MIRA
INFORM REPORT
|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
LUK INDIA PRIVATE LIMITED (w.e.f. 06.12.2001) |
|
|
|
|
Formerly Known
As : |
RANE CLUTCH PRODUCTS LIMITED |
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Registered
Office : |
P B No. 20 Royakottah Road, Hosur, Dharmapuri, Hosur-635109, Tamilnadu |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.03.1995 |
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|
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Com. Reg. No.: |
18-010015 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.225.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199TZ1995PTC010015 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEL03003A |
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|
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PAN No.: [Permanent Account No.] |
AAACL6817D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Clutches for Tractors, Trucks and Cars. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6800000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Luk - Vermogensverwaltungsgesellschaft
mbH. It is an established company having satisfactory track record. Management has failed to file the latest financial of 2013 with the
government department. The company possesses a decent financial profile marked by sound
networth position. However, the management has seen a drastic dip in its net
profitability during 2012. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of strong support from the holding company, the subject 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.
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 |
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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 onproviding 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 : |
P B No. 20 Royakottah Road, Hosur, Dharmapuri, Hosur-635109,
Tamilnadu, India |
|
Tel. No.: |
91-4344-222313/221265/221580 |
|
Fax No.: |
91-4344-222296 |
|
E-Mail : |
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Factory : |
Located At Hosur, Tamilnadu, India |
DIRECTORS
As on 28.06.2013
|
Name : |
Mr. Joydeep Roy |
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|
Designation : |
Managing Director |
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|
Address : |
E-1, 165, Sobha Hibiscus, Outer Ring Road, Belandur, Bangalore-560037,
Karnataka, India |
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|
Date of Birth/Age : |
01.10.1964 |
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Date of Appointment : |
21.11.2006 |
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DIN No.: |
01051460 |
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Other Directorship:
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Name : |
Matthias Zink |
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|
Designation : |
Director |
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|
Address : |
Ottenhoffn IM, Schwarzwald, Hausacker 3, Ottenhofen-77883, Germany |
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|
Date of Birth/Age : |
20.06.1969 |
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Date of Appointment : |
22.03.2010 |
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DIN No.: |
02980544 |
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|||||||||||||||||||||||||||
|
Name : |
Mr. Nitish Acharya |
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|
Designation : |
Alternate Director |
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|
Address : |
C-235, Nandanvan Society, New Sama, Vadodara-390008, Gujarat, India |
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|
Date of Birth/Age : |
18.03.1960 |
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Date of Appointment : |
26.08.2011 |
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DIN No.: |
02538284 |
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KEY EXECUTIVES
|
Name : |
Mr. Satyanarayan Mohanty |
|
Designation : |
Secretary |
|
Address : |
103, 25, Konappana Agraharae City, Bangalore-560100, Karnataka, India |
|
Date of Birth/Age : |
05.06.1979 |
|
Date of Appointment : |
30.09.2008 |
|
Pan No.: |
ATOPM7349H |
MAJOR SHAREHOLDERS
As on 28.06.2013
|
Names of Shareholders |
No. of Shares |
% of holding |
|
Luk Vermogensverwaltungsgesellschaft mbH, Germany |
22499999 |
100.00 |
|
Industie AUF Baugesellachaft, Germany |
1 |
0.00 |
|
Total |
22500000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 28.06.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Clutches for Tractors, Trucks and Cars. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India, Branch Hosur, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruti Info Tee Centre, 11-12-1, Inner Ring Road, Koramangala,
Bangalore-560071, Karnataka, India |
|
PAN No: |
AAAFB9852F |
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|
|
|
Holding Company : |
Luk Vermogensverwaltungsgesellschaft mbH,
Germany |
|
|
|
|
Ultimate Holding Company : |
INA Holding GmbH and Company KG |
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|
|
|
Fellow Subsidiaries : |
·
AFT Atlas Fahrzeugtechnik GmbH, Germany ·
FAG Bearings India Limited, Vadodara CIN No.: L29130MH1962PLC012340 ·
FAG Roller Bearings India Private Limited,
Vadodara CIN No.: U29130MH2001PTC134044 ·
INA Bearings Private Limited, Pune CIN No.: U34300PN1997PTC015240 ·
Luk GmbH and Co. KG, Buhl ·
Luk Puebla S.A.DE.C.V, Mexico ·
Luk Savaria KFT, Hungary ·
Luk Transmission System LLC, USA ·
Luk Truckparts GmbH and Company KG, Germany ·
Luk Unna GmbH and Company KG, Germany ·
Luk (UK) Limited, Sheffield ·
Luk-Aftermarket Services Limited, Hereford ·
Schaeffler (Holding) China Company Limited,
Shanghai, Jiading, Anting ·
Schaeffler Automotive Aftermarket Germany ·
Schaeffler Brasil Ltda, SOROCABA/SP ·
Schaeffler France S.A.S., France ·
Schaeffler Friction Products, China ·
Schaeffler Friction Products, Germany ·
Schaeffler Japan Company Limited, Japan ·
Schaeffler Korea Corporation, Korea ·
Schaeffler Mexico, S. de R.L de C ·
Schaeffler Middle East FZE, Dubai , United Arab
Emirates ·
Schaeffler South Africa ( Pty) Limited, Port
Elizabeth ·
Schaeffler Technologies AG and Company KG |
CAPITAL STRUCTURE
As on 28.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 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 |
|
225.000 |
225.000 |
|
(b) Reserves & Surplus |
|
1475.576 |
1378.307 |
|
(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) |
|
1700.576 |
1603.307 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
324.559 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
6.849 |
6.261 |
|
(c) Other long term liabilities |
|
15.638 |
13.719 |
|
(d) long-term provisions |
|
82.588 |
47.688 |
|
Total Non-current Liabilities (3) |
|
429.634 |
67.668 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
350.000 |
0.000 |
|
(b) Trade payables |
|
781.540 |
839.390 |
|
(c) Other current
liabilities |
|
660.719 |
212.656 |
|
(d) Short-term provisions |
|
25.867 |
21.601 |
|
Total Current Liabilities (4) |
|
1818.126 |
1073.647 |
|
|
|
|
|
|
TOTAL |
|
3948.336 |
2744.622 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1413.755 |
733.777 |
|
(ii) Intangible Assets |
|
0.920 |
2.192 |
|
(iii) Capital
work-in-progress |
|
272.429 |
118.007 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.003 |
0.003 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
64.304 |
152.996 |
|
(e) Other Non-current assets |
|
0.200 |
0.200 |
|
Total Non-Current Assets |
|
1751.611 |
1007.175 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
794.450 |
672.752 |
|
(c) Trade receivables |
|
971.997 |
814.798 |
|
(d) Cash and cash
equivalents |
|
338.294 |
183.551 |
|
(e) Short-term loans and
advances |
|
91.474 |
66.117 |
|
(f) Other current assets |
|
0.510 |
0.229 |
|
Total Current Assets |
|
2196.725 |
1737.447 |
|
|
|
|
|
|
TOTAL |
|
3948.336 |
2744.622 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
225.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1116.267 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1341.267 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.970 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1344.237 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
460.760 |
|
|
Capital work-in-progress |
|
|
14.837 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.003 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
338.070 |
|
|
Sundry Debtors |
|
|
577.342 |
|
|
Cash & Bank Balances |
|
|
153.171 |
|
|
Other Current Assets |
|
|
0.376 |
|
|
Loans & Advances |
|
|
329.200 |
|
Total
Current Assets |
|
|
1398.159 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
366.774 |
|
|
Other Current Liabilities |
|
|
96.154 |
|
|
Provisions |
|
|
66.594 |
|
Total
Current Liabilities |
|
|
529.522 |
|
|
Net Current Assets |
|
|
868.637 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1344.237 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
TOTAL (A) |
4871.874 |
3906.416 |
2842.508 |
|
|
|
|
|
|
|
||
|
Less |
|
|
|
|
||
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
|
Employee Benefits Expenses |
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
TOTAL (B) |
4581.465 |
3436.267 |
2328.210 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
290.409 |
470.149 |
514.298 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
31.995 |
0.098 |
0.139 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
258.414 |
470.051 |
514.159 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
106.890 |
80.971 |
72.292 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
151.524 |
389.080 |
441.867 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
54.255 |
127.041 |
146.823 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
97.269 |
262.039 |
295.044 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1264.006 |
1001.967 |
706.923 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
1361.275 |
1264.006 |
1001.967 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
300.437 |
180.222 |
152.004 |
|
|
|
|
Reimbursement of Expenses |
0.000 |
1.285 |
20.189 |
|
|
|
TOTAL EARNINGS |
300.437 |
181.507 |
172.193 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
4.32 |
11.65 |
13.11 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.00 |
6.71 |
10.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.12 |
14.81 |
60.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.24 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.40 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.62 |
0.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
225.000 |
225.000 |
225.000 |
|
Reserves & Surplus |
1116.267 |
1378.307 |
1475.576 |
|
Net
worth |
1,341.267 |
1,603.307 |
1,700.576 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
324.559 |
|
Short term borrowings |
0.000 |
0.000 |
350.000 |
|
Total
borrowings |
0.000 |
0.000 |
674.559 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.397 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Total Income |
2842.508 |
3906.416 |
4871.874 |
|
|
|
37.428 |
24.715 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
4871.874 |
3906.416 |
4871.874 |
|
Profit |
97.269 |
97.269 |
262.039 |
|
|
2.00% |
2.49% |
5.38% |
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 |
No |
|
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 |
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 |
No |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and
advances from related parties |
324.559 |
0.000 |
|
Total |
324.559 |
0.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10357048
|
20/07/2013
* |
600,000,000.00
|
FAG
BEARINGS INDIA LIMITED |
NARIMAN
BHAVAN 8TH FLOORBACKBAY RECLAMATION, NARI |
B82036765
|
*Date of modification Charges
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant And Machinery
·
Computers
·
Office Equipment’s
·
Furniture And Fittings
·
Vehicle
NEWS:
SCHAEFFLER, GERMAN AUTO COMPONENT MAKER, LINES UP RS.5500.000 MILLIONS
EXPANSION PLANS
MUMBAI: At a time
when majority of Indian auto components companies are putting their investment plans
on hold, Schaeffler Group, the euro 11-billion German auto component maker, is
going ahead with its expansion plans.
Global CEO of the
Schaeffler Group Juergen M. Geissinger told ET that the current slowdown is
temporary and once the market bounces back, the group should be in a position
to meet the demand.
"To act
anti-cyclical at times is also part of our duty. Even in a weakening economy,
all new technologies will be introduced in the next couple of years. Therefore,
we are not just investing in present technologies, but we are investing in
future systems, like start-stop technology, electronic clutch management
systems, coding system, etc," said Geissinger Schaeffler Group has three
entities in India — FAG Bearings, INA Bearings and LuK India Pvt Ltd —
supplying whole host of bearings, clutches and precision products for
everything that moves right from automotive, industrial engineering and
aerospace sectors.
FAG and INA
together is the second largest supplier of rolling bearings in the world and
among the leaders in India supplying to the likes of Maruti Suzuki, Hyundai
India and others. The company has been growing at over 15% over the last few
years and has already invested close to Rs.5000.000 Millions in 2012 when the
others have been deferring investments in the country.
The group has
further lined up an additional investment of Rs.5000.000 Millions over the next
couple of years to expand its product portfolio, R and D and production
capacity. The maker of bearings and clutches will invest 60% of its investment
into FAG Bearings, 30% into INA Bearings and the rest 10% will be made in LuK
India's clutch business.
It is also going
for a restructuring exercise for a faster market response and to present a
unified face to its customers. While all three entities (FAG, INA and LuK) will
remain an independent legal entity, operationally the group has created a
common vertical for automotive business and industrial business, headed by a
president to offer wide product portfolio from a single window.
"This is
part of our customer-centric approach. We are reorganising ourselves to make it
easier for our customers to deal with one customer contact," added
Dharmesh Arora, president and CEO Schaeffler in India. The Indian operation
currently makes up for just 4% of the group's annual turnover, but with the
expanding portfolio, capacity and the R&D set-up, the global CEO of the
company feels the share will more than double.
"India will
contribute more than 8-10% of its global turnover as the company intends to tap
not only the growing domestic market, but use India as a significant hub for
exports to the US, Europe and Asia," added Geissinger.
India, which is
the centre of R and D excellence for the group's motorcycle and tractor
business, expects a larger R and D role in other areas of automotive and
engineering business, going ahead. The company will invest close to Rs.5000.000
Millions on R&D for the group, and will be doubling the number of engineers
to 400 in the next couple of years.
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.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
49 |
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.