MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NRB BEARING LIMITED |
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Registered
Office : |
Dhannur, 15, |
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Country : |
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Financials (as on)
: |
31.03.2012 |
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Date of
Incorporation : |
30.06.1965 |
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Com. Reg. No.: |
11-013251 |
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Capital
Investment / Paid-up Capital : |
Rs.193.845
Millions |
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CIN No.: [Company Identification
No.] |
L29130MH1965PLC013251 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04047B |
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PAN No.: [Permanent Account No.] |
AAACN3479P |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture of ball and roller bearings. |
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No. of Employees
: |
1660 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
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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 |
|
Maximum Credit Limit : |
USD 9700000 |
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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
record. Available information indicates high financial responsibility of the company
and its management. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be considered regarded as a promising business partners in a
medium to long-run. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Non Convertible Debentures) |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
11.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Commercial Paper) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
11.12.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Head Office : |
Dhannur, 15, |
|
Tel. No.: |
91-22-22664160/ 22664998 |
|
Fax No.: |
91-22-22660412/ 22679850 |
|
E-Mail : |
marketing@nrbbearings.co.in k.mohan@nrbbearings.co.in |
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Website : |
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Corporate Office/ Factory 1 : |
2nd |
|
Tel. No.: |
91-22-22664160/ 22664998 |
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Fax No.: |
91-22-22660412/ 22679850 |
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Factory 2: |
E-40, MIDC, Industrial Area, Chikalthana, |
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Factory 3: |
C-6, Additional MIDC Industrial Area, Jalna – 431203, |
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Factory 4: |
E-72 MIDC, Waluj, |
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Factory 5: |
A-5, Uppal Industrial Estate, |
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Factory 6: |
Plot No.33, Sector – II, SIDCUL IIE, Pantnagar, Udhamsingh Nagar, Uttarakhand
– 263153, |
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Warehouse 1 : |
C/o Jai Enterprises, Khasara No. 338, Village Suthyana, Near Kanchan
Baba Mandir, Noida Dadri Road, Greater Noida – 2010301, Uttar Pradesh, India |
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Warehouse 2 : |
Located at
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Zonal Office : |
Located at
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Plant: |
Located at
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Overseas Office : |
Located at
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DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Trilochan Singh Sahney |
|
Designation : |
Executive Chairman |
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Qualification : |
MA |
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Name : |
Dr. (Ms.) Kala S Pant |
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Designation : |
Director |
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Name : |
Mrs. Harshbeena S. Zaveri |
|
Designation : |
Managing Director and President |
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Qualification : |
AB, |
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Name : |
Mr. Keki M Elavia |
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Designation : |
Director |
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Name : |
Mr. Devesh S Sahney |
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Designation : |
Director |
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Name : |
Mr. Anand N Desai |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Satish C Rangani |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.12.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
32412252 |
33.44 |
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|
37755640 |
38.95 |
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|
37755640 |
38.95 |
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|
70167892 |
72.40 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
70167892 |
72.40 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
4910847 |
5.07 |
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|
5800 |
0.01 |
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|
7650750 |
7.89 |
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|
12567397 |
12.97 |
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|
|
|
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|
6186346 |
6.38 |
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|
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|
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|
6985254 |
7.21 |
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|
689281 |
0.71 |
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|
326430 |
0.34 |
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|
144061 |
0.15 |
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|
181969 |
0.19 |
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|
400 |
0.00 |
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|
14187311 |
14.64 |
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Total Public shareholding (B) |
26754708 |
27.60 |
|
Total (A)+(B) |
96922600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
96922600 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of ball and roller bearings. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Loose Needle Rollers |
Nos.in 000s |
5753120 |
3022255 |
|
Needle Roller Bushes and Cages |
Nos.in 000s |
82294 |
68579 |
|
Ball and Roller Bearings |
Nos.in 000s |
44630 |
34588 |
|
Automobile Components |
Nos.in 000s |
6000 |
4879 |
Notes:
i) Licenced capacity has not been shown as the industry has been delicensed.
ii) Installed capacity is as certified by the Managing Director and has been accepted by the auditors without verification, this being a technical matter
iii) Production includes following quantities produced for captive consumption:
(a) Loose Needle Rollers – 1921534 Nos. in thousands (for the year ended 31.03.2010: 1511433 Nos. in thousands)
(b) Needle Roller Bushes and Cages – 1795 Nos. in thousands (for the year ended 31.03.2010: 1794 Nos. in thousands)
GENERAL INFORMATION
|
No. of Employees : |
1660 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors: |
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Name : |
Wadia Ghandy and Company |
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Subsidiary company: |
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A Joint Venture of
the Company : |
Schneeberger India Private Limited |
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A firm where
executive chairman is a partner : |
New Indo Trading Company |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96922600 |
Equity Shares |
Rs.2/- each |
Rs.193.845
Millions |
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|
|
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|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
year:
(Rs. In Millions)
|
|
As at 31.03.2012 |
|
|
Particulars |
Number of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
96922600 |
193.845 |
|
Add: Additional shares issued during the year by way of bonus |
- |
- |
|
Less: Shares cancelled consequent to merger |
37755640 |
75.511 |
|
Add: Shares issued consequent to merger |
37755640 |
75.511 |
|
Shares outstanding at the end of the year |
96922600 |
193.845 |
Numbers of shares
held by each shareholder holding more than 5% shares in the company are as
follows:
|
|
As at 31.03.2012 |
|
|
Particulars |
Number of shares |
% of holding |
|
Equity Shares: |
|
|
|
Trilochan Singh Sahney |
11716406 |
12.09 |
|
Trilochan Investments Company Private Limited |
- |
- |
|
Devinder Investments Company Private Limited |
- |
- |
|
Trilochan Singh Sahney Trust 1 (held by a trustee in his individual name) |
37755640 |
38.95 |
|
Acacia Partners, LP |
4873980 |
5.03 |
|
ICICI Prudential Life Insurance Company Limited |
5624714 |
5.80 |
Aggregate number of
shares allotted as fully paid up pursuant to contract(s) without payment being
received in cash, bonus shares and shares bought back for the period of five years
immediately preceding the Balance Sheet date:
|
Particulars |
Number of shares as at 31.03.2012 |
|
Fully paid up by way of bonus shares |
48461300 |
|
Fully paid up shares allotted, consequent to |
|
|
merger, without payments being received in cash |
37755640 |
|
|
86216940 |
Rights attached to
equity shares:
a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 1956.
c) Every member of the company holding equity shares has a right to attend the General Meeting of the company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
193.845 |
193.845 |
96.923 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2254.596 |
1996.117 |
1779.179 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2448.441 |
2189.962 |
1876.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1599.768 |
497.002 |
346.206 |
|
|
2] Unsecured Loans |
656.801 |
413.836 |
463.310 |
|
|
TOTAL BORROWING |
2256.569 |
910.838 |
809.516 |
|
|
DEFERRED TAX LIABILITIES |
117.150 |
116.002 |
127.990 |
|
|
|
|
|
|
|
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TOTAL |
4822.160 |
3216.802 |
2813.608 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2070.314 |
1686.520 |
1524.529 |
|
|
Capital work-in-progress |
199.892 |
16.066 |
13.403 |
|
|
|
|
|
|
|
|
INVESTMENT |
146.265 |
165.765 |
179.270 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1266.582
|
1054.323 |
805.561
|
|
|
Sundry Debtors |
1320.166
|
1063.490 |
745.651
|
|
|
Cash & Bank Balances |
546.435
|
59.180 |
46.867
|
|
|
Other Current Assets |
4.866
|
0.000 |
0.000
|
|
|
Loans & Advances |
573.212
|
440.735 |
225.673
|
|
Total
Current Assets |
3711.261
|
2617.728 |
1823.752 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
639.584
|
609.206 |
537.230
|
|
|
Other Current Liabilities |
379.151
|
397.699 |
25.035
|
|
|
Provisions |
286.837
|
262.372 |
165.081
|
|
Total
Current Liabilities |
1305.572
|
1269.277 |
727.346 |
|
|
Net Current Assets |
2405.689
|
1348.451 |
1096.406
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4822.160 |
3216.802 |
2813.608 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5493.643 |
4723.850 |
3466.052 |
|
|
|
Other Income |
10.328 |
31.363 |
87.166 |
|
|
|
TOTAL (A) |
5503.971 |
4755.213 |
3553.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2080.035 |
|
2909.585 |
|
|
|
Purchase of Stock-in-Trade |
12.179 |
11.609 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(138.841) |
(128.758) |
|
|
|
|
Employee benefit expense |
886.854 |
803.869 |
|
|
|
|
Other expenses |
1584.031 |
1267.883 |
|
|
|
|
TOTAL (B) |
4424.258 |
3674.744 |
2909.585 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1079.713 |
1080.469 |
643.633 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
113.307 |
55.362 |
76.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
966.406 |
1025.107 |
566.946 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
277.734 |
228.647 |
195.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
688.672 |
796.460 |
371.496 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
205.805 |
257.308 |
127.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
482.867 |
539.152 |
244.089 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
537.319 |
277.374 |
204.047 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
193.845 |
|
170.762 |
|
|
|
Tax on distributed profits |
30.543 |
31.447 |
|
|
|
|
General Reserve |
48.287 |
53.915 |
|
|
|
BALANCE CARRIED TO
THE B/S |
747.511 |
537.319 |
277.374 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B basis |
705.455 |
405.852 |
264.503 |
|
|
|
Reimbursement of insurance and freight on exports |
53.420 |
38.400 |
6.187 |
|
|
|
Agency commission |
5.353 |
4.886 |
4.922 |
|
|
TOTAL EARNINGS |
764.228 |
449.138 |
275.612 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
642.308 |
496.851 |
309.785 |
|
|
|
Stores and spare parts |
97.767 |
71.592 |
61.838 |
|
|
|
Capital Goods |
333.800 |
218.689 |
71.193 |
|
|
TOTAL IMPORTS |
1073.875 |
787.132 |
442.816 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.98 |
5.56 |
5.04 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1416.700 |
1491.800 |
1441.800 |
|
Total Expenditure |
1177.400 |
1253.400 |
1193.300 |
|
PBIDT (Excl OI) |
239.300 |
238.400 |
248.500 |
|
Other Income |
24.000 |
18.400 |
16.000 |
|
Operating Profit |
263.300 |
256.800 |
264.500 |
|
Interest |
33.400 |
40.600 |
48.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
229.900 |
216.200 |
215.900 |
|
Depreciation |
73.800 |
75.900 |
74.800 |
|
Profit Before Tax |
156.100 |
140.300 |
141.100 |
|
Tax |
47.500 |
26.700 |
-05.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
108.600 |
113.600 |
146.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
108.600 |
113.600 |
146.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.77
|
11.34 |
6.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.54
|
16.86 |
10.72
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.91
|
18.50 |
11.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.36 |
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.92
|
0.42 |
0.43
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
2.06 |
2.51
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS / OUTLOOK:
During fiscal 2011-12, global uncertainties led to a slow down of demand in the Indian economy, which combined with rising input costs, higher interest rates and the sudden depreciation in the value of the rupee has put pressure on margins. Maintaining its focus on providing customer specific solutions, the company has posted record net sales revenues crossing the milestone of Rs. 5000.000 Millions Sales (net of excise duty) for the year ended 31st March, 2012 were Rs. 5407.100 Millions as against Rs.4663.600 Millions in the previous year, an increase of 16%. However margin pressures resulted in Profit before tax (PBT) being lower at Rs.688.700 Millions as compared to Rs. 796.500 Millions in 2010-11, down by 13.5%. After providing for current and deferred taxes, the Profit after tax (PAT) was Rs. 482.900 Millions (Rs.539.200 Millions in 2010-11), down by 10.5%.
Economic and financial events over the year, however, have increased concerns about the sustainability of the growth momentum - high and persisting inflation coupled with a continuing high fiscal deficit have emerged as significant risk factors in sustaining India’s growth. In general higher global metals and commodity prices have contributed to rising input costs which are being progressively passed on to customers. Currently India’s overall balance of payments remains weak, putting pressure on the Rupee which has touched a historic low. Government
action in attracting Foreign Direct investments, which have slowed since the last quarter of fiscal 2011, and reversing the Centre’s policy inaction, are the much required steps to set the India growth story back on track.
The fundamental drivers of India’s growth prospects remain intact. However, global developments, in conjunction
with Indian policy responses to the concerns noted above, are likely to make 2012-13 a challenging year. The management is taking cognizance of these challenges and is geared to face them. To further consolidate their position, capacities will be sweated to enable the company regain its profitability.
UNSECURED LOAN:
(Rs. In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
||||||||||||||||||||||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||||||||||||||||||||||
|
Deferred payment liabilities |
156.801 |
163.836 |
||||||||||||||||||||||||||||||
|
SHORT TERM BORROWINGS |
|
|
||||||||||||||||||||||||||||||
|
Other Loans from banks |
250.000 |
150.000 |
||||||||||||||||||||||||||||||
|
Other Loans |
250.000 |
100.000 |
||||||||||||||||||||||||||||||
|
Total |
656.801 |
413.836 |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
BUSINESS REVIEW:
The company is in the ball and roller bearing business. The annual production of the domestic organized sector has increased by 13% to Rs. 45000.000 Millions for the year 2011-12. The company’s market share in the domestic organized sector is 12% approximately. Original Equipment Manufacturers (OEMs) account for 65% - 70 % of the demand while the rest is supplied to the Aftermarket (18% - 20%) and Exports. The domestic ball and roller bearings industry which till recently focused on small and medium diameter range bearings consumed by large volume industries like Automotive, Engineering, Power transmission, Renewable Energy, Railways, have now included large size bearings in their manufacturing plans.
During fiscal 2011-12 industrial growth has moderated. While the long term outlook of the Indian economy remains positive there are clear challenges in the immediate short term. However, the Indian economy has many inherent strengths - strong domestic consumption, the unprecedented scale and size of the 12th Plan leading to continued demand from the core sectors like steel, cement, mining, oil and natural gas, the implementation of the Western and Eastern Freight Corridors of the Railways and the Metro railways in important cities, the low vehicle penetration coupled with improving highway and rural road network development making India a key market for global players- all of which will have a direct and favourable impact on the growth of the bearings industry. India’s automotive sector is expected to be one of the fastest growing in the world over the next several years aided by favourable demographics and rising disposable income of the expanding middle class households. The Indian governments Automotive Mission Plan 2016 will facilitate such growth and targets a doubling of the automotive industries contribution to the Indian economy between 2006-2016.
Infrastructure spending in the 12th Five Year Plan is expected to double to US$ 1 trillion and these investments in
roads, railways and power generation will result in a multiplier effect across the core sectors. With the government
commitment to low carbon intensity energy, renewable energy is an exciting new growth area Overall prospects for industrial development remain positive and therefore the strong demand for bearing products is expected to be
sustained in the coming years.
To meet growing customer expectations, the company has regularly invested in modern manufacturing technology so that high precision is embedded in all products and quality improvements are a continuing process. In the highly demanding overseas markets, the company has leveraged its technological and product development capabilities and customer focus to be rated an important global supplier.
During 2011-12, the automotive industry, the largest consumer of quality bearings, has witnessed buoyant growth
in almost all segments. Tabled below are growth estimates for 2012-13 projected by the company, after assessing
demand forecasts with all major OEMs
|
|
Vehicle Production (Nos) |
|||
|
User Industry |
2011-12 |
2010-11 |
% growth |
% growth (2012-13 Est) |
|
2-Wheelers |
|
|
|
|
|
Motorcycle |
12,006,950 |
10,510,189 |
|
- |
|
Scooter |
2,660,916 |
2,134,585 |
|
- |
|
Mopeds |
785,753 |
704,575 |
|
- |
|
Total |
15,453,619 |
13,349,349 |
15.76 |
12 |
|
3-Wheelers |
877,711 |
799,553 |
9.78 |
|
|
Passenger Cars |
2,513,990 |
2,453,097 |
2.48 |
1 |
|
MUV/MPV |
609,538 |
529,675 |
15.07 |
|
|
HCV/MCV |
383,277 |
345,818 |
10.83 |
J 1 R |
|
LCV |
528,297 |
414,917 |
27.33 |
ID |
|
Tractors |
639,896 |
548,397 |
16.70 |
12 |
|
Total |
21,006,328 |
18,440,806 |
13.91 |
- |
FINANCIALS;
Turnover, net of excise duty, increased by 16% to Rs.5407.100 Millions from Rs.4663.600 Millions in 2011-12. Domestic sales increased by 10% to Rs. 4701.600 Millions from Rs. 4257.800 Millions while exports increased by 74% to Rs.705.500 Millions from Rs. 405.900 Millions in 2011-12.
SEGMENT WISE
PERFORMANCE
The company has a single significant reportable segment of ball and roller bearings as the primary business segment for the purpose of AS-17. The assets and liabilities of the company are all expended towards this business segment. Geographical segment information is also given in note 31.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Sr. No. |
Particulars |
As at 31.03.2012 Rs. In Millions |
|
a) |
Income Tax |
103.504 |
|
b) |
Sales Tax |
11.808 |
|
c) |
Customs Duty |
15.887 |
|
d) |
Bank guarantees |
0.775 |
|
e) |
Stand by letter of credit given to bank on behalf of a subsidiary company |
111.936 |
|
f) |
Corporate guarantees issued on behalf of subsidiary companies |
208.286 |
FIXED ASSETS:
·
·
·
Building and Flats
·
Plant and Machinery
·
Furniture, Fixtures and
equipments
·
Electrical Installations
·
Vehicles
AS PER WEBSITE
DETAILS:
History and
Milestones:
Incorporated at Mumbai in 1965 as
“Needle Roller Bearing Company Limited” an Indo-French Joint Venture with
“Nadella - France”, NRB became the first Company to manufacture Needle Roller
Bearings in
1966
– The first plant was setup at
Thane, in
1975
– A larger manufacturing plant
was set up at Thane.
1980
– A new plant was setup at
Agency Division was setup to offer a wide range of imported bearings and allied
products to NRB customers.
1982
– A General Bearing Plant was
set up at Jalna, in
1990
– Name of the company was
changed to “NRB Bearings Limited.”
1991
– To keep pace with the
expanding range and demand, a new plant was set up at Waluj in
1995
– NRB Bearings became a 'Public
Limited Company' and got listed at “Bombay Stock Exchange.”
2000
– Set up a state of art
“Engineering and Design Centre” at Thane Plant to move closer towards becoming
a "Total Bearing Solution Provider."
Acquired SNL Bearings (formerly known as Shriram Needle
Bearing Industries Limited).
NRB Bearings Limited was awarded the Corporate QS-9000 Certification by TUV
Management Services (GMBH).
2003
– Developed " Rocker-Arm
Bearings " and soon became the market leader in the category.
2007
– The “Engineering and
2008
– NRB established a 100 %
subsidiary - 'NRB Bearings Thailand Limited' at
Inaugurated its new plant at Pantnagar in Uttarakhand.
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 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 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.54.39 |
|
|
1 |
Rs.82.05 |
|
Euro |
1 |
Rs.69.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.