MIRA
INFORM REPORT
|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKF INDIA LIMITED |
|
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Registered Office
: |
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|
Country : |
India |
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Financials (as
on) : |
31.12.2012 |
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|
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|
Date of
Incorporation : |
12.04.1961 |
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|
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|
Com. Reg. No.: |
11-011980 |
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Capital
Investment / Paid-up Capital : |
Rs.527.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1961PLC011980 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS00975C |
|
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|
|
PAN No.: [Permanent Account No.] |
AAACS0684H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged in Manufacturing Bearings and related
components. |
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|
|
|
No. of Employees
: |
2473 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 46000000 |
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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 company having fine track record. The management has failed to file its financial with government
department for the year 2013. As per available financial of 2012, financial position of the company
appears to be strong. Over all fundamentals of the company appears to be
sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered good for normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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.
INFORMATION DENIED
Management Non Cooperative.
LOCATIONS
|
Registered Office : |
Mahatma Gandhi Memorial Building, Netaji Subhash Road,
Mumbai - 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-66337777 |
|
Fax No.: |
91-22-22819074 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Chinchward, Pune – 411033, Maharashtra, India |
|
Tel. No.: |
91-20-66112500 |
|
Fax No.: |
91-20-27473822 |
|
|
|
|
Factory 2 : |
Plot 2, Bommasandra Industrial Area, Hosur Road, Bangalore
- 560099, Karnataka, India |
|
Tel. No.: |
91-80-40329000 |
|
Fax No.: |
91-80-40329107 |
|
|
|
|
Factory 3 : |
Plot no. 2, Industrial Park 2, Village Salempur Mehdood, SIDCUL, Bahadrabad
By – Pass Road, Haridwar – 249402, Uttaranchal, India |
|
Tel. No.: |
91-33-4238200 |
|
|
|
|
|
Unit No 33, 3rd Floor, 68, Tardeo Road, Close to Crossroads Mall, Nr.
Haji Ali, Mumbai - 400 034, Maharashtra, India |
|
Tel. No.: |
91-22-6633 7715 |
|
Fax No.: |
91-22-67216913 |
DIRECTORS
As on: 31.12.2012
|
Name : |
Mr. Kamlesh C. Mehra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director and Country Head, SKF India |
|
|
|
|
Name : |
Darius C. Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Henrik Lange |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash Telang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prasad Menon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Makhija |
|
Designation : |
Director |
|
|
|
|
Name : |
Tore Bertilsson |
|
Designation : |
Director |
|
|
|
|
Name : |
Tryggve Sthen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vartan Vartanian |
|
Designation : |
Director |
|
|
|
|
Name : |
David Bishop |
|
Designation : |
alternate to V Vartanian |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Bhandari |
|
Designation : |
Company Secretary |
|
|
|
|
COMPANY MANAGEMENT TEAM : |
|
|
|
|
|
Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director and Country Head, SKF India |
|
|
|
|
Name : |
Mrs. Anjali Nair |
|
Designation : |
Director Human Resources, SKF India |
|
|
|
|
Name : |
Chandramowli Srinivasan |
|
Designation : |
Director Finance, SKF India |
|
|
|
|
Name : |
Ms Harsha Kadam |
|
Designation : |
Director –Tow Wheeler Business, Global |
|
|
|
|
Name : |
Mr. R Manohar |
|
Designation : |
Director Purchasing, SKF India |
|
|
|
|
Name : |
Mr. Sudhir Rege |
|
Designation : |
Director Regional Sales and Service (Industrial Markets), South Asia |
|
|
|
|
Name : |
Mr. Shrikant Savangikar |
|
Designation : |
Director Business Excellence, Quality and Sustainability, SKF India |
|
|
|
|
Name : |
Mattias Axelsson |
|
Designation : |
Head of SKF Logistic Service, SKF India |
|
|
|
|
Name : |
Mr. Shoaib Shaikh |
|
Designation : |
Head of Vehicle Service Market, Asia |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
28254568 |
53.58 |
|
|
28254568 |
53.58 |
|
Total shareholding of Promoter and Promoter Group (A) |
28254568 |
53.58 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6374853 |
12.09 |
|
|
36975 |
0.07 |
|
|
1906110 |
3.61 |
|
|
8626059 |
16.36 |
|
|
11515 |
0.02 |
|
|
16955512 |
32.15 |
|
|
|
|
|
|
1642286 |
3.11 |
|
|
|
|
|
|
5237742 |
9.93 |
|
|
625544 |
1.19 |
|
|
16886 |
0.03 |
|
|
16886 |
0.03 |
|
|
7522458 |
14.27 |
|
Total Public shareholding (B) |
24477970 |
46.42 |
|
Total (A)+(B) |
52732538 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
52732538 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing Bearings and related
components. |
GENERAL INFORMATION
|
No. of Employees : |
2473 (Approximately) |
|
|
|
|
Bankers : |
·
The Hongkong and Shanghai Banking Corporation
Limited ·
HDFC Bank Limited |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Godrej Castlemaine, Bund Garden Road, Pune – 411001, Maharashtra,
India |
|
Tel. No.: |
91-20-30585764/ 65 |
|
Fax No.: |
91-20-30585775 |
|
|
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|
Holding Company ; |
Aktiebolaget SKF |
|
|
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|
Fellow subsidiary
Companies : |
· SKF Actuation System (Liestal) AG (Magnetic Elektromotoren AG) · Oy SKF AB, Finland · P.T. SKF Indonesia, Indonesia · RFT S.p.A.,Italy · RKS S.A.-SKF Slewing Bearings, France · SKF (China) Sales Co. Limited., China · SKF (Dalian) Bearings and Precision and Co. Limited. · SKF (Thailand) Limited, Thailand · SKF (U.K.) Limited, United Kingdom · SKF Actuators AB, GoteborgSweden · SKF Argentina S.A., Argentina · SKF Australia Pty. Limited., Australia · SKF B.V., Netherlands · SKF Bearings Bulgaria EAD ,Bulgaria · SKF Canada Limited, Scarborough, Ont., Canada · SKF China Limited., China · SKF Condition Monitoring Centre (Livingstone) Limited, UK · SKF Coupling Systems AB, Hofors,Sweden · SKF de Mexico, S. A. de C. V. Mexico D.F. , Mexico · SKF del Peru S.A., Peru · SKF do Brasil Limited., Brazil · SKF Equipements, France · SKF Espanola S.A., Madrid, Spain · SKF European Distribution Centre (EDC), Belgium · SKF European Financial Service Centre, EFC, Nieuwegein, Netherlands · SKF France S.A.,France · SKF GmbH, Germany · SKF Industrie S.p.A, Italy · SKF International AB · SKF Japan Limited., Japan · SKF Korea Limited, Korea · SKF Linearsysteme GmbH, Germany · SKF Malaysia Sdn. Bhd., Kuala Lumpur, Malaysia · SKF Österreich AG., Austria · SKF Sealing Solutions AB, Sweden · SKF Shanghai Bearings Co. Limited., China · SKF South Africa (Pty) Limited.,South Africa · SKF Asia Pacific Pte. Limited.,Singapore · SKF Sverige AB, Sweden · SKF Technologies India Private Limited., India · SKF USA Inc., Kulpsville/Lansdale, PA, USA · SKF Ukraine, Ukraina · Transrol S.A.S., Chambéry, France · SKF Lubrications Systems France SAS · SKF Lubrications Systems Germany AG (formerly known as Willy Vogel AG) · SKF Mekan AB, Sweden · Berger Vogel S.r.l., Italy · Polyseal, USA · Jaeger Industrial Co., Limited., Taiwan · ABBA LINEAR TECH CO LIMITED (Taipei), Taiwan · Economos India Private Limited, New Delhi, India · SKF Sealing Solutions GmbH, Leverkusen-Opladen, Germany · SKF Linear Motion and Precision Technologies, USA · SKF Automotive Component Corp., Changwon (Pusan) · SKF Bearing Services Taiwan, Taipei · SKF Chilena S.A.I.C, Santiago · SKF International AB (Treasury Centre), Göteborg · SKF Bearing Industries (Malaysia) Sdn. Bhd, Nilai · SKF Automotive Technologies Co, China · SKF Lubrication Systems Japan Limited · SKF Economos GmbH, Judenburg · SKF Actuation system(Pinghu) Co., Limited (former Jaeger (Pinghu) Precision Actuatronic Limited) · SKF Lubrication Systems USA Inc 64 Beijing Nankou SKF Railway Bearings Co.Limited., Beijing · SKF Hellas S.A., Athens · SKF Ball Screws and Services S.p.A. (former Gamfior S.p.A) · SKF Automotive Bearings Company Limited, Shangai · SKF Polska S.A., Poznan · SKF Uruguay DC · Lincoln Helios (India) Limited · SKF Lubrication Systems The Netherlands B.V. · SKF Condition Monitoring Center (Luleĺ), Sweden · SKF Condition Monitoring Center Inc., San Diego, CA · SKF South East Asia (PTE) Limited, Singapore · SKF Thailand Limited., Bangkok · SKF (Shanghai) Automotive Technologies Co. Limited , China · Economos (Quingdao) Seal Tech Co. Limited, China · SKF Denmark A/S., Broendby, Denmark · SKF Loziska a.s., Prague, Czech Republic · SKF Multitec S.P.A., Torino, Italy · SKF Latintrade Inc., Santiago, Colombia · SKF Venezoleana S.A., Venezuela · SKF Sealing solutions (wuhu) Co. Limited., Anhui Province, China · SKF (Shanghai) Investment Consultancy Co. Limited., Shanghai, China · SKF China (CEPA), Shanghai, China · SKF Actuation System (Taipei) Co Limited, Taipei, Taiwan · SARMA, France |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,732,538 |
Equity Shares |
Rs.10/- each |
Rs.527.300
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
(Rs. In Millions)
|
Particulars |
31.12.2012 |
|
|
|
Number |
Amount |
|
At the commencement and at the end of the year |
52,732,538 |
527.300 |
Rights, preferences
and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by
holding company and their subsidiaries
(Rs. In Millions)
|
Particulars |
31.12.2012 |
|
|
|
Number |
Amount |
|
Equity shares of Rs.10 each fully paid up held by |
|
|
|
(a) Holding company |
|
|
|
Aktiebolaget SKF (AB SKF) |
24,639,048 |
246.400 |
|
(b) Subsidiaries of holding company |
|
|
|
SKF U.K. Limited |
3,402,000 |
34.000 |
|
SKF Forvaltning AB |
213,520 |
2.100 |
Particulars of
shareholders holding more than 5% shares of a class of shares
|
Particulars |
31.12.2012 |
|
|
|
Number |
% of total shares in the class |
|
Equity shares of Rs.10 each fully paid up held by |
|
|
|
Aktiebolaget SKF, holding company |
24,639,048 |
46.8% |
|
SKF U.K. Limited, fellow subsidiary company |
3,402,000 |
6.5% |
2,488 (previous year : 2,488) equity shares of Rs. 10 each are not allotted and held in abeyance.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
527.300 |
527.300 |
|
(b) Reserves & Surplus |
|
11026.300 |
9585.100 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
11553.600 |
10112.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
83.500 |
16.000 |
|
(c) Other long term liabilities |
|
0.000 |
8.300 |
|
(d) long-term provisions |
|
192.500 |
171.600 |
|
Total Non-current Liabilities (3) |
|
276.000 |
195.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
2679.000 |
3185.800 |
|
(c) Other current
liabilities |
|
746.600 |
787.800 |
|
(d) Short-term provisions |
|
745.300 |
795.300 |
|
Total Current Liabilities (4) |
|
4170.900 |
4768.900 |
|
|
|
|
|
|
TOTAL |
|
16000.500 |
15077.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3479.500 |
3181.100 |
|
(ii) Intangible Assets |
|
0.900 |
2.800 |
|
(iii) Capital
work-in-progress |
|
591.200 |
363.200 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2433.200 |
2274.900 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
6504.800 |
5822.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2486.200 |
2800.100 |
|
(c) Trade receivables |
|
3196.300 |
3721.200 |
|
(d) Cash and cash
equivalents |
|
3069.800 |
2244.400 |
|
(e) Short-term loans and
advances |
|
700.700 |
444.500 |
|
(f) Other current assets |
|
42.700 |
45.000 |
|
Total Current Assets |
|
9495.700 |
9255.200 |
|
|
|
|
|
|
TOTAL |
|
16000.500 |
15077.200 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
527.300 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7959.800 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8487.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.100 |
|
|
TOTAL BORROWING |
|
|
0.100 |
|
|
DEFERRED TAX LIABILITIES |
|
|
30.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8517.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2833.900 |
|
|
Capital work-in-progress |
|
|
359.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2417.200 |
|
|
Sundry Debtors |
|
|
2711.100
|
|
|
Cash & Bank Balances |
|
|
2119.100
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2338.500
|
|
Total
Current Assets |
|
|
9585.900
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3092.200
|
|
|
Current Liabilities |
|
|
209.500
|
|
|
Provisions |
|
|
960.000
|
|
Total
Current Liabilities |
|
|
4261.700
|
|
|
Net Current Assets |
|
|
5324.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8517.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22275.900 |
24348.800 |
20684.100 |
|
|
|
Other Income |
683.200 |
545.600 |
247.600 |
|
|
|
TOTAL (A) |
22959.100 |
24894.400 |
20931.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5895.700 |
6188.600 |
|
|
|
|
Purchase of stock-in-trade |
8303.200 |
9656.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
215.900 |
(128.600) |
|
|
|
|
Employee benefits |
1694.200 |
1651.300 |
|
|
|
|
Other expenses |
3582.900 |
4002.000 |
|
|
|
|
TOTAL (B) |
19691.900 |
21370.000 |
18137.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3267.200 |
3524.400 |
2794.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
(199.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3267.200 |
3524.400 |
2994.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
435.900 |
385.200 |
333.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2831.300 |
3139.200 |
2660.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
930.500 |
1054.300 |
890.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1900.800 |
2084.900 |
1770.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5205.300 |
4180.000 |
3840.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
600.000 |
1000.000 |
|
|
|
Dividend |
395.500 |
395.500 |
369.100 |
|
|
|
Tax on Dividend |
64.100 |
64.100 |
61.300 |
|
|
BALANCE CARRIED
TO THE B/S |
5646.500 |
5205.300 |
4180.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
1354.100 |
2084.400 |
1703.400 |
|
|
|
Export of Services |
5.400 |
25.800 |
1.700 |
|
|
|
Commission Income |
0.000 |
0.000 |
5.200 |
|
|
|
Other Income |
190.800 |
125.500 |
40.500 |
|
|
TOTAL EARNINGS |
1550.300 |
2235.700 |
1750.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
110.400 |
122.600 |
85.500 |
|
|
|
Components, Stores and Spares etc. |
1500.200 |
1986.300 |
1836.200 |
|
|
|
Trading goods |
5730.100 |
6872.500 |
0.000 |
|
|
|
Capital Goods |
391.400 |
129.100 |
214.400 |
|
|
TOTAL IMPORTS |
7732.100 |
9110.500 |
2136.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.00 |
39.50 |
33.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2013 |
30.06.2013 |
30.09.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
5383.100 |
5674.400 |
5726.400 |
|
Total Expenditure |
4789.100 |
5025.100 |
5052.300 |
|
PBIDT (Excl OI) |
594.000 |
649.300 |
674.100 |
|
Other Income |
146.600 |
155.300 |
159.700 |
|
Operating Profit |
740.600 |
804.600 |
833.800 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
(221.000) |
0.000 |
0.000 |
|
PBDT |
519.600 |
804.600 |
833.800 |
|
Depreciation |
116.700 |
118.800 |
127.800 |
|
Profit Before Tax |
402.900 |
685.800 |
706.000 |
|
Tax |
144.100 |
227.100 |
240.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
258.800 |
458.700 |
465.800 |
|
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 |
258.800 |
458.700 |
465.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
8.28
|
8.37 |
8.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.71
|
12.89 |
12.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.37
|
21.33 |
21.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.31 |
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.94 |
2.25
|
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 |
No |
|
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 |
No |
OPERATIONS
The year posed prolonged challenging scenarios in the economic environment. High inflation, fiscal imbalances and resultant high interest rates continued to deter the sentiments.
A decline in the buoyancy in the Asian economies along with fragile recovery in advanced economies also affected export growth adversely
A sharp drop in volumes led to a decline in sales by 9%. This coupled with inflationary pressures on cost and a weakening Rupee put additional pressure on margins. Despite the difficult business and macro environment, their profit before tax as percent to sales is only marginally lower at 12.8 per cent as compared to 13 per cent last year and Profit after Tax for the year as per cent to sales remains at 8.6% though lower by 8.8 per cent over the previous year. Exports constitute 6.2 per cent of the total sales as compared to 8.7 per cent of sales in the previous year reflective of the weakness in the global markets. The earning per share and cash earning per share for the year was Rs. 36.0 and Rs. 44.3 respectively.
Brownfield expansions at Pune and Haridwar facilities are planned in the coming years to create capacities to meet the expected growth in demand.
Business excellence is one of their core competitive strategies of doing business. Business excellence addresses the entire value chain and weeds out what is not relevant or sub-optimal. They continue to actively nurture and foster a culture of innovation by leveraging on their global knowledge base and delivering value to their customers.
Backed by the intrinsic strengths of SKF, driven by the experience of working with customers over 100 years and across geographies, the company continues to be the leader in its segment. SKF India Limited will continue to leverage the parent company’s well-developed global research and development facilities, competent talent to further strengthen its market leadership.
AWARDS / RECOGNITION
The Directors are glad to report that during the year, the company was recognised and felicitated for exemplary performance in various fields and some of the significant achievements are:
_ SKF India ranked among the top 50 Most Admired Companies in India by Fortune Magazine - Ranked 1st in the
Engineering and Capital Goods category and 3rd in the Auto Components category
_ SKF India Limited. was honored with the prestigious Dun and Bradstreet award 2011, for the 6th consecutive year, for its significant contribution to the bearing sector
_ SKF Pune manufacturing facility was conferred the Gold Certificate of merit at the Ninth edition of Economic Times and Frost and Sullivan India Manufacturing Excellence award-2012
_ SKF India was awarded in 2012 ‘Star performer’ by the Engineering Export Promotion Council of India (EEPC), for excellence in exports of engineering goods and services during 2009-10
_ SKF has been conferred as the best supplier in the ‘Best Quality and Services’ category and ‘Improvement Orientation’ category by Tata Steel
_ SKF India awarded as the “Preferred supplier for local R and D capability development” by Maruti
_ SKF India, Awarded Quality - Gold award from Bajaj Auto for Valuable Support and Contribution for the year 2011
_ SKF India bags two awards at Productivity Improvement Case Competition 2012 organized by Pune Divisional Productivity Council, winner (best case study) in the management category and first runner up in the operator category.
These awards and recognitions came as a result of the focused effort towards evolution of the company from a bearing manufacturer and supplier to an integrated solutions provider.
They thank all their customers, suppliers, employees and all other stakeholders for their continued support and contribution to these awards. These recognitions further inspire us to aim higher in order to become competitive and deliver value in everything they do.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
2012 started holding out a promise for travel on road to recovery. Continued pressure of inflation, fiscal imbalances and resultant high interest rates however derailed this travel. The uncertainty in business environment was visible in the form of low investments, low capacity realization and slowdown across sectors of industry.
The economy has not grown at forecasted pace and reforms introduced in the later part of the year brought in some much-needed reassurance from policy makers. Economic recovery in medium term is dependent upon a continued push on reforms coupled with country’s dire need for infrastructure development; even as it is faced with challenges, both seen and unforeseen, in the form of global economic trends, geopolitical developments and domestic compulsions for the policy makers.
The size of Indian bearing market is estimated to be around INR 75 billion. Two-thirds of this demand is met through domestic production and the balance through imports. The growth of the bearing market is directly dependent upon the growth in the automotive and industrial segments.
The evolution of the market now increasingly demands efficient and integrated solutions from the manufacturers, paving the way for delivering solutions that achieve high energy and resource efficiency, improved reliability and productivity from all assets deployed.
The company’s expertise drawn from parent company’s global knowledge base built over 100 years combined with its local talent helps deliver unique solutions to meet emerging needs of the market. The company offers customized solutions across segments, helping customers to improve productivity, minimize maintenance, optimize designs for improved life, reliability, achieve high energy and resource efficiency.
OUTLOOK
The economy on both global and domestic front is going through several challenges. The domestic economy is faced with several constraints - persistent inflation, very high fiscal deficit, high interest rates, infrastructure bottlenecks and resultant slowdown in investments. This coupled with prolonged period of inaction on policy environment has made the growth rates come down significantly. In near term, these challenges will continue to impede the growth of economy and as these get addressed, the economy should recover over medium to long term.
The case of India’s demographic dividend has remained unchanged and has potential to create favourable dynamics for internal consumption of goods and services on a sustained basis. Realisation of this potential presented by the growing young population is critically dependent upon appropriate policy intervention in the areas of education and healthcare. The opportunity by itself cannot translate into engine for growth and it is only through skill enhancement of the young and upgradation of basic infrastructure across education, health and environmental sectors that they could give shape to this potential. The rapid pace of urbanisation and gradual integration of rural economy into the mainstream have created a demand for improved infrastructure across the country. The inclusive growth agenda and the consumer push will call for extending and improving the road network, improved port connectivity, faster movement of goods to and from the ports to interior. The Twelfth five year plan proposes to address precisely these issues which is likely to create a demand for products and services, directly serving the infrastructure development agenda such as commercial vehicles, off highway and construction equipments, railway infrastructure to name a few.
Some of the world’s biggest automobile manufacturers who have set up their local base in the recent past and the home grown manufacturers are formulating strategies for serving an underserved high potential market that is backed by the emerging middle class and the demand for mobility in rural areas. They are also concentrating on expanding capacities with a sharp thrust on localisation to improve competitiveness. The Indian consumer is increasingly demanding higher value, pushing manufacturers to deliver better performance in terms of efficiency and reliability of vehicles, thereby creating a demand for high technology products.
Energy is a fundamental driver for any economic growth. India’s energy mix is largely dominated by traditional power and the recent policy directions of low carbon intensity energy coupled with creation of capacity in both public and private sectors will create opportunities to introduce technologies and solutions that address the need with minimum impact on the environment.
Manufacturing is acquiring an increasingly significant role in determining India’s economic growth. India has the opportunity to attract investments in high skill manufacturing areas, leveraging availability of competitive manpower, a large domestic market and an improving policy environment. This is critical for creation of jobs and is likely to contribute to the growth of economy as higher discretionary spending ability is vested in many more hands. The core sector growth in medium to long term is thus foretold as these basic industries will continue to feed the demand of an underserved economy.
The growth in bearing demand is directly linked to the growth in core sectors as bearings are an integral part of every process industry. Fiscal consolidation, moderation in inflation and consequent reduction in interest rates should bring back the momentum for growth. The path of this recovery is more likely to be shaped and will push
organizations to discover innovative ways for staying ahead in the market.
Innovation and technology will play a key role in driving growth and creating competitive advantage. The Government has declared this decade as the ‘Decade of Innovation’. SKF is constantly delivering innovative and energy efficient solutions to help customers become more competitive, and the parent company has hence established a Global Technical Centre in India to develop a wide range of applications and solutions for the local and global markets.
As they overcome the near term challenges posed by the environment, the company will continue to strive for growth by focussing on customers and creating value for them by bringing in world class technology and innovation in the form of products and services. ‘Excellence in everything we do’ will drive our actions both internally and externally to create increasingly higher value for our customers. This approach is reflective of the company’s leadership and value based approach.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2013
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
|
|
|
|
(a)
Net Sales / Income from operations |
5289.600 |
|
(b)
Other Operating Income |
93.500 |
|
Total
Income |
5383.100 |
|
Expenditure |
|
|
a)
Cost of material consumed |
1483.400 |
|
b)
Purchase of traded goods |
1971.200 |
|
c)
Changed in inventories of finished goods, work in progress and stock in trade |
(95.300) |
|
d)
Employees cost |
532.000 |
|
e)
Depreciation |
116.700 |
|
f)
Other expenditure |
897.800 |
|
Total |
4905.800 |
|
Profit
from operations before other income, interest and exceptional Items |
477.300 |
|
Other
income |
146.600 |
|
Profit
before interest and exceptional Items |
623.900 |
|
Interest |
- |
|
Profit after Interest but
before Exceptional Items |
623.900 |
|
Exceptional
Items |
221.000 |
|
Profit (+)/Loss(-) from Ordinary Activities before tax |
402.900 |
|
Tax
expense |
144.100 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
258.800 |
|
Extraordinary items |
- |
|
Net Profit (+) / Loss (-) for the
year period |
258.800 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
527.300 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
|
|
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) |
4.90 |
|
(b) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualised) |
4.90 |
INFORMATION
FOR THE QUARTER ENDED 31.03.2013
|
Particulars of Shareholding |
As on 31.03.2013 |
|
Public
shareholding |
|
|
Number of shares |
24477970 |
|
Percentage of shareholding |
46.40% |
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
a)
Pledged /Encumbered |
- |
|
|
|
|
b)
Non Encumbered |
|
|
Number
of shares |
28254568 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00% |
|
Percentage
of shares (as a % of total share capital of the company) |
53.60% |
|
Particulars |
As on 31.03.2013 |
|
INVESTORS COMPLAINTS |
|
|
Pending
at the beginning of the quarter |
Nil |
|
Received
during the quarter |
Nil |
|
Disposed
of during the quarter |
Nil |
|
Remaining
unresolved at the end of the quarter |
Nil |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80005244 |
08/06/2006 * |
200,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
·
Buildings
·
Plant, Machinery and Tools
·
Furniture, Fixtures
·
Office Equipments
·
Vehicles
·
Softwares
AS PER WEBSITE DETAILS:
PRESS RELEASES:
HDFC EQUITY FUND BUYS 5 LAKH SHARES OF SKF INDIA
Dec 11, 2013
On December 10, 2013 HDFC Equity Fund bought 5,10,000 shares of SKF India
at Rs 664 on the NSE.
In the previous trading session, the share closed at Rs 660.95, down Rs 0.25, or 0.04 percent.
The share touched its 52-week high Rs 675.75 and 52-week low Rs 432.05 on 10 December, 2013 and 08 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 36.87
per share. (Sep, 2013). The stock's price-to-earnings (P/E) ratio was 17.93.
The latest book value of the company is Rs 219.10 per share. At current value,
the price-to-book value of the company was 3.02. The dividend yield of the
company was 1.13 percent.
SKF INDIA REGISTERS SALES OF INR 5660 MILLION IN Q3 2013
2013 Oct 22
The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the third quarter ended September 30th, 2013.
The financial highlights are as given below:
· Net Sales for the third quarter ended September 30th 2013 amounted to INR 5660 million registering a growth of 1% as compared to the immediately preceding quarter and higher by 6% over the corresponding quarter of the previous year.
· The Profit before tax for the third quarter ended September 30thamounted to INR 706 million registering a growth of 3% over the immediately preceding quarter and higher by 5% compared to the corresponding quarter of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director, SKF India said, “The economic headwinds continued to have the slowing down effect across the sectors. The sharp depreciation of rupee combined with high inflation and tight liquidity continued to weigh on market sentiments. Continuing with our efforts of forging deeper ties with existing customers and reaching out to new customers with a focus on enhancing delivered value enabled us to deliver a steady and improved performance while consolidating our leadership position.”
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2012 were SEK 64,757 million and the number of employees was 46,775.
SKF Group started trading operations in India in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF India also has an associate company called SKF Technologies (India) Pvt. Limited providing Sealing Solutions and Industrial Bearings. The company has manufacturing plants in Pune, Bangalore, and Haridwar.
SKF NAMED ONE OF WORLD’S MOST SUSTAINABLE COMPANIES FOR 14TH YEAR IN A
ROW
2013 Sep 23
Dow Jones Sustainability World Index ranks SKF as a sustainable leader
Gothenburg, Sweden, 23 September, 2013: For the 14th year in a row, SKF has
been listed as one of the world’s most sustainable companies by both the Dow
Jones Sustainability World Index (DJSI) and the Dow Jones Sustainability Index
for Europe. DJSI rated SKF as best in class for the company’s approach to
environmental management. The Dow Jones Sustainability Indexes were launched in
1999 and are longest-running and most prestigious global sustainability
benchmarks worldwide.
“SKF has been listed in the leadership index every year since 2000, and this
reflects our long established focus on integrating sustainability into every
aspect of our business. We are proud to have been a member of this benchmark
since the beginning,” says Tom Johnstone, SKF President and CEO.
SKF defines sustainability as SKF Care, which encompasses Business Care, Environmental
Care, Employee Care and Community Care. SKF BeyondZero is SKF’s strategy
to create a positive impact on the environment. It consists of two simultaneous
approaches:
• to reduce the environmental impact resulting from SKF’s operations
• to provide customers with innovative
technologies, products and solutions that offer improved environmental
performance.
A good example of SKF’s approach to environmental issues can be seen in how the
company applies the BeyondZero strategy to the challenges of climate
change. SKF’s climate strategy includes aggressive targets for reducing
greenhouse gas (GHG) emissions for SKF, its suppliers and logistics operations,
as well as from its customer solutions included in the SKF BeyondZero portfolio.
In 2012, the solutions within the SKF BeyondZero portfolio helped to avoid
1,672,000 tonnes of greenhouse gas emissions.
SKF INDIA REGISTERS SALES OF INR 5290 MILLION IN Q1 2013
2013 Apr 30
The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the first quarter ended March 31st, 2013.
The financial highlights are as given below:
Net Sales for the first quarter ended March 2013 amounted to INR 5290 million registering a growth of 3% as compared to the immediately preceding quarter, though lower by 9% over the corresponding quarter of the previous year.
The Profit before tax for the first quarter ended March 31 excluding exceptional items amounted to INR 624 million registering a growth of 31% over the immediately preceding quarter of, though lower by 37% compared to the corresponding quarter of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director, SKF India said, “The economic uncertainty continued to pose challenges as we moved into the first quarter of 2013 and the demand showed negative buyers across the sectors. Our efforts at enhancing delivered value and improved engagements with our customers, improving operational efficiencies coupled with focused working capital management enabled us to deliver a steady performance. During the current quarter, we have incurred a one time restructuring cost of Rs 221 MINR arising from a VRS scheme for our workmen in Pune and Bengaluru.”
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2012 were SEK 64,757 million and the number of employees was 46,775.
SKF Group started trading operations in India in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF India also has an associate company called SKF Technologies (India) Private Limited providing Sealing Solutions and Industrial Bearings. The company has manufacturing plants in Pune, Bangalore, and Haridwar.
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 recrds 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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
HET |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.