MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NRB BEARING LIMITED |
|
|
|
|
Registered
Office : |
Dhannur, 15, Sri P M Road, Fort, Mumbai-400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.06.1965 |
|
|
|
|
Com. Reg. No.: |
11-013251 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.193.845
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1965PLC013251 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04047B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN3479P |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacture of ball and roller bearings. |
|
|
|
|
No. of Employees
: |
1660 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 8400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects sound financial risk profile supported by adequate
liquidity position and decent profitability of the company. 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 commitment. The company can be Considered good for normal business dealings at
usual trade terms and condition. |
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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA-“ |
|
Rating Explanation |
High degree of safety it carry very low
credit risk |
|
Date |
03.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial Paper = “A1+” |
|
Rating Explanation |
Very strong degree of safety lowest credit
risk |
|
Date |
03.01.2014 |
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. Rishi |
|
Designation : |
DGM (Account and Finance) |
|
Contact No.: |
91-22-22664160 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered/ Head Office : |
Dhannur, 15, |
|
Tel. No.: |
91-22-22664160/ 22664998 |
|
Fax No.: |
91-22-22660412/ 22679850 |
|
E-Mail : |
marketing@nrbbearings.co.in k.mohan@nrbbearings.co.in |
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 1 : |
2nd |
|
Tel. No.: |
91-22-22664160/ 22664998 |
|
Fax No.: |
91-22-22660412/ 22679850 |
|
|
|
|
Factory 2: |
E-40, MIDC, Industrial Area, Chikalthana, |
|
|
|
|
Factory 3: |
C-6, Additional MIDC Industrial Area, Jalna – 431203, |
|
|
|
|
Factory 4: |
E-72 MIDC, Waluj, |
|
|
|
|
Factory 5: |
A-5, Uppal Industrial Estate, |
|
|
|
|
Factory 6: |
Plot No.33, Sector – II, SIDCUL IIE, Pantnagar, Udhamsingh Nagar,
Uttarakhand – 263153, |
|
|
|
|
Warehouse 1 : |
C/o Jai Enterprises, Khasara No. 338, Village Suthyana, Near Kanchan
Baba Mandir, Noida Dadri Road, Greater Noida – 2010301, Uttar Pradesh, India |
|
|
|
|
Warehouse 2 : |
Located at ·
Pune ·
Jalna ·
Waluj ·
Hyderabad ·
Pantnager ·
Ranchi |
|
|
|
|
Zonal Office : |
Located at ·
Bangalore ·
New Delhi ·
Karnataka ·
Pune |
|
|
|
|
Plant: |
Located at ·
Jalna ·
Waluj ·
Hyderabad ·
Aurangabad ·
Thane ·
Pantnager ·
Ranchi |
|
|
|
|
Overseas Office : |
Located at ·
Thailand |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Trilochan Singh Sahney |
|
Designation : |
Executive Chairman |
|
Qualification : |
MA |
|
|
|
|
Name : |
Dr. (Ms.) Kala S Pant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Harshbeena S. Zaveri |
|
Designation : |
Managing Director and President |
|
Qualification : |
AB, |
|
|
|
|
Name : |
Mr. Keki M Elavia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Devesh S Sahney |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anand N Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tashwinder
Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Satish C Rangani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. R.V. Jaykar |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22783854 |
23.51 |
|
|
37755640 |
38.95 |
|
|
37755640 |
38.95 |
|
|
60539494 |
62.46 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
60539494 |
62.46 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1124287 |
1.16 |
|
|
5800 |
0.01 |
|
|
18399139 |
18.98 |
|
|
19529226 |
20.15 |
|
|
|
|
|
|
7759446 |
8.01 |
|
|
|
|
|
|
7224250 |
7.45 |
|
|
1551766 |
1.60 |
|
|
318418 |
0.33 |
|
|
135872 |
0.14 |
|
|
182146 |
0.19 |
|
|
400 |
0.00 |
|
|
16853880 |
17.39 |
|
Total Public
shareholding (B) |
36383106 |
37.54 |
|
Total (A)+(B) |
96922600 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
96922600 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Aarti D Sahney |
4,07,000 |
0.42 |
0.42 |
|
2 |
Bhupinder Singh Sahney |
4,76,630 |
0.49 |
0.49 |
|
3 |
Devesh S Sahney |
36,34,600 |
3.75 |
3.75 |
|
4 |
Hanwantbir Kaur Sahney |
3,88,000 |
0.40 |
0.40 |
|
5 |
Harshbeena Sahney Zaveri |
46,62,814 |
4.81 |
4.81 |
|
6 |
Jasjiv Singh Devinder S Sahney |
6,11,802 |
0.63 |
0.63 |
|
7 |
Rajiv Devinder Sahney |
8,53,350 |
0.88 |
0.88 |
|
8 |
Sahir Zaveri |
33,252 |
0.03 |
0.03 |
|
9 |
Trilochan Singh Sahney |
1,17,16,406 |
12.09 |
12.09 |
|
10 |
Trilochan S Sahney (Trust) |
3,77,55,640 |
38.95 |
38.95 |
|
|
Total |
6,05,39,494 |
62.46 |
62.46 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Acacia Institutional Partners LP |
2144430 |
2.21 |
2.21 |
|
|
2 |
Acacia Partners LP |
3481480 |
3.59 |
3.59 |
|
|
3 |
Acacia Banyan Partners |
1106398 |
1.14 |
1.14 |
|
|
4 |
ICICI Prudential Life Insurance Company |
5415214 |
5.59 |
5.59 |
|
|
5 |
HDFC Trustee Company Limited - A/c HDFC Mid |
988258 |
1.02 |
1.02 |
|
|
6 |
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
9.99 |
|
|
7 |
Catamaran Management Services Private Limited |
1350000 |
1.39 |
1.39 |
|
|
|
Total |
24168447 |
24.94 |
24.94 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
ICICI Prudential Life Insurance Company |
5415214 |
5.59 |
5.59 |
|
|
2 |
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
9.99 |
|
|
|
Total |
15097881 |
15.58 |
15.58 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Trilochan Santsingh Sahney (Trust) |
94,38,910 |
9.74 |
|
|
Total |
94,38,910 |
9.74 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of ball and roller bearings. |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1660 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitors: |
|
|
Name : |
Wadia Ghandy and Company |
|
|
|
|
|
|
|
Subsidiary company: |
· SNL Bearings Limited · NRB Bearings (Thailand) Limited · NRB Industrial Bearings Limited (till 30.9.2012) · NRB IBC Bearings Private Limited (only for one day i.e. on 30.9.2012) |
|
|
|
|
A Joint Venture of
the Company : |
Schneeberger India Private Limited |
|
|
|
|
A firm where
executive chairman is a partner : |
New Indo Trading Company |
|
|
|
|
A Company wherein Mr.
T. S. Sahney, Executive Chairman, Ms. H. S. Zaveri, Managing Director and Mr.
D. S. Sahney, Whole time Director (till 30.9.2012) are directors and
shareholders having Management Control. |
NRB Industrial Bearings Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96922600 |
Equity Shares |
Rs.2/- each |
Rs.193.845
Millions |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
year:
(Rs. In Millions)
|
Particulars |
Number of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
96922600 |
193.845 |
|
Add: Additional shares issued during the year by way of bonus |
- |
- |
|
Less: Shares cancelled consequent to merger |
- |
- |
|
Add: Shares issued consequent to merger |
- |
- |
|
Shares outstanding at the end of the year |
96922600 |
193.845 |
Numbers of shares
held by each shareholder holding more than 5% shares in the company are as
follows:
|
Particulars |
Number of shares |
% of holding |
|
Equity Shares: |
|
|
|
Trilochan Singh Sahney |
11716406 |
12.09 |
|
Trilochan Singh Sahney Trust 1 (held by a trustee in his individual name) |
37755640 |
38.95 |
|
Acacia Partners, LP |
-- |
-- |
|
ICICI Prudential Life Insurance Company Limited |
5624714 |
5.59 |
Aggregate number of
shares allotted as fully paid up pursuant to contract(s) without payment being
received in cash, bonus shares and shares bought back for the period of five years
immediately preceding the Balance Sheet date:
|
Particulars |
Number of shares as at 31.03.2013 |
|
Fully paid up by way of bonus shares |
48461300 |
|
Fully paid up shares allotted, consequent to |
|
|
merger, without payments being received in cash |
37755640 |
|
|
86216940 |
Rights attached to
equity shares:
a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 1956.
c) Every member of the company holding equity shares has a right to attend the General Meeting of the company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.845 |
193.845 |
193.845 |
|
(b) Reserves & Surplus |
1914.725 |
2254.596 |
1996.117 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2108.570 |
2448.441 |
2189.962 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
903.683 |
1600.197 |
433.371 |
|
(b) Deferred tax liabilities (Net) |
96.919 |
117.150 |
116.002 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
41.973 |
33.871 |
27.173 |
|
Total Non-current Liabilities (3) |
1042.575 |
1751.218 |
576.546 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1497.592 |
656.372 |
477.467 |
|
(b) Trade payables |
670.010 |
639.584 |
609.206 |
|
(c) Other current
liabilities |
287.806 |
379.151 |
397.699 |
|
(d) Short-term provisions |
204.876 |
244.839 |
235.199 |
|
Total Current Liabilities (4) |
2660.284 |
1919.946 |
1719.571 |
|
|
|
|
|
|
TOTAL |
5811.429 |
6119.605 |
4486.079 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1898.447 |
2064.360 |
1675.365 |
|
(ii) Intangible Assets |
7.393 |
5.954 |
11.155 |
|
(iii) Capital
work-in-progress |
179.752 |
199.892 |
16.066 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
208.632 |
126.265 |
145.765 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
280.713 |
365.333 |
169.992 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2574.937 |
2761.804 |
2018.343 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
20.000 |
20.000 |
20.000 |
|
(b) Inventories |
1342.019 |
1266.582 |
1054.323 |
|
(c) Trade receivables |
1574.996 |
1320.166 |
1063.490 |
|
(d) Cash and cash
equivalents |
35.497 |
546.435 |
59.180 |
|
(e) Short-term loans and
advances |
263.926 |
199.752 |
270.743 |
|
(f) Other current assets |
0.054 |
4.866 |
0.000 |
|
Total Current Assets |
3236.492 |
3357.801 |
2467.736 |
|
|
|
|
|
|
TOTAL |
5811.429 |
6119.605 |
4486.079 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5795.333 |
5493.643 |
4723.850 |
|
|
|
Other Income |
86.637 |
10.328 |
31.363 |
|
|
|
TOTAL (A) |
5881.970 |
5503.971 |
4755.213 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2358.438 |
2080.035 |
1720.141 |
|
|
|
Purchase of Stock-in-Trade |
4.461 |
12.179 |
11.609 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(145.800) |
(138.841) |
(128.758) |
|
|
|
Employee benefit expense |
947.932 |
895.300 |
803.869 |
|
|
|
Other expenses |
1693.624 |
1575.585 |
1267.883 |
|
|
|
TOTAL (B) |
4858.655 |
4424.258 |
3674.744 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1023.315 |
1079.713 |
1080.469 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
173.143 |
113.307 |
55.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
850.172 |
966.406 |
1025.107 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
299.718 |
277.734 |
228.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
550.454 |
688.672 |
796.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.097 |
205.805 |
257.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
470.357 |
482.867 |
539.152 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
747.511 |
537.319 |
277.374 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
164.768 |
193.845 |
193.845 |
|
|
|
Tax on distributed profits |
26.982 |
30.543 |
31.447 |
|
|
|
General Reserve |
47.036 |
48.287 |
53.915 |
|
|
|
Transfer to debenture redemption reserve |
16.667 |
0.00 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
962.415 |
747.511 |
537.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B basis |
1497.261 |
705.455 |
405.852 |
|
|
|
Reimbursement of insurance and freight on exports |
87.407 |
53.420 |
38.400 |
|
|
|
Agency commission |
4.887 |
5.353 |
4.886 |
|
|
TOTAL EARNINGS |
1589.555 |
764.228 |
449.138 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
619.916 |
642.308 |
496.851 |
|
|
|
Stores and spare parts |
99.115 |
97.767 |
71.592 |
|
|
|
Capital Goods |
108.698 |
333.800 |
218.689 |
|
|
TOTAL IMPORTS |
827.729 |
1073.875 |
787.132 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.85 |
4.98 |
5.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
1319.000 |
|
Total Expenditure |
|
|
1124.000 |
|
PBIDT (Excl OI) |
|
|
195.000 |
|
Other Income |
|
|
12.000 |
|
Operating Profit |
|
|
217.000 |
|
Interest |
|
|
14.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
175.700 |
|
Depreciation |
|
|
80.400 |
|
Profit Before Tax |
|
|
95.300 |
|
Tax |
|
|
26.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
69.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
69.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.00
|
8.77 |
11.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
12.54 |
16.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.15
|
11.89 |
18.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.28 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14
|
0.92 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.75 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
193.845 |
193.845 |
193.845 |
|
Reserves & Surplus |
1,996.117 |
2,254.596 |
1,914.725 |
|
Net
worth |
2,189.962 |
2,448.441 |
2,108.570 |
|
|
|
|
|
|
long-term borrowings |
433.371 |
1,600.197 |
903.683 |
|
Short term borrowings |
477.467 |
656.372 |
1,497.592 |
|
Total
borrowings |
910.838 |
2,256.569 |
2,401.275 |
|
Debt/Equity
ratio |
0.416 |
0.922 |
1.139 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4,723.850 |
5,493.643 |
5,795.333 |
|
|
|
16.296 |
5.492 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4,723.850 |
5,493.643 |
5,795.333 |
|
Profit |
539.152 |
482.867 |
470.357 |
|
|
11.41% |
8.79% |
8.12% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Term loans in foreign currency from banks |
65.339 |
64.084 |
55.628 |
|
Interest free Sales tax loan |
11.097 |
8.154 |
4.644 |
|
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 |
No |
|
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 |
No |
|
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 |
CASE DETAILS
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
CHSL/1470/2011 |
Filing Date:- |
26/08/2011 |
Reg. No.:- |
CHS/1470/2011 |
Reg. Date:- |
26/08/2011 |
|
Main Matter |
|||||||
|
Lodging No.:- |
EXAL/17/2011 |
Reg. No.:- |
EXA/55/2011 |
||||
|
|
|||||||
|
Petitioner:- |
M/S THREE CIRCLES |
Respondent:- |
U.P. CO-OP. FEDERATION LIMITED AND NRB BEARINGS LIMITED |
||||
|
|
|
Resp. Adv.: |
WADIA GHANDY AND CO (APPLICANT) (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
Category:- |
CHAMBER SUMMONS IN EXECUTION |
||||
|
Last Date:- |
14/06/2013 |
Stage:- |
CHAMBER SUMMONS FOR HEARING [ORIGINAL SIDE MATTERS] |
||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE ANOOP V. MOHTA |
|
|
||||
|
|
|||||||
|
Act:- |
Code of Civil Procedure 1908 |
||||||
UNSECURED LOAN
Rs.
In Millions
|
Particular
|
As
on 31.03.2013 |
As
on 31.03.2012 |
||||||||||||||||||||||||||||||
|
LONG TERM
BORROWINGS |
|
|
||||||||||||||||||||||||||||||
|
Deferred payment liabilities |
178.919 |
156.801 |
||||||||||||||||||||||||||||||
|
SHORT TERM
BORROWINGS |
|
|
||||||||||||||||||||||||||||||
|
Other Loans from banks |
150.000 |
250.000 |
||||||||||||||||||||||||||||||
|
Other Loans in foreign currency from banks |
217.240 |
0.000 |
||||||||||||||||||||||||||||||
|
Other Loans |
200.000 |
250.000 |
||||||||||||||||||||||||||||||
|
Total |
746.159 |
656.801 |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
OPERATIONS / OUTLOOK
In FY 2012-13, as the year progressed, business environment remained difficult and operating in such an testing environment proved challenging. Amidst this sluggish environment the company once again achieved its highest ever sales turnover of Rs.5685.600 Millions (previous year Rs. 5407.100 Millions) a growth of 5.15% and also achieved its highest ever exports of Rs.1497.300 Millions (previous year Rs.705.500 Millions). Profit before tax is lower at Rs.550.454 Millions (previous year Rs.688.672 Millions) down by 20.05% on account of higher input costs and finance costs. Benefiting from the lower effective tax rate on account of Pantnagar plant operations and RandD weighted deduction, the Profit after tax (PAT) was marginally down by 2.57% at Rs.470.357 Millions (Rs.482.867 Millions in 2011-12).
Indian economy has grown at its slowest pace in the last decade affected by factors like high inflation, tight liquidity and fiscal imbalances which affected the investment sentiments. Infrastructure development has suffered from lack of clarity on policy and high capital costs. The overall volatality in the environment has had a negative influence on consumer sentiment and demand. Even though the consumption story remains strong for India over a longer term period, the economy is still exposed to blips in the short term. The company is committed towards investing in NRB’s future and for developing its R and D capabilities. They are confident that their capital expenditure programmes will enable us, in the long term, to take full advantage of their market position and achieve their growth ambitions.
As they move forward, revival of economical growth and apetite for investment among business leaders will depend largely on the pace of policy and structural reforms. Planned positive interventions by the Government in upgrading basic infrastructure across the country and skill enhancement of the young population, will eventually shape the way the Indian economy grows. Technology and innovation will be the leading drivers for growth and the company is taking steps to invest in qualitative growth as a part of its continuous improvement processes.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS
The company is in the ball and roller bearing business which find applications in automotive and industrial sectors. The annual production of the domestic organized sector (as represented under Ball and Roller Bearing Manufacturers Association-BRBMA) has remained flat at Rs. 44000.000 Millions for the year 2012-13. The company’s market share in the domestic organized sector is 12% approximately, of which Original Equipment Manufacturers (OEMs) account for 60% -65 % of the demand while the rest is supplied to the Aftermarket (15% -18%) and Exports(20% - 22%). The demand for the bearing industry is derived from two key user segments – automotive (mobility) and industrial. Market growth in the mobility industry which the company is focused on, is expected to be generated from the introduction of several new models being introduced by the global vehicle manufacturers (passenger cars and commercial vehicles), expansion of public transport systems( buses, railways and construction equipment), development of dedicated freight corridors for movement of goods and farm mechanisation which will drive demand for farm equipment and off highway vehicles.
During fiscal 2012-13, continued pressure of inflation, fiscal imbalances and high interest rates led to an uncertain business environment with low investments and slow down across sectors of industry. Faced by slow down in growth and the risk of credit down rating the Government of India has announced reforms to revive investments – incentives have been given in the budget towards investments, monitoring of infrastructure projects which have been long on implementation and removal of bottlenecks, are expected to lead to a reasonable recovery in FY 2013-14. While the long term outlook of the Indian economy remains positive there are clear challenges in the immediate short term. However, the Indian economy has many inherent strengths - strong domestic consumption, the unprecedented scale and size of the 12th Plan leading to continued demand from the core sectors like steel, cement, mining, oil and natural gas, the implementation of the Western and Eastern Freight Corridors of the Railways and the Metro railways in important cities, the low vehicle penetration coupled with improving highway and rural road network development making India a key market for global players- all of which will have a direct and favourable impact on the growth of the bearings industry. Given that the rising aspirations, disposable income of a large emerging middle class and rural prosperity will drive demand for personal and mass mobility, the growing internal consumption should help the mobility industry return to fast track soon.
To meet growing customer expectations, the company has regularly invested in modern manufacturing technology and has taken a number of initiatives to strengthen its competitive advantage- partnering with customers with a focus on application engineering and RandD to develop advanced products for their new generation vehicles, building processes to ensure high precision is embedded in all products, quality improvements as a continuing process and exploring ways to minimise waste, reduce costs and increase productivity.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Sr. No. |
Particulars |
As at 31.03.2013 |
As at 31.03.2012 |
|
a) |
Income Tax |
125.913 |
103.504 |
|
b) |
Sales Tax |
4.601 |
11.808 |
|
c) |
Customs Duty |
15.887 |
15.887 |
|
d) |
Bank guarantees |
1.998 |
0.775 |
|
e) |
Stand by letter of credit given to bank on behalf of a subsidiary company |
86.425 |
111.936 |
|
f) |
Corporate guarantees issued on behalf of subsidiary companies |
906.460 |
208.286 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10415719 |
26/02/2013 |
400,000,000.00 |
DBS BANK LIMITED |
3RD FLOOR, FORT HOUSE,, DR. D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B72029366 |
|
2 |
10367893 |
06/07/2012 |
308,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, 25, BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B44637726 |
|
3 |
10344914 |
27/03/2012 |
250,000,000.00 |
CITIBANK N. A. |
9TH FLOOR, DLF SQUARE, M-BLOCK, JACARANDA MARG, |
B36030336 |
|
4 |
10267058 |
17/01/2011 |
102,500,000.00 |
BARCLAYS BANK PLC |
601/603, CEEJAY HOUSE, SHIVSAGAR ESTATE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B05601026 |
|
5 |
10187212 |
01/04/2013 * |
520,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA
COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA |
B71904312 |
|
6 |
10174120 |
27/08/2009 |
200,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A68472422 |
|
7 |
10115767 |
22/07/2008 |
110,000,000.00 |
CITIBANK N.A. |
CITIGROUP CENTRE, 6TH FLOOR,, BANDRA-KURLA COMPLEX (E), BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
A42877795 |
|
8 |
80023791 |
28/05/2012 * |
550,000,000.00 |
BNP PARIBAS |
FRENCH BANK BUILDING, 62, HOMJI STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B40520603 |
* Date of charge modification
FIXED ASSETS:
·
·
·
Building and Flats
·
Plant and Machinery
·
Furniture, Fixtures and
equipments
·
Electrical Installations
·
Vehicles
AS PER WEBSITE
PRESS RELEASE
ITC, NRB BEARINGS,
JAGRAN PRAKASHAN TOP SELLS: HDFC MF
Jun 24, 2013
HDFC Mutual Fund has reduced its weightage in banking and financial services, engineering and capital goods and tobacco. However, it increased its investments in information technology, manufacturing and automotive.
ITC , NRB Bearings and Jagran Prakashan were the top sells by the fund, while Jaypee Infratech , Reliance Industries and Adani Ports and Special were the top buys.
A study of the scheme for the month of May 2013 shows that in the banking and financial services space, the fund sold State Bank of India, ICICI Bank and Bank of Baroda. However, it bought Housing Development Finance Corporation, HDFC Bank, Punjab National Bank and introduced ING Vysya Bank in the same space.
It sold Jaiprakash Associates, AIA Engineering, Larsen and Toubro and exited Elecon Engineering Company in the engineering and capital goods segment, while it purchased Adani Ports and Special Economic Zone, Jaypee Infratech and FAG Bearings India in the same segment. (View - All Bulk Deals by Mutual Funds).
In the tobacco space, the fund sold ITC.
The fund purchased Infosys, Tata Consultancy Services and MindTree in the information technology segment.
In the manufacturing pack, it bought Bharat Electronics and Supreme Industries. However, it sold Phoenix Mills and exited from MM Forgings and Raymond from the same pack. (Check out - Which sectors are attracting Fund Managers?).
In the automotive sector, the fund purchased Motherson Sumi Systems, Maruti Suzuki India and Hero Motocorp.
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.61.95 |
|
|
1 |
Rs.104.01 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.