1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Fag
Bearings India Limited |
Principal Name 1 |
Mr. Avinash Gandhi |
|
Status |
Good |
Principal Name 2 |
Mr. Rajendra Anandpara |
|
|
|
Registration # |
11-012340 |
|
Street Address |
Nariman Bhavan, 8th
Floor 227, Backbay Reclamation Nariman Point, Mumbai - 400021, Maharashtra,
India |
||
|
Established Date |
27.04.1962 |
SIC Code |
-- |
|
Telephone# |
91-22-22022144/
362/ 166 |
Business Style 1 |
Manufacturing
|
|
Fax # |
91-22-22027022 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Ball
and Roller Bearings |
|
|
# of employees |
1456 (Approximately) |
Product Name 2 |
Components |
|
Paid up capital |
Rs.166,172,700/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group - 51.33%, Public Shareholding- 48.67% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
51 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A
(65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
Germany |
FAG Kugelfischer GmbH |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,499,300,000 |
Current Liabilities |
2,279,500,000 |
|
Inventories |
1,622,500,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
1,783,200,000 |
Other Liabilities |
395,100,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,674,600,000 |
|
Invest& other Assets |
1,070,000,000 |
Retained Earnings |
7,134,200,000 |
|
|
|
Net Worth |
7,300,400,000 |
|
Total Assets |
9,975,000,000 |
Total Liab. & Equity |
9,975,000,000 |
|
Total Assets (Previous Year) |
7,775,600,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
12,993,300,000 |
Net Profit |
1,759,700,000 |
|
Sales(Previous yr) |
10,400,800,000 |
Net Profit(Prev.yr) |
1,215,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Nariman Bhavan, 8th
Floor 227, Backbay Reclamation Nariman Point, Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
27.04.1962 |
|
|
|
|
Com. Reg. No.: |
11-012340 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.166.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1962PLC012340 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDF00097G BRDF00184C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3357Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing
and Marketing of Ball and Roller Bearings and Components. |
|
|
|
|
No. of Employees
: |
1456 (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 29000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having a fine track record.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. 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 – 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 - 400 021, |
|
Tel. No.: |
91-22-22022144 /
362/ 166 |
|
Fax No.: |
91-22-22027022 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Factory : |
P.O. Maneja,
Vadodara – 390013, Gujarat, India |
|
Tel. No.: |
91-265-6602000/ 2004 |
|
Fax No.: |
91-265-2638804 |
|
E-Mail : |
|
|
|
|
|
Sales Office : |
Located at: v
Bangalore v
Bhubaneshwar v
Chennai v
v
Jamshedpur v
Kanpur v
Kolkata v
Mumbai v
New Delhi v
Pune v
Secunderabad v
Udaipur |
|
|
|
DIRECTORS
AS ON 31.12.2011
|
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 |
|
|
|
|
Name : |
Mr. Rajendra Anandpara |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Bernhard Steinuecke |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bruno Krauss |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Frank Huber |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Wolfgang Dangel |
|
Designation : |
Director |
|
Qualification : |
Degree in Economic |
|
|
|
|
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 |
|
Date of Appointment : |
25.07.2002 |
|
DIN No.: |
00689103 |
|
|
|
|
Name : |
Mr. Kamlesh Tapadar |
|
Designation : |
Director (Alternate to Mr. Krauss) |
|
|
|
|
Name : |
Mr. R. Sampath Kumar |
|
Designation : |
Director (Alternate to Mr. Huber) |
|
|
|
|
Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Dangel) |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Raj Sarraf |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2012)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
2604656 |
15.67 |
|
|
3496 |
0.02 |
|
|
217352 |
1.31 |
|
|
2518925 |
15.16 |
|
|
|
|
|
|
4263 |
0.03 |
|
|
3360 |
0.02 |
|
|
903 |
0.01 |
|
|
5348692 |
32.19 |
|
|
|
|
|
|
|
|
|
|
891708 |
5.37 |
|
|
|
|
|
|
|
|
|
|
1420924 |
8.55 |
|
|
394306 |
2.37 |
|
|
32457 |
0.20 |
|
|
23900 |
0.14 |
|
|
8557 |
0.05 |
|
|
2739395 |
16.49 |
|
|
|
|
|
Total Public
shareholding (B) |
8088087 |
48.67 |
|
|
|
|
|
Total (A)+(B) |
16617270 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
16617270 |
100.00 |
(1) Indian
Bodies Corporate
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of Ball and Roller Bearings and Components. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
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 : |
1456 (Approximately) |
|
|
|
|
Bankers : |
·
Union Bank of India ·
ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Holding Company: |
· FAG Kugelfischer GmbH, Germany |
|
|
|
|
Fellow
Subsidiary/ Associate Companies : |
· Schaeffler Australia Pty. Limited, Australia · Schaeffler Brasil Ltda, Brazil · Schaeffler (China) Company Limited, China · Schaeffler Holding (China) Company Limited, China · Schaeffler Trading (Shanghai) Company Limited, China ·
Schaeffler
Technologies GmbH and Company KG, Germany ·
Schaeffler Tech.
AG and Company KG, Germany ·
Schaeffler AG,
Germany ·
Schaeffler
Automotive Aftermarket GmbH and Company OHG, Germany ·
FAG Industrial
Services GmbH, Germany ·
WPB Water Pump
Bearing GmbH and Company KG, Germany ·
FAG Magyarorszag
Ipary KFT, Hungary ·
Schaeffler Hong Kong
Company Limited, Hong Kong ·
INA Bearings India
Private Limited, India ·
FAG Roller
Bearings Private Limited, India ·
LuK India Private
Limited, India ·
Schaeffler
Bearings Indonesia, PT, Indonesia ·
Schaeffler Japan
Company Limited, Japan ·
Schaeffler Korea
Corporation, Korea ·
Schaeffler Mexico,
S. de R.L. de C.V., Mexico ·
Schaeffler
Nederland B.V., Nederland ·
Schaeffler
Portugal S.A., Portugal ·
Schaeffler
Philippines Inc., Philippines ·
SC Schaeffler
Romania S.R.L., Romania ·
Schaeffler
(Singapore) Pte. Limited, Singapore ·
Hydrel GmbH,
Switzerland ·
Schaeffler South
Africa (Pty.) Limited, South Africa · Schaeffler (Thailand) Company Limited, Thailand · The Barden Corporation, UK · The Barden Corporation, USA · Schaeffler Group USA Inc. · Schaeffler Vietnam Company Limited, Vietnam |
CAPITAL STRUCTURE
(AS ON 31.12.2011)
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
166.200 |
166.200 |
166.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7134.200 |
5568.400 |
4451.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7300.400 |
5734.600 |
4617.400 |
|
|
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 |
31.700 |
29.300 |
45.100 |
|
|
|
|
|
|
|
|
TOTAL |
7332.100 |
5763.900 |
4662.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1783.200 |
1410.000 |
1416.100 |
|
|
Capital work-in-progress |
568.400 |
61.700 |
44.000 |
|
|
Capital Advance |
501.600 |
24.300 |
24.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
0.000 |
3.200 |
3.200 |
|
|
|
0.000 |
0.000 |
0.0000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1622.500
|
1270.200
|
1007.300
|
|
|
Sundry Debtors |
2143.000
|
1314.500
|
1089.100
|
|
|
Cash & Bank Balances |
2334.200
|
2880.100
|
1730.700
|
|
|
Other Current Assets |
94.200
|
53.200
|
13.100
|
|
|
Loans & Advances |
927.900
|
758.400
|
769.200
|
|
Total
Current Assets |
7121.800
|
6276.400
|
4609.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2261.700
|
1771.700
|
1214.400
|
|
|
Other Current Liabilities |
17.800
|
17.100
|
16.500
|
|
|
Provisions |
363.400
|
222.900
|
203.600
|
|
Total
Current Liabilities |
2642.900
|
2011.700
|
1434.500 |
|
|
Net Current Assets |
4478.900
|
4264.700
|
3174.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7332.100 |
5763.900 |
4662.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12993.300 |
10400.800 |
7976.900 |
|
|
|
Other Income |
400.700 |
252.700 |
287.300 |
|
|
|
TOTAL (A) |
13394.000 |
10653.500 |
8264.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
10545.900 |
8599.100 |
6945.400 |
|
|
|
Prior period adjustments |
0.000 |
25.600 |
115.200 |
|
|
|
TOTAL (B) |
10545.900 |
8624.700 |
7060.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2848.100 |
2028.800 |
1203.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.600 |
8.900 |
7.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2835.500 |
2019.900 |
1196.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
225.900 |
201.100 |
200.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2609.600 |
1818.800 |
995.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
849.900 |
603.800 |
340.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1759.700 |
1215.000 |
655.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3377.500 |
2609.700 |
2291.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
250.000 |
|
|
|
Proposed Dividend |
166.200 |
83.100 |
74.800 |
|
|
|
Income Tax on Dividend |
27.000 |
14.100 |
12.700 |
|
|
BALANCE CARRIED
TO THE B/S |
4594.000 |
3377.500 |
2609.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
0.500 |
1.700 |
4.700 |
|
|
|
FOB value of exports |
1567.500 |
996.800 |
541.800 |
|
|
|
Others |
12.300 |
5.700 |
36.900 |
|
|
TOTAL EARNINGS |
1580.300 |
1004.200 |
583.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
1632.200 |
982.000 |
436.400 |
|
|
|
Products Purchased for sale |
2556.300 |
2204.300 |
1733.800 |
|
|
|
Stores & Spares for maintenance of
machinery |
80.200 |
57.000 |
53.500 |
|
|
|
Capital Goods |
719.400 |
83.200 |
10.200 |
|
|
TOTAL IMPORTS |
4988.100 |
3326.500 |
2233.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
105.88 |
73.11 |
39.44 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3633.000 |
3800.600 |
3561.700 |
3471.200 |
|
Total Expenditure |
2996.500 |
3162.100 |
3045.800 |
3058.000 |
|
PBIDT (Excl OI) |
636.500 |
638.500 |
515.900 |
413.200 |
|
Other Income |
112.700 |
117.900 |
121.000 |
94.700 |
|
Operating Profit |
749.200 |
756.400 |
636.900 |
507.900 |
|
Interest |
3.600 |
3.500 |
3.700 |
2.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
745.600 |
752.900 |
633.200 |
505.700 |
|
Depreciation |
62.800 |
66.300 |
86.000 |
87.600 |
|
Profit Before Tax |
682.800 |
686.600 |
547.200 |
418.100 |
|
Tax |
219.700 |
224.200 |
177.800 |
121.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
463.100 |
462.400 |
369.400 |
296.900 |
|
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 |
463.100 |
462.400 |
369.400 |
296.900 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.14
|
11.40
|
7.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.08
|
17.49
|
12.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.30
|
23.66
|
16.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.32
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
3.12
|
3.21
|
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 |
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 |
No |
|
30] |
Major Shareholders, if available |
No |
|
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
The Company's
sales have been consistently growing at a rate better than the growth of the bearing
industry in India. The Company has realised sales growth of 25% (2010: 30%)
amidst growth in Automotive and Industrial Segments as well as exports.
MANAGEMENT'S DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
Rolling Bearings are
required wherever there is motion. Bearings thus play critical role in
industrial progress.
Indian Bearing
market size is estimated at Rs. 85 billion. Imports (inclusive of duties)
account for over 45% of this demand.
Production of the
organised bearing industry, as represented under BRBMA (Ball and Roller Bearing
Manufacturers' Association), was placed at Rs.43 billion.
Indigenous bearing
manufacturers are regularly expanding their production capacity and product
range to meet growing bearing demand from diverse sectors in India.
Though Rolling
Bearing is a precision engineering industry requiring high investments, India
has a number of manufacturers in the unorganised sector, who mainly cater to
requirements in replacement sector besides supplying to certain niche demands.
At the same time, small scale companies are often the origin of counterfeit
products and thus pose a severe threat - both to bearing companies and to
consuming industries.
The automotive
industry is the single largest consumer of bearing products. According to SIAM,
in the calendar year 2011, sales of the overall Indian automobile sector
increased by 14.3%, a much lower rate compared to 31% in 2010. Particularly
affected were passenger car sales that have registered de-growth since July
2011 compared with the previous year.
Rising interest
rates and fluctuating fuel prices coupled with the negative global economic
sentiments have been the chief reasons for this slowdown. 2011 saw the highest
retail petrol prices, a 34% increase since deregulation in 2010. Interest rates
have been revised 13 times since March 2010.
The sentiments in two-wheeler and commercial vehicles were more
enthusiastic.
PRODUCTION OF
AUTOMOTIVE INDUSTRY APRIL - DECEMBER 2011
|
Category |
Number of vehicles (Rs. In Millions) |
% Change |
|
|
|
Year 2011 |
Year 2010 |
|
|
Two - Three Wheelers |
12.200 |
10.425 |
17% |
|
Passenger Cars & MUVs |
2.200 |
2.145 |
2.6% |
|
Light Commercial Vehicles |
0.391 |
0.293 |
34% |
|
Medium and Heavy Vehicles |
0.271 |
0.242 |
12% |
Overall Index of
Industrial Production in India (IIP) remained subdued during 2011.
Industrial
production grew only by 3.6% during the period April - December 2011 as
compared to 8.3% growth during the same period last year.
Growth April -
December 2011 over April - December 2010
Mining 2.7% Manufacturing 3.9% Electricity 9.4%
Production of capital goods - an indicator of investment climate in the country declined by 2.9% during the period April - December 2011 compared to the same period in previous year.
Production of the
eight core industries, which include coal, cement, natural gas, petroleum
refinery and fertilisers, recorded growth rate of 4.4 per cent in April –
December 2011 as compared to 5.7 per cent growth during April - December 2010
suggesting deceleration in infrastructure investment.
SEGMENT WISE PERFORMANCE
The business of
the Company falls under a primary single segment, i.e., 'Ball / Roller Bearings
and related components' for the purpose of Accounting Standard (AS-17).
OUTLOOK
They blend
optimism with caution as they short term future. Easing of inflation and
liquidity will set better climate for investment and consumption.
Demand for the
company's products in domestic market will thus grow in the coming year. At the
same time there are concerns that rising fiscal deficit, rising commodity
prices, fluctuating exchange rate in foreign currencies such as USD and Euro,
may slow down the growth prospects.
The company will
continue to pursue its growth process through continued business development,
R&D, productivity and technology innovation measures.
FINANCE PERFORMANCE
The Company has
recorded a sales growth of 25% (2010: 30%) with turnover of approximately
Rs.13000.000 Millions and a rise in profit before tax by 43%.
Judicious
financial management, structured risk management policy and strong emphasis on
working capital and cash management have been the pillars for core strategy that
gives them a confidence to face future challenges successfully.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (AS
ON 31.12.2011)
Claims against the Company not acknowledged as
debts:
a) Employees and ex-employees related matters:
• Matters pending
in Labour Court / Civil Court / High Court for reinstatement of service /
recovery of salary Rs. 96.200 Millions (2010: Rs. 85.900 Millions);
• Applicability of
provident fund on certain benefits to employees Rs.155.900 Millions (2010:
Rs.125.800 Millions);
• Demand for
discontinuing of contract system and for differential wages Rs.83.000 Millions
(2010: Rs.73.400 Millions);
• Applicability of
Employees State Insurance on certain benefits to employees etc. Rs.6.000
Millions (2010: Rs.5.200 Millions).
b) Letters of
credit discounted Rs. Nil (2010: Rs.25.500 Millions).
c) 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, 2004, 2003-04, 2004-05, 2005-06, 2006-07 and
2007-08 Rs.22.800 Millions (2010: Rs. 16.100 Millions).
d) Excise and
Service Tax:
Excise
i) In respect of
matters decided against the Company, for which the Company is in appeal with
higher authorities Rs.0.600 Millions (2010: Rs.11.900 Millions).
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)
Rs.1.800 Millions (2010: Rs. 2.400 Millions).
e) Income Tax:
i) In respect of
matters decided against the Company, for which the Company is in appeal with
higher authorities Rs. 96.800 Millions (2010: Rs.137.700 millions).
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)
Rs.151.800 Millions (2010: Rs.202.200 Millions).
FIXED
ASSETS
Tangible Assets
v Land-freehold
v
Buildings and Roads
v Plant and Machinery
v Furniture, Fittings and Equipment
v Motor Vehicles
Intangible Assets
v Software up gradation - acquired
v Lump sum fees for technical know-how
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 pyments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
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 |
|
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 |
|
- |
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.