|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RING PLUS AQUA LIMITED (w.e.f. 30.05.1999) |
|
|
|
|
Formerly Known
As : |
AQUA BEARINGS LIMITED |
|
|
|
|
Registered
Office : |
D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon,
Taluka Sinnar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.09.1986 |
|
|
|
|
Com. Reg. No.: |
11-040885 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 76.066
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC040885 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14476A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR3220M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3410000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Raymond Limited”. It is an established company
having satisfactory track record. The management has seen a drastic dip in its net profitability, due to
weak operational performance during 2013. However, the financial as well as
liquidity position appears to be sound marked by decent position of the
networth. The ratings also take into consideration the diversification by way of
debt funded acquisition of “Trinity India Limited”. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong promoter background, reputable customer profile, the
company can be considered for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed to
$ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 26, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 26, 2013 |
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 DECLINED BY
|
Name : |
Mr. Sandeep More |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-61527654 |
|
Date : |
20.01.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon,
Taluka Sinnar, Nasik – 422112, Maharashtra, India |
|
Tel. No.: |
91-2551-240236/ 240172/ 240128/ 240872/ 240087 |
|
Fax No.: |
91-2551-240250 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
2nd Floor, J. K. Files (India) Limited, Annex Building, Jekegram
Pokhran Road No.1, Thane – 400606, Maharashtra, India |
|
Tel. No.: |
91-22-61527000 |
|
Fax No.: |
91-22-61527670 |
|
|
|
|
Factory 2 : |
A-16/17, Sinnar Taluka
Co-operative Industrial Estate, Sinnar, District Nashik – 422112,
Maharashtra, India |
|
Tel. No.: |
91-2551-240087 |
|
Fax No.: |
91-2551-240997 |
|
E-Mail : |
DIRECTORS
AS ON 05.06.2013
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Director |
|
Address : |
J.K. House, 59A, Bulabhai Desai Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
09.09.1965 |
|
Qualification : |
B Com |
|
Date of Appointment : |
11.08.2010 |
|
DIN No.: |
00020088 |
|
|
|
|
Name : |
Mr. Harshal Jayavant |
|
Designation : |
Director |
|
Address : |
Flat No.1505, Building Burlington, Hiranandani Estate, Thane – 400
607, Maharashtra, India. |
|
Date of Birth/Age : |
19.12.1958 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
08.08.2005 |
|
DIN No.: |
00020998 |
|
|
|
|
Name : |
Mr. Sunder Hariharan |
|
Designation : |
Director |
|
Address : |
Flat No.5C, Regency Park B, Eden Woods Complex, Gladys Alvares Marg,
Thane – 400 610, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1959 |
|
Qualification : |
ACA |
|
Date of Appointment : |
08.08.2005 |
|
DIN No.: |
00020583 |
|
|
|
|
Name : |
Mr. Bhuwan Kumar Chaturvedi |
|
Designation : |
Director |
|
Address : |
4503, Phase – IV, DLF City, Gurgaon – 122 009, Haryana, India |
|
Date of Birth/Age : |
06.03.1948 |
|
Qualification : |
BE and MBA |
|
Date of Appointment : |
11.08.2010 |
|
DIN No.: |
00144487 |
|
|
|
|
Name : |
Mr. Parvinder Singh Pasricha |
|
Designation : |
Director |
|
Address : |
28, Amber Narayan Dabholkar Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
11.11.1947 |
|
Qualification : |
MSc and Ph. D |
|
Date of Appointment : |
19.04.2011 |
|
DIN No.: |
02947755 |
|
|
|
|
Name : |
Mr. Jagmeet Singh Sabharwal |
|
Designation : |
Director |
|
Address : |
1302, Ocean View, Union Park, Pali Hill, Khar (West), Mumbai – 400
052, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1972 |
|
Qualification : |
B Com |
|
Date of Appointment : |
19.04.2011 |
|
DIN No.: |
00270607 |
|
|
|
|
Name : |
Mr. Laxman Prabhakar Katakkar |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.1303, Takshashila Apartment, Nirmal Nagar, Goregaon-Mulund Link
Road, Mulund (West), Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1965 |
|
Qualification : |
B.E (Mech) |
|
Experience : |
28 Years |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
ABQPK4085J |
|
DIN No.: |
03143379 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep More |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Vinod Rang Lal Verma |
|
Designation : |
Secretary |
|
Address : |
Flat No.401, 4th Floor, B-Wing, Govind, M.G. Complex,
Sector-14, Vashi, New Mumbai, Thane – 400 703, |
|
Date of Birth/Age : |
15.08.1967 |
|
Date of Appointment : |
23.07.2008 |
|
PAN No.: |
AALPV9031D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.06.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 05.06.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Government companies |
3.25 |
|
Bodies
corporate |
91.10 |
|
Other
top fifty shareholders |
2.34 |
|
Others |
3.31 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Indusind Bank Limited 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India · Axis Bank Limited Corporate Banking Branch, Ground Floor, Axis House, Bombay Dyeing Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India · The Saraswat Cooperative Bank Limited SME Vile Parle Branch, Bholanath Cooperative Housing Society, Subhash Road, Vile Parle [East], Mumbai - 400057, Maharashtra, India · HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel [West],
Mumbai - 400013, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40, A. Doshi Marg, Mumbai – 400001,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL1894Q |
|
|
|
|
Holding company : |
Scissors Engineering Products Limited
[U29130MH2005PLC154732] |
|
|
|
|
Fellow Subsidiary
company : |
· JK Files (India) Limited [U27104MH1997PLC105955] Raymond
Apparel Limited [U18109TN2006PLC061384] Celebration
Apparels Limited Everblue
Apparel Limited Pashmina
Holding Limited Raymond
Woolen Outwear Limited Colourplus
Fashions Limited Jaykayorg
AG Silver
Spark Apparel Limited J.K.
Talabot Limited Raymond
(Europe) Limited |
|
|
|
|
Ultimate Holding
company : |
Raymond Limited [L17117MH1925PLC001208] |
|
|
|
|
Subsidiary Company
: |
· R & A Logistics Inc. USA Trinity
India Limited [U28910PN1990PLC059618] |
|
|
|
|
Joint venture : |
Rose Engineered Products India Private Limited [U28121TN2007PTC062173] |
|
|
|
|
Other Related
Parties : |
J.K. Helene Curtis Limited [U99999MH1964PLC012865] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,606,634 |
Equity Shares |
Rs. 10/- each |
Rs. 76.066
Millions |
|
|
|
|
|
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 |
76.066 |
76.066 |
76.066 |
|
(b) Reserves & Surplus |
775.649 |
725.824 |
599.474 |
|
(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) |
851.715 |
801.890 |
675.540 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
283.109 |
279.715 |
50.456 |
|
(b) Deferred tax liabilities (Net) |
34.407 |
38.276 |
33.727 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
317.516 |
317.991 |
84.183 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
130.511 |
104.113 |
0.000 |
|
(b)
Trade payables |
301.951 |
240.262 |
208.197 |
|
(c)
Other current liabilities |
65.830 |
45.558 |
7.987 |
|
(d) Short-term
provisions |
21.057 |
24.464 |
10.724 |
|
Total Current
Liabilities (4) |
519.349 |
414.397 |
226.908 |
|
|
|
|
|
|
TOTAL |
1688.580 |
1534.278 |
986.631 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
434.138 |
388.989 |
257.918 |
|
(ii)
Intangible Assets |
2.739 |
1.181 |
3.003 |
|
(iii)
Capital work-in-progress |
60.859 |
6.394 |
22.555 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
393.312 |
375.056 |
81.921 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.767 |
4.517 |
31.433 |
|
(e) Other
Non-current assets |
0.000 |
8.675 |
8.675 |
|
Total Non-Current
Assets |
925.815 |
784.812 |
405.505 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
79.015 |
113.664 |
121.394 |
|
(b)
Inventories |
151.567 |
172.487 |
143.187 |
|
(c)
Trade receivables |
397.264 |
361.731 |
236.451 |
|
(d) Cash
and cash equivalents |
16.684 |
27.428 |
21.978 |
|
(e)
Short-term loans and advances |
97.300 |
60.906 |
39.300 |
|
(f)
Other current assets |
20.935 |
13.250 |
18.816 |
|
Total
Current Assets |
762.765 |
749.466 |
581.126 |
|
|
|
|
|
|
TOTAL |
1688.580 |
1534.278 |
986.631 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1319.296 |
1486.148 |
1122.931 |
|
|
|
Other Income |
47.607 |
43.776 |
47.843 |
|
|
|
TOTAL (A) |
1366.903 |
1529.924 |
1170.774 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
669.431 |
749.061 |
560.613 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
10.544 |
(8.027) |
(22.248) |
|
|
|
Employee benefit expense |
164.402 |
148.964 |
149.137 |
|
|
|
Other expenses |
346.279 |
384.422 |
273.099 |
|
|
|
TOTAL (B) |
1190.656 |
1274.420 |
960.601 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
176.247 |
255.504 |
210.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.276 |
12.849 |
0.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
132.971 |
242.655 |
210.123 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.564 |
48.586 |
45.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.407 |
194.069 |
164.527 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.582 |
67.719 |
51.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
49.825 |
126.350 |
112.872 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
707.588 |
787.784 |
607.058 |
|
|
|
Professional and Commission Fees |
0.952 |
1.176 |
0.848 |
|
|
|
Other Earnings |
0.647 |
0.394 |
0.219 |
|
|
TOTAL EARNINGS |
709.187 |
789.354 |
608.125 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.643 |
34.686 |
23.327 |
|
|
|
Stores & Spares |
0.587 |
0.802 |
0.642 |
|
|
|
Capital Goods |
13.380 |
22.288 |
3.913 |
|
|
TOTAL IMPORTS |
53.610 |
57.776 |
27.882 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.55 |
16.61 |
14.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.65
|
8.26 |
9.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.41
|
13.06 |
14.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.78
|
16.83 |
18.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.24 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49
|
0.48 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.81 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
55.837 |
29.836 |
0.478 |
|
|
|
|
|
|
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 |
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10420384 |
26/03/2013 |
230,000,000.00 |
INDUSIND BANK
LIMITED |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B73370488 |
|
2 |
10358380 |
09/05/2012 |
50,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH, GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P.B. MARG,
WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B40708703 |
|
3 |
10341474 |
15/02/2012 |
148,500,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
SME VILE PARLE BRANCH,
BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI - 400057,
MAHARASHTRA, INDIA |
B34700518 |
|
4 |
10310016 |
06/09/2011 |
200,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B22472112 |
|
5 |
80062805 |
09/12/2011 * |
197,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B29232030 |
|
6 |
80010593 |
07/02/2012 * |
109,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI -
400057, MAHARASHTRA, INDIA |
B33683913 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
47.767 |
51.614 |
|
Loans and advances from related parties |
10.000 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
40.000 |
0.000 |
|
|
|
|
|
Total |
97.767 |
51.614 |
OVERVIEW
The Company is engaged in manufacture of Starter Ring Gears,
Flexplates and Shaft Water Pump Bearings, all being automotive components. The
company is a subsidiary of Scissors Engineering Products Limited which is a
subsidiary of Raymond Limited.
OPERATIONS
STARTER RING GEAR
The recession in global market had severe impact on the performance of Starter Gear Division. The demand in the European as well as Domestic market fell. The Overall Gear sales are lower by 17%, at Rs. 852.000 Millions compared to Rs.1029.800 Millions in the previous year. The export sales decreased by 20% vis- a-vis previous year and domestic sale have dropped by 13% compared to previous year.
The Company continued its efforts for developing new markets, new customers, making major in-roads into South East Asia, Latin American and Canada/North American markets during the year. In domestic market also Company continues to bag orders from prestigious Auto-Companies and MNC Auto Original Equipment Manufacturers (OEMs) operating in India. This has helped Company to withstand the demand pressure situation for the year. As a marketing strategy, efforts are now on for increasing share of business in Special Utility Vehicle (SUV), Medium and Heavy Commercial Vehicle (MHCV) and non-auto business segments
SHAFT BEARING
The performance of Shaft Bearings Division showed good growth during the year. The overall Bearings sales is up by 8 % at Rs.308.700 Millions against Rs.287.400 Millions in the previous year.
During the last financial year based on potential growth in OEM demand and as a part of capability building program, Company had taken up expansion project to augment its capacity from 3 million Bearings to 5.0 million Bearings per annum. The expansion is progressing as per schedule and is expected to be completed in June 2013.
FLEXPLATE ASSEMBLY
The sale of Flexplate Assembly was up by 46% at Rs.52.500 Millions against Rs.36.100 Millions in the Previous Year.
The Company has been successful in developing the
capabilities required to meet OEM specifications and is tapping international
market for growth Flexplate business. In coming year, the Flexplate business is
expected improve further.
MARKET SCENARIO
The prices of steel were stable during the year. Significant increases were witnessed in the prices of other inputs like, stores, power, fuel, oil etc. The acute inflationary situation and recessionary market scenario coupled with high borrowing costs has put tremendous pressure on profitability of the Company. However, the impact of inflation was offset to some extent by improvement in productivity/ process, yield improvements, relentless efforts to reduce cost and bring in cost consciousness and working capital management. The impact of foreign currency volatility was minimized with adequate hedging policy. Considering difficult market scenario performance of the Company for the year is satisfactory.
AWARDS AND
ACHIVEMENTS
Company received the EEPC Award for Star Performer - Western Region for 2010-11 in the Large Enterprise category.
During the year Company registered its first Patent
Application for Automated Assembly line for Bearings
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
PRESS RELEASE
RAYMOND SNAPS UP AUTO
COMPONENT MAKER TRINITY FOR RS 540.000 MILLIONS
Feb 23, 2012
MUMBAI: Premium textile major Raymond's auto components arm, Ring Plus Aqua, on Thursday acquired Pune-based Trinity India for a consideration of Rs 540.000 Millions.
"We have picked up 78 percent in Trinity, for Rs 540.000 Millions. We have bought out the entire promoters' stake and some large institutional investors," Raymond president (engineering division) Harshal Jayavant said.
"The deal marks Ring Plus Aqua's entry into the forging industry, adding to its current portfolio of auto components which includes flywheel ring gears, flexplate assemblies, integral shaft bearings and sheet metal pulleys," he said.
The company acquired majority stake in Trinity India with the signing of the share transfer agreement with the promoters of Trinity. The deal was funded through internal accruals and facilitated by Equirus Capital.
"The acquisition of Trinity is a significant milestone for Ring Plus Aqua, as it marks our entry into forged components. This move significantly strengthens the company's position in the global automotive power train domain. With this acquisition, we are looking at an added revenue of Rs 800.000 Millions during the current financial year," Jayavant said.
Trinity has four manufacturing locations with an installed forging capacity of 12,500 tonne and supplies hubs, spindles, connecting rods and similar components to auto majors like Maruti, Tata Motors, Ford, Fiat, Bosch, Eaton, Dana among others.
"Our expansion into forgings also provides us an opportunity to look at the fast developing non-auto sectors like power, aviation, defence and nuclear equipments," Jayavant said.
The domestic forging industry is estimated to be about USD 3 billion, while the globally it is valued at over $115 billion.
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. 61.63 |
|
|
1 |
Rs. 101.25 |
|
Euro |
1 |
Rs. 83.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.