MIRA
INFORM REPORT
|
Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
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Registered
Office : |
Nariman
Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point,
Mumbai-400 021, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
27.04.1962 |
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Com. Reg. No.: |
11-12340 |
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Capital Investment
/ Paid-up Capital : |
Rs. 166.173
Millions |
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CIN No.: [Company Identification
No.] |
L29130MH1962PLC012340 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDF00097G BRDF00184C |
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PAN No.: [Permanent Account No.] |
AAACF3357Q |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturing
and Marketing of ball and roller bearings and components. |
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No. of Employees
: |
1343 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 27940000 |
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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 well established and reputed company having fine track records.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Their trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
Nariman Bhavan, 8th Floor 227, Backbay Reclamation Nariman
Point Mumbai -400 021, |
|
Tel. No.: |
91-22-22022144 /
362/ 166 |
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Fax No.: |
91-22-22027022 |
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E-Mail : |
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Website : |
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Head Office/ Work : |
P.O., Maneja,
Vadodara-390 013, |
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Tel. No.: |
91-265-6602000/2004 |
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Fax No.: |
91-265-2638804 |
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E-Mail : |
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Sales Offices
: |
Located at:
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Branches : |
Located at :
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DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Avinash Gandhi |
|
Designation : |
Chairman cum Managing Director |
|
Qualification : |
BS Mechanical Engineering |
|
Experience : |
43 Years |
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|
Name : |
Mr. Rajendra Anandpara |
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Designation : |
Managing Director |
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|
Name : |
Mr. Bernhard Steinuecke |
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Designation : |
Director |
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|
Name : |
Mr. Bruno Krauss |
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Designation : |
Director |
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|
Name : |
Mr. Frank Huber |
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Designation : |
Director |
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|
Name : |
Mr. Wolfgang Dangel |
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Designation : |
Director |
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Qualification : |
Degree in Economic |
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Name : |
Mr. Moreshwar Garde |
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Designation : |
Director |
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Qualification : |
MBA |
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Name : |
Mr. Kamlesh Tapadar |
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Designation : |
Director (Alternate to Mr. Krauss) |
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Name : |
Mr. R. Sampath Kumar |
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Designation : |
Director (Alternate to Mr. Huber) |
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Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Dangel) |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
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|
|
Name : |
Mr. Raj Sarraf |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
|
|
|
|
|
|
8529183 |
51.33 |
|
|
8529183 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
8529183 |
51.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2704855 |
16.28 |
|
|
3085 |
0.02 |
|
|
245715 |
1.48 |
|
|
2300519 |
13.84 |
|
Any Other
(Specify) |
|
|
|
Foreign Financial
Institution |
3360 |
0.02 |
|
|
5257534 |
31.64 |
|
|
|
|
|
|
835358 |
5.03 |
|
|
|
|
|
|
1533558 |
9.23 |
|
|
427709 |
2.57 |
|
|
|
|
|
|
2910 |
0.02 |
|
|
24238 |
0.15 |
|
|
6780 |
0.04 |
|
|
2830553 |
17.03 |
|
Total Public shareholding (B) |
8088087 |
48.67 |
|
Total (A)+(B) |
16617270 |
100.000 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
16617270 |
100.000 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of ball and roller bearings and components. |
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Products : |
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PRODUCTION STATUS 31.12.2010
|
Particulars |
Unit |
Installed
Capacity** |
Actual
Production |
|
Manufactured *** |
|
|
|
|
(i) Ball and
Roller Bearings |
Nos. |
50038000 |
67749073 |
|
(ii) Manufactured
Components |
Nos. |
-- |
22425637 |
Note:
** Installed
capacity is as certified by the management on which the auditors have placed
reliance without verification, being a technical matter.
*** Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the
Company’s industrial undertaking is exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. Accordingly, the requirement
concerning disclosure of licensed capacity is not applicable.
# includes
bearings partially processed in house are considered manufactured products in
accordance with the central excise act, 1944.
GENERAL INFORMATION
|
No. of Employees : |
1343 (Approximately) |
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|
|
|
Bankers : |
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|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Mohinder Puri and Company Chartered Accountant |
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Address : |
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Holding Company: |
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Collaborators : |
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Fellow Subsidiary/ Associate Companies : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16818270 |
Equity Shares |
Rs.10/- each |
Rs.168.200 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
16617270 |
Equity Shares |
Rs.10/- each |
Rs.166.200 Millions |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
166.200 |
166.200 |
166.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
5568.400 |
4451.200 |
3883.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5734.600 |
4617.400 |
4050.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
29.300 |
45.100 |
57.600 |
|
|
|
|
|
|
|
|
TOTAL |
5763.900 |
4662.500 |
4107.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1410.000 |
1416.100 |
1483.500 |
|
|
Capital work-in-progress |
61.700 |
44.000 |
132.800 |
|
|
Capital Advances |
24.300 |
24.300 |
18.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.200 |
3.200 |
3.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1270.200
|
1007.300
|
1592.900
|
|
|
Sundry Debtors |
1314.500
|
1089.100
|
1145.000
|
|
|
Cash & Bank Balances |
2880.100
|
1730.700
|
635.500
|
|
|
Other Current Assets |
53.200
|
13.100
|
10.900
|
|
|
Loans & Advances |
758.400
|
769.200
|
470.100
|
|
Total
Current Assets |
6276.400
|
4609.400 |
3854.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1771.700
|
1214.400
|
1145.600 |
|
|
Other Current Liabilities |
17.100
|
16.500
|
21.200
|
|
|
Provisions |
222.900
|
203.600
|
216.900
|
|
Total
Current Liabilities |
2011.700
|
1434.500 |
1383.700 |
|
|
Net Current Assets |
4264.700
|
3174.900
|
2470.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5763.900 |
4662.500 |
4107.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10400.800 |
7976.900 |
7444.100 |
|
|
|
Other Income |
252.700 |
287.300 |
216.400 |
|
|
|
TOTAL (A) |
10653.500 |
8264.200 |
7660.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
8599.100 |
6945.400 |
5932.500 |
|
|
|
Prior period adjustments |
25.600 |
115.200 |
43.800 |
|
|
|
TOTAL (B) |
8624.700 |
7060.600 |
5976.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2028.800 |
1203.600 |
1684.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL/
INTEREST EXPENSES (D) |
8.900 |
7.000 |
4.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2019.900 |
1196.600 |
1679.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
201.100 |
200.800 |
205.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1818.800 |
995.800 |
1473.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
603.800 |
340.400 |
516.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1215.000 |
655.400 |
957.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2609.700 |
2291.800 |
1722.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
250.000 |
300.000 |
|
|
|
Proposed Dividend |
83.100 |
74.800 |
74.800 |
|
|
|
Income Tax on Dividend |
14.100 |
12.700 |
12.700 |
|
|
BALANCE CARRIED
TO THE B/S |
3377.500 |
2609.700 |
2291.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
1.700 |
4.700 |
45.100 |
|
|
|
FOB value of exports |
996.800 |
541.800 |
1114.200 |
|
|
|
Others* |
5.700 |
36.900 |
3.100 |
|
|
TOTAL EARNINGS |
1004.200 |
583.400 |
1162.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
982.000 |
436.400 |
429.500 |
|
|
|
Products Purchased for sale |
2204.300 |
1733.800 |
1582.300 |
|
|
|
Stores & Spares for maintenance of
machinery |
57.000 |
53.500 |
54.500 |
|
|
|
Capital Goods |
83.200 |
10.200 |
175.300 |
|
|
TOTAL IMPORTS |
3326.500 |
2233.900 |
2241.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
73.11 |
39.44 |
57.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3097.200 |
3192.700 |
3336.000 |
|
Total Expenditure |
2463.400 |
2543.600 |
2674.900 |
|
PBIDT |
633.800 |
649.100 |
661.100 |
|
Other Income |
62.90 |
68.400 |
72.700 |
|
Operating Profit |
696.700 |
717.500 |
733.800 |
|
Interest |
2.800 |
3.100 |
3.100 |
|
Exceptional Income |
0.000 |
0.000 |
0.000 |
|
PBDT |
693.900 |
714.400 |
730.700 |
|
Depreciation |
53.200 |
51.100 |
58.500 |
|
Profit Before Tax |
640.700 |
663.300 |
672.200 |
|
Tax |
211.900 |
216.100 |
218.100 |
|
Provision and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
428.800 |
447.200 |
454.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
11.40
|
7.93
|
12.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.49
|
12.48
|
19.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.66
|
16.53
|
27.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.22
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.31
|
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
3.21
|
2.78 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL AND OPERATIONAL
PERFORMANCE
The Company's sales have been consistently growing at a rate
better than the growth of the bearing industry in
MANAGEMENT'S DISCUSSION AND
ANALYSIS
Industry Structure and
Development
The size of Indian Bearings market is estimated at around Rs. 80 billions Imports (inclusive of duties) account for over 45% of this demand.
Production of the organized bearing industry as represented under BRBMA (Ball and Roller Bearing Manufacturers' Association) was placed at Rs. 37 billion.
Indigenous bearing manufacturers which hitherto focussed on small and medium diameter range bearings consumed by large volume industries like Automotive, Electrical Engineering and Rail have been expanding their manufacturing footprints to include large size bearings.
It is difficult to arrive at an accurate estimation of production of unorganized sectors as there are number of players who mainly cater to requirements in replacement sector besides supplying to certain niche demands. At the same time, small scale companies are often the origin for spurious (counterfeit) products and thus pose a severe threat - both to bearing companies and to consuming industries.
Original Equipment Manufacturers (OEMs) account for approximately 60% to 65% of the total bearings demand while the rest is supplied to Aftermarket. Automotive Industry is the largest consumer of bearings among OEMs - while Electrical Engineering, Power Transmission, Rail Production Machineries and Wind are among other important user sectors.
Opportunities
GDP growth slowed down to 8.2% in Quarter III - 2010. It is still expected that the overall growth during 2010-11 will exceed 8.5%. Forecast for 2011-12 is also placed at ~8.5%
While trend in Industrial Production remains positive, developments in the six
core sector industries comprising crude oil, petroleum refineries, coal,
electricity, cement and steel showed less impressive growth at ~ 5.3% during
the period April - December 2010 over corresponding period in 2009. Cement
production during the month of December 2010, actually shows a negative trend.
The growth trends in automotive industry remain positive, and the growth may stabilise at 12% to 15% in 2011. This augurs well for development of bearing demand from this sector in 2011 as well as in the medium term. The prospects for growth in Industry demand will range from moderate to good.
A steady growth in educated young population in
A large number of public and private investment programs in power sector
manifest Indian government's priority to this sector. Renewable energy too shows
a lot of potential in the medium and long term.
Overall prospects for industrial development thus remain very positive in
Segment Wise Performance
The business of the Company falls under a single segment, i.e., ‘Ball/Roller Bearings and related components’ for the purpose of Accounting Standard AS-17
Outlook
Recent data suggests that Indian economy is fast getting back to growth trajectory. Private and public investments in new projects will certainly increase as the business confidence improves. Demand for the Company's products in domestic market will thus grow in the coming years. At the same time there are concerns that rising fiscal deficit, increasing inflation, sluggish growth of core sectors, uncertainties in global situation may slow down the grow
Contingent liabilities not provided
for in respect of:
- Employees and ex-employees related matters
- Matters
pending in
- Applicability of provident fund on certain benefits to employees Rs. 125.800 million (2009: Rs. 100.100 million);
- Demand for discontinuing of contract system and for differential wages Rs. 73.400 million (2009: Rs. 64.400 million);
- Applicability of Employees State Insurance on certain benefits to employees etc. Rs. 5.200 million (2009: Rs. 4.500 million).
Letters of Credit discounted Rs. 25.5 million (2009: Rs. 17.400 million).
- Sales tax
- For interest on tax paid under the Amnesty Scheme and for non
receipt of C Forms in respect of assessment years 1995-96 to 2002 Rs. Nil
(2009: Rs. 10.3 million).
For non receipt of C Forms and rejection of Company's claim of certain sales as exempt sales in respect of assessment years 2003, 2004, 2005-06 and 2006-07 Rs. 16.1 million (2009: Rs. 105.2 million).
- Excise & service tax:
- Excise
duty:
In respect of matters decided against the Company, for which
the Company is in appeal with higher authorities Rs. 11.9 million (2009: Rs.
29.200 million).
- Service
tax :
In respect of matters
decided against the Company, for which the Company is in appeal with higher
authorities Rs. Nil (2009: Rs. 60.600 million).
In respect of matters where the Company has received
favourable orders / partial relief from the First Appellate authorities but the
Central Excise and Customs Department is pursuing further with higher Appellate
authorities (excluding the matters if not ultimately allowed, would be allowed
in the following assessment years) Rs. 2.400 million (2009: Rs. 0.900 million).
- Income tax
In respect of matters decided against the Company, for which
the Company is in appeal with higher authorities Rs. 137.700 million (2009: Rs.
48.100 million).
In respect of matters where the Company has received
favourable orders / partial relief from the First Appellate authorities but the
Income Tax Department is pursuing further with higher Appellate authorities
(excluding the matters if not ultimately allowed, would be allowed in the
following assessment years) Rs. 202.200 million (2009: Rs. 202.200 million).
Future ultimate outflow of resources embodying economic
effect in respect of matters stated above is uncertain as it depends on the
final outcome of judgements / decisions on the matters involved and no effect
has been taken of these matters in deciding the liabilities for the subsequent
years with similar facts
FIXED
ASSETS
INTANGIBLE ASSETS
Ř
Software
up gradation - acquired
Ř
Lump sum
fees for technical know-how
TANGIBLE ASSETS
Ř
Land-freehold
Ř Buildings and roads
Ř
Plant and
Machinery
Ř
Furniture,
fittings and equipment
Ř
Motor
vehicles
Finance Performance
The Company delivered superior financial performance with improvement across key parameters. Turnover crossed Rs. 10,000 millions and reached to Rs. 10,400.800 millions, a growth of 30% over the previous year. Increase in revenue was due to the overall growth in Automotive and Industrial segments as well as significant growth in exports.
Profit before tax reached to Rs. 1,818.800 millions, a
growth of 82% over the previous year. The increase is mainly attributable to
the volume increase in sales as well as better sales/product mix and the
continued focus on cost.
The Company has been able to reap the benefits from the market by following a
very structured financial policy with strong emphasis on cash and liquidity.
Through focus on control over working capital and prudent approach on
investment, the Company has been able to further improve its liquidity. This
has resulted substantial increase in interest income by 118% over the previous
year.
BUSINESS
DESCRIPTION
Subject is engaged in the manufacture of ball/roller
bearings and related components. The Company’s products include deep groove
ball bearings, four point ball bearings, self aligning ball bearings,
cylindrical roller bearings, spherical roller bearings and tapered roller
bearings. The Company's products are used in industrial, automotive and railway
industry. The Company’s manufacturing plants are located at Vadodara,
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER
30, 2010
(Rupees in Million)
|
Particulars |
THREE MONTHS ENDED |
NINE MONTHS ENDED |
|
30-9-2011 (Unaudited) |
30-9-2011 (Unaudited) |
|
|
a) Net sales / Income from Operations |
3306.100 |
9534.700 |
|
b) Other operating Income |
29.900 |
91.200 |
|
Total Income |
3336.000 |
9625.900 |
|
Expenditure |
|
|
|
a) (Increase)/Decrease in stock in trade & work in
progress |
(80.700) |
(135.200) |
|
b) Consumption of Raw Materials and Components |
1091.800 |
3133.300 |
|
c) Purchase of traded goods |
911.600 |
2437.700 |
|
d) Employees Cost |
251.000 |
739.100 |
|
d) Depreciation |
58.500 |
162.800 |
|
f) Other Expenditure |
501.200 |
1507.000 |
|
g) Total |
2733.400 |
7844.700 |
|
Profit from Operations before Other Income, Interest and Exceptional Items |
602.600 |
1781.200 |
|
Other Income |
|
|
|
a) Interest |
72.000 |
202.200 |
|
b) Others |
0.700 |
1.800 |
|
Profit before Interest and
Exceptional Items |
675.300 |
1985.200 |
|
Interest |
3.100 |
9.000 |
|
Profit after Interest but
before Exceptional Items |
672.200 |
471.900 |
|
Exceptional Items (Including prior period adjustments) |
0.000 |
0.000 |
|
Profit(+) / Loss (-) from
Ordinary Activities before tax (7+8) |
672.200 |
1976.200 |
|
Tax expense |
218.100 |
646.100 |
|
Net Profit (+) / Loss (-) from
Ordinary Activities after tax (9-10) |
454.100 |
1330.100 |
|
Extraordinary Items (Net of
tax expense) |
0.000 |
0.000 |
|
Net Profit (+) / Loss (-) for
the period (11-12) |
454.100 |
1330.100 |
|
Paid-up equity share capital (Face value of Rs.10/- per
share) |
166.200 |
166.200 |
|
Reserves excluding Revaluation
Reserves as per balance sheet of previous accounting year |
0.000 |
0.000 |
|
Earning per share (EPS) a) Basic and diluted EPS before Extraordinary Items for the period, for the
year to date and for the previous year
(not to be annualised) |
27.320 |
80.030 |
|
b) Basic and diluted EPS after Extraordinary Items for the
period, for the year to date and for the previous year (not to be annualised) |
27.320 |
80.030 |
|
Public Shareholding - Number of shares |
8088087 |
8088087 |
|
Percentage of shareholding |
48.700 |
48.700 |
|
Promoters and
promoter group Shareholding a) Pledged / Encumbered
- Number of Shares |
0.000 |
0.000 |
|
- Percentage of
shares (as a % of the total |
0.000 |
0.000 |
|
shareholding of
promoter and promoter group) |
|
|
|
- Percentage of
shares (as a % of the total share capital of the Company) |
0.000 |
0.000 |
|
|
|
|
|
b)Non-encumbered |
8529183 |
8529183 |
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
100 |
100 |
|
Percentage of shares (as a % of the total share capital of
the Company) |
51.300 |
51.300 |
|
|
|
|
Notes:
- The business of the Company falls under a single segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.
- There was no investor's complaint pending at the beginning and end of the quarter. Total 3 complaints were received and resolved during the quarter.
- The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on October 20, 2011
· The Statutory Auditors have performed a 'Limited Review' of the above financial results for the three months ended September 30, 2011.
AS PER
WEBSITE
Overview:
Subject is the oldest bearing company in the world. Its founder,
Freidrich Fischer, is credited with the invention of Ball Making Machine in
1883.This invention set the foundation of modern bearing industry. With
headquarters in
In its operations over the past 120 years, FAG has established itself as a world leader in bearing technologies, by designing and implementing highly advanced bearing systems for diverse and critical applications. For example, FAG bearings are successfully used in NASA space shuttles, in tunneling machines which cut the 50 km Euro Tunnel, in high-speed trains like ICE, which run at speeds of 280 Km per hour and more. FAG is also a preferred supplier of bearing systems to the world's leading manufacturers of cars and trucks like GM, Ford, Volkswagen, Volvo, Daimler Chrysler to name a few.
FAG's strategy of focusing on innovative products and processes has proved to be a clear winner in the highly competitive bearing market, as evident by the group's successful performance in recent years. Today, FAG is a Euro 2.22 Billion (2001) group worldwide, with net income of 57 Billion Euro.
Board of Director
Avinash P. Gandhi
Mr. Avinash P. Gandhi is Independent Non-Executive Chairman
of the Board of FAG Bearings India Limited since July 25,2002. Mr. Gandhi is
B.Sc. in Mechanical Engineering from Birla Institute of Technology, Mesra,
Education
BS Mechanical Engineering, Birla Institute of Technology
Wolfgang H. Dangel
Mr. Wolfgang Dangel is Non-Executive Non-Independent
Director of FAG Bearings India Limited He is President, Schaeffler Group
Education
M Economics, University of Applied Sciences,
Moreshwar D. Garde
Mr. Moreshwar D. Garde is Independent Non-Executive Director of FAG Bearings India Limited. He has Master of Business Administration (MBA), Fill (Member of Insurance Institute of India), IRDA's Composite Brokers Exam, BE (Electrical) degrees. He is a Consultant (Insurance & Management) Visiting Faculty : Mumbai Education Trust, National Insurance Academy, International School of Business and Media, Balaji Management Institute. He is with FAG Bearings India Limited since 2002. His other Directorship is with Gujarat Petresynthese Limited.
PRESS RELEASE:
FAG Bearings
Accord Fintech (
24 January 2011
India, Jan. 24 -- FAG Bearings India has informed that a meeting of the board of directors of the company will be held on February 17, 2011, to discuss and consider annual statements of accounts for the year ended December 31, 2010,quarterly financial results for the period ended December 31, 2010 and recommendation of dividend for the year 2010.The company has noted that, it will publish audited results for the quarter and year ended December 31, 2010 within two months of end of the accounting year. The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech
Universal Sales Corporation (USC), top most
distributors with FAG India to spread its network in Pune
09 December 2010
Pune, Maharashtra, Dec. 9 -- Universal Sales Corporation
headquartered at
FAG
At FAG the satisfaction of customers is the top priority.
That is why, from design and engineering to manufacturing and service, they
stay committed to global standards of excellence. They network the wealth of
expertise and application knowledge that exists throughout the group to bring
advanced product development to
Speaking to reporters the vice President of FAG (Marketing )
Mr Sarabjit Singh said that Pune had acquired special importance with location
of companies like Bajaj, Mahindra, John Deere , Crompton Greaves being located
here . He added that the total bearing business in
Its product range is such that it covers nearly all applications in automotive, production machinery, power transmission, machine tools, steel, cement, mining, construction, wind power, paper, rail technology, aerospace and heavy industry. These bearings are made to stringent international quality standards of the Schaeffler Group and are designed to perform efficiently even in demanding operating conditions.
FAG
The strength of Universal Sales Corporation is the relationship they share and enjoyed with their end customers and knowledge of Schaeffler products. The ability to plan, forecast and network customer's requirement along with ability to keep the right kind of stocks have helped them make rapid strides in last 4 to 5 years. The journey continues and Pune certainly will not be the last stop.
FAG Bearings
Accord Fintech (
22 February 2011
India, Feb. 22 -- FAG Bearings India has informed that the board of directors of the company at its meeting held on February 17, 2011, has recommended a dividend for the year ended December 31, 2010 at the rate of Rs 5.00 (2009:Rs 4.50).The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech.
FAG Bearings
Accord Fintech (
22 February 2011
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.49.37 |
|
|
1 |
Rs.78.50 |
|
Euro |
1 |
Rs.67.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.