MIRA INFORM REPORT
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Report No. : |
315819 |
|
Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABC BEARINGS LIMITED |
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Registered
Office : |
402-B, Poonam Chambers, Dr. Annie Besant Road, Worli-Mumbai-400018,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.05.1961 |
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Com. Reg. No.: |
11-012028 |
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Capital
Investment / Paid-up Capital : |
Rs. 115.500 Million |
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CIN No.: [Company Identification
No.] |
L29130MH1961PLC012028 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA216687B |
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PAN No.: [Permanent Account No.] |
AAACT5018Q |
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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 of Ball Thrust, Taper and Cylindrical Roller
Bearings. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (BBB+) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (A2) |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
March 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Omna |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-24964500 |
|
Date : |
07.04.2015 |
LOCATIONS
|
Registered Office : |
402-B, Poonam Chambers, |
|
Tel. No.: |
91-22-24964500/24964501/56608851 |
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Fax No.: |
91-22-24950527 |
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E-Mail : |
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Website : |
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Factory 1: |
Plot No.109-B, Narmada Nagar, GIDC Industrial Estate, Bharuch -
392015, Gujarat State, India |
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Tel. No.: |
91-2642- 248222/3/4/ 1/ 246353 |
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Fax No.: |
91-2642- 248221/ 247591 |
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E-Mail : |
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Factory 2: |
Khasra No. 122 MI, Central Hope Town, Village: Selaqui, Tehsil: Vikas
nagar, Dehradun – 248197, Uttarakhand, India
|
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. M. Patel |
|
Designation : |
Chairman |
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Name : |
Mr. P. M. Patel |
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Designation : |
Managing Director |
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Name : |
Mr. T. M. Patel |
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Designation : |
Executive Director |
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Name : |
Mr. Y. H. Malegam |
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Designation : |
Director (Up to 16.07.2013) |
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Name : |
Mr. S. K. Diwanji |
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Designation : |
Director |
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Name : |
Mr. Jal R. Patel |
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Designation : |
Director |
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Name : |
Nalin M. Shah |
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Designation : |
Director (From 16.07.2013) |
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Name : |
Ms. Omna |
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Designation : |
Accountant |
KEY EXECUTIVES
|
Name : |
Mr. S. B. Desai |
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Designation : |
Company Secretary |
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|
|
Solicitors |
Desai and Diwanji Advocates and Solicitors |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
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|
|
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|
740811 |
6.41 |
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|
3635520 |
31.48 |
|
|
4376331 |
37.89 |
|
|
|
|
|
|
100394 |
0.87 |
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|
100394 |
0.87 |
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Total shareholding of Promoter
and Promoter Group (A) |
4476725 |
38.76 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
45 |
0.00 |
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|
285728 |
2.47 |
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|
450 |
0.00 |
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|
286223 |
2.48 |
|
|
|
|
|
|
448559 |
3.88 |
|
|
|
|
|
|
2062618 |
17.86 |
|
|
1377788 |
11.93 |
|
|
2898087 |
25.09 |
|
|
3414 |
0.03 |
|
|
50873 |
0.44 |
|
|
2843000 |
24.61 |
|
|
800 |
0.01 |
|
|
6787052 |
58.76 |
|
Total Public shareholding (B) |
7073275 |
61.24 |
|
Total (A)+(B) |
11550000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11550000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ball Thrust, Taper and Cylindrical Roller
Bearings. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS As on 31.03.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ball and Roller Bearings |
Nos. |
- |
7200000 |
4581474 |
|
Components |
Nos. |
- |
- |
321030 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
450 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long term Borrowing:
Short Term
Borrowing :
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Auditors : |
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Name : |
Parikh and Shah Chartered Accountants |
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Cost Auditors: |
B. J. D Nanabhoy and Company Cost Accountants |
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Joint Venture Company: |
NSK – ABC Bearings Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11550000 |
Equity Shares |
Rs.10/- each |
Rs.115.500 Million |
|
|
|
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|
The reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period :
|
|
31.03.2014 |
|
Number of shares at the beginning of the year |
11550000 |
|
Number of shares at the end of the year |
11550000 |
The Company has only one class of share, namely Equity Shares having face value of R 10/- each. The holder of equity shares is entitled to one vote per share. 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, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their share holding.
b) Details of shareholders holding more than 5% shares as at March 31, 2014
is set out below:
|
Name of the shareholder |
31.03.2014 |
|
|
No. of Shares |
% of shares |
|
|
Tricot investments Limited |
2843000 |
24.61 |
|
Emsons Leasing Company Private Limited |
982985 |
8.51 |
|
MIPCO Investments Private Limited |
867479 |
7.51 |
|
Manoway Investments Private Limited |
728063 |
6.30 |
|
Maple Investments Company Private Limited |
654233 |
5.66 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
115.500 |
115.500 |
115.500 |
|
(b) Reserves &
Surplus |
1119.110 |
1099.814 |
1080.553 |
|
(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) |
1234.610 |
1215.314 |
1196.053 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
368.662 |
261.339 |
151.283 |
|
(b) Deferred tax
liabilities (Net) |
112.571 |
89.555 |
64.916 |
|
(c) Other long term
liabilities |
49.861 |
16.735 |
13.351 |
|
(d) long-term provisions |
12.523 |
13.013 |
10.400 |
|
Total Non-current
Liabilities (3) |
543.617 |
380.642 |
239.950 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
219.714 |
250.134 |
265.036 |
|
(b) Trade payables |
176.545 |
159.300 |
143.709 |
|
(c) Other current
liabilities |
211.368 |
300.382 |
180.350 |
|
(d) Short-term provisions |
31.645 |
45.229 |
82.352 |
|
Total Current Liabilities
(4) |
639.272 |
755.045 |
671.447 |
|
|
|
|
|
|
TOTAL |
2417.499 |
2351.001 |
2107.450 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1313.337 |
1203.714 |
899.972 |
|
(ii) Intangible Assets |
25.420 |
27.322 |
25.924 |
|
(iii) Capital
work-in-progress |
163.298 |
149.110 |
109.725 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
125.000 |
125.000 |
125.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
167.947 |
172.253 |
227.972 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1795.002 |
1677.399 |
1388.593 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
317.873 |
412.869 |
437.449 |
|
(c) Trade receivables |
220.690 |
200.136 |
238.245 |
|
(d) Cash and cash
equivalents |
11.646 |
10.917 |
13.299 |
|
(e) Short-term loans and
advances |
70.908 |
49.047 |
29.375 |
|
(f) Other current assets |
1.380 |
0.633 |
0.489 |
|
Total Current Assets |
622.497 |
673.602 |
718.857 |
|
|
|
|
|
|
TOTAL |
2417.499 |
2351.001 |
2107.450 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1414.523 |
1494.672 |
1769.126 |
|
|
Other Income |
2.304 |
2.411 |
10.178 |
|
|
TOTAL (A) |
1416.827 |
1497.083 |
1779.304 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
644.875 |
728.037 |
1042.863 |
|
|
Purchases of
Stock-in-Trade |
3.187 |
2.332 |
5.069 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
69.529 |
(12.720) |
(198.294) |
|
|
Employees benefits
expense |
179.124 |
213.784 |
186.558 |
|
|
Other expenses |
348.355 |
370.429 |
440.301 |
|
|
Exceptional item |
(37.420) |
0.000 |
0.000 |
|
|
TOTAL (B) |
1207.650 |
1301.862 |
1476.497 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
209.177 |
195.221 |
302.807 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
40.182 |
31.492 |
14.396 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
168.995 |
163.729 |
288.411 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.900 |
85.631 |
64.709 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
70.095 |
78.098 |
223.702 |
|
|
|
|
|
|
|
Less |
TAX (I) |
23.773 |
25.055 |
70.276 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
46.322 |
53.043 |
153.426 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
84.140 |
70.179 |
83.872 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
4.600 |
5.300 |
100.000 |
|
|
Proposed Dividend |
23.100 |
28.875 |
57.750 |
|
|
Tax on Proposed Dividend |
3.926 |
4.907 |
9.369 |
|
|
Total (l) |
31.626 |
39.082 |
167.119 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K-L) |
98.836 |
84.140 |
70.179 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
36.195 |
21.352 |
21.176 |
|
|
TOTAL EARNINGS |
36.195 |
21.352 |
21.176 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2.103 |
20.570 |
8.626 |
|
|
Stores and Spares |
0.617 |
2.423 |
1.309 |
|
|
Capital Goods |
74.639 |
224.153 |
112.084 |
|
|
TOTAL IMPORTS |
77.359 |
247.146 |
122.019 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.01 |
4.59 |
13.28 |
Expected Sales (2014-2015) : Rs. 1500.000 Million
The above information has been parted by Ms. Omna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
3.27 |
3.55 |
8.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.79 |
13.06 |
17.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.29 |
3.76 |
11.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.06 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.42 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.89 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
115.500 |
115.500 |
115.500 |
|
Reserves & Surplus |
1080.553 |
1099.814 |
1119.110 |
|
Net worth |
1196.053 |
1215.314 |
1234.610 |
|
|
|
|
|
|
long-term borrowings |
151.283 |
261.339 |
368.662 |
|
Short term borrowings |
265.036 |
250.134 |
219.714 |
|
Total borrowings |
416.319 |
511.473 |
588.376 |
|
Debt/Equity ratio |
0.348 |
0.421 |
0.477 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1769.126 |
1494.672 |
1414.523 |
|
|
|
(15.514) |
(5.362) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1769.126 |
1494.672 |
1414.523 |
|
Profit |
153.426 |
53.043 |
46.322 |
|
|
8.67% |
3.55% |
3.27% |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
The Commercial Vehicle Industry as a whole continued to be depressed showing negative growth once again which was in excess of 20%. The production dropped even further in medium and heavy commercial vehicles, a segment in which the Company supplies large quantum of bearings. The Tractor Industry grew at a healthy rate of 20% and the Company continues to enjoy a good share of business in this segment. In order to save cost in the recessionary period, the sourcing of low cost bearings by the user industry continues to increase, posing a challenge for the Company to retain market share.
The aftermarket business was severely affected by the industrial slow-down. The movement of commercial vehicles which are generally on road for 20 days in a month, dropped substantially due to low availability of cargo, thus reducing the replacement cycle of consumable parts in a vehicle, resulting in low consumption of such parts including bearings in the aftermarket.
In order to mitigate the difficult situation and to have long term sustainability, the Company introduced several new offerings for actual users and the aftermarket. These products have been well received in both the domestic and export market and should show good growth in the future.
The recessionary trend had an impact on both sales and production of the company’s plants especially, the Uttarakhand plant, the products of which cater mainly to the commercial vehicle manufacturers in Uttarakhand.
MANAGEMENT DISCUSSION
AND ANALYSIS:
Industry Structure
and Development
Indian economy experienced slower growth during 2013-14 due to inflationary pressures, high interest rates and absence of attention on core sectors. The market size of Indian Bearings industry is about K 70 billion. Imports comprise of 40% of bearing demand in India. The Original Equipment Manufacturers as well as players in replacement market had a challenging year for Indian bearing industry.
Opportunities and
Threats
Opportunities:
In the year 2014-15 Tractor industry has predicted a growth of approx 10%, however, though there is no clarity from commercial vehicle industry. They feel that once the new Government is formed and pending projects cleared, normalcy should return to the Industry. The Company is working with existing customers in their new projects and supplies to them is expected from December 2014 onwards. The Company has also identified new customers for new business opportunities and expected its approvals in 2014-15.
Government policy of opening up of mining and other core infrastructural areas like Building of Highways, Connecting of rivers through Canals, etc. will improve consumption level of bearings as it will increase the activities of Commercial Vehicle Industry.
Threats:
Low cost suppliers of bearings from domestic and overseas markets will continue in 2014-15. B and C category brands are making a big push into the aftermarket riding on the preference for low cost products. A category brands too are getting more aggressive, leading to price wars and reduced contribution levels. Extended payment cycles and bearing replacement cycles prove to be an impediment to business growth.
Outlook
Barring unforeseen natural disasters and unexpected policy changes by the government, the Company expects a dull start to the current fiscal and going forward post the general elections, it expects a normal sales pattern enabling it to stretch and reach its sales targets.
Financial performance
with respect to operations
The total sales for the year 2013-14 stood at K 1577.566 Million. Reduction in demand led to lower production. Profit before tax or the year was K 70.096 Million and the profit after tax was K 46.322 Million. The Company has taken measures to remain financially stable focussing on quality and efficiency.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10458217 |
27/08/2014 * |
150,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C22191282 |
|
2 |
10437969 |
20/07/2013 |
187,500,000.00 |
STATE BANK OF INDIA |
BHARUCH BRANCH, OPP. JILLA PANCHAYAT OFFICE, BHARUCH, GUJARAT - 392001, INDIA |
B80094311 |
|
3 |
10303609 |
06/08/2011 |
500,000,000.00 |
STATE BANK OF INDIA |
BHARUCH BRANCH,
OPPO: DISTRICT PANCHAYAT OFFICE, |
B19341858 |
|
4 |
10263109 |
13/06/2014 * |
845,400,000.00 |
STATE BANK OF INDIA |
NANDELAV BRANCH, NANDELAV, BHARUCH, GUJARAT - 392001, INDIA |
C09054701 |
|
5 |
10162687 |
27/06/2012 * |
350,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B44046779 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposits from related parties |
39.183 |
31.600 |
|
Total |
39.183 |
31.600 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
For guarantee and counter-guarantees to the Bank against Bank’s guarantee to the Government of India and other authorities |
0.000 |
0.025 |
|
Excise Duty demand disputed |
5.412 |
5.178 |
|
Income tax/Fringe Benefit Tax demand contested in appeal |
9.754 |
14.570 |
|
Sales tax demand disputed |
1.611 |
5.088 |
|
Claims against the Company not acknowledged as debt (including share of jointly controlled entity NSK-ABC Bearings Limited Rs 0.635 Million previous year R 5.07 lacs) |
3.995 |
3.275 |
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31ST
DECEMBER 2014
(Rs. In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales |
382.400 |
396.398 |
1179.068 |
|
|
b) Other Operating Income |
4.283 |
3.706 |
12.239 |
|
|
Total Income
from Operations (net) |
386.683 |
400.104 |
1191.307 |
|
2 |
Expenses |
|
|
|
|
|
Cost of Materials
Consumed |
259.883 |
222.016 |
663.441 |
|
|
Purchases of
Stock-in-Trade |
1.202 |
0.390 |
2.804 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(102.623) |
(18.850) |
(92.620) |
|
|
Employees benefits
expense |
46.283 |
46.876 |
139.328 |
|
|
Depreciation and Amortisation Expenses |
30.641 |
28.621 |
87.295 |
|
|
Other Expenditure |
125.919 |
100.844 |
320.410 |
|
|
Total Expenses |
361.305 |
379.897 |
1120.658 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items |
25.378 |
20.207 |
70.649 |
|
4 |
Other Income |
0.721 |
0.494 |
2.392 |
|
5 |
Profit before finance cost and exceptional items |
26.099 |
20.701 |
73.041 |
|
6 |
Interest & Finance Costs |
13.910 |
14.176 |
40.486 |
|
7 |
Profit after finance costs but before exceptional items |
12.189 |
6.525 |
32.555 |
|
8 |
Exceptional Items (Net) |
0.000 |
0.000 |
0.000 |
|
9 |
Profit from ordinary activities before Tax |
12.189 |
6.525 |
32.555 |
|
10 |
Tax Expense |
|
|
|
|
|
-Current Tax |
2.437 |
1.306 |
6.496 |
|
|
-Deferred ax |
2.819 |
3.484 |
9.834 |
|
|
-MAT Credit Utilized |
(2.437) |
(2.533) |
(6.496) |
|
11 |
Net Profit from ordinary activities after tax |
9.369 |
4.268 |
22.721 |
|
12 |
Extraordinary Item (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit for the period |
9.369 |
4.268 |
22.721 |
|
14 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
115.500 |
115.500 |
115.500 |
|
15 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
0.000 |
0.000 |
0.000 |
|
16 |
Earning Per Shares (EPS before extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
0.81 |
0.37 |
1.97 |
|
|
- Diluted (in Rupees, not annualized) |
0.81 |
0.37 |
1.97 |
|
18ii |
Earning Per Shares (EPS after extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
0.81 |
0.37 |
1.97 |
|
|
- Diluted (in Rupees, not annualized) |
0.81 |
0.37 |
1.97 |
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
7073275 |
7081991 |
7073275 |
|
|
- Percentage of shareholding |
61.24% |
61.32% |
61.24% |
|
2 |
Promoters and promoter
group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
4476725 |
4468009 |
4476725 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and
promoter group |
100% |
100% |
100% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
38.76% |
38.68% |
38.76% |
|
B |
INVESTOR COMPLAINTS |
3 months ended 31.12.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
- The Company is primarily engaged in the business of Bearings and accordingly there are no separate reportable segments pursuant to Accounting Standard-17 on "Segment Reporting".
- The above results subjected to a "Limned Review" by the statutory auditors have been reviewed by the Audit Committee and taken on record by the Board of Directors at Its meeting held on January 15, 2015.
- Figures have been regrouped wherever necessary for comparison.
- Exceptional items in respect of quarter/nine months ended December 31, 2013 and year end March 31, 2014 pertain to excess provision written back for managerial remuneration.
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Equipments, Appliances and Tools
- Electrical Installations
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.33 |
|
|
1 |
Rs. 92.83 |
|
Euro |
1 |
Rs. 68.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.