MIRA INFORM REPORT
|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
RSB TRANSMISSIONS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 908,
Sanaswadi, Taluka Shirur, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.01.1989 |
|
|
|
|
Com. Reg. No.: |
11-014807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.208.672 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102PN1989PLC014807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RCHR00276D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR3925R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of
Propeller Shafts, Gears and Shafts and Live Axles. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The ratings continue to draw strength from the considerable experience
of the promoter group and board of directors, long track record of the
company, established position in the market and improving financial position.
Profit and sales turnover of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
20.11.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety high credit risk. |
|
Date |
20.11.2012 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Anmol |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-2137-669300 |
|
Date : |
13.11.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
Gat No. 908,
Sanaswadi, Taluka Shirur, Pune Nagar Road, Pune – 412208, Maharashtra, India |
|
Tel. No.: |
91-2137-669300 |
|
Fax No.: |
91-2137-669200 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office: |
Pune Trade Center, Ubale Nagar, Nagar Road, Wagholi, Pune – 412207, Maharashtra, India |
|
Tel. No.: |
91-20-30642100 |
|
Fax No.: |
91-20-30642101 |
|
|
|
|
Factory 2 : |
NS 25, Phase VI, Industrial
Area, Gamharia District, Saraikella Kharswan, Jamshedpur – 832108, Jharkhand,
India |
|
Tel. No.: |
91-657-2200441 /
22200663 |
|
Fax No.: |
91-657-2200751 |
|
|
|
|
Branch Office : |
Located At ·
Dharwad ·
Orissa ·
Uttarkhand ·
Chennai ·
Lucknow |
|
|
|
|
Overseas Office : |
Located At ·
·
Guanajauto · United States |
DIRECTORS
As on: 10.09.2013
|
Name : |
Mr. Rabindra
Kumar Behera |
|
Designation : |
Managing Director
|
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
04.03.1951 |
|
Qualification : |
Batchelor of Engineering (Mechanical) |
|
Date of Appointment : |
24.01.1989 |
|
DIN No.: |
00011614 |
|
|
|
|
Name : |
Mr. Suvendra
Kumar Behera |
|
Designation : |
Managing Director |
|
Address : |
22, Road No. – 12, c. h. Area (n.w.), Sonari, |
|
Date of Birth/Age : |
19.10.1957 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.01.1989 |
|
DIN No.: |
00422271 |
|
|
|
|
Name : |
Mr. Sailendra
Kumar Behera |
|
Designation : |
Director |
|
Address : |
Bunglow No. 48,
Clover Hills, |
|
Date of Birth/Age : |
07.10.1963 |
|
Qualification : |
Batchelor of Engineering (Mechanical) |
|
Date of Appointment : |
30.09.1997 |
|
DIN No.: |
00096056 |
|
|
|
|
Name : |
Mr. Dwijadas
Sanyal |
|
Designation : |
Director |
|
Address : |
Flat No. 4, |
|
Date of Birth/Age : |
16.12.1939 |
|
Date of Appointment : |
25.03.1997 |
|
DIN No.: |
00015664 |
|
|
|
|
Name : |
Mr. Sunil Vasant Diwakar |
|
Designation : |
Director |
|
Address : |
C- 002, Shreeji Ville, opp. Nitin co., Almeda Road,
Panchpakhadi, Thane – 400602, |
|
Date of Birth/Age : |
22.05.1963 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) and CWA |
|
Date of Appointment : |
09.09.2007 |
|
DIN No.: |
00089266 |
|
|
|
|
Name : |
Mr. Bina Dinesh Trivedi |
|
Designation : |
Alternate director |
|
Address : |
11, Shilpak Artek Apartments, 4TH Road, Bandra (E), MUMBAI, 400051, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1966 |
|
Qualification : |
B.Com and Chartered Accountant |
|
Date of Appointment : |
09.09.2007 |
|
DIN No.: |
01476999 |
|
|
|
|
Name : |
Mr. Rasamoy Dayamoy Chakraborty |
|
Designation : |
Director |
|
Address : |
New |
|
Date of Birth/Age : |
01.03.1944 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) and CWA |
|
Date of Appointment : |
06.12.2004 |
|
DIN No.: |
00011581 |
|
|
|
|
Name : |
Mr. Jaysinh Sakharam Konkar |
|
Designation : |
Director |
|
Address : |
302, Vinspa Apartment, |
|
Date of Birth/Age : |
24.01.1943 |
|
Qualification : |
B. Tech (Hons) (Mechanical Engineering) and CWA |
|
Date of Appointment : |
15.07.2008 |
|
DIN No.: |
00011924 |
|
|
|
|
Name : |
Mr. Prasanna Rangacharya Mysore |
|
Designation : |
Director |
|
Address : |
B- 202, |
|
Date of Birth/Age : |
07.04.1947 |
|
Date of Appointment : |
07.05.2011 |
|
DIN No.: |
00010264 |
|
|
|
|
Name : |
Mr. Rajnikant Ravindrakumar Behera |
|
Designation : |
Director |
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
25.11.1977 |
|
Date of Appointment : |
01.05.2011 |
|
DIN No.: |
00317205 |
|
|
|
|
Name : |
Mr. Nishant Behera |
|
Designation : |
Director |
|
Address : |
Bungalow No. 132,
Clover Hills, |
|
Date of Birth/Age : |
25.11.1977 |
|
Date of Appointment : |
01.05.2011 |
|
DIN No.: |
00317489 |
|
|
|
|
Name : |
Mr. Sarthak Behuria |
|
Designation : |
Director |
|
Address : |
K-99, Hauz Khas, New Delhi – 110016, India |
|
Date of Birth/Age : |
02.03.1952 |
|
Date of Appointment : |
04.08.2011 |
|
DIN No.: |
03290288 |
|
|
|
|
Name : |
Mr. Ajit Mukundrao Nimbalkar |
|
Designation : |
Director |
|
Address : |
'Jay Villa', 275, Pallod Farm 2, Street 1, Behind BP Petrol Pump, Baner Road, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
14.02.1944 |
|
Date of Appointment : |
30.01.2013 |
|
DIN No.: |
02749940 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Shankar Shinde |
|
Designation : |
Secretary |
|
Address : |
`Pushpamala’, 686/A, Near Garware Flyover, Deccan Gymkhana, Pune - 411 004, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1978 |
|
Date of Appointment : |
19.01.2013 |
|
PAN No.: |
BDRPS0804B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Rabindra Kumar
Behera |
|
1506464 |
|
Suvendra Kumar
Behera |
|
1410517 |
|
Sailendra Kumar
Behera |
|
602821 |
|
Papia Behera |
|
34821 |
|
Urmila Behera |
|
902761 |
|
Nalini Behera |
|
45294 |
|
Padmabati Behera |
|
31264 |
|
Gyabebdra Kumar Behera |
|
35693 |
|
Nrendra Kumar Behera |
|
20153 |
|
Bhramarbar Behera |
|
20153 |
|
Soumendra Behera |
|
15602 |
|
RSB Metaltech Private limited, |
|
896281 |
|
Sangita Behera |
|
854854 |
|
NIshant Behera |
|
81195 |
|
Rajnikant Behera |
|
60319 |
|
Niramla Udgata |
|
27206 |
|
Ratikant Behera |
|
12736 |
|
Rituraj Behera |
|
12736 |
|
Sarthak Behera |
|
8668 |
|
RSB Industries Limited, |
|
8666454 |
|
RSB Global Private limited, |
|
189531 |
|
Subhashree Behera |
|
180385 |
|
Jharna Behera |
|
36961 |
|
Satya Swarup |
|
26000 |
|
Nishit Behera |
|
17926 |
|
Jayanti Behera |
|
56409 |
|
Tara India Fund III Trusts, |
|
263 |
|
EIF Coinvest VII, |
|
1993 |
|
Tara India Holdings A Limited, |
|
1383 |
|
Tara India Fund III Domestic
Trusts, |
|
347 |
|
Total |
|
15757190 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Tara India Fund III Trusts, |
|
376029 |
|
EIF Coinvest VII, |
|
2261628 |
|
Tara India Holdings A Limited, |
|
1976585 |
|
Tara India Fund III Domestic
Trusts, |
|
495760 |
|
Total |
|
5110002 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.09.2013
|
Category |
Percentage |
|
Venture Capital |
0.02 |
|
Bodies corporate |
61.89 |
|
Directors or relatives of Directors |
38.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Propeller Shafts, Gears and Shafts and Live Axles. |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
800 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
Tel. No.: 91-657-2422306
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Associates Chartered Accountants |
|
Address : |
802 Lloyds Chambers, |
|
PAN No.: |
AAAFS1034J |
|
|
|
|
Holding company : |
RSB Industries Limited |
|
|
|
|
Subsidiary company |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
6000000 |
Preference Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15757190 |
Equity Shares |
Rs.10/- each |
Rs.157.571
Millions |
|
5110002 |
Preference Shares |
Rs.10/- each |
Rs.51.100
Millions |
|
|
Total |
|
Rs.208.672 Millions |
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 |
|
208.672 |
208.672 |
|
(b) Reserves & Surplus |
|
2373.717 |
1938.234 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2582.389 |
2146.906 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1242.721 |
1370.664 |
|
(b) Deferred tax liabilities (Net) |
|
312.895 |
288.195 |
|
(c) Other long term
liabilities |
|
80.030 |
12.110 |
|
(d) long-term
provisions |
|
22.645 |
25.476 |
|
Total Non-current
Liabilities (3) |
|
1658.291 |
1696.445 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
886.778 |
959.804 |
|
(b) Trade
payables |
|
1084.635 |
902.302 |
|
(c) Other
current liabilities |
|
611.018 |
657.057 |
|
(d) Short-term
provisions |
|
70.086 |
70.016 |
|
Total Current
Liabilities (4) |
|
2652.517 |
2589.179 |
|
|
|
|
|
|
TOTAL |
|
6893.197 |
6432.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
3993.3100 |
3867.756 |
|
(ii)
Intangible Assets |
|
52.778 |
66.062 |
|
(iii)
Capital work-in-progress |
|
188.926 |
80.088 |
|
(iv)
Intangible assets under development |
|
1.300 |
0.000 |
|
(b) Non-current Investments |
|
414.591 |
383.849 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
81.784 |
65.336 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
4732.689 |
4463.091 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1084.054 |
947.870 |
|
(c) Trade
receivables |
|
616.256 |
596.735 |
|
(d) Cash
and cash equivalents |
|
120.852 |
83.234 |
|
(e)
Short-term loans and advances |
|
332.715 |
333.294 |
|
(f) Other
current assets |
|
6.631 |
8.306 |
|
Total
Current Assets |
|
2160.508 |
1969.439 |
|
|
|
|
|
|
TOTAL |
|
6893.197 |
6432.530 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
208.672 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1603.802 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1812.474 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2587.489 |
|
|
2] Unsecured Loans |
|
|
268.400 |
|
|
TOTAL BORROWING |
|
|
2855.889 |
|
|
DEFERRED TAX LIABILITIES |
|
|
206.807 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4875.170 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3654.331 |
|
|
Capital work-in-progress |
|
|
206.549 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
311.277 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
733.383 |
|
|
Sundry Debtors |
|
|
388.529 |
|
|
Cash & Bank Balances |
|
|
114.801 |
|
|
Other Current Assets |
|
|
0.431 |
|
|
Loans & Advances |
|
|
324.880 |
|
Total
Current Assets |
|
|
1562.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
754.234 |
|
|
Other Current Liabilities |
|
|
66.452 |
|
|
Provisions |
|
|
38.325 |
|
Total
Current Liabilities |
|
|
859.011 |
|
|
Net Current Assets |
|
|
703.013 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4875.170 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10270.718 |
8368.396 |
5462.798 |
|
|
|
Other Income |
51.365 |
21.267 |
7.032 |
|
|
|
TOTAL (A) |
10322.083 |
8389.663 |
5469.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6349.004 |
5162.834 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(43.181) |
(76.506) |
|
|
|
|
Employee benefit expense |
715.380 |
604.100 |
|
|
|
|
Other expenses |
1847.760 |
1534.367 |
|
|
|
|
TOTAL (B) |
8868.963 |
7224.795 |
4676.143 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1453.120 |
1164.868 |
793.687 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
398.542 |
352.218 |
367.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1054.578 |
812.650 |
425.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
378.200 |
317.109 |
283.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
676.378 |
495.541 |
142.682 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
230.294 |
136.857 |
64.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
446.084 |
358.684 |
77.941 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT RELATED
MERGER ACQUISITION |
0.000 |
0.000 |
241.740 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
835.319 |
500.887 |
202.704 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
0.059 |
24.252 |
21.498 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1281.344 |
835.319 |
500.887 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
28.31 |
22.39 |
4.46 |
|
|
|
Diluted |
21.38 |
17.19 |
4.46 |
|
%20LIMITED%20-%20242681_MIRA%2014-Nov-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.32
|
4.28 |
1.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.58
|
5.92 |
2.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.76
|
8.30 |
2.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.23 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82
|
1.09 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.76 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT
(Rs. in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
523.590
|
571.867 |
NA |
|
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 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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
SSL/2236/2007 |
Failing Date:- |
30.07.2007 |
Reg. No.:- |
SS/2274/2007 |
Reg. Date:- |
13.08.2007 |
|
Petitioner:- |
M/S AMITY INTERLINK STEELS PRIVATE LIMITED |
Respondent:- |
RSB TRANSMISSIONS (INDIA) LIMITED |
||||
|
Petn.Adv:- |
SHAILENDRA S. KANETKAR |
||||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
COMMERCIAL CAUSE SUITS |
||||
|
Status:- |
Transferred |
Stage:- |
TRANSFERRED TO CITY CIVIL COURT |
||||
|
Transfer Date:- |
14.12.2012 |
||||||
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
59.241 |
71.603 |
|
Intercorporate borrowings |
0.000 |
22.325 |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate borrowings |
0.000 |
9.263 |
|
Total |
59.241 |
103.191 |
REVIEW OF OPERATIONS:
During the year, the recovery of the global economy which resumed in the last two fiscals, halted and it began to slide from quarter to quarter. But it has remained better than the level of the recession year 2008-09. Mirroring the weak global situation and affected by stubborn inflation and rising interest cost, the GDP of Indian economy in the first three quarters of FY12 grew progressively at a slower pace of 7.7, 6.9 and 6.1 percentages respectively. The full FY12 growth is projected at 6.9 percent against 8.5 percent recorded in FY11.
India ’s GDP slowdown in FY12 can be attributed almost entirely to the weakening industrial growth, particularly in the manufacturing sector (which accounts for 80 percent of this sector). The GDP growth of the manufacturing sector (which supports our Auto Vertical), in the first three quarters of FY12 were 7.2, 2.7 and 0.4 percentages as compared to 9.1, 6.1 and 7.8 percentages in the corresponding periods in the previous fiscal. Likewise, the mining and construction sectors (which support our Construction, Mining and Infrastructure (CMI) Equipments and Aggregates Vertical) also did not fare well in FY12. The mining sector recorded growths of 1.8, (2.9) and (3.1) percentages in the first three quarters of FY12 as compared to 6.9, 7.3 and 6.1 percentages in the same periods in FY11. The construction sector also posted lower growth rates of 1.2, 4.3 and 7.2 percentages in the first three quarters of FY12 as against 8.4, 6.0 and 8.7 percentages in the same periods in FY11.
The reasons for the slowdown are the global factors like crisis in euro zone, near-recessionary conditions prevailing in Europe, sluggish growth in many other industrialized countries like the USA, stagnation in Japan and hardening of international prices of crude oil. Domestic factors, namely the tightening of monetary policies, in particular raising the repo rate in order to control inflation and rein in inflationary expectations, resulted in some slowing down of investment and growth, particularly in the industrial sector.
Notwithstanding the slow down, it must be appreciated that, by any cross-country comparison, for various agencies, India remains among the front-runners in growth expectations. The government’s “State of the Economy” report states that the weakness in the economic activity has bottomed out and a gradual upswing is imminent.
In line with the above weak sentiment, the automotive segment registered modest growth in FY12. The MandHCV (Medium and Heavy Commercial Vehicle) segment which is the predominant market for the products of the Company registered a growth rate of 10.83 percent. But the LCV (Light Commercial Vehicle) segment, which is also served by the Company, posted a handsome growth of 27.33 percent reflecting the rising share of the service sector in the composition of GDP and the importance of the “last mile” delivery of goods and services. The PV (Passenger Vehicle) segment was affected severely and achieved only a small growth of 4.72 percent.
In spite of the weak sentiment, FY12 was the watershed year for the Indian Automotive Industry – it achieved many firsts. The production of passenger cars surpassed the three million mark for the first time. Likewise the production of LCVs also surpassed the half a million mark for the first time. India, in 2011, surpassed Brazil , to become the sixth largest vehicle manufacturer in the world.
The not-so-low growth momentum of the Indian economy led to the increase in demand for both passenger and commercial vehicles despite constantly rising interest costs and stubborn inflation. The continuation of the stimulus packages by the Government contributed to some extent to absorb the rising cost. This has particularly helped in the demand generation of commercial vehicle and passenger vehicle segments and this in turn aided the Auto Vertical of the Company to post, in comparison to FY11, improved top and bottom line.
The continuous endeavor of the Auto vertical of the Company to strive for improvement in processes, materials, cost reduction and supply chain management helped it to maintain its existing market share and also penetrate newer market segments
The Auto Vertical in FY12 achieved a turnover of RS. 7379.000 Millions, an increase of 17.90 percent from the RS. 6258.800 Millions that it posted in FY11.
The performance of the construction equipment industry also improved in FY12. The reasons for such a performance were positive GDP growth in India, infrastructure related investment, expanding presence and engagement of global construction equipment OEMs in India and increasing export opportunities coinciding with the weakening of Indian currency.
In April 2012, the Company rechristened its erstwhile CE (Construction Equipment) Aggregates Vertical to CMI (Construction, Mining and Infrastructure) Equipments and Aggregates Vertical to redefine and refocus the activities of this Vertical to capture the emerging opportunities in the allied product / market segments.
The Jamshedpur and Chennai Unit of the CMI Vertical, working in tandem with the customers, removed the manufacturing bottlenecks by effecting changes in the design of the products and redesigning the production process. This increased the machine utilization.
The Company was able to renegotiate product pricing with the customer for RSB Chennai Unit to reflect the prevailing realistic situation.
Moving along with the industry performance and aided by improved machine utilization and price rationalization, the CMI vertical of the Company improved its FY12 top line significantly, which grew by 37.76 percent, to post RS. 2943.000 Millions against RS. 2136.400 Millions in FY11.
In FY 12 the Company’s India operations attained a top line of RS. 10322.083 Millions which is 22.95 percent higher than the FY11 level of RS. 8395.200 Millions. The PBT grew at 36.51 percent by increasing from RS. 495.500 Millions in FY11 to RS. 676.400 Millions in FY11. Likewise, the PAT increased by 24.37 percent from RS. 35.87 to 446.100 Millions from FY11 to FY12.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444200 |
27/06/2013 |
90,000,000.00 |
Axis Bank Limited |
JAMSHEDPUR BRANCH, VOLTAS HOUSE, MAIN ROAD, BISTU |
B82663857 |
|
2 |
10431667 |
15/06/2013 |
110,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B77346559 |
|
3 |
10432376 |
14/05/2013 |
19,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B77635449 |
|
4 |
10419635 |
21/03/2013 |
127,500,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B73164022 |
|
5 |
10401414 |
09/01/2013 |
105,000,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE,, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
B67415471 |
|
6 |
10392558 |
27/06/2013 * |
150,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80266067 |
|
7 |
10389808 |
02/11/2012 |
1,466,972.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B63268007 |
|
8 |
10362874 |
16/06/2012 |
19,558,589.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B42563593 |
|
9 |
10366614 |
30/05/2012 |
150,000,000.00 |
IDBI BANK LIMITED |
SHANTINIKETAN BUILDING, SAKCHI BOULEVARD ROAD, BI |
B44209773 |
|
10 |
10349486 |
30/03/2012 |
3,412,734.00 |
L & T FINANCE LIMITED |
L&T HOUSE, N. M. MARG, BALLARD ESTATE, MUMBAI, |
B37513744 |
* Date of charge modification
FIXED ASSETS:
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.