1. Summary Information
|
|
|
Country |
|
|
Company Name |
INA BEARINGS INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Milind Balkrishna Kasodekar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Norbert Indelkofer |
|
|
|
Registration # |
25-015240 |
|
Street Address |
Plot No. A-3, Talegaon Industrial Area, Village Navalakh Umbre, Taluka
Maval, Pune-410507, Maharashtra, India |
||
|
Established Date |
23.09.1997 |
SIC Code |
-- |
|
Telephone# |
91-20-30614104/ 30614100/ 30614124/ 30614131 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-20-30614362/ 30614308 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Bearings |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 519475000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings -100.00 % |
Banking |
FAG Bearings India Private Limited |
|
Public Limited Corp. |
No |
Business Period |
16 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B
(30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
INA Betiligungsverwaltungs GmbH |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1447,192,000 |
Current Liabilities |
1316,604,000 |
|
Inventories |
756,616,000 |
Long-term Liabilities |
1702,518,000
|
|
Fixed Assets |
1030,830,000 |
Other Liabilities |
52,087,000 |
|
Deferred Assets |
164,605,000 |
Total Liabilities |
3071,209,000 |
|
Invest& other Assets |
240,772,000 |
Retained Earnings |
49,331,000 |
|
|
|
Net Worth |
568,806,000 |
|
Total Assets |
3640,015,000 |
Total Liab. & Equity |
3640,015,000 |
|
Total Assets (Previous Year) |
3176,265,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales (Total Income) |
5161,000,000 |
Net Profit |
14,000,000 |
|
Sales(Previous yr) (Total Income) |
4,357,000,000 |
Net Profit(Prev.yr) |
175,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
INA BEARINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-3, Talegaon Industrial Area, Village Navalakh Umbre, Taluka
Maval, Pune-410507, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
23.09.1997 |
|
|
|
|
Com. Reg. No.: |
25-015240 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 519.475 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1997PTC015240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI04152B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC17163H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Bearings. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2270000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘INA Betiligungsverwaltungs GmbH’. It is an
established company having a moderate track record. The financial strength of
the company is moderate. The profitability also appears to be low. However,
trade relations are reported to as fair. Business is active. Payments are
reported to be slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 Office/ Factory : |
Plot No. A-3 Talegaon Industrial Area, Village Navalakh Umbre, Taluka,
Maval, Pune-410507, |
|
Tel. No.: |
91-20-30614104/ 30614100/ 30614124/ 30614131 |
|
Fax No.: |
91-20-30614362/ 30614308 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
21 Acre |
|
Location : |
Owned |
|
|
|
|
Regional Office
1: |
200, 3rd Main, 6th Cross, MICO Layout, Bangalore
– 560076, Karnataka, India |
|
Tel No.: |
91-80-26685516/ 26685583 |
|
Fax No.: |
91-80-26689986 |
|
Email : |
|
|
|
|
|
Regional Office
2 : |
A-322, Ansal Chamber – 1, 3 Bhikaji Cama Place, New Delhi-110066,
India |
|
Tel No.: |
91-11-26712413/ 55608061/ 55673442/ 26189553 |
|
Fax No.: |
91-11-26712412 |
|
Email : |
|
|
|
|
|
Regional Office
3 : |
31, Shakespeare Sarani, |
|
Tel No.: |
91-33-22833226 |
|
Fax No.: |
91-33-22890097 |
DIRECTORS
As on 21.05.2012
|
Name : |
Mr. Milind Balkrishna Kasodekar |
|
Designation : |
Director |
|
Address : |
D – 7, Punyanagari, SR 672/10, Bibwewadi, Pune-411037, Maharashtra,
India |
|
Date of Birth/Age : |
15.09.1963 |
|
Qualification : |
BE |
|
Date of Appointment : |
12.01.2008 |
|
DIN No.: |
00002264 |
|
|
|
|
Name : |
Mr. Norbert Indelkofer |
|
Designation : |
Director |
|
Address : |
Honaustrabe 40, |
|
Date of Birth/Age : |
19.01.1958 |
|
Date of Appointment : |
31.12.2005 |
|
DIN No.: |
01418168 |
|
|
|
|
Name : |
Mr. Roy C. Joydeep |
|
Designation : |
Managing Director |
|
Address : |
C – 415, Sobha Quartz Outer Ring Road, Sarjapur, Bangalore-560037, Karnataka,
India |
|
Date of Birth/Age : |
01.10.1964 |
|
Date of Appointment : |
01.10.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Udani Shaishav |
|
Designation : |
Company Secretary |
|
Address : |
B-13/ 3-2, Bramha Magestic, NIBM Road, Kondhwa, Pune-411048,
Maharashtra, India |
|
Date of Birth/Age : |
09.01.1984 |
|
Date of Appointment : |
25.04.2011 |
|
Pan No.: |
ABCPU4224B |
|
|
|
|
Name : |
Mr. Riedel Jens |
|
Designation : |
General Manager |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
Diploma in Engine Engineering |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.01.2008 |
|
|
|
|
Name : |
Mr. Everest Mustafa |
|
Designation : |
General Manager |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
Engineer |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.03.2008 |
|
|
|
|
Name : |
Mr. Bernhardt Remy |
|
Designation : |
Dy. General Manager |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
Engineer |
|
Experience : |
11 Years |
|
Date of Appointment : |
01.09.2010 |
|
|
|
|
Name : |
Mr. Zwarg Andreas Markus |
|
Designation : |
Vice President |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
Engineer |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.09.2010 |
|
|
|
|
Name : |
Tae Hong Yim |
|
Designation : |
Manager |
|
Date of Birth/Age : |
37 Years |
|
Qualification : |
BE (Mechanical) |
|
Experience : |
10 Years |
|
Date of Appointment : |
01.11.2010 |
|
|
|
|
Name : |
Dr. Peter Kraus |
|
Designation : |
General Manager |
|
Date of Birth/Age : |
36 Years |
|
Qualification : |
PhD, MBA, BE (Mechanical) |
|
Experience : |
10 Years |
|
Date of Appointment : |
01.01.2011 |
|
|
|
|
Name : |
Mr. Oba Yasuyoshi |
|
Designation : |
Senior Manager |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
BA, German Language - 1985 |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.03.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.05.2012
|
Names of Shareholders |
No. of Shares |
|
Industriewerk
Schaeffler INA - Ingenierdienst GmbH, Germany |
22274399 |
|
Schaeffler
Beteiligungs Gesellschaft GmbH, |
1 |
|
INA Beteiligungsvererwaltungs Gmbh, Germany |
29673100 |
|
Total |
51947500 |
Equity Share Break up (Percentage of Total Equity)
As on 21.05.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Bearings. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.12.2011
|
Particulars |
Unit |
Registered Capacity |
Installed Capacity |
Actual Production |
|
Roller Bearings |
Nos |
10,00,00,000 |
*84,092,023 |
8,40,27,192 |
|
Engine Components |
Nos |
6,00,00,000 |
*37,081,885 |
3,31,20,313 |
Note: * Certified by the management and relied upon by the auditors.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· FAG Bearings India Private Limited Nariman Bhavan, 8th Floor, 227, Backbay Reclamation, Nariman Point, Mumbai – 400021, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Note : (A) Include Loan from FAG Bearing India Limited (Secured by way of hypothecation of moveable plant and machinery of the Company.) Amount repayable within one year Rs. 450.000 Millions (Previous Year Nil)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next To Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India |
|
PAN.: |
AAAFB9852F |
|
Holding Company : |
|
|
|
|
|
Ultimate Holding
Company : |
· INA Holding Schaeffler GmbH and Company KG |
|
|
|
|
Fellow Subsidiaries
: |
|
|
|
|
|
Associates : |
FAG Roller Bearings Private Limited |
CAPITAL STRUCTURE
As on 21.05.2012
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 |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
519.475 |
519.475 |
519.475 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
49.331 |
35.310 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(139.996) |
|
|
NETWORTH |
568.806 |
554.785 |
379.479 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
450.000 |
450.000 |
450.000 |
|
|
2] Unsecured Loans |
1252.518 |
1287.742 |
1476.424 |
|
|
TOTAL BORROWING |
1702.518 |
1737.742 |
1926.424 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2271.324 |
2292.527 |
2305.903 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1030.830 |
1143.533 |
1318.273 |
|
|
Capital work-in-progress |
240.772 |
6.076 |
0.378 |
|
|
Capital Advance |
0.000 |
6.916 |
0.832 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
164.605 |
103.316 |
125.374 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
756.616
|
638.239
|
603.282 |
|
|
Sundry Debtors |
777.894
|
733.392
|
606.736 |
|
|
Cash & Bank Balances |
305.383
|
228.735
|
119.924 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
363.915
|
316.058
|
294.028 |
|
Total
Current Assets |
2203.808
|
1916.424
|
1623.970 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1248.697
|
736.618
|
726.765 |
|
|
Other Current Liabilities |
67.907
|
45.008
|
26.911 |
|
|
Provisions |
52.087
|
102.112
|
9.248 |
|
Total
Current Liabilities |
1368.691
|
883.738
|
762.924 |
|
|
Net Current Assets |
835.117
|
1032.686
|
861.046 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2271.324 |
2292.527 |
2305.903 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5161.000 |
|
3060.000 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
5161.000 |
4357.000 |
3060.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
4818.000 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
4818.000 |
3779.000 |
2656.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
343.000 |
578.000 |
404.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
86.000 |
82.000 |
79.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
256.000 |
496.000 |
325.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.000 |
233.000 |
234.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.000 |
263.000 |
91.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.000 |
88.000 |
26.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.000 |
175.000 |
65.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.000 |
(140.000) |
(205.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
49.000 |
35.000 |
(140.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earned |
N.A |
0.677 |
1.372 |
|
|
|
FOB Value of Exports |
N.A |
115.998 |
102.100 |
|
|
TOTAL EARNINGS |
N.A |
116.675 |
103.472 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
N.A |
1483.315 |
798.845 |
|
|
|
Capital Goods |
N.A |
26.521 |
22.373 |
|
|
|
Traded goods |
N.A |
909.111 |
753.399 |
|
|
TOTAL IMPORTS |
N.A |
2418.947 |
1574.617 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.27 |
3.37 |
1.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
0.27
|
4.02
|
2.12
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.62
|
8.59
|
3.09
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.47
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.99
|
3.13
|
5.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
2.17
|
2.13
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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) |
Yes |
|
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 |
Yes |
|
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 |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
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, Email : shaishav.udani@schaeffler.com
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10155672 |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
· FAG Bearings India Private Limited Nariman Bhavan, 8th Floor, 227, Backbay Reclamation, Nariman
Point, Mumbai – 400021, Maharashtra, India Email : raj.sarraf@schaeffler.com
|
|
Nature of
instrument creating charge |
Deed of hypothecation |
|
Date of
instrument Creating the charge |
10.05.2012 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% per annum. Terms of Repayment Full amount shall
be repayable within three years from the actual disbursement. Extent and Operation of the charge Exclusive first
charge by way of hypothecation of Borrower's movable plant and machinery, machinery spares, tools and
accessories situated at INA Bearings India Pvt. Ltd. Plot No. A-3, Talegaon
Industrial and Floriculture Park, Village Ambi, Navlakh Umbre, Pune- 410507,
more particularly described in Schedule 1 to the Deed of Hypothecation. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All movable plant and machinery, machinery spares, tools and accessories at Plot No. A-3, Talegaon Industrial and Floriculture Park, Village Ambi, Navlakh Umbre, Pune-410507 of the company as under: Plant and Machinery Electrical Installation Factory Equipment Handling Equipment Measuring Equipment Toolings |
|
Date of
instrument modifying the charge |
25.08.2009 |
|
Particulars of
the present modification |
Prolongation of existing
loan of 500.000 millions for a further period of three years against the
security of an exclusive first charge by way of hypothecation of the
Borrower's movable plant and machinery, machinery spares, tools and
accessories. |
UNSECURED LOAN:
(Rs. In Millions)
|
Particulars |
31.12.2011 (Rs.
In Millions) |
|
Rupee Term Loans Others Unsecured |
1252.518 |
|
Total |
1252.518 |
Note :
(A) Includes Term Loan from INA Beteiligungsverwaltungs - Germany,Term Loan from IDS Industriewerk INA-Ingenieur-Dienst GmbH - German
(B) Includes Term Loan from INA Beteiligungsverwaltungs - Germany,Term Loan from IDS Industriewerk INA-Ingenieur-Dienst GmbH - Germany,Loan from LuK India Private Limited (Facility granted against guarantee by the Holding Company
|
Particulars |
31.12.2010 (Rs.
In Millions) |
|
Term Loan from INA Beteiligungsverwaltungs – (The above loan has been extended to the company by Schaeffler KG. During
the year this has been assigned to INA |
782.138 |
|
Term Loan from IDS Industriewerk INA – Ingenieur Dienst Gmbh |
255.604 |
|
Loan from Luk India Private Limited (Facility granted against guarantee by the holding company) |
250.000 |
|
Total |
1287.742 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2011 (Rs. In Millions) |
|
Bank Guarantees issued to statutory authorities |
0.050 |
|
Sales Tax Demands under appeal not provided for |
108.103 |
CHARGES:
|
ENTITY |
PERSON |
COMPONENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S)/ DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
INA BEARINGS INDIA PRIVATE LIMITED |
-- |
RBI |
DID NOT COMPLY WITH THE PROVISIONS OF RBI ACT, 1934 |
REJECTION OF APPLICATION FOR CERTIFICATE OF REGISTRATION AS NBFC |
-- |
|
|
|
|
|
31-10.2007 |
|
FINANCIAL HIGHLIGHTS:
Significant development has been registered by the company during the year 2011 manifested by a growth of approx 18% in net sales as compared to the previous year. This indicates our increase in market share of existing products and launching of new products.
The reduction in profit before tax is mainly emanating from the unrealized foreign exchange loss of INR. 265 .000 million booked by reinstatement of open forex liability (considering both trade and stakeholders loan) as on 31st December 2011.
The improvement in the overall performance of the company is mainly driven by the managements focus on in house production at its plant located at Talegaon, Pune. In terms of volume, the production increased by approx 12% in 2011 as compared to the previous year.
The increase in production was well supplemented by increase in overall productivity of men and machine of the company.
DEVELOPMENTS IN 2011:
In the Year 2011, India’s real GDP growth rate was 7.7% with respect to predicted GDP growth rate of 7.1%. In last quarter of 2011 the growth rate was near to 6.9%. Out of this total growth rate, manufacturing industry share was 16.1%; service industry contributed for 53% and others 30.09%. Services industry was the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force than the manufacturing industry.
Growth in the automobile and manufacturing industry witnessed an upswing and the present contribution of automobile industry in the overall manufacturing sector growth is around 17%.
The Indian ancillary industry is basically divided into two segments that is organized and unorganized. Whereas the organized segment caters to the high precision engineering products, the unorganized segment produces low value added components for the auto industry. The company captured high market share in the organized sector due to its continues focus on technologically high-quality products.
Indian auto component industry has grown-up by approximately 18% (that is a turnover of about USD 36 billion), as compared to the year 2010 ? 2011.
Further the OEM market accounts for approximately 60% of total bearings demand. Automotive industry is the largest consumer of bearings among OEMs representing production machinery, power transmission and other important user sectors.
OPPORTUNITIES:
The ACMA - McKinsey Vision document forecasts the potential for the Indian auto component industry to be around USD 45 billion by 2015, primarily as auto component sector is expected to grow at a CAGR of 11.7%. A double digit growth in domestic automobile market and low cost availed resources, envisaged India as an automotive manufacturing hub.
Global automobile manufacturers see India as a manufacturing hub for auto components; as a result auto component exports would robustly grow at a compounded annual growth rate (CAGR) of 18.8% over 2011-21, garnering about US$ 29 billion. European and North American markets account for 36 and 23 per cent of the entire industry exports, respectively, while 28% of the exports are made to Asian countries.
The Indian Government is in the process of forming a National Automotive Board (NAB) which would become a formal set-up to look into the 4 INA BEARINGS INDIA PRIVATE LIMITED Standalone Balance Sheet for period 01/01/2011 to 31/12/2011 issue of recall of vehicles and hence improve manufacturing standards. The prospective body, to oversee technical and safety aspects of vehicles, will have representatives from all the nodal ministries and automotive bodies such as the Automotive Research Association of India (ARAI).
Overall prospects for industrial development thus remain very positive in India and we expect strong demand for our products to continue in the coming future.
OUTLOOK:
Indian economy is fast growing and investments in private and public new projects would certainly increase as the business confidence improves. To further support this growth and investment, RBI may lower the lending rates to encourage investments and to improve liquidity situation. This will have a direct effect on loan lending interest rates on sectors such as construction and Automobile. Accordingly, demand for your Company's products in domestic market may grow in the coming years.
Furthermore, we are convinced that as the Indian industry aligns itself to strict emission norms and higher carbon accountability, the advanced technological products of Schaeffler Group which reduce friction and enhance efficiency will attract robust demand in future.
FIXED ASSETS
·
Building
·
Leasehold Land
·
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 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.54.17 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.