MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Nariman Bhavan, 8th
Floor, 227, Backbay Reclamation, Nariman Point, Mumbai - 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
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 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3357Q
|
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
|
|
|
|
No. of Employees
: |
1580 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 35180000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of “Fag Kugelfischer
Gmbh, Germany”. It is a well-established company
having fine track record. Financial position of the company appears to be strong. 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 normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield
(new) and brown field (existing) pharmaceutical companies, despite concerns
over genetic drugs going out of production, if multi-national companies take
over domestic ones. In M&A deals, a non-compete clause would not be allowed,
except in special circumstances. The Department of Industrial Policy and
Promotion plans to release the next edition of its consolidated foreign direct
investment policy document on March 31, incorporating changes made in the past
year. DIPP compiles all policies related to India’s FDI regime into a single
document to make it easy for investors to understand. 185 million estimated
number of mobile internet users in India by June 2014, according to a report by
the Internet & Mobile Association of India and IMRB International.
India had 110 million mobile internet users with 25 million in rural
areas. $3.77 tn estimated global IT spending in 2014,
according to research firm Gartner Inc. The growth forecast for this year is
cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast
for telecom services – a segment that accounts for more than 40 % at total IT
spending – from 1.9 per cent to 1.2 per cent is the main reason for this
overall IT cut. A Reserve Bank of India committee has recommended setting up a
special category of lenders who would cater to small businesses and households,
to expand the number of customers with access to banking services. These banks
would focus on providing payment services and deposit products. Indian
banks want the free use of automated teller machines to be capped at five
transactions in a month including that of the bank in which the account is
active. This follows state government order to banks to install security guards
at ATM booths after a woman banker was assaulted in Bangalore. The government
is likely to present a vote on Account in mid-February. The annual Economic
Survey will be tabled later in Parliament along with the full Budget. A full
Budget for 2014/15 is likely to be present in July by the new government formed
after the General Election. The government will soon launch an internet spy
system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google
Talk, as well as tweeters.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Nariman Bhavan, 8th Floor, 227, Backbay
Reclamation, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22022144/ 362/ 166/ 66814444-4499 |
|
Fax No.: |
91-22-22027022 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Head Office/ Factory : |
P.O. Maneja, Vadodara
– 390013, Gujarat, India |
|
Tel. No.: |
91-265-6602000-2004 |
|
Fax No.: |
91-265-2638804 |
|
E-Mail : |
|
|
|
|
|
Savli Plant : |
Plot No.1 (Alindra), Savli, GIDC Phase -
III, Taluka Savli, Vadodara – 391775, Gujarat, India |
|
|
|
|
Postal Address : |
C.P. Patel Finance, J C Patel Estate, Block No. 176, Bharat Baug, Nh 8, Rangoli Crossing, Po Dasrath, Vadodara – 391740,
Gujarat, India |
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|
|
|
Sales Offices
: |
Located at: v Bangalore v Bhubaneshwar v Chennai v Coimbatore v Jamshedpur v Kanpur v Kolkata v Mumbai v New Delhi v Pune v Secunderabad v Udaipur |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Avinash Gandhi |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
October 1, 1938 |
|
Qualification : |
B.Sc. in Mechanical Engineering |
|
Date of Appointment : |
20.04.2006 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Rajendra Anandpara
|
|
Designation : |
Managing Director |
|
DIN No.: |
02461259 |
|
|
|
|
Name : |
Mr. Bernhard Steinuecke |
|
Designation : |
Director |
|
Date of Birth/ Age : |
29.06.1955 |
|
Qualification : |
Professional qualification in Law, Economics & Taxation |
|
DIN No.: |
01122939 |
|
|
|
|
Name : |
Mr. Bruno Krauss |
|
Designation : |
Director |
|
Date of Birth/ Age : |
14.01.1972 |
|
Qualification : |
Professional qualification in Management, Accounting & Taxation |
|
DIN No.: |
02946930 |
|
|
|
|
Name : |
Mr. Frank Huber |
|
Designation : |
Director |
|
DIN No.: |
00689169 |
|
|
|
|
Name : |
Mr. Wolfgang Dangel |
|
Designation : |
Director |
|
Qualification : |
Degree in Economic |
|
DIN No.: |
02589684 |
|
|
|
|
Name : |
Mr. Moreshwar Digambar
Garde |
|
Designation : |
Director |
|
Date of Birth/ Age : |
September 19, 1945 |
|
Qualification : |
Master of
Business Administration (MBA) FIII (Member of Insurance Institute of India) IRDA's Composite Brokers Exam BE (Electrical) |
|
Date of Appointment : |
25.07.2002 |
|
DIN No.: |
00689103 |
|
|
|
|
Name : |
Mr. R. Sampath Kumar |
|
Designation : |
Director |
|
DIN No.: |
00495192 |
|
|
|
|
Name : |
Mr. Udo Bauer |
|
Designation : |
Director
(appointed as Additional Director w.e.f. May 25,
2012) |
|
Date of Birth/ Age : |
29.10.1969 |
|
Qualification : |
Professional
qualification in Economics and Mechanical Engineering |
|
DIN No.: |
05287614 |
|
|
|
|
Name : |
Mr. Kamlesh Tapadar
|
|
Designation : |
Director (Alternate to Mr. Krauss) |
|
DIN No.: |
00161186 |
|
|
|
|
Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Dangel) |
|
DIN No.: |
00161133 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Raj Sarraf |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(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 |
|
|
|
|
|
|
|
|
2859426 |
17.21 |
|
|
2058 |
0.01 |
|
|
214494 |
1.29 |
|
|
2486141 |
14.96 |
|
|
4412 |
0.03 |
|
|
3360 |
0.02 |
|
|
3360 |
0.02 |
|
|
5569891 |
33.52 |
|
|
|
|
|
|
847159 |
5.10 |
|
|
|
|
|
|
1307198 |
7.87 |
|
|
321777 |
1.94 |
|
|
42062 |
0.25 |
|
|
26532 |
0.16 |
|
|
15530 |
0.09 |
|
|
2518196 |
15.15 |
|
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 : |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
||||
|
|
|
||||
|
Products/ Services : |
|
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 : |
1580 (Approximately) |
|
|
|
|
Bankers : |
v Union Bank of
India v ICICI Bank
Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Collaborators : |
v
Schaeffler Group, Germany |
|
|
|
|
Holding Company : |
v FAG Kugelfischer GmbH, Germany |
|
|
|
|
Fellow
Subsidiary / Associate Companies |
v Schaeffler Australia Pty. Limited, Australia v Schaeffler Brasil Ltda, Brazil v Schaeffler Iberia S.L.U, Barcelona v Schaeffler (China) Company Limited, China v Schaeffler Holding (China) Company Limited, China v Schaeffler Trading (Shanghai) Company Limited, China v Schaeffler (Ningxia) Company
Limited, China v Schaeffler Finland Oy, Finland v Schaeffler France S.A.S., France v Schaeffler Tech. AG and Company KG, Germany (formally Schaeffler Technologies GmbH and Company KG, Germany) v Schaeffler AG, Germany v Schaeffler Automotive Aftermarket GmbH and Company oHG, Germany v FAG Industrial
Services GmbH, Germany v WPB Water Pump
Bearing GmbH and Company KG, Germany v FAG Magyarorszag Ipary KFT, Hungary v Schaeffler Hong Kong Company Limited, Hong Kong v INA Bearings
India Private Limited, India v FAG Roller
Bearings Private Limited, India v LuK India Private Limited, India v Schaeffler Bearings Indonesia, PT, Indonesia v Schaeffler Japan Company Limited, Japan v Schaeffler Korea Corporation, Korea v Schaeffler Mexico, S. de R.L. de C.V., Mexico v Schaeffler Nederland B.V., Nederland v Schaeffler Portugal S.A., Portugal v Schaeffler Philippines Inc., Philippines v SC Schaeffler Romania S.R.L., Romania v Schaeffler (Singapore) Pte.
Limited, Singapore v Hydrel GmbH, Switzerland v INA Skalica Spol. s.r.o, Slovakia v Schaeffler South Africa (Pty.) Limited, South Africa v Schaeffler (Thailand) Company Limited, Thailand v The Barden Corporation, USA v Schaeffler Group USA Inc. v Schaeffler Vietnam Company Limited, Vietnam v Schaeffler UK Limited, UK |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16818270 |
Equity Shares |
Rs.10/- each |
Rs. 168.200 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16617270 |
Equity Shares |
Rs.10/- each |
Rs. 166.200 Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the year
|
|
31.12.2012 |
|
|
Equity shares |
Number |
Amount in Millions |
|
Shares outstanding at the beginning and at the end of the year |
16,617,270 |
166.200 |
|
|
|
|
Rights,
preferences and restrictions attached to equity shares
(i) The Company has a single class of equity shares.
Accordingly, all equity shares rank equally with regard to dividends and share
in the Company’s residual assets. The equity shares are entitled to receive
dividend as declared from time to time. The voting rights of shareholders are
in proportion to its share of paid up equity capital of the Company.
(ii) On winding up of the Company, the holders of equity shares will be
entitled to receive the residual assets of the Company.
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
|
31.12.2012 |
|
|
Name of
Shareholder |
Number of Shares held |
Amount in Millions |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
85.290 |
|
|
|
|
Particulars of
shareholders holding more than 5% shares of a class of shares
|
|
31.12.2012 |
|
|
Name of
Shareholder |
Number of Shares held |
% of total shares |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
51.33 |
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
166.200 |
166.200 |
|
(b) Reserves & Surplus |
|
8628.800 |
7134.200 |
|
(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) |
|
8795.000 |
7300.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
64.400 |
31.700 |
|
(c) Other long
term liabilities |
|
15.200 |
14.400 |
|
(d) long-term
provisions |
|
229.400 |
194.300 |
|
Total Non-current
Liabilities (3) |
|
309.000 |
240.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
1786.100 |
1754.000 |
|
(c) Other
current liabilities |
|
417.700 |
452.200 |
|
(d) Short-term
provisions |
|
128.800 |
221.000 |
|
Total Current
Liabilities (4) |
|
2332.600 |
2427.200 |
|
|
|
|
|
|
TOTAL |
|
11436.600 |
9968.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2782.200 |
1782.600 |
|
(ii)
Intangible Assets |
|
9.400 |
0.600 |
|
(iii)
Capital work-in-progress |
|
1135.500 |
568.400 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
43.500 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
754.300 |
1201.700 |
|
(e) Other
Non-current assets |
|
4.600 |
0.000 |
|
Total Non-Current
Assets |
|
4729.500 |
3553.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1422.100 |
1622.500 |
|
(c)
Trade receivables |
|
2547.100 |
2143.000 |
|
(d) Cash
and cash equivalents |
|
1948.200 |
2334.200 |
|
(e)
Short-term loans and advances |
|
755.400 |
220.800 |
|
(f)
Other current assets |
|
34.300 |
94.200 |
|
Total
Current Assets |
|
6707.100 |
6414.700 |
|
|
|
|
|
|
TOTAL |
|
11436.600 |
9968.000 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
166.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5568.400 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5734.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
29.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5763.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1410.000 |
|
|
Capital work-in-progress |
|
|
61.700 |
|
|
Capital Advance |
|
|
24.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.200 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1270.200
|
|
|
Sundry Debtors |
|
|
1314.500
|
|
|
Cash & Bank Balances |
|
|
2880.100
|
|
|
Other Current Assets |
|
|
53.200
|
|
|
Loans & Advances |
|
|
758.400
|
|
Total
Current Assets |
|
|
6276.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1771.700
|
|
|
Other Current Liabilities |
|
|
17.100
|
|
|
Provisions |
|
|
222.900
|
|
Total
Current Liabilities |
|
|
2011.700
|
|
|
Net Current Assets |
|
|
4264.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5763.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14466.500 |
13085.500 |
10400.800 |
|
|
|
Other Income |
446.300 |
308.500 |
252.700 |
|
|
|
TOTAL (A) |
14912.800 |
13394.000 |
10653.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4782.900 |
4281.900 |
|
|
|
|
Purchases of Stock-in-Trade |
4045.300 |
3433.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
247.700 |
(141.500) |
|
|
|
|
Employee benefits |
1128.900 |
1011.800 |
|
|
|
|
Other expenses |
2057.600 |
1960.000 |
|
|
|
|
TOTAL (B) |
12262.400 |
10545.900 |
8624.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2650.400 |
2848.100 |
2028.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.000 |
12.600 |
8.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2637.400 |
2835.500 |
2019.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
302.700 |
225.900 |
201.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2334.700 |
2609.600 |
1818.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
742.900 |
849.900 |
603.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1591.800 |
1759.700 |
1215.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4594.000 |
3377.500 |
2609.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
350.000 |
|
|
|
Proposed Dividend |
83.100 |
166.200 |
83.100 |
|
|
|
Income Tax on Dividend |
13.500 |
27.000 |
14.100 |
|
|
|
|
446.6 |
543.2 |
447.2 |
|
|
BALANCE CARRIED
TO THE B/S |
5739.200 |
4594.000 |
3377.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
17.000 |
0.500 |
1.700 |
|
|
|
FOB value of exports |
2008.200 |
1567.500 |
996.800 |
|
|
|
Others |
11.600 |
12.300 |
5.700 |
|
|
TOTAL EARNINGS |
2036.800 |
1580.300 |
1004.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
1711.600 |
1632.200 |
982.000 |
|
|
|
Products Purchased for sale |
3008.600 |
2556.300 |
2204.300 |
|
|
|
Stores & Spares for maintenance of
machinery |
103.200 |
80.200 |
57.000 |
|
|
|
Capital Goods |
711.100 |
719.400 |
83.200 |
|
|
TOTAL IMPORTS |
5534.500 |
4988.100 |
3326.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
95.79 |
105.88 |
73.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
|
|
1st Quarter |
2nd Quarter |
|
Sales Turnover |
3115.700 |
3762.500 |
|
Total Expenditure |
2699.400 |
3255.900 |
|
PBIDT (Excl
OI) |
416.300 |
506.600 |
|
Other Income |
78.600 |
152.100 |
|
Operating
Profit |
494.900 |
658.700 |
|
Interest |
2.200 |
1.600 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
492.700 |
657.100 |
|
Depreciation |
104.900 |
112.700 |
|
Profit
Before Tax |
387.800 |
544.400 |
|
Tax |
132.000 |
185.500 |
|
Provisions and Contingencies |
0.000 |
0.000 |
|
Reported PAT |
255.800 |
358.900 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
255.800 |
358.900 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.67
|
13.14 |
11.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.14
|
19.94 |
17.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.76
|
27.76 |
23.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88
|
2.64 |
3.12
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FINANCIAL AND OPERATIONAL PERFORMANCE
2012 was a
difficult year. Indian economy slowed down with GDP estimated to grow only at
5% in 2012-13, slowest since a decade. Besides slowing down of economy, factors
such as tight liquidity and generally weak sentiments led to reduced
consumption and investments.
Demand growth of
the Company's products slowed down in 2012 thus limiting top line development.
Increased costs of traded goods due to weakening of Indian Rupee, intense
market competition and lower absorption of fixed costs on account of slower
volume growth put added pressure on margins.
Amid the sluggish
environment, the Company performed reasonably well. Income rose to M 1,491 crores representing growth of 11% (2011: 25%). Profit from
ordinary activities in 2012 was placed at M 233 crores
(2011: M 261 crores).
Consistent with
its long-term strategy to invest in qualitative growth, the Company
commissioned a new plant at Savli (near Vadodara) where they commenced production of Low-friction
Ball Bearings. Production of Large Size Bearings and a new heat treatment plant
will go on stream soon. At the existing plant in Maneja
- Vadodara, they ramped up production of advanced
Generation 3 Wheel Bearings, besides investing in various capacity and quality
improvement projects.
The Company
intensified the implementation of MOVE and Fit for Quality programmes
as a part of continuous improvement process to realise
the goal of operational excellence.
Continuing its
emphasis on innovation, R&D and sector approach, the Company was successful
in developing large number of value added and efficient solutions for its
customers in automotive and industrial sectors.
By focusing on Schaeffler Group's core competencies of innovation,
quality, and productivity, the Company will continue to sharpen its future
competitiveness.
The Company will
stay on course with its long-term strategy of investing in development of local
production and R&D capabilities. Leveraging strengths of their robust
processes, and empowered employees, the Company will continue to strive to
become preferred partner to customers in India and thus benefit from India's
growth in medium and long-term.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
In the aftermath
of the slowdown induced by global financial crisis in 2008-09, Indian economy
had shown great resilience to achieve a growth rate of 6.7% in 2008-09.
Supported by Government stimulus, the economy grew smartly at 8.6% and 9.3%
respectively in 2009-10 and 2010-11.
However, rising
consumption coupled with supply side constraints led to near double digit
inflation in 2010 and 2011. This compelled the Reserve Bank of India (RBI) to
maintain a rather stringent monetary policy throughout 2012. High interest
cost, tight liquidity accompanied by weak sentiments led to reduced consumption
and investments.
The growth
forecast for FY 2012-13 has been continuously revised downwardly from the first
estimate of 7.5% GDP growth made by Prime Minister's Economic Advisory Council
in February 2012.
The GDP growth
decelerated from 5.5% in Q1 2012-13 to 5.3% in Q2 2012-13. This has forced CSO
(Central Statistical Office) to revise its growth outlook for 2012-2013
downwards to 5% - the lowest since a decade.
Faced by the
slowdown in growth and risk of credit down rating, the Government of India
announced some reforms over the last few months to revive investments and
sentiments. These reforms though are unlikely to lead to sharp economic
recovery in short-term.
On the whole, the
year 2012 remained a year of economic uncertainties and weak sentiments.
Measures now being taken by the Government of India to stabilise
economy and revive sentiments are in the right direction and will have positive
effect in medium and long-term.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Rolling bearings
are required wherever there is motion. Bearings thus play a critical role in
industrial progress.
During 2011,
Indian Bearing market size was estimated at M 85 billion (imports evaluated
inclusive of duties). While accurate estimates of bearing demand for 2012 are
yet not available, the first estimates are placed in the range of M 80-85
billion i.e. demand development in the year 2012 remained more or less flat.
During the year,
production of the organised Bearing Industry as
represented under BRBMA (Ball and Roller Bearing Manufacturers' Association)
was placed at M 43 billion.
It is difficult to
arrive at an accurate estimation of production of unorganised
sectors as there are number of players who mainly cater to requirements in
replacement sector besides supplying to certain niche demands.
Imports comprise
approximately 40%-45% of bearing demand in India. Over the last few years
imports from Asian countries, especially China, have significantly increased.
Rolling bearings
find applications in Automotive and Industrial sectors. Aftermarket requirement
from Automotive and Industrial sectors constitute approximately 35% of total
bearing demand.
AUTOMOTIVE SECTOR
After registering
smart growth in 2010 and 2011, the automotive growth slowed down in 2012.
Rising interest rates and fluctuating fuel prices coupled with the negative
global and local economic sentiments have been the main reasons for this
slowdown.
OUTLOOK:
Despite the current
subdued mood in the automobile sector, medium and long-term prospects of the
Automotive Industry remain very positive. Economic expansion, rising
aspirations, disposable income of the middle-income households and rural
prosperity will continue to drive demand for personal and mass mobility.
Automotive Industry should return to fast track soon.
INDUSTRIAL SECTOR
Overall industrial development in 2012 remained very sluggish.
Index of
Industrial Production (IIP) showed negative development during 7 out of 12
months in 2012.
The production of
capital goods such as machinery and equipment, electrical machinery etc.
contracted due to slowdown in investment, decline in new projects and
increasing global competition.
In the
Infrastructure Industries, production of coal, natural gas and fertilisers was well below the expectations. A large number
of public / private sector projects have been delayed due to issues related to
land acquisition, regulatory clearances, etc.
OUTLOOK:
It is yet not
clear if IIP growth development has reached the bottom. It is expected that due
to Government's initiatives to contain deficit, the inflation will stabilise in coming months thus encouraging RBI to relax
interest rates and spur industrial development.
Incentives given
in the budget towards investments, speedier clearances of project and removal
of bottlenecks will lead to positive climate. The Indian infrastructure
industry needs substantial improvement and offers immense potential for
long-term growth.
Restoration of
generation based incentives augurs well for revitalisation
of renewable industry.
Developments in
Agricultural Machinery sector have always been cyclic. Since 2012, this sector
is going through a lean patch. Good monsoon and adequate availability of rural
finance are prerequisites for a reasonable recovery of this sector in 2013.
In the Rail
sector, growing demand for effective mass mobility solutions continues to lead
to steady and long-term development of the sector.
FINANCE
Despite the
sluggish market environment, their Company's turnover rose to M 1491 crores representing growth of 11% (2011: 25%). Profit from
ordinary activities in 2012 was placed at M 233 crores
(2011: M 261 crores).
Their Company has
been consistently practising sensible finance and
working capital management that gives us assurance and confidence to take up
new projects and give courage to face challenges. The Company has structured Forex risk assessment and mitigation plans in existence,
which helped in hedging negative impact of currency fluctuation in 2012.
Their Company's
structured financial policy has helped in setting up a new manufacturing
facility at Savli, without dependence on any external
funding. The strong focus on working capital and liquidity management has
helped timely generation of sufficient internal cash flow to meet long-term
strategic objectives.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30, 2013
(RS. IN
MILLIONS)
PART I
|
Sr. No. |
Particulars |
Three Months Ended |
Year To Date Figure |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
1 |
Income from Operations |
|
|
|
|
a) Net sales / Income from Operations |
3729.500 |
3095.100 |
10207.500 |
|
|
b) Other Operating Income |
33.000 |
20.600 |
67.000 |
|
|
|
Total income from operations (Net) |
3762.500 |
3115.700 |
10274.500 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
1256.300 |
1180.100 |
3631.400 |
|
|
b) Purchase of Stock-in-trade |
1245.100 |
900.400 |
3048.500 |
|
|
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade |
(97.100) |
(283.800) |
(347.300) |
|
|
d) Employees benefit expense |
312.700 |
317.600 |
929.700 |
|
|
e) Depreciation and amortisation expense |
112.700 |
104.900 |
313.700 |
|
|
f) Other expenses |
538.900 |
585.100 |
1674.800 |
|
|
|
Total expenses |
3368.600 |
2804.300 |
9250.800 |
|
3 |
Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) |
393.900 |
311.400 |
1023.700 |
|
4 |
Other Income |
152.100 |
78.600 |
302.900 |
|
5 |
Profit from ordinary activities before finance costs and exceptional items (3+4) |
546.000 |
390.000 |
1326.600 |
|
6 |
Finance cost |
1.600 |
2.200 |
5.900 |
|
7 |
Profit from ordinary activities after finance costs but before exceptional items (5-6) |
544.400 |
387.800 |
1320.700 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit from Ordinary Activities before tax (7-8) |
544.400 |
387.800 |
1320.700 |
|
10 |
Tax expense |
185.500 |
132.000 |
451.500 |
|
11 |
Net Profit from Ordinary Activities after tax (9-10) |
358.900 |
255.800 |
869.200 |
|
12 |
Extraordinary Items (Net of tax expense) |
- |
- |
- |
|
13 |
Net Profit for the period (11-12) |
358.900 |
255.800 |
869.200 |
|
14 |
Paid-up equity share capital |
166.200 |
166.200 |
166.200 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
- |
|
16i |
Earnings per share (before extraordinary items) |
|
|
|
|
a) Basic |
21.59 |
15.39 |
52.29 |
|
|
b) Diluted |
21.59 |
15.39 |
52.29 |
|
|
16ii |
Earnings per share (After extraordinary items) |
|
|
|
|
a) Basic |
21.59 |
15.39 |
52.29 |
|
|
b) Diluted |
21.59 |
15.39 |
52.29 |
|
SELECT
INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2013
PART II
|
Sr. No. |
Particulars |
Three Months Ended |
Year To Date Figure |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
- Number of shares |
8088087 |
8088087 |
8088087 |
|
|
- Percentage of shareholding |
48.7 |
48.7 |
48.7 |
|
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
8529183 |
8529183 |
8529183 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100 |
100 |
100 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
51.3 |
51.3 |
51.3 |
|
|
|
Particulars |
30.09.2013 |
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
Pending at the beginning of the quarter |
- |
|
|
Received during the quarter |
- |
|
|
Disposed of during the quarter |
- |
|
|
Remaining unresolved at the end of the
quarter |
- |
NOTES:
1) The business of the Company falls under a single primary segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.
2) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on October 31, 2013.
3) The Statutory Auditors have performed a "Limited Review" of the above financial results for the nine months ended September 30, 2013.
4) The figures of the previous periods have been regrouped wherever necessary to conform to the current period's presentation.
CONTINGENT
LIABILITIES (AS ON 31.12.2012):
Claims against the
Company not acknowledged as debts:
(a) Employees and ex-employees related matters:
v Matters pending in
labour court / civil court / high court for
reinstatement of service / recovery of salary M 116.000 million (2011: M 96.200
million);
v Applicability of
Provident Fund on certain benefits to employees M 190.400 million (2011: M
155.900 million);
v Demand for
discontinuing of contract system and for differential wages M 102.600 million
(2011: M 83.000 million);
v Applicability of
Employees State Insurance on certain benefits paid to the employees M 6.900
million (2011: M 6.000 million).
(b) Sales Tax:
For non receipt of
C Forms and rejection of Company's claim of certain sales as exempt sales in
respect of assessment years 2003-04, 2004-05, 2005-06, 2006-07, 2007-08 and
2008-09 M 36.300 million (2011: M 22.800 million).
(c) Excise and Service Tax:
Excise
(i) In respect of matters decided against the Company, for
which the Company is in appeal with higher authorities M Nil (2011: M 0.6
million).
Service Tax
(ii) In respect of
matters where the Company has received favourable
orders / partial relief from the First Appellate authorities but the Central
Excise and Customs Department is pursuing further with higher Appellate
authorities (excluding the matters if not ultimately allowed, would be allowed
in the following assessment years) M 1.900 million (2011: M 1.800 million).
(d) Income Tax:
(i) In respect of matters decided against the Company, for
which the Company is in appeal with higher authorities M 82.800 million (2011:
M 96.800 million).
(ii) In respect of
matters where the Company has received favourable
orders / partial relief from the First Appellate authorities but the Income Tax
Department is pursuing further with higher Appellate authorities (excluding the
matters if not ultimately allowed, would be allowed in the following assessment
years) M 159.300 million (2011: M 151.800 million).
FIXED ASSETS:
v Freehold Land
v Leasehold Land
v Buildings
v Plant and
Equipment
v Furniture &
Fixtures
v Office Equipments
v Vehicles
v Software
v Technical know-how
fees
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No 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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.31 |
|
|
1 |
Rs. 101.78 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.