya
Nagar, Bibwewadi, Pune – 411037, |
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Date of Birth/Age : |
15.09.1963 |
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Date of Appointment : |
12.01.2008 |
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Name : |
Mr. Santosh K Chakraborty |
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Designation : |
Whole Time Director |
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Address : |
195, Mandakini Enclave, Alkananda, New Delhi-110019, |
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Date of Birth/Age : |
04.01.1960 |
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Date of Appointment : |
30.06.2009 |
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Name : |
Mr. Hans Juergen Goslar |
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Designation : |
Director |
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Address : |
Barth Arnoldi, STR 124, Usingen, |
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Date of Birth/Age : |
28.11.1950 |
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Date of Appointment : |
31.12.2005 |
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Date of Ceasing : |
12.01.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Shrikrishna
C. Korde |
|
Designation : |
Company Sectary |
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Address : |
4 – A1,
Madhuwanti Cooperative Society, Near Karve Statue Kothrud, Pune-411038, |
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Date of Birth
: |
15.05.1976 |
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Date of
Appointment : |
27.05.2005 |
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Name : |
Mr. Deepak Ahhoja |
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Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Industriewerk
Schaeffler INA Ingenierdienst GmbH, |
|
22274399 |
|
Schaeffler Beteiligungs
Gesellschaft GmbH, |
|
1 |
|
INA Schaeffler
KG, |
|
29673100 |
|
|
|
|
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Total |
|
51947500 |
As on 15.06.2010
|
Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Bearings. |
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Products : |
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PRODUCTION STATUS (AS on 31.12.2008)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Roller Bearings |
Nos |
*73647789 |
**31756717 |
|
Engine Components |
Nos |
*32986830 |
**18011215 |
Note:
- * Certified by the management and relied upon by the auditors.
- ** Production quantities have been reported excess by 474031 Nos.
(Previous Period 2135 Nos.) in the return filed with excise authorities
during the reported period.
GENERAL INFORMATION
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Suppliers : |
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Bankers : |
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Facilities : |
Note:
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Financial Institution: |
Fag Bearings India Limited, Nariman Bhavan, 8th Floor,
Backbay Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohinder Puri and Company Chartered Accountants |
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Address : |
1A-1AD, Vandhana, 11, Tolostoy Marg, New Delhi-110001, |
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Tel. No.: |
91-11-47102200/47103300/47102250 |
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Fax No.: |
91-11-23731220/23313908/47102290 |
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Email: |
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Holding Company: |
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Fellow Subsidiaries: |
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Associate Company: |
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CAPITAL STRUCTURE
As on 15.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51947500 |
Equity Shares |
Rs.10/- each |
Rs.519.475
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
519.475 |
519.475 |
519.475 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
96.844 |
|
|
4] (Accumulated Losses) |
(139.996) |
(205.079) |
0.000 |
|
|
NETWORTH |
379.479 |
314.396 |
616.319 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
450.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1476.424 |
2159.326 |
1580.721 |
|
|
TOTAL BORROWING |
1926.424 |
2159.326 |
1580.721 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2305.903 |
2473.722 |
2197.040 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1318.273 |
1471.233 |
1478.359 |
|
|
Capital work-in-progress |
0.378 |
25.346 |
157.941 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
125.374 |
149.251 |
7.502 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
603.282
|
861.999
|
439.800
|
|
|
Sundry Debtors |
606.736
|
432.100
|
385.907
|
|
|
Cash & Bank Balances |
119.924
|
124.834
|
161.364
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
294.028
|
278.376
|
256.192
|
|
Total
Current Assets |
1623.970
|
1697.309
|
1243.263
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
726.765
|
859.760 |
|
|
|
Other Current Liabilities |
26.911
|
13.252
|
688.638
|
|
|
Provisions |
9.248
|
7.986
|
6.220
|
|
Total
Current Liabilities |
762.924
|
880.998
|
694.858
|
|
|
Net Current Assets |
861.046
|
816.311
|
548.405
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CAPITAL ADVANCES |
0.832 |
11.581 |
4.833 |
|
|
|
|
|
|
|
|
TOTAL |
2305.903 |
2473.722 |
2197.040 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3060.000 |
2124.000 |
1436.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
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|
|
Advertising Expenses |
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|
|
|
|
|
TOTAL (B) |
2656.000 |
2246.000 |
1372.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
404.000 |
(122.000) |
64.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.000 |
90.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
325.000 |
(212.000) |
64.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
234.000 |
225.000 |
131.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
91.000 |
(437.000) |
(67.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.000 |
(135.000) |
(135.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
65.000 |
(302.000) |
68.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(205.000) |
97.000 |
(29.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(140.000) |
(205.000) |
97.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Commission Earned |
NA |
3.087 |
17.419 |
|
|
|
FOB Value of Exports |
NA |
45.372 |
17.638 |
|
|
TOTAL EARNINGS |
NA |
48.459 |
35.057 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
878.773 |
480.705 |
|
|
|
Capital Goods |
NA |
88.645 |
345.365 |
|
|
|
Traded goods |
NA |
682.697 |
375.684 |
|
|
TOTAL IMPORTS |
NA |
1650.115 |
1201.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.00 |
0.01 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
2.12
|
(14.22) |
4.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.09
|
(13.79) |
(2.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
(1.39) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.09
|
9.67 |
3.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.93 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights:
The company faced many challenges during the year 2009 due to major economic recession in the global market. Though the Indian economy slowly came out of this global turmoil, due to several stimulus measures initiated by government and nature of trade being more skewed towards domestic consumption, the overall business situation remained very challenging throughout the year.
Liquidity was a major concern over 2009. The company successfully implemented several projects to improve working capital. Consequently there was a significant improvement in the level of inventory and receivables in terms of days holding and days outstanding respectively. The company could register an increase of 319% in Net Cash flow from operating activities as compared to the previous year.
The company registered a magnificent growth of 44% in sales, 121% in Profit Before Tax and 122% in Profit After Tax, as compared to the previous year.
During the year 2009, The Company’s automotive business grew up by 48% as against market growth of 28% and Two-Wheeler business grew up by 59% as against market growth of 26%. This indicates our increase in market share of existing products and launching of new products.
The improvement in the overall performance of The Company is mainly driven by the management’s focus on in house production at its state of the art plant at Talegaon, Pune. In terms of volume, the production increased by 29% in the year 2009 over 2008.
The increase in production was well supplemented by increase in overall productivity of men and machine of The company. Whereas production increased by 29%, manpower increased by only 14% and machine utilisation improved by 12%.
Opportunities:
Towards the end of 2009, the industrial growth recovered smartly to 7.9%. Industrial production grew by 11.7% in November 2009 - thus raising hope that the worst is over and we can look forward to 2010 with cautious optimism.
Growing educated young population in
Improvement in infrastructure - especially the road infrastructure has not quite lived up to the promise shown in eleventh five year plan. The Union Minister, Mr. Kamal Nath recently reaffirmed the government's commitment to lay 20 km of new road everyday - and we hope that this is actually realized as fast as possible.
Note: The
registered office of the company has been shifted from
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10155672 |
|
Corporate
identity number of the company |
U34300PN1997PTC015240 |
|
Name of the
company |
INA BEARINGS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A-3 Talegaon Industrial Area, Village Navalakh Umbre, Taluka,
Maval, Pune-410507, |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Fag Bearings India Limited, Nariman Bhavan, 8th Floor, Backbay
Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of hypothecation |
|
Date of
instrument Creating the charge |
25.08.2009 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 10% Per Annum
{The interest rate will be reviewed on a half yearly basis and may be revised
depending upon the prevailing cost of capital} Terms of
Repayment Full amount shall
be repayable within three years from actual date of disbursement. Extent and Operation
of the charge Secured against
the security of an exclusive first charge by way of hypothecation of the
Borrowers movable plant and machinery, machinery spares, tools and
accessories more particularly described in schedule 1 hereto (hereinafter referred
to as "Borrower's Asset") which would rank pari passu with the
security already created in favour of FAG India at the time of execution of
the said Deed of Hypothecation executed on March 13, 2009. |
|
Short particulars
of the property charged |
All movable plant
and machinery, machinery spares, tools and accessories at Plot No. A-3
Talegaon Industrial and |
|
Particulars of
the present modification |
Limit increase by
INR 200 million aggregating to INR 500 Million Secured against the security
of an exclusive first charge by way of hypothecation of the Borrowers movable
plant and machinery, machinery spares, tools and accessories more
particularly described in schedule 1 hereto (hereinafter referred to as
"Borrower's Asset") which would rank pari passu with the security
already created in favour of FAG India at the time of execution of the said
Deed of Hypothecation executed on March 13, 2009. |
Fixed Assets:
- Building
- Leasehold
Improvements
- Office Equipment
- Plant and Machinery
- Furniture, Fittings and Equipment
- Motor Vehicles
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.