MIRA
INFORM REPORT
|
Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Nariman Bhavan, 8th
Floor 227, Backbay Reclamation Nariman Point, Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
27.04.1962 |
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|
|
|
Com. Reg. No.: |
11-012340 |
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Capital
Investment / Paid-up Capital : |
Rs. 166.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1962PLC012340 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3357Q
|
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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
: |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
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|
|
|
No. of Employees
: |
1580 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 35180000 |
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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 a good track
record. There appears slight dip in the profitability during 2012. However, general financial strength seems to be strong. Liquidity
position appears to be good. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
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) |
|
|
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 : |
Nariman Bhavan, 8th Floor 227,
Backbay Reclamation Nariman Point Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22022144/ 362/ 166/ 66814444-4499 |
|
Fax No.: |
91-22-22027022 |
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E-Mail : |
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|
Website : |
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|
Head Office/ Factory : |
P.O. Maneja, Vadodara – 390013, Gujarat, India |
|
Tel. No.: |
91-265-6602000-2004 |
|
Fax No.: |
91-265-2638804 |
|
E-Mail : |
|
|
|
|
|
Savli Plant : |
Plot No.1 (Alindra),
Savli, GIDC Phase - III, Taluka Savli, Vadodara – 391775, Gujarat, India |
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|
|
|
Postal Address : |
C.P. Patel Finance, J C Patel Estate, Block No. 176, Bharat Baug, Nh
8, Rangoli Crossing, Po Dasrath, Vadodara – 391740, Gujarat, India |
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|
|
|
Sales Office : |
Located at: v Bangalore v Bhubaneshwar v Chennai v Coimbatore v Jamshedpur v Kanpur v Kolkata v Mumbai v New Delhi v Pune v Secunderabad v Udaipur |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Avinash Gandhi |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
October 1, 1938 |
|
Qualification : |
B.Sc. in Mechanical Engineering |
|
Date of Appointment : |
20.04.2006 |
|
DIN No.: |
00161107 |
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|
|
|
Name : |
Mr. Rajendra Anandpara |
|
Designation : |
Managing Director |
|
DIN No.: |
02461259 |
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|
|
|
Name : |
Mr. Bernhard Steinuecke |
|
Designation : |
Director |
|
Date of Birth/ Age : |
29.06.1955 |
|
Qualification : |
Professional qualification in Law, Economics & Taxation |
|
DIN No.: |
01122939 |
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|
|
|
Name : |
Mr. Bruno Krauss |
|
Designation : |
Director |
|
Date of Birth/ Age : |
14.01.1972 |
|
Qualification : |
Professional qualification in Management, Accounting & Taxation |
|
DIN No.: |
02946930 |
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|
|
|
Name : |
Mr. Frank Huber |
|
Designation : |
Director |
|
DIN No.: |
00689169 |
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|
|
|
Name : |
Mr. Wolfgang Dangel |
|
Designation : |
Director |
|
Qualification : |
Degree in Economic |
|
DIN No.: |
02589684 |
|
|
|
|
Name : |
Mr. Moreshwar Digambar Garde |
|
Designation : |
Director |
|
Date of Birth/ Age : |
September 19, 1945 |
|
Qualification : |
Master of
Business Administration (MBA) FIII (Member of Insurance Institute of India)
IRDA's Composite Brokers Exam BE (Electrical) |
|
Date of Appointment : |
25.07.2002 |
|
DIN No.: |
00689103 |
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|
|
|
Name : |
Mr. R. Sampath Kumar |
|
Designation : |
Director |
|
DIN No.: |
00495192 |
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|
|
|
Name : |
Mr. Udo Bauer |
|
Designation : |
Director
(appointed as Additional Director w.e.f. May 25, 2012) |
|
Date of Birth/ Age : |
29.10.1969 |
|
Qualification : |
Professional
qualification in Economics & Mechanical Engineering |
|
DIN No.: |
05287614 |
|
|
|
|
Name : |
Mr. Kamlesh Tapadar |
|
Designation : |
Director (Alternate to Mr. Krauss) |
|
DIN No.: |
00161186 |
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|
|
|
Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Dangel) |
|
DIN No.: |
00161133 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Raj Sarraf |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
8529183 |
51.33 |
|
|
8529183 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
8529183 |
51.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2519066 |
15.16 |
|
|
2891 |
0.02 |
|
|
217352 |
1.31 |
|
|
2675442 |
16.10 |
|
|
4451 |
0.03 |
|
|
3360 |
0.02 |
|
Trusts |
1091 |
0.01 |
|
|
5419202 |
32.61 |
|
|
|
|
|
|
860109 |
5.18 |
|
|
|
|
|
|
1351718 |
8.13 |
|
|
427629 |
2.57 |
|
|
29429 |
0.18 |
|
|
25985 |
0.16 |
|
|
3444 |
0.02 |
|
|
2668885 |
16.06 |
|
Total Public shareholding (B) |
8088087 |
48.67 |
|
Total (A)+(B) |
16617270 |
100.00 |
|
© 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) |
16617270 |
0.00 |
(1) Indian
Bodies Corporate
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
||||
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||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed Capacity Nos.** |
Production # Nos. |
|
Manufactured *** |
|
|
|
(i) Ball and
Roller Bearings |
50957000 |
78324524 |
|
(ii) Manufactured
Components |
-- |
17572803 |
NOTES
** Installed
capacity is as certified by the management on which the auditors have placed
reliance without verification, being a technical matter.
# Includes bearings
partially processed in-house are considered manufactured products in accordance
with The Central Excise Act, 1944.
*** Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the
Company's industrial undertaking is exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. Accordingly, the requirement
concerning disclosure of licensed capacity is not applicable.
GENERAL INFORMATION
|
No. of Employees : |
1580 (Approximately) |
|
|
|
|
Bankers : |
v Union Bank of
India v ICICI Bank
Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Collaborators : |
v
Schaeffler Group, Germany |
|
|
|
|
Holding Company : |
v FAG Kugelfischer
GmbH, Germany |
|
|
|
|
Fellow
Subsidiary / Associate Companies |
v Schaeffler
Australia Pty. Limited, Australia v Schaeffler
Brasil Ltda, Brazil v Schaeffler
Iberia S.L.U, Barcelona v Schaeffler (China)
Company Limited, China v Schaeffler
Holding (China) Company Limited, China v Schaeffler
Trading (Shanghai) Company Limited, China v Schaeffler
(Ningxia) Company Limited, China v Schaeffler
Finland Oy, Finland v Schaeffler
France S.A.S., France v Schaeffler Tech.
AG and Company KG, Germany (formally Schaeffler Technologies GmbH and Company
KG, Germany) v Schaeffler AG,
Germany v Schaeffler
Automotive Aftermarket GmbH and Company oHG, Germany v FAG Industrial
Services GmbH, Germany v WPB Water Pump
Bearing GmbH and Company KG, Germany v FAG Magyarorszag
Ipary KFT, Hungary v Schaeffler Hong
Kong Company Limited, Hong Kong v INA Bearings
India Private Limited, India v FAG Roller
Bearings Private Limited, India v LuK India
Private Limited, India v Schaeffler Bearings
Indonesia, PT, Indonesia v Schaeffler Japan
Company Limited, Japan v Schaeffler Korea
Corporation, Korea v Schaeffler
Mexico, S. de R.L. de C.V., Mexico v Schaeffler
Nederland B.V., Nederland v Schaeffler
Portugal S.A., Portugal v Schaeffler
Philippines Inc., Philippines v SC Schaeffler
Romania S.R.L., Romania v Schaeffler
(Singapore) Pte. Limited, Singapore v Hydrel GmbH,
Switzerland v INA Skalica
Spol. s.r.o, Slovakia v Schaeffler South
Africa (Pty.) Limited, South Africa v Schaeffler
(Thailand) Company Limited, Thailand v The Barden
Corporation, USA v Schaeffler Group
USA Inc. v Schaeffler
Vietnam Company Limited, Vietnam v Schaeffler UK
Limited, UK |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000
Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16818270 |
Equity Shares |
Rs.10/- each |
Rs. 168.200
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16617270 |
Equity Shares |
Rs.10/- each |
Rs. 166.200
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the year
|
|
31.12.2012 |
|
|
Equity shares |
Number |
Amount in Millions |
|
Shares outstanding at the beginning and at the end of the year |
16,617,270 |
166.200 |
|
|
|
|
Rights,
preferences and restrictions attached to equity shares
(i) 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 shareholders are in proportion to its share of paid up equity
capital of the Company.
(ii) On winding up of the Company, the holders of equity shares will be
entitled to receive the residual assets of the Company.
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
|
31.12.2012 |
|
|
Name of
Shareholder |
Number of Shares held |
Amount in Millions |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
85.290 |
|
|
|
|
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
31.12.2012 |
|
|
Name of
Shareholder |
Number of Shares held |
% of total shares |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
51.33 |
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
166.200 |
166.200 |
166.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8628.800 |
7134.200 |
5568.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8795.000 |
7300.400 |
5734.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
64.400 |
31.700 |
29.300 |
|
|
|
|
|
|
|
|
TOTAL |
8859.400 |
7332.100 |
5763.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2791.600 |
1783.200 |
1410.000 |
|
|
Capital work-in-progress |
1135.500 |
568.400 |
61.700 |
|
|
Capital Advance |
0.000 |
0.000 |
24.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
43.500 |
0.000 |
3.200 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1422.100
|
1622.500 |
1270.200
|
|
|
Sundry Debtors |
2547.100
|
2143.000 |
1314.500
|
|
|
Cash & Bank Balances |
1948.200
|
2334.200 |
2880.100
|
|
|
Other Current Assets |
38.900
|
94.200 |
53.200
|
|
|
Loans & Advances |
1509.700
|
1422.500 |
758.400
|
|
Total
Current Assets |
7466.000
|
7616.400 |
6276.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1786.100
|
1754.000 |
1771.700
|
|
|
Other Current Liabilities |
432.900
|
466.600 |
17.100
|
|
|
Provisions |
358.200
|
415.300 |
222.900
|
|
Total
Current Liabilities |
2577.200
|
2635.900 |
2011.700
|
|
|
Net Current Assets |
4888.800
|
4980.500 |
4264.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8859.400 |
7332.100 |
5763.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14466.500 |
13085.500 |
10400.800 |
|
|
|
Other Income |
446.300 |
308.500 |
252.700 |
|
|
|
TOTAL (A) |
14912.800 |
13394.000 |
10653.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4782.900 |
4281.900 |
|
|
|
|
Purchases of Stock-in-Trade |
4045.300 |
3433.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
247.700 |
(141.500) |
|
|
|
|
Employee benefits |
1128.900 |
1011.800 |
|
|
|
|
Other expenses |
2057.600 |
1960.000 |
|
|
|
|
TOTAL (B) |
12262.400 |
10545.900 |
8624.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2650.400 |
2848.100 |
2028.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.000 |
12.600 |
8.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2637.400 |
2835.500 |
2019.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
302.700 |
225.900 |
201.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2334.700 |
2609.600 |
1818.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
742.900 |
849.900 |
603.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1591.800 |
1759.700 |
1215.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4594.000 |
3377.500 |
2609.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
350.000 |
|
|
|
Proposed Dividend |
83.100 |
166.200 |
83.100 |
|
|
|
Income Tax on Dividend |
13.500 |
27.000 |
14.100 |
|
|
|
|
446.6 |
543.2 |
447.2 |
|
|
BALANCE CARRIED
TO THE B/S |
5739.200 |
4594.000 |
3377.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
17.000 |
0.500 |
1.700 |
|
|
|
FOB value of exports |
2008.200 |
1567.500 |
996.800 |
|
|
|
Others |
11.600 |
12.300 |
5.700 |
|
|
TOTAL EARNINGS |
2036.800 |
1580.300 |
1004.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
1711.600 |
1632.200 |
982.000 |
|
|
|
Products Purchased for sale |
3008.600 |
2556.300 |
2204.300 |
|
|
|
Stores & Spares for maintenance of
machinery |
103.200 |
80.200 |
57.000 |
|
|
|
Capital Goods |
711.100 |
719.400 |
83.200 |
|
|
TOTAL IMPORTS |
5534.500 |
4988.100 |
3326.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
95.79 |
105.88 |
73.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
3800.600 |
3561.700 |
3471.200 |
3396.300 |
|
Total Expenditure |
3162.100 |
3045.800 |
3058.000 |
2981.800 |
|
PBIDT (Excl
OI) |
638.500 |
515.900 |
413.200 |
414.500 |
|
Other Income |
117.900 |
121.000 |
94.700 |
72.200 |
|
Operating
Profit |
756.400 |
636.900 |
507.900 |
486.700 |
|
Interest |
3.500 |
3.700 |
2.200 |
2.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
752.900 |
633.200 |
505.700 |
484.600 |
|
Depreciation |
66.300 |
86.000 |
87.600 |
96.100 |
|
Profit
Before Tax |
686.600 |
547.200 |
418.100 |
388.500 |
|
Tax |
224.200 |
177.800 |
121.200 |
134.000 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
462.400 |
369.400 |
296.900 |
254.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
462.400 |
369.400 |
296.900 |
254.500 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.67
|
13.14 |
11.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.14
|
19.94 |
17.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.76
|
27.76 |
23.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.89 |
3.12
|
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 |
No |
|
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 |
FINANCIAL AND OPERATIONAL PERFORMANCE
2012 was a
difficult year. Indian economy slowed down with GDP estimated to grow only at
5% in 2012-13, slowest since a decade. Besides slowing down of economy, factors
such as tight liquidity and generally weak sentiments led to reduced
consumption and investments.
Demand growth of
the Company's products slowed down in 2012 thus limiting top line development.
Increased costs of traded goods due to weakening of Indian Rupee, intense
market competition and lower absorption of fixed costs on account of slower
volume growth put added pressure on margins.
Amid the sluggish
environment, the Company performed reasonably well. Income rose to M 1,491
crores representing growth of 11% (2011: 25%). Profit from ordinary activities
in 2012 was placed at M 233 crores (2011: M 261 crores).
Consistent with
its long-term strategy to invest in qualitative growth, the Company
commissioned a new plant at Savli (near Vadodara) where they commenced
production of Low-friction Ball Bearings. Production of Large Size Bearings and
a new heat treatment plant will go on stream soon. At the existing plant in
Maneja - Vadodara, they ramped up production of advanced Generation 3 Wheel
Bearings, besides investing in various capacity and quality improvement
projects.
The Company
intensified the implementation of MOVE and Fit for Quality programmes as a part
of continuous improvement process to realise the goal of operational
excellence.
Continuing its
emphasis on innovation, R&D and sector approach, the Company was successful
in developing large number of value added and efficient solutions for its
customers in automotive and industrial sectors.
By focusing on
Schaeffler Group's core competencies of innovation, quality, and productivity,
the Company will continue to sharpen its future competitiveness.
The Company will
stay on course with its long-term strategy of investing in development of local
production and R&D capabilities. Leveraging strengths of their robust
processes, and empowered employees, the Company will continue to strive to
become preferred partner to customers in India and thus benefit from India's
growth in medium and long-term.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
In the aftermath
of the slowdown induced by global financial crisis in 2008-09, Indian economy
had shown great resilience to achieve a growth rate of 6.7% in 2008-09.
Supported by Government stimulus, the economy grew smartly at 8.6% and 9.3%
respectively in 2009-10 and 2010-11.
However, rising
consumption coupled with supply side constraints led to near double digit
inflation in 2010 and 2011. This compelled the Reserve Bank of India (RBI) to
maintain a rather stringent monetary policy throughout 2012. High interest
cost, tight liquidity accompanied by weak sentiments led to reduced consumption
and investments.
The growth
forecast for FY 2012-13 has been continuously revised downwardly from the first
estimate of 7.5% GDP growth made by Prime Minister's Economic Advisory Council
in February 2012.
The GDP growth decelerated
from 5.5% in Q1 2012-13 to 5.3% in Q2 2012-13. This has forced CSO (Central
Statistical Office) to revise its growth outlook for 2012-2013 downwards to 5%
- the lowest since a decade.
Faced by the
slowdown in growth and risk of credit down rating, the Government of India
announced some reforms over the last few months to revive investments and
sentiments. These reforms though are unlikely to lead to sharp economic
recovery in short-term.
On the whole, the
year 2012 remained a year of economic uncertainties and weak sentiments.
Measures now being taken by the Government of India to stabilise economy and
revive sentiments are in the right direction and will have positive effect in
medium and long-term.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Rolling bearings
are required wherever there is motion. Bearings thus play a critical role in
industrial progress.
During 2011,
Indian Bearing market size was estimated at M 85 billion (imports evaluated
inclusive of duties). While accurate estimates of bearing demand for 2012 are
yet not available, the first estimates are placed in the range of M 80-85
billion i.e. demand development in the year 2012 remained more or less flat.
During the year,
production of the organised Bearing Industry as represented under BRBMA (Ball
and Roller Bearing Manufacturers' Association) was placed at M 43 billion.
It is difficult to
arrive at an accurate estimation of production of unorganised sectors as there
are number of players who mainly cater to requirements in replacement sector
besides supplying to certain niche demands.
Imports comprise
approximately 40%-45% of bearing demand in India. Over the last few years
imports from Asian countries, especially China, have significantly increased.
Rolling bearings
find applications in Automotive and Industrial sectors. Aftermarket requirement
from Automotive and Industrial sectors constitute approximately 35% of total
bearing demand.
AUTOMOTIVE SECTOR
After registering
smart growth in 2010 and 2011, the automotive growth slowed down in 2012.
Rising interest rates and fluctuating fuel prices coupled with the negative
global and local economic sentiments have been the main reasons for this
slowdown.
OUTLOOK:
Despite the current
subdued mood in the automobile sector, medium and long-term prospects of the
Automotive Industry remain very positive. Economic expansion, rising
aspirations, disposable income of the middle-income households and rural
prosperity will continue to drive demand for personal and mass mobility.
Automotive Industry should return to fast track soon.
INDUSTRIAL SECTOR
Overall industrial development in 2012 remained very sluggish.
Index of
Industrial Production (IIP) showed negative development during 7 out of 12
months in 2012.
The production of
capital goods such as machinery and equipment, electrical machinery etc.
contracted due to slowdown in investment, decline in new projects and
increasing global competition.
In the
Infrastructure Industries, production of coal, natural gas and fertilisers was
well below the expectations. A large number of public / private sector projects
have been delayed due to issues related to land acquisition, regulatory
clearances, etc.
OUTLOOK:
It is yet not
clear if IIP growth development has reached the bottom. It is expected that due
to Government's initiatives to contain deficit, the inflation will stabilise in
coming months thus encouraging RBI to relax interest rates and spur industrial
development.
Incentives given
in the budget towards investments, speedier clearances of project and removal
of bottlenecks will lead to positive climate. The Indian infrastructure
industry needs substantial improvement and offers immense potential for
long-term growth.
Restoration of
generation based incentives augurs well for revitalisation of renewable
industry.
Developments in
Agricultural Machinery sector have always been cyclic. Since 2012, this sector
is going through a lean patch. Good monsoon and adequate availability of rural
finance are prerequisites for a reasonable recovery of this sector in 2013.
In the Rail
sector, growing demand for effective mass mobility solutions continues to lead
to steady and long-term development of the sector.
FINANCE
Despite the sluggish
market environment, their Company's turnover rose to M 1491 crores representing
growth of 11% (2011: 25%). Profit from ordinary activities in 2012 was placed
at M 233 crores (2011: M 261 crores).
Their Company has
been consistently practising sensible finance and working capital management
that gives us assurance and confidence to take up new projects and give courage
to face challenges. The Company has structured Forex risk assessment and
mitigation plans in existence, which helped in hedging negative impact of
currency fluctuation in 2012.
Their Company's
structured financial policy has helped in setting up a new manufacturing
facility at Savli, without dependence on any external funding. The strong focus
on working capital and liquidity management has helped timely generation of
sufficient internal cash flow to meet long-term strategic objectives.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2013
|
Sr. No. |
Particulars |
Mar. 31, 2013 |
|
|
a) Net sales / Income from Operations |
3382.900 |
|
b) Other Operating Income |
13.400 |
|
|
|
Total income
from operations (Net) |
3396.300 |
|
2 |
Expenses |
|
|
a) Cost of materials consumed |
1195.000 |
|
|
b) Purchase of Stock-in-trade |
903.000 |
|
|
c) Changes in inventories of finished
goods, Work-in-Progress and stock-in-trade |
33.600 |
|
|
d) Employees benefit expense |
299.400 |
|
|
e) Depreciation and amortisation expense |
96.100 |
|
|
f) Other expenses |
550.800 |
|
|
|
Total expenses |
3077.900 |
|
3 |
Profit from Operations before Other
Income, finance costs and Exceptional Items (1-2) |
318.400 |
|
4 |
Other Income |
72.200 |
|
5 |
Profit from ordinary activities before finance
costs and exceptional items (3+4) |
390.600 |
|
6 |
Finance cost |
2.100 |
|
7 |
Profit from ordinary activities after
finance costs but before exceptional items (5-6) |
388.500 |
|
8 |
Exceptional Items |
- |
|
9 |
Profit from Ordinary Activities before tax
(7-8) |
388.500 |
|
10 |
Tax expense |
134.000 |
|
11 |
Net Profit from Ordinary Activities after
tax (9-10) |
254.500 |
|
12 |
Extraordinary Items (Net of tax expense) |
- |
|
13 |
Net
Profit for the period (11-12) |
254.500 |
|
14 |
Paid-up equity share capital |
166.200 |
|
15 |
Reserves excluding Revaluation Reserves as
per balance sheet of previous accounting year |
- |
|
16i |
Earnings per share (before extraordinary
items) |
|
|
a) Basic |
15.31 |
|
|
b) Diluted |
15.31 |
|
|
16ii |
Earnings per share (After extraordinary
items) |
|
|
a) Basic |
15.31 |
|
|
b) Diluted |
15.31 |
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
- Number of shares |
8088087 |
|
|
- Percentage of shareholding |
48.7 |
|
|
2 |
Promoters and promoter group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
|
|
- Percentage of shares (as a % of the
total shareholding of promoter and promoter group) |
- |
|
|
- Percentage of shares (as a % of the
total share capital of the company) |
- |
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
8529183 |
|
|
- Percentage of shares (as a % of the
total shareholding of promoter and promoter group) |
100 |
|
|
- Percentage of shares (as a % of the
total share capital of the company) |
51.3 |
|
|
Particulars |
3 Months Ended |
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
Pending at the beginning of the quarter |
- |
|
|
Received during the quarter |
- |
|
|
Disposed of during the quarter |
- |
|
|
Remaining unresolved at the end of the
quarter |
- |
Notes:
1. The business of the Company falls under a single primary segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.
2. The figures for the preceding 3 months ended December 31, 2012 are the balancing figure between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of previous financial year. Also, the figures up to the end of third quarter were reviewed and not subjected to audit.
3. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on April 25, 2013.
4. The Statutory Auditors have performed a "Limited Review" of the above financial results for the three months ended March 31, 2013.
5. The figures of the previous periods have been regrouped wherever necessary to conform to the current period's presentation.
CONTINGENT
LIABILITIES:
Claims against the
Company not acknowledged as debts:
(a) Employees and ex-employees related matters:
v Matters pending in
labour court / civil court / high court for reinstatement of service / recovery
of salary M 116.000 million (2011: M 96.200 million);
v Applicability of
Provident Fund on certain benefits to employees M 190.400 million (2011: M
155.900 million);
v Demand for
discontinuing of contract system and for differential wages M 102.600 million
(2011: M 83.000 million);
v Applicability of
Employees State Insurance on certain benefits paid to the employees M 6.900
million (2011: M 6.000 million).
(b) Sales Tax:
For non receipt of
C Forms and rejection of Company's claim of certain sales as exempt sales in
respect of assessment years 2003-04, 2004-05, 2005-06, 2006-07, 2007-08 and
2008-09 M 36.300 million (2011: M 22.800 million).
(c) Excise and Service Tax:
Excise
(i) In respect of
matters decided against the Company, for which the Company is in appeal with
higher authorities M Nil (2011: M 0.6 million).
Service Tax
(ii) In respect of
matters where the Company has received favourable orders / partial relief from
the First Appellate authorities but the Central Excise and Customs Department
is pursuing further with higher Appellate authorities (excluding the matters if
not ultimately allowed, would be allowed in the following assessment years) M
1.900 million (2011: M 1.800 million).
(d) Income Tax:
(i) In respect of
matters decided against the Company, for which the Company is in appeal with
higher authorities M 82.800 million (2011: M 96.800 million).
(ii) In respect of
matters where the Company has received favourable orders / partial relief from
the First Appellate authorities but the Income Tax Department is pursuing
further with higher Appellate authorities (excluding the matters if not
ultimately allowed, would be allowed in the following assessment years) M
159.300 million (2011: M 151.800 million).
FIXED ASSETS:
v Freehold Land
v Leasehold Land
v Buildings
v Plant and
Equipment
v Furniture &
Fixtures
v Office Equipments
v Vehicles
v Software
v Technical know-how
fees
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declration :
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. 56.64 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 73.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.