MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SKF INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
12.04.1961 |
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Com. Reg. No.: |
11-011980 |
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Capital
Investment / Paid-up Capital : |
Rs. 527.300 Millions |
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CIN No.: [Company Identification
No.] |
L29130MH1961PLC011980 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS00975C |
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PAN No.: [Permanent Account No.] |
AAACS0684H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Ball Bearings, Roller Bearings and
Textile Machinery Components. |
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No. of Employees
: |
2473 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company is strong and healthy. Trade relation are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Jayant Barve |
|
Designation : |
Finance Manager |
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Contact No.: |
91-20-66112500 |
|
Date : |
25.11.2014 |
LOCATIONS
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Registered Office/ Head Office : |
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Tel. No.: |
91-22-66337777 / 22813567 |
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Fax No.: |
91-22-22042738/ 22819074 |
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E-Mail : |
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Website : |
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Factory 1 : |
Located at Chinchwad, Pune, |
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Factory 2 : |
Located at Bommasandra, |
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Unit No 33, 3rd Floor, 68, Tardeo Road, Close to Crossroads Mall, Nr.
Haji Ali, Mumbai - 400 034, Maharashtra, India |
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Tel. No.: |
91-22-6633 7715 |
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Fax No.: |
91-22-67216913 |
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Branches / Sales Office: |
Ahmedabad SKF Technologies ( 306, 307, Samman II Above Satellite, Ahmedabad - 380051 Tel: 91-79 - 40060872 SKF India Limited Plot 2, SKF Technologies ( 13/5, Singasandra, 13km Hosur Road Tel : 91- 080-40359400 Chennai SKF India Limited Old No.28/3, New No.54/3, Chennai 600 008 TEL: 91 044-30280111 SKF India Limited 4E,
Gurgaon SKF India Limited 601/602, Sushant Lok, Gurgaon -122002 TEL: 91 124-4107922 Haridwar SKF India Limited Plot no. 2, Industrial Park 2, Village Salempur Mehdood, Haridwar, Uttaranchal SKF India Limited Holding No. 4/C Tel: 91-0657-
6574460 Kolkata SKF India Limited Kolkata 700046 Tel: 91 - 033 - 30280619 Pune SKF India Limited Chinchwad, Pune-411 033 TEL: 91 20 - 66112500 FAX: 91 020-27473822 |
DIRECTORS
AS ON: 31.12.2013
|
Name : |
Mr. Kamlesh C. Mehra |
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Designation : |
Chairman |
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Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director and Country Head, SKF India |
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Name : |
Darius C. Shroff |
|
Designation : |
Director ((up to 30.04.2013)) |
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Name : |
Henrik Lange |
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Designation : |
Director |
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Name : |
Mr. Prakash Telang |
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Designation : |
Director |
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Name : |
Mr. Prasad Menon |
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Designation : |
Director |
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Name : |
Mr. Rakesh Makhija |
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Designation : |
Director |
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Name : |
Tore Bertilsson |
|
Designation : |
Director ( up to 12.07.2013) |
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Name : |
Tryggve Sthen |
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Designation : |
Director |
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Name : |
Mr. Vartan Vartanian |
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Designation : |
Director |
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Name : |
David Bishop |
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Designation : |
Alternate to V Vartanian |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Barve |
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Designation : |
Finance Manager |
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Name : |
Mr. Pradeep Bhandari |
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Designation : |
Company Secretary |
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Country Management Team : |
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|
Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director and Country Head, SKF India |
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Name : |
Mrs. Anjali Byce |
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Designation : |
Director Human Resources, SKF India |
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Name : |
Chandramowli Srinivasan |
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Designation : |
Director Finance, SKF India |
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Name : |
Ms. Harsha Kadam |
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Designation : |
Director –Tow Wheeler Business, Global |
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Name : |
Mr. Pallavi Deshmukh |
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Designation : |
Director |
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Name : |
Mr. Sudhir Rege |
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Designation : |
Director Regional Sales and Service (Industrial Markets), South Asia |
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|
Name : |
Mr. Shrikant Savangikar |
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Designation : |
Director Business Excellence, Quality and Sustainability, SKF India |
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Name : |
Mr. K Ramakrishnan |
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Designation : |
Director |
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Name : |
Mattias Axelsson |
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Designation : |
Head of SKF Logistic Service, SKF India |
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Name : |
Mr. Shoaib Shaikh |
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Designation : |
Head of Vehicle Service Market, Asia |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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|
28254568 |
53.58 |
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|
28254568 |
53.58 |
|
Total
shareholding of Promoter and Promoter Group (A) |
28254568 |
53.58 |
|
(B)
Public Shareholding |
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|
|
|
|
|
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|
10070613 |
19.10 |
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|
38866 |
0.07 |
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|
1523147 |
2.89 |
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|
5161440 |
9.79 |
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|
16794066 |
31.85 |
|
|
|
|
|
|
1951339 |
3.70 |
|
|
|
|
|
|
5133169 |
9.73 |
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|
582409 |
1.10 |
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|
16987 |
0.03 |
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|
12387 |
0.02 |
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|
4600 |
0.01 |
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|
7683904 |
14.57 |
|
Total
Public shareholding (B) |
24477970 |
46.42 |
|
Total
(A)+(B) |
52732538 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
52732538 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Ball Bearings, Roller Bearings and
Textile Machinery Components. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Supplier : |
Not Divulged |
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Customer : |
Not Divulged |
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No. of Employees : |
2473 (Approximately) |
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Bankers : |
·
The Hongkong and Shanghai Banking Corporation
Limited ·
HDFC Bank Limited |
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|
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company, Bangalore, Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor, Suite No. 8, off Airport Road, Yerwada, Pune
– 411 006, Maharashtra, India |
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Holding Company ; |
Aktiebolaget SKF |
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Fellow subsidiary
Companies : |
·
SKF Actuation System (Liestal) AG
(Magnetic Elektromotoren AG) ·
Oy SKF AB, Finland ·
P.T. SKF Indonesia, Indonesia ·
RFT S.p.A., Italy ·
RKS S.A.-SKF Slewing Bearings, France ·
SKF (China) Sales Company Limited,
China ·
SKF (Dalian) Bearings and Precision
and Company Limited. ·
SKF (Thailand) Limited, Thailand ·
SKF (U.K.) Limited, United Kingdom ·
SKF Actuators AB, Goteborg, Sweden ·
SKF Argentina S. A., Argentina ·
SKF Australia Pty. Limited,
Australia ·
SKF B.V., Netherlands ·
SKF Bearings Bulgaria EAD, Bulgaria ·
SKF Canada Limited, Scarborough,
Ont., Canada ·
SKF China Limited, China ·
SKF Condition Monitoring Centre
(Livingstone) Limited, UK ·
SKF Coupling Systems AB, Hofors,
Sweden ·
SKF de Mexico, S. A. de C. V.
Mexico D.F., Mexico ·
SKF del Peru S.A., Peru ·
SKF do Brasil Ltda., Brazil ·
SKF Equipements, France ·
SKF Espanola S.A., Madrid, Spain ·
SKF European Distribution Centre
(EDC), Belgium ·
SKF European Financial Service
Centre, EFC, Nieuwegein, Netherlands ·
SKF France S.A., France ·
SKF GmbH, Germany ·
SKF Industrie S.p.A, Italy ·
SKF International AB ·
SKF Japan Limited, Japan ·
SKF Korea Limited, Korea ·
SKF Linearsysteme GmbH, Germany ·
SKF Malaysia Sdn. Bhd., Kuala
Lumpur, Malaysia ·
SKF Österreich AG., Austria ·
SKF Sealing Solutions AB, Sweden ·
SKF Shanghai Bearings Company
Limited, China ·
SKF South Africa (Pty) Limited,
South Africa ·
SKF Asia Pacific Pte. Limited,
Singapore ·
SKF Sverige AB, Sweden ·
SKF Technologies India Private
Limited, India ·
SKF USA Inc., Kulpsville/Lansdale,
PA, USA ·
SKF Ukraine, Ukraina ·
Transrol S.A.S., Chambéry, France ·
SKF Lubrications Systems, France
SAS ·
SKF Lubrications Systems, Germany
AG ( formerly known as Willy Vogel AG) ·
SKF Mekan AB, Sweden ·
Berger Vogel S.r.l., Italy ·
Polyseal, USA ·
Jaeger Industrial Company Limited,
Taiwan ·
ABBA Linear Tech Company Limited
(Taipei), Taiwan ·
Economos India Private Limited, New
Delhi, India ·
SKF Sealing Solutions GmbH,
Leverkusen-Opladen, Germany ·
SKF Linear Motion and Precision
Technologies, USA ·
SKF Automotive Component Corp.,
Changwon (Pusan) ·
SKF Bearing Services Taiwan, Taipei ·
SKF Chilena S.A.I.C, Santiago ·
SKF International AB (Treasury
Centre), Göteborg ·
SKF Bearing Industries (Malaysia)
Sdn. Bhd, Nilai ·
SKF Automotive Technologies
Company, China ·
SKF Lubrication Systems Japan
Limited ·
SKF Economos GmbH, Judenburg ·
SKF Actuation system(Pinghu)
Company, Limited (former Jaeger (Pinghu) Precision Actuatronic Limited) ·
SKF Lubrication Systems USA Inc ·
Beijing Nankou SKF Railway Bearings
Company Limited , Beijing ·
SKF Hellas S.A., Athens ·
SKF Ball Screws and Services S.p.A.
(former Gamfior S.p.A) ·
SKF Automotive Bearings Company
Limited, Shangai ·
SKF Polska S.A., Poznan ·
SKF Uruguay DC ·
Lincoln Helios (India) Limited ·
SKF Lubrication Systems The
Netherlands B.V. ·
SKF Condition Monitoring Center
(Luleå), Sweden ·
SKF Condition Monitoring Center
Inc., San Diego, CA ·
SKF South East Asia (PTE) Limited,
Singapore ·
SKF Thailand Limited., Bangkok ·
SKF (Shanghai) Automotive Technologies
Company Limited, China ·
Economos (Quingdao) Seal Tech
Company Limited, China ·
SKF Denmark A/S., Broendby, Denmark ·
SKF Loziska a.s., Prague, Czech
Republic ·
SKF Multitec S.P.A., Torino, Italy ·
SKF Latintrade Inc., Santiago,
Colombia ·
SKF Venezoleana S.A., Venezuela ·
SKF Sealing solutions (wuhu)
Company Limited , Anhui Province, China ·
SKF (Shanghai) Investment
Consultancy Company Limited, Shanghai, China ·
SKF China (CEPA), Shanghai, China ·
SKF Actuation System (Taipei)
Company Limited, Taipei, Taiwan ·
SARMA, France ·
Societe Vendeennne De Roulements ·
SKF Eurotrade AB, Göteborg, Sweden ·
SKF Aero France S. A.,
Saint-Vallier-sur-Rhone, France ·
SKF Latin Trade S.A., Chile ·
Peer Mechanical Parts Company
Limited, China ·
SKF China Company Limited,
Shanghai, China ·
PT Skefindo Primatama, Jakarta,
Indonesia ·
SKF Dalian Bearings and Prec.
Company China ·
SKF Distribution Shanghai Company
Limited, China ·
SNFA Bearing Limited, Charfield,
United Kingdom ·
SKF Sealing Solution Austria GMBH,
Austria |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,732,538 |
Equity Shares |
Rs.10/- each |
Rs.527.300
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
(Rs. In Millions)
|
Particulars |
31.12.2013 |
|
|
|
Number |
Amount |
|
At the commencement and at the end of the year |
52,732,538 |
527.300 |
Rights, preferences
and restrictions attached to equity shares
The
Company has only one class of equity shares having a par value of Rs.10 per
share. Each shareholder is entitled to one vote per share held. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation of the Company, the equity shareholders
are eligible to receive remaining assets of the Company, after distribution of
all preferential amounts, in the proportion to their shareholding.
Shares held by
holding company and their subsidiaries
(Rs. In Millions)
|
Particulars |
31.12.2013 |
|
|
|
Number |
Amount |
|
Equity shares of Rs.10 each fully paid up held by |
|
|
|
(a) Holding company |
|
|
|
Aktiebolaget SKF (AB SKF) |
24,639,048 |
246.400 |
|
(b) Subsidiaries of holding company |
|
|
|
SKF U.K. Limited |
3,402,000 |
34.000 |
|
SKF Forvaltning AB |
213,520 |
2.100 |
Particulars of
shareholders holding more than 5% shares of a class of shares
|
Particulars |
31.12.2013 |
|
|
|
Number |
% of total shares in the class |
|
Equity shares of Rs.10 each fully paid up held by |
|
|
|
Aktiebolaget SKF, holding company |
24,639,048 |
46.8% |
|
SKF U.K. Limited, fellow subsidiary company |
3,402,000 |
6.5% |
2,488 (previous year : 2,488) equity shares of Rs. 10 each are not allotted and held in abeyance.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
527.300 |
527.300 |
527.300 |
|
(b) Reserves & Surplus |
12227.700 |
11026.300 |
9585.100 |
|
(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) |
12755.000 |
11553.600 |
10112.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
40.300 |
83.500 |
16.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
8.300 |
|
(d) long-term provisions |
175.400 |
192.500 |
171.600 |
|
Total Non-current Liabilities (3) |
215.700 |
276.000 |
195.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2526.800 |
2679.000 |
3185.800 |
|
(c) Other current
liabilities |
744.400 |
746.600 |
787.800 |
|
(d) Short-term provisions |
686.900 |
735.600 |
795.300 |
|
Total Current Liabilities (4) |
3958.100 |
4161.200 |
4768.900 |
|
|
|
|
|
|
TOTAL |
16928.800 |
15990.800 |
15077.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3,763.500 |
3479.500 |
3181.100 |
|
(ii) Intangible Assets |
0.100 |
0.900 |
2.800 |
|
(iii) Capital
work-in-progress |
247.000 |
591.200 |
363.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2495.200 |
2423.500 |
2274.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6505.800 |
6495.100 |
5822.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2551.700 |
2486.200 |
2800.100 |
|
(c) Trade receivables |
3297.500 |
3196.300 |
3721.200 |
|
(d) Cash and cash
equivalents |
3757.900 |
3069.800 |
2244.400 |
|
(e) Short-term loans and
advances |
729.900 |
700.700 |
444.500 |
|
(f) Other current assets |
86.000 |
42.700 |
45.000 |
|
Total Current Assets |
10423.000 |
9495.700 |
9255.200 |
|
|
|
|
|
|
TOTAL |
16928.800 |
15990.800 |
15077.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22749.600 |
22275.900 |
24348.800 |
|
|
|
Other Income |
631.700 |
683.200 |
545.600 |
|
|
|
TOTAL (A) |
23381.300 |
22959.100 |
24894.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6063.000 |
5895.700 |
6188.600 |
|
|
|
Purchase of stock-in-trade |
8330.000 |
8303.200 |
9656.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(64.100) |
215.900 |
(128.600) |
|
|
|
Exceptional Items |
221.000 |
0.000 |
0.000 |
|
|
|
Employee benefits |
1852.700 |
1694.200 |
1651.300 |
|
|
|
Other expenses |
3954.000 |
3582.900 |
4002.000 |
|
|
|
TOTAL (B) |
20356.600 |
19691.900 |
21370.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3024.700 |
3267.200 |
3524.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3024.700 |
3267.200 |
3524.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
494.400 |
435.900 |
385.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2530.300 |
2831.300 |
3139.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
863.100 |
930.500 |
1054.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1667.200 |
1900.800 |
2084.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5646.500 |
5205.300 |
4180.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
600.000 |
|
|
|
Dividend |
395.500 |
395.500 |
395.500 |
|
|
|
Tax on Dividend |
70.300 |
64.100 |
64.100 |
|
|
BALANCE CARRIED
TO THE B/S |
5847.900 |
5646.500 |
5205.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
1777.900 |
1354.100 |
2084.400 |
|
|
|
Export of Services |
3.000 |
5.400 |
25.800 |
|
|
|
Commission Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
254.300 |
193.200 |
125.500 |
|
|
TOTAL EARNINGS |
2035.200 |
1552.700 |
2235.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
107.300 |
110.400 |
122.600 |
|
|
|
Components, Stores and Spares etc. |
1467.700 |
1500.200 |
1986.300 |
|
|
|
Trading goods |
5666.100 |
5730.100 |
6872.500 |
|
|
|
Capital Goods |
107.200 |
391.400 |
129.100 |
|
|
TOTAL IMPORTS |
7348.300 |
7732.100 |
9110.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.60 |
36.00 |
39.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
|
|
|
Net Sales |
|
|
5794.700 |
|
Total Expenditure |
|
|
5072.500 |
|
PBIDT (Excl OI) |
|
|
722.200 |
|
Other Income |
|
|
160.400 |
|
Operating Profit |
|
|
882.600 |
|
Interest |
|
|
0.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
882.600 |
|
Depreciation |
|
|
132.200 |
|
Profit Before Tax |
|
|
750.400 |
|
Tax |
|
|
259.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
491.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
491.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
7.13
|
8.28
|
8.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.12 |
12.71
|
12.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.16 |
18.38 |
21.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.25 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63 |
2.28 |
1.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
527.300 |
527.300 |
527.300 |
|
Reserves & Surplus |
9,585.100 |
11,026.300 |
12,227.700 |
|
Net
worth |
10,112.400 |
11,553.600 |
12,755.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
24,348.800 |
22,275.900 |
22,749.600 |
|
|
|
(8.513) |
2.127 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
24,348.800 |
22,275.900 |
22,749.600 |
|
Profit After Tax |
2,084.900 |
1,900.800 |
1,667.200 |
|
|
8.56% |
8.53% |
7.33% |
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 |
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 |
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 |
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 |
No |
OPERATIONS
The Indian
economy battled several challenges from high interest rates, persistent
inflation, weak rupee to tapered demand and contraction of industrial
production during the year 2013.
The
automotive sector, one of the largest consumers of the Company’s products
witnessed weak demand barring the two wheeler and tractor segment which clocked
modest growth. Manufacturing and industrial activities remained sluggish.
Despite these constraints and challenging environment, your Company continued
to focus on its fundamental strength which lies in its ability to continuously
develop technologies, products and services that enhance competitive advantages
for its customers. The efforts over the years to develop a wide range of
products and service offerings and the ability to combine the knowledge across
the SKF technology platforms – Bearings and units, Seals, Mechatronics,
Services and Lubrication systems – to develop value propositions for the
different industries and customers enabled SKF India’s specialist teams to work
even more closely with customers. This ability to provide them advanced
integrated solutions to improve their production efficiency and improve their
competitiveness and profitability enabled us to strengthen their leadership
position even further in a difficult external environment.
The
efforts are reflected in the positive improving trend witnessed
quarter-on-quarter during the year from sales of Rs.5,290 million in the first
quarter of the year 2013 to Rs.5,912 million in the last quarter. For the twelve
months ending 31st March, 2013, the Company reported Net Sales of
Rs.22,464 million clocking a 2 percent increase over the previous year. The
continued growth in the aftermarket segment and 28 per cent increase in export
worked favorably for the Company.
The
strong emphasis on internal efficiency together with an improvement in the
sales mix enabled your Company to withstand inflationary pressures on costs and
sustain its profitability. Notwithstanding the difficult business and macro environment,
the Company’s Profit Before Tax (excluding exceptional items) as percent to
sales was only marginally lower at 12.2 per cent as compared to 12.8 per cent
last year. Exports constituted 8.2 percent of the total sales as compared to
6.5 per cent of sales in the previous year. The Earnings per share and cash
earnings per share for the year was Rs.31.6 and Rs. 41 respectively. Despite
the visible short term challenges, the Company believes that the long term
India story remains intact. Domestic consumption will remain one of the key
growth engines of the Indian economy. A large and growing population,
significant additions to the working age population, rising disposable incomes
including in rural areas and the Government’s increasing spends on the social
sector to foster inclusive growth will all together play an important role in
sustaining consumption.
The
Company will continue to leverage the global knowledge and expertise and its
well-developed research and development facilities along with its own competent
talent to take part in India’s growth story. While the Company will constantly
strive to increase the stakeholder’s value, emphasis continues to be on
delivering value to customers and strengthening processes while driving
sustainable practises. Energy efficiency initiatives including Beyond Zero ®
portfolio, clean technology, energy efficient products and alternative sources
of energy will continue to remain their focus areas. The Company will continue
to invest time, money and energy in developing products that are safe,
environment friendly and at the same time are, affordable and efficacious to
strengthen their competitive and market leadership position.
AWARDS /
RECOGNITION
The
Directors are delighted to report that during the year, the Company was
recognized and felicitated for exemplary performance in various fields and some
of the significant achievements are:
_
Dun and Bradstreet’s Award for best bearing company for 7th consecutive year
_
GOLD award at the 10th Economic Times and Frost and Sullivan India
Manufacturing Excellence Awards 2013.
_
Frost and Sullivan Indian Industrial technologies award 2013 for market
leadership in the industrial bearings market in India.
_
Ranked amongst the top 10 Auto Component companies by Fortune India for the 2nd
consecutive year.
_
Quality Gold award from Bajaj Auto.
_
Best Supplier for Consistent Performance in Quality and Reliability award from
TAFE.
_
Best performer award in the engineering spares category at Ultratech North’s
Business Associates Meet 2013.
_
Ace Designers Award for consistency in quality and excellence.
The
Company’s Managing Director, Shishir Joshipura was recognized as one of the
‘most valuable CEOs’ of India by Business World and also featured in the list
of Top 100 Indian CEOs by Business Today publication.
These
awards and recognitions are a result of the focused efforts towards evolution
of the company from a bearing manufacturer and supplier to an integrated
solutions provider.
They
thank all their customers, suppliers, distributors, employees and all other
stakeholders for their continued support and contribution to these awards.
These recognitions further inspire us to aim higher in order to become
competitive and deliver value in everything they do.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
Indian
Economy in 2013 continued to face several challenges and the year proved to be
a period of slowest growth in recent times. Continued uncertainty in the environment
stemming from near absence of action on policy front, persistent inflationary
pressures, resultant high interest rates and absence of resolution on key
issues in several core sectors stunted any investments and/or growth prospects
across these vital sectors. The global economic scenario too remained very
subdued and all major economies of the world faced a decrease in economic
activity and structural adjustments provided a platform for steep depreciation
in Rupee amidst a volatile environment. The uncertainty in business environment
led to low or no investments in new capacity formation. Manufacturing and
industrial activity remained sluggish for the entire year as demand tapered off
leading to low capacity utilisation and slowdown all around.
The
Indian Bearings industry also faced this situation and saw the markets shrink
from previous year. The market size is estimated to be INR 70 billion. The
split between domestic production and imported bearings remained more or less
unchanged from previous year. OEM and end users across industrial and
automotive sectors were impacted by the prevailing economic headwinds which in
turn translated into a challenging year for the Indian bearings industry.
Amongst these changes a significant dimension is addition of manufacturing
capacity by some of the key Japanese bearing manufacturers. While the
investments were announced in earlier years the year 2013 saw some of these
announcements translate into real investments on ground.
The
Company with its wide product portfolio and a well developed services platform
coupled with deep customer relationships continued to focus on outpacing the
external challenges efficiently by building on its competitive edge and
delivering sustainable results.
OUTLOOK
Global
growth is expected to be weak, driven more by advanced economies while growth
in emerging markets will be weaker than expected. The industry is looking
forward to the next general elections which are largely expected to have a
positive impact on the economy as it could well be the key catalyst for the
revival of the investment cycle which is essential to balance the supply-side
challenges.
The
volatile currency and inflationary pressures coupled with diminished employment
prospects could impinge on growth of consumer demand. However, relief is
visible as consumer inflation is likely to finally reduce as the country
witnesses the early signs of softening prices of food staples. Good harvest,
increase in industrial activity, good education policies will be the key facilitators
to drive higher economic activity in the country. As the country prepares for
general elections, the demand in the aftermarket could grow.
While
the short term prospects look challenging, the Company believes that the
mid-long term India growth story still continues to be promising and remains
strong. The positives like the demographic dividend will continue to drive
long-term growth. The ability to manage the short-term challenges will play a
significant role in catalyzing the growth drivers for the economy and industry.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80005244 |
08/06/2006 * |
200,000,000.00 |
HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
52/60 MAHATMA
GANDHI ROAD, FORT, MUMBAI - 400001, Maharashtra, INDIA |
- |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2014
|
Particulars
|
Quarter Ended |
Quarter Ended |
9 Months Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net
Sales / Income from Operations |
|
|
|
|
Net Sales / Income from
Operations |
6038.000 |
5926.300 |
17667.400 |
|
Other Operating Income |
89.900 |
875.000 |
269.000 |
|
Total |
6127.900 |
6801.300 |
17936.400 |
|
Expenditure |
|
|
|
|
Other Expenses |
1058.600 |
1037.100 |
3073.400 |
|
Employee Benefit Expenses |
517.200 |
495.400 |
1526.300 |
|
Changes in inventories of
finished goods, wip and Stock-in-trade |
(67.700) |
(69.200) |
(241.700) |
|
Depreciation and Amortisation
expense |
135.300 |
135.000 |
402.500 |
|
Purchases of Stock in Trade |
2,153.100 |
2186.400 |
6450.200 |
|
Cost of Materials Consumed |
1,643.500 |
1599.000 |
4817.700 |
|
Total |
5440.000 |
5383.700 |
16028.400 |
|
Profit from Operations before
Other Income, Interest and Exceptional Items |
687.900 |
630.100 |
1908.000 |
|
Other Income |
200.000 |
188.500 |
548.900 |
|
Profit before Interest and
Exceptional Items |
887.900 |
818.600 |
2456.900 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Profit after Interest but
before Exceptional Items |
887.900 |
818.600 |
2456.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit (+)/ Loss (-) from
Ordinary Activities before Tax |
887.900 |
818.600 |
2456.900 |
|
Tax |
301.400 |
277.200 |
838.000 |
|
Net Profit (+)/ Loss (-) from
Ordinary Activities after Tax |
586.500 |
541.400 |
1618.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
586.500 |
541.400 |
1618.900 |
|
Equity Capital |
527.300 |
527.300 |
527.300 |
|
Face Value (in Rs.10/-) |
|
|
|
|
Reserves |
0.000 |
0.000 |
0.000 |
|
EPS
before Extraordinary items (in Rs.10/-) |
|
|
|
|
Basic & Diluted EPS before
Extraordinary items |
11.10 |
10.30 |
30.70 |
|
EPS
after Extraordinary items (in Rs10/-) |
|
|
|
|
Basic & Diluted EPS after
Extraordinary items |
11.10 |
10.30 |
30.70 |
|
|
|
|
|
|
Number of Public Shareholding |
2,44,77,970 |
2,44,77,970 |
2,44,77,970 |
|
Percentage of Public
Shareholding |
46.40 |
46.40 |
46.40 |
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
Pledged
/ Encumbered |
|
|
|
|
Number of Shares |
0.00 |
0.00 |
0.00 |
|
Percentage of Shares (as a % of
the total shareholding of promoter and promoter group) |
0.00 |
0.00 |
0.00 |
|
Percentage of Shares (as a% of
the total share capital of the company) |
0.00 |
0.00 |
0.00 |
|
Non-encumbered |
|
|
|
|
Number of Shares |
2,82,54,568 |
2,82,54,568 |
2,82,54,568 |
|
Percentage of Shares (as a% of
the total shareholding of promoter & prom group) |
100.00 |
100.00 |
100.00 |
|
Percentage of Shares (as a %
of the total share capital of the company) |
53.60 |
53.60 |
53.60 |
|
Particulars |
3 months ended 30.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Note :
Previous period's figures have been regrouped wherever
necessary to conform to current period's classification.
The Company is of the view that it manufactures bearings and other related components which is a single business segment in accordance with AS-17- 'Segment Reporting' notified pursuant to Companies (Accounting Standards) Rules, 2006.
During nine months ended September 30, 2013 / year ended December 31, 2013 the
Company had announced a Voluntary' Retirement Scheme (VRS) for its workmen An
amount of Rs. 221.0 million was incurred as VRS compensation under this scheme
which has been disclosed as an exceptional item.
The above financial results were reviewed by the Audit Committee on October 21,
2014 and approved by the Board at its meeting held on October 21, 2014.
The auditors of the Company have conducted a limited review of the financial results for the quarter ended September 30, 2014. An unqualified report has been issued by them thereon.
The Board of Directors of the Company, at their meeting held on September 19,
2014, declared an interim dividend of Rs. 7.5/- per equity share on 52,732,538
shares of Rs. 10/- each fully paid up, for the Financial Year 2014.
FIXED ASSETS:
·
·
Buildings
·
Plant, Machinery and Tools
·
Furniture, Fixtures
·
Office Equipments
·
Vehicles
·
Software
AS PER WEBSITE DETAILS:
PRESS RELEASES:
SKF to demonstrate cost-effective
solutions at marine tradeshow Posidonia 2014 in Athens, Greece
2014 May 26, 14:00 CEST
SKF will show customers
how to improve sustainability, safety and efficiency with cost-effective
solutions for the marine industry at Posidonia 2-6 June 2014
Gothenburg, Sweden, 26 May 2014: SKF will be showing marine customers how to
increase efficiency at Posidonia 2014, one of the world's most prestigious
maritime events, which takes place in Athens, Greece. SKF’s solutions can help
users to future proof their vessels and businesses by enabling cost-effective,
environmentally-conscious operations that fulfill regulations.
Among the solutions on show will be a new innovation, an environmental
monitoring system from SKF Blohm + Voss Industries called TURBULO BlueMon
supporting a visualized environmental mapping of vessel emissions.
SKF will also be showcasing coupling solutions exhibits to demonstrate effective
condition monitoring and products like SKF Vibracon, the universal, adjustable
steel chock that simplifies shaft alignment and machine installation.
SKF experts will be on the stand to discuss these and many other solutions
available for the marine industry, offering visitors the opportunity to learn
more and discuss their own specific issues.
SKF will also be hosting seminars on Thursday 5th of June covering topics such
as how to get condition monitoring right during the new building phase.
SKF LAUNCHES NEW CONDITION MONITORING
SENSOR SUITABLE FOR HAZARDOUS ENVIRONMENTS
2014 May 26, 13:00 CEST
New SKF Wireless Machine
Condition Sensor provides condition monitoring for large plants, or in
hazardous and hard to reach locations.
Gothenburg, Sweden, 26
May, 2014: SKF today launches the SKF Wireless Machine Condition Sensor, which
uses the WirelessHart communication protocol and provides dynamic vibration and
temperature data for condition monitoring and machinery diagnostic
applications. The product has ATEX Zone 0 certification, which means that it
can also be used in hazardous environments, for example those found in
petrochemical, oil and gas, or pharmaceutical plants. The SKF Wireless Machine
Condition Sensor combines both sensor and router node into one compact and
battery-operated unit the size of a typical industrial accelerometer.
SKF Wireless Machine Condition Sensors communicate with each other, and with a
wireless gateway, creating a mesh network. This type of network and communication
protocol is ideal for monitoring rotating machinery throughout large plants, in
hard to reach locations, or in areas where traditional WiFi communications will
not work.
“The new SKF Wireless Machine Condition Sensor offers monitoring capabilities
that may be impossible with wired systems or hand-held devices. This can
ultimately lead to reduced condition monitoring costs as well as to a safer
approach to machine monitoring,” says Jan Hendrik van der Linden, Product Line
Manager, SKF.
With the new product, users can benefit
from an improved maintenance program, reduced maintenance costs, reduced
installation costs, enhanced employee and machine safety, and compatibility
with the established SKF @ptitude Analyst software suite.
The SKF Wireless Machine Condition Sensor
operates in a low power consumption mode, allowing the battery to last for
years in the field. Communication capabilities include relaying data from
one node to another, relaying data back to the gateway, and receiving automated
commands from the Wireless Sensor Device Manager software that initiate the
measurement and processing circuits to take data and transmit it back over the
network. If a node is unable to receive signals directly from the WirelessHART
gateway, it will instead send and receive its data through a nearby node that
can pass the data to and from the gateway – ultimately creating the mesh
network.
Once data is collected, the Wireless HART
gateway communicates with the Wireless Sensor Device Manager software supplied
by SKF. Device Manager then automatically exports the data into SKF
@ptitude Analyst, a comprehensive diagnostic and analytic software package,
where a plant engineer can analyze the data and determine a course of action.
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.61.78 |
|
|
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.