1. Summary Information
|
Country |
|
||
|
Company Name |
RANE TRW
STEERING SYSTEMS LIMITED |
Principal Name 1 |
Mr. Lakshman Lakshminarayan |
|
Status |
Good |
Principal Name 2 |
Mr. Ganesh Lakshminarayan |
|
Registration # |
18-014600 |
||
|
Street Address |
Maithari 132, Cathedral Road, Chennai- 600086, Tamilnadu, India |
||
|
Established Date |
03.07.1987 |
SIC Code |
-- |
|
Telephone# |
91-44-28112472 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-28112449 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Automobile Equipments |
|
|
# of employees |
2000 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
87,382,460/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings - 50% Bodies corporate – 50% |
Banking |
HDFC
Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
26 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A
(65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint venture |
United States |
TRW Automotive JV LLC |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,082,700,000 |
Current Liabilities |
875,800,000 |
|
Inventories |
588,000,000 |
Long-term Liabilities |
224,300,000
|
|
Fixed Assets |
1,356,300,000 |
Other Liabilities |
163,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,263,500,000 |
|
Invest& other Assets |
133,700,000 |
Retained Earnings |
1,809,800,000 |
|
|
|
Net Worth |
1,897,200,000 |
|
Total Assets |
3,160,700,000 |
Total Liab. & Equity |
3,160,700,000 |
|
Total Assets (Previous Year) |
2,953,200,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
6276,900,000 |
Net Profit |
489,100,000 |
|
Sales(Previous yr) |
5747,200,000 |
Net Profit(Prev.yr) |
509,800,000 |
MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
RANE TRW STEERING SYSTEMS LIMITED
(w.e.f. 13.03.1997) |
||
|
|
|
||
|
Formerly Known
As : |
RANE POWER STEERING LIMITED |
||
|
|
|
||
|
Registered
Office : |
Maithari 132, |
||
|
|
|
||
|
Country : |
|
||
|
|
|
||
|
Financials (as
on) : |
31.03.2012 |
||
|
|
|
||
|
Date of
Incorporation : |
03.07.1987 |
||
|
|
|
||
|
Com. Reg. No.: |
18-014600 |
||
|
|
|
||
|
Capital
Investment / Paid-up Capital : |
Rs.87.400 millions |
||
|
|
|
||
|
CIN No.: [Company Identification
No.] |
U35999TN1987PLC014600 |
||
|
|
|
||
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER05581C |
||
|
|
|
||
|
PAN No.: [Permanent Account No.] |
AAACR3147C |
||
|
|
|
||
|
Legal Form : |
A Closely Held Public Limited Liability Company |
||
|
|
|
||
|
Line of Business
: |
Manufacturer and Exporter of Automobile Equipments like Power
Steering, Gear, Pumps and PRP. |
||
|
|
|
||
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 7600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track record. Directors are reported to be experience and respectable businessmen. Financials position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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 PARTED BY
|
Name : |
Mr. Jayaraman |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-9840111506 |
|
Date : |
19.06.2013 |
LOCATIONS
|
Registered Office : |
Maithari 132, |
|
Tel. No.: |
91-44-28112472 |
|
Fax No.: |
91-44-28112449 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
45, |
|
Tel No.: |
91-44-24994390 |
|
Fax No.: |
91-44-24994409 |
|
|
|
|
Factory : |
St. Thomar Mount, Chennai - 600016, |
|
|
|
|
Factory 1 : |
FIG and |
|
|
|
|
Factory 2 and 3 : |
Pump and PRP Division 38th KM Stone, |
|
|
|
|
Factory 4 : |
Seat Belt Division 48th KM Stone, GST Road
Singaperumalkoil, Kanchepuram District – 603204, Tamilnadu, |
|
|
|
|
Factory 5 : |
Uttarakhand Division Plot No, 46-51, Sector IV, IIE SIDCUL Pant Nagar,
uttarakhand – 263153, India |
DIRECTORS
As on 08.08.2012
|
Name : |
Mr. Lakshman Lakshminarayan |
|
Designation : |
Nominee Director |
|
Address : |
06, Crescent Street, Arch Bishop Mathias, Avenue Abhiramapuram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
17.07.1946 |
|
Qualification : |
B.E. Executive MBA, London Business School |
|
Date of Appointment : |
03.07.1987 |
|
PAN No.: |
AACPL6344C |
|
DIN No.: |
00012554 |
|
|
|
|
Name : |
Mr. Ganesh Lakshminarayan |
|
Designation : |
Nominee Director |
|
Address : |
Door No.5A, Valliammai Achi Road, Kotturpuram, Chennai - 600085, Tamilnadu, India |
|
Date of Birth/Age : |
18.03.1954 |
|
Qualification : |
B.Com, ACA,MBA |
|
Date of Appointment : |
03.07.1987 |
|
DIN No.: |
00012583 |
|
|
|
|
Name : |
Mr. Harish Lakshman |
|
Designation : |
Managing Director |
|
Address : |
G-B, #11, 2nd Street, Prithvi Avenue, Chennai-600018, Tamilnadu, India |
|
Date of Birth/Age : |
12.02.1974 |
|
Qualification : |
B.E.,MSM (Purdue University, USA) |
|
Experience : |
13 Years |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AAVPH7985E |
|
DIN No.: |
00012602 |
|
|
|
|
Name : |
Mr. Mark Stewart Wynn |
|
Designation : |
Director |
|
Address : |
527, Cumberland Ridge Dr. Knoxville, USA- 37922 |
|
Date of Birth/Age : |
06.11.1967 |
|
Qualification : |
BS, Engineering - Vanderbilt University MBA, Operations and Finance – University of Tennessee |
|
Date of Appointment : |
27.07.2006 |
|
DIN No.: |
00553822 |
|
|
|
|
Name : |
Matthias Gothe |
|
Designation : |
Nominee Director |
|
Address : |
6823, Domain (West), Bloomfield, MI USA 48322 - 1394 |
|
Date of Birth/Age : |
16.08.1972 |
|
Date of Appointment : |
23/04/2012 |
|
DIN No.: |
05228303 |
|
|
|
|
Name : |
Mr. Alexander Heilig |
|
Designation : |
Director |
|
Address : |
Flat No. 10 & 11, 4th Floor, Precious Gem Society, Lane#6, North Main Road, Koregaon Park, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
19.04.1968 |
|
Qualification : |
Diploma Degree in Mechanical Engineering Fachhochschule Esslingen Germany 1994 |
|
Date of Appointment : |
25.03.2011 |
|
DIN No.: |
03496011 |
|
|
|
|
Name : |
Mr. Michael William Kelly |
|
Designation : |
Alternate Director |
|
Address : |
422, Winterham Drive, Abingdon, VA USA 24211 |
|
Date of Birth/Age : |
06.01.1961 |
|
Date of Appointment : |
23.04.2012 |
|
DIN No.: |
05249030 |
|
|
|
|
Name : |
Mr. Christophe Andre Georges Marnat |
|
Designation : |
Additional Director |
|
Address : |
Adolf Murthum Strabe 71, Leinfelden Echterdingen Germany 70771 |
|
Date of Birth/Age : |
04.07.1973 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No.: |
05345391 |
KEY EXECUTIVES
|
Name : |
Mr. Gnanasambandam B |
|
Designation : |
Secretary |
|
Address : |
Block 2/4E, Orchid Ceebros Apartment, 263/33 Velachery Main Road, Chennai-600042,
Tamilnadu, India |
|
Date of Birth/Age : |
05.06.1967 |
|
Date of Appointment : |
01.12.2011 |
|
PAN No.: |
AFBPG5183N |
|
|
|
|
Name : |
Mr. Jayaraman |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Trw Automotive JV LLC, USA |
|
4369123 |
|
Rane Holdings Limited, India |
|
4369118 |
|
L Lakshman * |
|
1 |
|
L Ganesh * |
|
1 |
|
Harish Lakshman * |
|
1 |
|
N Krishnamoorthy * |
|
1 |
|
C. Siva |
|
1 |
|
Total |
|
8738246 |
* Nominee of Rane Holdings Limited
As on 08.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobile Equipments like Power
Steering, Gear, Pumps and PRP. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Products : |
Automobile Equipments like Power Steering, Gear, Pumps and PRP |
||||||||||
|
Countries : |
· Kolambia · Asian Country |
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Products : |
Raw Material |
||||||||||
|
Countries : |
· Europe · US · Korea · Romania |
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
Cash and Credit |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
2000 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Yes Bank Limited, Chennai, Tamilnadu, India · Citi Bank, Chennai, Tamilnadu, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Note: Short Term Borrowings Cash Credit secured by first charge on stocks and book debts on a pari passu basis. Working Capital facility availed are secured by a first charge on inventories and book debts and second charge on fixed assets, present and future. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
ASV Tower, 7th Floor, Old No.37, New No.52, Venkatanarayana
Road, T Nagar, Chennai- 600017, Tamilnadu, India |
|
Pan No.: |
AACFD3771D |
|
|
|
|
Joint venture : |
· TRW Automotive JV LLC, United States · Rane Holdings Limited, India * CIN No.: L35999TN1936PLC002202 * Consequent to the amalgamation of Rane Investments Limited with Rane Holdings Ltd with effect from 1st April 2009, Rane Holdings Limited had acquired 50% shares in Rane TRW Steering Systems Limited. |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Rane (Madras) Limited, India CIN No.: L65993TN2004PLC052856 · Rane Brake Linings Limited · Rane Foundation, India |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Share |
Rs.10/- Each |
Rs.90.000 millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8804000 |
Equity Share |
Rs.10/- Each |
Rs.88.000
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8738246 |
Equity Share * |
Rs.10/- Each |
Rs.87.400
millions |
|
|
|
|
|
* Includes 100,000 Equity shares allotted as fully paid for consideration other than cash pursuant to the amalgamation with erstwhile TRW Rane Occupant Restraints Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
87.400 |
87.400 |
|
(b) Reserves & Surplus |
|
1809.800 |
1647.600 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
58.500 |
29.900 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
29.400 |
29.600 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
224.300 |
35.000 |
|
(b) Trade
payables |
|
604.100 |
612.200 |
|
(c) Other
current liabilities |
|
271.700 |
346.400 |
|
(d) Short-term
provisions |
|
75.500 |
165.100 |
|
TOTAL |
|
3160.700 |
2953.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1309.600 |
1181.200 |
|
(ii)
Intangible Assets |
|
46.700 |
58.900 |
|
(iii)
Capital work-in-progress |
|
56.300 |
53.200 |
|
(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 |
|
157.200 |
188.200 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
77.400 |
30.300 |
|
(b)
Inventories |
|
588.000 |
527.500 |
|
(c) Trade
receivables |
|
789.200 |
755.900 |
|
(d) Cash
and cash equivalents |
|
12.700 |
46.900 |
|
(e)
Short-term loans and advances |
|
122.200 |
111.100 |
|
(f) Other
current assets |
|
1.400 |
0.000 |
|
TOTAL |
|
3160.700 |
2953.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
87.382 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1389.907 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1477.289 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
35.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
35.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
58.618 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1570.907 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1061.466 |
|
|
Capital work-in-progress |
|
|
28.154 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
287.841 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
426.900
|
|
|
Sundry Debtors |
|
|
444.373
|
|
|
Cash & Bank Balances |
|
|
61.246
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
164.911
|
|
Total
Current Assets |
|
|
1097.430
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
458.452
|
|
|
Current Liabilities |
|
|
201.786
|
|
|
Provisions |
|
|
243.746
|
|
Total
Current Liabilities |
|
|
903.984
|
|
|
Net Current Assets |
|
|
193.446
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1570.907 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6276.900 |
5747.200 |
3981.971 |
|
|
|
Other Income |
42.600 |
73.200 |
76.392 |
|
|
|
TOTAL (A) |
6319.500 |
5820.400 |
4058.363 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3730.700 |
|
|
|
|
|
Employee benefit expense |
509.900 |
436.900 |
|
|
|
|
Other expenses |
1144.000 |
1036.900 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(28.400) |
(13.300) |
|
|
|
|
TOTAL (B) |
5356.200 |
4902.500 |
3269.570 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
963.300 |
917.900 |
788.793 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.400 |
6.900 |
1.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
949.900 |
911.000 |
787.038 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
223.200 |
189.900 |
173.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
726.700 |
721.100 |
613.684 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
237.600 |
211.300 |
211.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
489.100 |
509.800 |
402.549 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
277.900 |
73.300 |
17.381 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
48.900 |
|
|
|
|
|
Interim Dividend on Equity Shares |
196.600 |
87.400 |
|
|
|
|
Proposed Dividend on Equity shares |
87.400 |
131.00 |
346.616 |
|
|
|
Tax on Dividend |
46.100 |
35.800 |
|
|
|
BALANCE CARRIED
TO THE B/S |
388.000 |
277.900 |
73.312 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
780.900 |
728.100 |
10.127 |
|
|
TOTAL EARNINGS |
780.900 |
728.100 |
10.127 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
875.400 |
871.400 |
822.505 |
|
|
|
Capital Goods |
42.900 |
114.600 |
6.501 |
|
|
TOTAL IMPORTS |
918.300 |
986.000 |
829.006 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
55.97 |
58.34 |
46.07 |
|
|
Particulars |
|
|
31.03.2013 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
6300.000 |
|
|
|
|
|
Expected Sales (2013-2014) : Rs. 6800.000 millions
The above information has been parted by Mr. Jayaraman (Purchase
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.74
|
8.76 |
9.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.58
|
12.55 |
15.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.41
|
24.87 |
28.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.42 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.27 |
1.21 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CORPORATE INFORMATION:
Subject is formed through Joint venture with Rane Holding Limited and TRW Automotive JV LLC, USA. The company is into manufacturing power steering gear systems and safety seat belt systems catering to the automotive industry at large.
FINANCIAL PERFORMANCE
During the year, the Company’s sales grew by 8.76% when compared to the previous year.The Profit before tax marginally improved by 0.78% over the previous year. Earnings per share was lower at Rs. 55.97 as against Rs. 58.34 in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The Company is engaged in the manufacture and marketing of auto components. Steering Gear Division (SGD) manufactures fully integrated hydraulic steering gears, hydraulic pumps, power-rack and pinion, power steering fluid and Seat Belt Division (SBD) manufactures safety seat belts and plastic reservoirs.
INDUSTRY
STRUCTURE, DEVELOPMENTS AND PERFORMANCE
Domestic automobile market had a mixed year in 2011-12 with only select vehicles reaching the expected industry growth estimates. Overall the market grew by 14%. Though the Passenger Car and Medium and Heavy Commercial Vehicles (MandHCV) showed a sluggish growth during the year due to continuously increasing interest rates, the gap was made up by the growth in other categories like Small Commercial Vehicles and Light Commercial Vehicles.
INDUSTRY GROWTH
DOMESTIC
MARKET
The stable growth in the domestic market necessitated the Company to optimize and scale up the operations. The Company was well prepared to meet the increase in demand and achieved an overall growth of 9.05%. An unexpected labour unrest at one of their customer’s manufacturing locations significantly impacted Seat Belt Division?s projections causing a marginal decline in revenues.
EXPORTS
The overall economic activity marginally improved in the United States in the year 2011. SGD earned Rs. 96.41 crores from the export sales, up 7.27 % compared with the last year. The Company is the exclusive supplier of Power Rack and Pinion gear to Renault Duster utility vehicles for the European and South American markets.
OPERATIONAL
AND FINANCIAL PERFORMANCE
FINANCIAL
REVIEW
In the fiscal year ended March 2012, the combined net sales from steering gear division (SGD) and seat belt division (SBD) businesses stood at Rs. 619.62 crores, a growth 8.76% over the previous year, and the Profit Before Tax was Rs. 72.67 crores, a marginal increase of 0.78% over the previous year. The sales from the new products generated 25.23% of the total sales, a decline of 10.10% over the previous year.
The Company continued to focus on operational efficiencies to improve productivity and implemented cost control measures through innovative practices at the shop floor level to sustain growth and record profitability for the year under review. In this context, the Company is considering outsourcing non-core operations to increase efficiency of operations and reduce costs. Impact of volatile foreign currency exchange rates and high interest costs were managed through effective hedging of foreign currency exposures and sourcing low cost funds.
OPERATIONS AND
MANUFACTURING REVIEW
The Total Quality Management (TQM) is a way of life in the Company and is embedded in the core organizational functioning. 'Customer delight through total quality' is the prime motto of the Company. Excellence in quality is achieved through continuous quality improvement with TQM, Lean Production Systems (LPS), Total Productive Maintenance (TPM), Kaizen, QC story, 7 QC tools, Pokayoke and the Statistical tools. SBD has implemented the comprehensive Poka-yoke for its assembly line covering minute and specific details of the operations. The Company has recognized that Total Employee Involvement (TEI) is key to remain successful in TQM process. The Quality Circles and Cross Functional Teams (CFT) have helped to resolve issues pertaining to manufacturing and quality. The best employee suggestions and practices are shared across the functions. In the year under review the number of suggestions received per employee improved, resulting in generating an average 3.25 projects compared to 3.1 projects in the previous year. Active efforts are undertaken to indigenously construct plant and machinery with locally available resources. Value Analysis (VA)/Value Engineering (VE) techniques are rigorously practiced in the manufacturing to achieve the desired cost structure. The Company takes rigorous efforts to customize and build plant and machineries using domestic materials to reduce the capex requirements. In the year under review, SBD successfully integrated Right Hand Side and Left Hand Side assembly lines into one single assembly line that is capable of processing both the Right Hand Side and Left Hand Side seat belts at the same time. This achievement has resulted in higher productivity and operational efficiency.
The awards and certifications received is a testimony for its eminence in manufacturing and quality, which includes the coveted JQM and Ford Q1 awards.
'The Japan Quality Medal, 2011' was received by RTSSL on 9th November 2011 at the JUSE (Union of Japanese Scientists and Engineers) at Tokyo, Japan. This award is the highest honour in recognition for excellence in Business through best quality of management by the Company. RTSSL is 21st Company globally to receive this award since the inception 1970; 3rd in India and first in Rane Group.
OUTLOOK
The growth in domestic automotive industry, especially in passenger car and commercial vehicle categories could be adversely affected in the short term. In the medium term, the Company anticipates the demand to moderately increase for hydraulic power steering (HPS) and safety seat belt. The Company is capable of scaling up the operations to fulfil volumes.
RTSSL is proactively working on new product development anticipating future markets and requirements of customers. SGD is considering applications of electrical technology for hydraulic power steering systems (EPHS). EPHS systems have distinct advantages of both electrical mpower steering systems (EPS) and hydraulic power steering systems (HPS) into one integrated unit. SBD is developing new technologies for applications in Pre-tensioner belts, Child Restraint Seat Belts and Seat Integrated seat belts.
The demand from OEM market is expected to continue to drive sales of hydraulic power steering and safety seat belt. RTSSL is fully capable of scaling up operations to meet demand for hydraulic power steering and safety seat belt.
Fuel efficiency, better driving comfort, enhanced vehicle control and low noise level are the basic features expected of the new generation vehicles which will also be the focus of the Company?s research and development. The Company is well positioned to develop and sell products for the new generation vehicles. The concerns of liquidity, high inflation, weak rupee, volatile oil price and high interest rate may negatively affect the growth sentiments of the auto industry. The company is well placed to evaluate these conditions and to address any specific issue affecting the growth.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Short Term
Borrowings |
|
|
|
Buyers credit |
96.700 |
0.000 |
|
Total |
96.700 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U35999TN1987PLC014600 |
|
Name of the
company |
RANE TRW STEERING
SYSTEMS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Maithari 132, E-mail: c.siva@rane.co.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80063980 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India E-mail: nitin.malviya@hdfcbank.com
|
|
Nature of
instrument creating charge |
Supplemental deed
of Hypothecation of stock and book debts |
|
Date of instrument
Creating the charge |
10.04.2013 |
|
Amount secured by
the charge |
Rs. 600.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit-per prevailing
rates + interest tax and any other statutory levy if applicable. WCDL- stipulated
by the bank at the time of disbursement for each tranche LC-prevailing
rates Terms of Repayment CC- On demand WCDL- As a bullet
payment on the maturity date Tenor: WCDL/BC - 180
days LC- 180 days
usance/sight Margin CC/WCDL - 25% as
per the consortium / MBA arrangement Extent and Operation of the charge Hypothecation by
way of first charge on all the stock and book debts of the company both
present and future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first charge on all the stock and book debts of the company both
present and future. |
|
Date of instrument
modifying the charge |
22.09.2011 |
|
Particulars of
the present modification |
By way of the
present modification the working capital limits have been enhanced from Rs
150.000 millions to Rs 600.000 millions |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
A) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) |
182.500 |
138.400 |
|
B) Letters of Credit Outstanding |
2.400 |
3.200 |
|
C) Outstanding Bills for Collection |
112.200 |
0.000 |
|
D) Bills Discounted (netted off against Sundry Debtors) |
347.300 |
547.900 |
|
E) Excise, Sales Tax, Service Tax, Provident Fund, Income Tax, Wealth Tax Act claims under Appeal |
47.500 |
64.600 |
FIXED ASSETS
¯
Tangible
Assets
· Land - Freehold
· Land - Leasehold
· Buildings
· Plant and Equipment
· Furniture and fittings
· Office Equipment
· Vehicles
¯
Intangible
Assets
· Software
· Design and Drawings
·
Licenses
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.