MIRA
INFORM REPORT
|
Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL ENGINEERING INDUSTRIES LIMITED (w.e.f. 1958) |
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Formerly Known As
: |
NATIONAL BEARING COMPANY LIMITED |
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Registered
Office : |
9/1, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
24.04.1946 |
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Com. Reg. No.: |
21-013643 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000 Millions |
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CIN No.: [Company Identification
No.] |
L29130WB1946PLC013643 |
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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
: |
Manufacturer and Exporter of Ball
Bearings, Steel Balls, Tapered Roller Bearings, Cylindrical Roller Bearings
and Axle Boxes for Railway Rolling Stock including Spherical Roller Bearings,
Cartridge Tapered Roller Bearings and Large Special Bearings. |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000000 |
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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 a well-established and a reputed company having fine track.
As per Registrar of Companies the date of balance sheet i.e.,
Financials filed is shown as 31st March, 2014 but the documents related
to the financials for the year 2014 are not available from any sources. As per available financial 2013, financial position of the company
seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business 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) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Piyush |
|
Designation : |
Senior Account Officer |
|
Contact No.: |
91-141-2223221 |
|
Date : |
08.10.2014 |
LOCATIONS
|
Registered Office : |
9/1, R. N. Mukherjee Road, Birla Building, 11th Floor,
Kolkata-700 001, West Bengal |
|
Tel. No.: |
91-33-22420910/22430383 |
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Fax No.: |
91-33-22101912 |
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E-Mail : |
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Website : |
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Head office/ Factory 1: |
Khatipura Road,
Jaipur 302 006, Rajasthan, India |
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Tel. No.: |
91-141-2223221/ 229 |
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Fax No.: |
91-141-0221926 / 2222259 |
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Factory 2: |
Village Gunsi, Tehsil Newai. District Tonk, Rajasthan, India |
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Tel. No.: |
91-1438-227752 1227753 |
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Factory 3: |
Plot No. 163, Sector 3, Industrial Estate Ch. Devilal IMT, Manesar, District Gurgaon, Haryana, India |
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Tel. No.: |
91-124-229163512291636 |
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Fax No.: |
91-124-2291424 |
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E-Mail : |
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Factory 4: |
2 Beerpara Lane, DUM Dum, Kolkata 700 030, West Bengal, India |
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Tel. No.: |
91-33-255685161 171 18 |
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Fax No.: |
91-33-25568519 |
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E-Mail : |
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Branches: |
Located at: ·
New Delhi ·
Mumbai ·
Pune ·
Chennai |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Chandra Kant Birla |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
8/9, Alipore Road, Kolkata-700 027, West Bengal, India |
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Date of Birth/Age: |
23.02.1979 |
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Date of Appointment : |
09.01.1955 |
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Din No.: |
00118473 |
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Name : |
Mrs. Amita Birla |
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Designation : |
Vo-Chairman |
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Address : |
8/9, Alipore Road, Kolkata-700 027, West Bengal, India |
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Date of Birth/Age : |
07.12.1956 |
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Date of Appointment : |
30.07.2008 |
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Din No.: |
00837718 |
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Name : |
Mr. Kashinath Memani |
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Designation : |
Director |
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Address : |
177-C, Western Avenue, Lane W-7, Sainik Farms, New Delhi-110 062,
Delhi, India |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
30.04.2004 |
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Din No.: |
00020696 |
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Name : |
Mr. Manohar Lal Panchisia |
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Designation : |
Director |
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Address : |
8/12, Alipore Road, Kolkata-700 027, West Bengal, India |
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Date of Birth/Age : |
06.01.1944 |
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Date of Appointment : |
21.03.1994 |
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Din No.: |
00065431 |
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Name : |
Mr. Jagdish Prasad Chhaochharia |
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Designation : |
Director |
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Address : |
6 C, Short Street, Kolkata-700 016, West Bengal, India |
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Date of Birth/Age : |
26.11.1931 |
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Date of Appointment : |
28.12.1979 |
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Din No.: |
00065287 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Director |
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Address : |
B-103, Raj Enclave, 7/1A, Sunny Park, Kolkata-700 019, West Bengal,
India |
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Date of Birth/Age : |
13.07.1970 |
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Date of Appointment : |
05.02.1998 |
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Din No.: |
00005290 |
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Name : |
Mr. Ashwin Bishnoi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Piyush |
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Designation : |
Senior Account Officer |
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Name : |
K.P. Chaudhary |
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Designation : |
Company Secretary |
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Name : |
Rohit Saboo |
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Designation : |
President & Chief Executive Officer |
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Name : |
R.K. Saboo |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajasthan Industries Limited, India |
|
10 |
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Central India Industries
Limited, India |
|
10 |
|
Bengal Rubber Company Limited, India
|
|
395960 |
|
Amer Investments (Delhi) limited, India |
|
393146 |
|
Hindustan Discounting Company Limited, India |
|
10 |
|
Gwalior Finance Corporation Limited, India |
|
10 |
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Hitaish Investments Limited, India
|
|
2000 |
|
Birla Kant Chandra |
|
8854 |
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Total |
|
800000 |
As on 07.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
98.89 |
|
Directors
or relatives of directors |
|
1.11 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ball
Bearings, Steel Balls, Tapered Roller Bearings, Cylindrical Roller Bearings
and Axle Boxes for Railway Rolling Stock including Spherical Roller Bearings,
Cartridge Tapered Roller Bearings and Large Special Bearings. |
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Products : |
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Exports : |
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Products : |
Bearings |
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Countries : |
·
USA ·
China |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
USA ·
China |
GENERAL INFORMATION
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
· The Bank of Nova Scotia, Classic Towers, P.O. Box 3749, 1547 Trichy Road, Coimbatore, CPO-641 018, Tamilnadu, India. · State Bank of India, 34, Jawaharlal Nehru Road, Kolkata-700 071, West Bengal, India · State Bank of Bikaner and Jaipur, 14 N. S. Road, Kolkata-700 001, West Bengal, India · UCO Bank, 10, B. T. M. Sarani, Kolakata-700 001, West Bengal, India · Punjab National Bank, 31 Chowringhee Road, Kolkata-700 001, West Bengal, India · Kotak Mahindra Bank Limited, 57, S. P. Marg, C. Scheme, Jaipur-302 001, India · State Bank of Indore, 161, C.R. Avenue, Kolkata-700 007, West Bengal, India · IDBI Bank Limited, 119, Park Street, Kolkata-700 016, , West Bengal, India · Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi-110 001, India · Barclays Bank PLC, Eros Corporate Tower, Nehru Place, New Delhi-110 019, Delhi, India · Axis Bank Limited · IndusInd Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Subsidiaries : |
· National Bearing Company (Jaipur) Limited · NEI Properties Limited (Subsidiary of National Bearing Company (Jaipur) Limited) · Birla Soft Limited, India (Subsidiary of NEIL, India) · Birlasoft Inc., U.S.A. (Subsidiary of Birla Soft Limited, India) · Birlasoft (U.K.) Limited, U.K. (Subsidiary of Birlasoft Inc., USA) · Birlasoft GmbH., Germany (Subsidiary of Birlasoft (U.K.) Limited, UK) · Birlasoft Enterprises Limited, India (Subsidiary of Birla Soft Limited India) · Birlasoft (India) Limited, India (Subsidiary of Birlasoft Enterprises Limited, India) · Birlasoft Sdn. Bhd., Malaysia (Subsidiary of Birlasoft (India) Limited, India) · Birlasoft S.DE.R.L.DE C.V., Mexico (Subsidiary Of Birlasoft (India) Limited, India) · Birlasoft (Beijing) Technologies Company Limited, China (Subsidiary of Birlasoft (India) Limited, India) ·
Birlasoft (Wuxi) Information Technologies
Company Limited, China (Subsidiary of Birlasoft (India) Limited, India) |
|
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|
Joint Ventures : |
· Birla Associates Pte. Limited ·
Birla Enterprises Limited (Subsidiary of Birla
Associates Pte. Limited) |
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Associate : |
Birla GTM-Entrepose Limited |
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Investing Parties: |
· Amer Investment (Delhi) Limited · Bengal Rubber Company Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,00,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
10,00,000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,00,000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
year
|
Equity shares |
March 31,2013 |
|
|
|
Numbers |
Rs. In Millions |
|
At the beginning of the year |
800000 |
8.000 |
|
Outstanding at the
end of the year |
800000 |
8.000 |
Term / rights
attached to equity shares
The company has issued one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except for interim dividend
During the year ended 31 March 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs 80.00 (previous year: Rs 40.00).
In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholder.
Details of shareholders
holding more than 5% shares in the company
|
Equity shares |
March 31,2013 |
|
|
|
Numbers |
% holding in the class |
|
Equity shares of
Rs.10 each fully Paid |
|
|
|
Arner Investments (Delhi) Limited |
393146 |
49.14% |
|
Bengal Rubber Co. Limited\ |
395960 |
49.50% |
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 |
8.000 |
8.000 |
8.000 |
|
(b) Reserves & Surplus |
6273.730 |
5320.414 |
4334.392 |
|
(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) |
6281.730 |
5328.414 |
4342.392 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
814.200 |
875.500 |
599.156 |
|
(b) Deferred tax liabilities (Net) |
453.012 |
305.850 |
267.117 |
|
(c) Deferred payment liabilities |
2.633 |
5.994 |
7.453 |
|
(d) long-term provisions |
0.000 |
0.000 |
54.802 |
|
Total Non-current Liabilities (3) |
1269.845 |
1187.344 |
928.528 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4004.198 |
3590.688 |
2036.829 |
|
(b) Trade payables |
1654.509 |
1544.649 |
1189.132 |
|
(c) Other current
liabilities |
622.502 |
570.541 |
1409.110 |
|
(d) Deferred payment
liabilities |
2.214 |
3.096 |
12.986 |
|
(d) Short-term provisions |
124.038 |
137.278 |
23.211 |
|
Total Current Liabilities (4) |
6407.461 |
5846.252 |
4671.268 |
|
|
|
|
|
|
TOTAL |
13959.036 |
12362.010 |
9942.188 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6914.504 |
5943.874 |
4900.263 |
|
(ii) Intangible Assets |
44.597 |
27.604 |
27.431 |
|
(iii) Capital
work-in-progress |
328.068 |
389.025 |
358.861 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
911.000 |
909.849 |
409.536 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
262.714 |
158.796 |
132.205 |
|
(e) Other Non-current assets |
6.320 |
12.068 |
5.347 |
|
Total Non-Current Assets |
8467.203 |
7441.216 |
5833.643 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3026.137 |
2416.823 |
2269.613 |
|
(c) Trade receivables |
2148.475 |
2110.608 |
1432.942 |
|
(d) Cash and cash
equivalents |
6.796 |
35.127 |
43.668 |
|
(e) Short-term loans and
advances |
270.455 |
313.145 |
317.673 |
|
(f) Other current assets |
39.970 |
45.091 |
44.649 |
|
Total Current Assets |
5491.833 |
4920.794 |
4108.545 |
|
|
|
|
|
|
TOTAL |
13959.036 |
12362.010 |
9942.188 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11997.174 |
10962.611 |
9458.923 |
|
|
|
Other Income |
405.579 |
177.656 |
180.646 |
|
|
|
TOTAL (A) |
12402.753 |
11140.267 |
9639.569 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6218.844 |
5476.937 |
4484.740 |
|
|
|
Purchases of Stock-in-Trade |
63.405 |
68.995 |
83.829 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(212.562) |
(208.941) |
(165.967) |
|
|
|
Employees benefits expense |
1187.598 |
929.446 |
898.989 |
|
|
|
Other expenses |
1501.350 |
1445.211 |
1040.596 |
|
|
|
Consumption of stores and
spare parts |
757.927 |
681.134 |
575.271 |
|
|
|
Power and fuel |
429.170 |
380.671 |
319.311 |
|
|
|
Interest Income |
(30.879) |
(17.793) |
0.000 |
|
|
|
TOTAL (B) |
9914.853 |
8755.660 |
7236.769 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2487.900 |
2384.607 |
2402.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
302.583 |
284.619 |
192.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2185.317 |
2099.988 |
2209.887 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
772.017 |
625.173 |
494.434 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1413.300 |
1474.815 |
1715.453 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
385.354 |
451.602 |
526.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1027.946 |
1023.213 |
1188.967 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
590.320 |
472.298 |
301.927 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
950.000 |
900.000 |
1000.000 |
|
|
|
Dividend |
10.630 |
5.191 |
16.000 |
|
|
|
Tax on Dividend |
32.000 |
0.000 |
2.596 |
|
|
BALANCE CARRIED
TO THE B/S |
625.636 |
590.320 |
472.298 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods ( on F.O.B. basis) |
1292.547 |
769.590 |
526.129 |
|
|
TOTAL EARNINGS |
1292.547 |
796.590 |
526.129 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2437.548 |
1893.152 |
1735.291 |
|
|
|
Stores & Spares |
242.457 |
190.916 |
183.284 |
|
|
|
Capital Goods |
563.571 |
869.643 |
979.196 |
|
|
|
Finished goods |
6.439 |
4.983 |
2.376 |
|
|
TOTAL IMPORTS |
3250.015 |
2958.694 |
2900.147 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1284.93 |
1279.02 |
1486.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.29 |
9.18 |
12.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.78 |
13.45 |
18.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.11 |
13.33 |
18.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.28 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.77 |
0.84 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.84 |
0.88 |
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 |
8.000 |
8.000 |
8.000 |
|
Reserves & Surplus |
4334.392 |
5320.414 |
6273.730 |
|
Net worth |
4342.392 |
5328.414 |
6281.730 |
|
|
|
|
|
|
long-term borrowings |
599.156 |
875.500 |
814.200 |
|
Short term borrowings |
2036.829 |
3590.688 |
4004.198 |
|
Total borrowings |
2635.985 |
4466.188 |
4818.398 |
|
Debt/Equity ratio |
0.607 |
0.838 |
0.767 |
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 |
9458.923 |
10962.611 |
11997.174 |
|
|
|
15.897 |
9.437 |
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 |
9458.923 |
10962.611 |
11997.174 |
|
Profit |
1188.967 |
1023.213 |
1027.946 |
|
|
12.57% |
9.33% |
8.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Buyers credit from banks |
667.485 |
331.647 |
|
Commercial papers |
|
|
|
from banks |
600.000 |
450.000 |
|
from financial institution |
200.000 |
0.000 |
|
Short term loan from bank |
75.000 |
0.000 |
|
Total |
1542.485 |
781.647 |
|
|
|
|
CORPORATE INFORMATION
Subject is incorporated under the provisions of the Companies Act, 1956 and is primarily a manufacturer of bearings, which are widely used by manufacturers of automobiles, electric motors, trucks and tractors, railway wagons, coaches and locomotives as original equipments and steel mills, heavy engineering plants and thermal plants. The Company also manufactures metal to rubber profile used in automobiles. The Company also renders agency services in relation to marketing of different products on behalf of principals on commission basis. Besides, the Company renders Technical and Consultancy services.
FINANCIAL AND
OPERATIONAL PERFORMANCE
In the financial year, there was continuous pressure of inflation and resultant high interest rates, however, in spite of these adverse factors, the company achieved an increase in turnover of 11% (16% in the previous year). In exports, the company has achieved a growth of 67% (46% in the previous year). The gross operating profit increased by 4%.
OPERATIONAL
PERFORMANCE
The directors are pleased to inform that the company became No. 1 manufacturer of bearings in India and also became one of the highest exporters of bearings h m India during the year under review.
Consistent with its long term strategy, the Company has acquired a land measuring 21.61 acre to set up a new bearing plant at Savli, Vadodara in Gujarat which shall be operative by December 2013. The Company has also signed a MOU with RIICO (Rajasthan State Industrial Development and Investment Corporation) for a land measuring 100 acre in Bagru, Rajasthan for its future requirements.
The Company has installed a Wind Turbine of 1.25 MW at Ratkhuriya District, Jodhpur in Rajasthanwith an estimated annual power generation of 21.60 lacs units.
Detailed business analysis, review and operational performance has been covered in the management discussion and analysis chapter, which forms a part of this report.
AWARDS AND
RECOGNITION
The directors are pleased to inform that the company has been accredited with the following awards and recognition during the year:
· Manufacturing Excellence Award from ACMA - Bronze
· Technology Excellence Award from ACMA - Bronze
· Gold Quality Award from Bajaj Auto Limited
· Best Supplier Award for Quality and Capacity Ramp Up from TAFE (Tractors and Farm Equipments Limited)
· Special Support Award from Maruti Suzuki India Limited
· Best Emerging Supplier Award from Spicer India Limited
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
& Development
The Indian Bearing market size is estimated around Rs. 78000.000 Millions about 50% of the demand is catered by the domestic bearing manufacturers and the balance is met through imports and by the domestic unorganized sector. The Bearing Industry in India is divided mainly into two categories - the organized sector and the unorganized sector. While the organized sector primarily caters to the original equipment manufacturers and end users in automotive, railways and other industrial application sectors, the low-end replacement market is mostly catered by the unorganized sector.
In F.Y. 2012-13, the bearing producing industry in the organized sector recorded a growth of -1% in terms of sales value and during the same period, NEI registered a growth of 11%. NEI's share in (locally manufactured bearings) from the organized sector is estimated at around 26%.
NEI is a pioneer in the Indian bearing industry and its bearings are widely used by the manufacturers of automobiles, electric motors, trucks and tractors, railway wagons, coaches and locomotives as original equipment and in steel mills, heavy engineering plants and thermal plants all across the country. During the year under review, Automotive Industry showed slow-down in demand. Increase in the prices of bearing steel, exchange fluctuation and rising interest cost put pressure on margins. Gross operating profit for the period increased by 4%.
Outlook for 2013-14
The Indian Economy is expected to regain growth momentum in the next financial year. The company is confident of sustaining its growth in line with the industry demand and further improve its market share.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10349639 |
26/03/2012 |
750,000,000.00 |
DBS BANK LIMITED |
(SECURITY TRUSTEE OF DBS BANK LTD., SINGAPORE), K |
B37568227 |
|
2 |
10164258 |
22/04/2014 * |
6,500,000,000.00 |
CAG BRANCH SBI |
RELIANCE HOUSE, 34 J.L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
C03618436 |
* Date of charge modification
FIXED ASSETS
· Plant and Equipment
· Office equipment
· Furniture and Fixture
· Vehicles
· Computer Software
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.09.2013
Rs. In Millions
|
S.No. |
Particulars |
3
Months ended 30.09.2013 |
Preceding
3 months ended 30.06.2013 |
Year
to date figure for current period ended 30.09.2013 |
|
|
|
Reviewed |
Reviewed |
Reviewed |
|
|
|
|
|
|
|
1 |
Income from
Operations |
|
|
|
|
|
A )Net sales / income from operations
( Net of Excise Duty ) |
3399.025 |
3111.290 |
6510.315 |
|
|
|
|
|
|
|
|
B) Other operating income |
41.284 |
21.805 |
63.089 |
|
|
|
3440.309 |
3133.095 |
6573.404 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of material
consumed |
1681.191 |
1487.677 |
3168.868 |
|
|
b) Purchase of stock in
Trade |
34.136 |
17.977 |
52.113 |
|
|
c) Change in inventories of
finish good,work in progress and stock in trade |
35.098 |
(24.275) |
10.823 |
|
|
d) Employee benefits
expenses |
337.060 |
332.769 |
669.829 |
|
|
e) Depreciation and
amortisation |
220.570 |
212.086 |
432.656 |
|
|
f) Other expenditure |
800.129 |
827.864 |
1627.993 |
|
|
Total expenses |
3108.184 |
2854.098 |
5962.282 |
|
|
|
|
|
|
|
3 |
Profit /(Loss) from
operations before other income, finance cost and exceptional items (1-2) |
332.125 |
278.997 |
611.122 |
|
|
|
|
|
|
|
4 |
Other Income |
32.148 |
39.644 |
71.792 |
|
|
|
|
|
|
|
5 |
Profit /(Loss) from
ordinary activities before finance cost but before exceptional items (3+4) |
364.273 |
318.641 |
682.914 |
|
|
|
|
|
|
|
6 |
Finance Cost |
115.735 |
127.485 |
243.220 |
|
|
|
|
|
|
|
7 |
Profit /(Loss)
from ordinary activities after finance
cost but before exceptional items (5-6) |
248.538 |
191.156 |
439.694 |
|
|
|
|
|
|
|
8 |
Exceptional Items |
- |
- |
- |
|
|
|
|
|
|
|
9 |
Profit /(Loss) from
ordinary activities before Tax (7 +/- 8) |
248.538 |
191.156 |
439.694 |
|
|
|
|
|
|
|
10 |
Tax expenses |
(63.909) |
(51.924) |
(115.833) |
|
|
|
|
|
|
|
11 |
Net Profit
/(Loss) from ordinary activities after
Tax (9 +/-10) |
184.629 |
139.232 |
323.861 |
|
|
|
|
|
|
|
12 |
Paid-up equity
share capital (Face value of each share Rs. 10 each) |
8.000 |
8.000 |
8.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
Reserve excluding Revaluation reserve as per balance sheet of previous
accounting year |
- |
- |
- |
|
|
|
|
|
|
|
14 |
Earning per share ( before extraordinary items) (of Rs.10 each) ( Not annualised) |
|
|
|
|
|
a) Basic |
230.79 |
174.04 |
404.83 |
|
|
b) Diluted |
230.79 |
174.04 |
404.83 |
|
|
|
|
|
|
|
15 |
Earning per share ( after extraordinary items) (of Rs.10 each) ( Not annualised) |
|
|
|
|
|
a) Basic |
230.79 |
174.04 |
404.83 |
|
|
b) Diluted |
230.79 |
174.04 |
404.83 |
|
|
*Include Rs.13.53 Lacs related to previous year |
|
|
|
|
|
|
|
|
|
|
A |
1) PARTICULARS
OF SHARE HOLDING |
|
|
|
|
|
PUBLIC SHARE
HOLDING |
|
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
|
% of shareholding |
NIL |
NIL |
NIL |
|
|
|
|
|
|
|
|
2)PROMOTERS AND
PROMOTERS GROUP SHAREHOLDING |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares ( as a % of the total shareholding of promoter
and promoter group ) |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares ( as a % of the total share capital of the
company ) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
800,000 |
800,000 |
800,000 |
|
|
-Percentage of Shares ( as a % of the total shareholding of promoter
and promoter group ) |
100 |
100 |
100 |
|
|
- Percentage of Shares ( as a % of the total share capital of the
company ) |
100 |
100 |
100 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at
beginning of the quarter |
NIL |
|
|
|
|
Received during
the quarter |
NIL |
|
|
|
|
Disposed of during
the quarter |
NIL |
|
|
|
|
Remaining
unresolved at the end of the quarter |
NIL |
|
|
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
A |
EQUITY AND
LIABILITIES |
Period
Ended |
|
|
|
As
at 30.09.2013 Reviewed |
|
|
|
|
|
1 |
Shareholders' funds |
|
|
|
A) Share Capital |
8.000 |
|
|
B) Reserves and Surplus |
6597.591 |
|
|
Sub Total Shareholders Fund |
6605.591 |
|
2 |
Minority Interest |
|
|
|
|
|
|
3 |
Non Current liabilities |
|
|
|
A) Long term borrowings |
831.935 |
|
|
B) Deferred tax liabilities (net) |
406.444 |
|
|
C) Deferred payment liabilities |
1.564 |
|
|
Sub Total Non current liabilities |
1239.943 |
|
|
|
|
|
4 |
Current liabilities |
|
|
|
A) Short-term borrowings |
4732.019 |
|
|
B) Trade payables |
2241.838 |
|
|
C) Other current liabilities |
743.534 |
|
|
D) Deferred payment liabilities |
2.080 |
|
|
E) Short-term provisions |
102.517 |
|
|
Sub Total current liabilities |
7821.988 |
|
|
|
|
|
|
Total equity and Liabilities |
15667.522 |
|
|
|
|
|
B |
ASSETS |
|
|
|
Non Current assets |
|
|
|
A) Net Fixed Assets |
8587.098 |
|
|
B) Non-current investments |
911.000 |
|
|
C) Long-term loans and advances |
203.490 |
|
|
D) Other non-current assets |
4.701 |
|
|
Sub Total non current assets |
9706.289 |
|
|
|
|
|
|
Current Assets |
|
|
|
A) Inventories |
3158.305 |
|
|
B) Trade receivables |
2503.765 |
|
|
C) Cash and bank balances |
6.926 |
|
|
D) Short-term loans and advances |
231.726 |
|
|
E) Other current assets |
60.511 |
|
|
Sub Total current assets |
5961.233 |
|
|
|
|
|
|
Total Assets |
15667.522 |
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
S.NO. |
Particulars |
3 Months
ended 30.09.2013 |
Preceding
3 months ended 30.06.2013 |
Year
to date figure for current period ended 30.09.2013 |
|
|
Reviewed |
Reviewed |
Reviewed |
|
|
1. |
Segment Revenue |
|
|
|
|
|
a) Bearing Division |
3233.461 |
2926.349 |
6159.810 |
|
|
b) Consultancy |
165.882 |
150.557 |
316.439 |
|
|
c) Others * |
60.903 |
77.868 |
138.771 |
|
|
Total Net
Sales/Income from operations |
3460.246 |
3154.774 |
6615.020 |
|
|
|
|
|
|
|
|
Less : Inter segment revenue |
- |
- |
- |
|
|
Net sale/income
from operations |
3460.246 |
3154.774 |
6615.020 |
|
|
|
|
|
|
|
2. |
Segment Results |
|
|
|
|
|
( from each segment) |
|
|
|
|
|
a) Bearing Division |
388.468 |
449.349 |
837.817 |
|
|
b) Consultancy |
77.277 |
69.082 |
146.359 |
|
|
c) Others * |
10.973 |
14.023 |
24.996 |
|
|
Segmentwise profit before interest & tax |
476.718 |
532.454 |
1009.172 |
|
|
Less : i. Finance Cost |
115.735 |
127.485 |
243.220 |
|
|
ii. Other
un-allocable expenditure |
112.445 |
213.813 |
326.258 |
|
|
(net off
un-allocable income) |
|
|
|
|
|
Total Profit
before Tax |
248.538 |
191.156 |
439.694 |
|
|
|
|
|
|
|
3. |
Capital Employed |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
a) Bearing Division |
11537.293 |
11362.239 |
11537.293 |
|
|
b) Consultancy |
276.097 |
284.037 |
276.097 |
|
|
c) Others |
68.693 |
65.717 |
68.693 |
|
|
d) Un-Allocated |
1135.947 |
1112.360 |
1135.947 |
|
|
Total |
13018.030 |
12824.353 |
13018.030 |
Notes:
1. The promoters' group shareholding in the Company has become 100% with effect from May 26, 2006 under the provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations 2006. Consequently the Company had filed application dated June 19, 2006 for delisting with both The Delhi Stock Exchange Association Limited and Madhya Pradesh Stock Exchange, where the shares of the Company are listed. Madhya Pradesh Stock Exchange has approved delisting of such Shares during the quarter ended June 30, 2007.
2. Figures of previous quarter/ year have been regrouped / rearranged wherever necessary.
3. The above unaudited financial results have been reviewed by audit committee and taken on record by the Board of Directors of the Company at the meeting held on October 21, 2013.
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 records 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.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.