MIRA INFORM REPORT
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Report No. : |
318462 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SKF INDIA LIMITED |
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Registered
Office : |
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Tel. No. : |
91-22-66337777 |
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Country : |
India |
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Financials (as
on) : |
31.12.2014 |
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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 Million |
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CIN No.: [Company Identification
No.] |
L29130MH1961PLC011980 |
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IEC No.: |
Not Available |
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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
: |
Manufactures and supplies products, solutions, and services in the area of rolling bearings, seals, mechatronics, services, and lubrication systems primarily in India. The company’s products primarily include actuation systems, condition monitoring products, coupling systems, lubrication systems. |
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No. of Employees
: |
155 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 40000000 |
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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 relations 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 – 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 |
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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 |
EXTERNAL AGENCY RATING
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 DENIED
Management Non-cooperative (91-20-66112500)
LOCATIONS
|
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 – 411033, Maharashtra, India |
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Factory 2 : |
Located at Bommasandra, Bangalore – 560099, Karnataka,
India |
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Factory 3 : |
Located At : Salempur-Mehdood, Haridwar – 249402, Uttarakhand, India |
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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 India Bulls Mart, Anand Nagar
Road, Satellite, Ahmedabad – 380051, Gujarat India Tel: 91-79-40060872 SKF India Limited Plot 2, Bommasandra Industrial Area Hosur Road, Bangalore – 560099, Karnataka, India Tel. : 91 080- 40329000 Fax: 91 080- 40329107 SKF Technologies ( 13/5, Singasandra, 13km Hosur
Road Bangalore – 560068, Karnataka, India Tel : 91- 080-40359400 Chennai SKF India Limited Old No.28/3, New No.54/3, Montieth Road, Egmore, Chennai –
600008, Tamilnadu, India Tel: 91 044-30280111 SKF India Limited 4E, Tirumalai Towers 723, Avinashi Road, Coimbatore –
641018, Tamilnadu, India Fax: 91 0422-2214418 Gurgaon SKF India Limited 601/602, Millennium Plaza, Tower-B, Sector-27, Sushant
Lok, Gurgaon -122002, Haryana, India Tel: 91 124-4107922 Haridwar SKF India Limited Plot no. 2, Industrial Park 2, Village Salempur Mehdood,
SIDCUL Bahadrabad By-pass Road Haridwar, Uttaranchal SKF India Limited Aditya Tower, Holding No. 4/C Main Road, Bistupur
Jamshedpur – 831001 Jharkhand Tel: 91-0657-
6574460 Kolkata SKF India Limited Tel: 91 - 033 - 30280619 Pune SKF India Limited Chinchwad, Pune-411033, Maharashtra, India Tel: 91 20 - 66112500 Fax: 91 020-27473822 |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr. Kamlesh C. Mehra |
|
Designation : |
Chairman |
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Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director and Country Head, SKF India |
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Name : |
Mrs. Hema A. Hattangady |
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Designation : |
Director (From 18.07.2014) |
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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 : |
Tryggve Sthen |
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Designation : |
Director (up to 30.12.2014) |
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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 (up to 18.02.2015) |
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 |
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Designation : |
Managing Director |
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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 : |
Mattias Axelsson |
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Designation : |
Head of SKF Logistic Service, SKF India |
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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. Sanjeebit Choudhury |
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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. K Ramakrishnan |
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Designation : |
Director |
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|
Name : |
Mr. Pallavi Deshmukh |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
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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|
28254568 |
53.58 |
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|
28254568 |
53.58 |
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Total shareholding of Promoter
and Promoter Group (A) |
28254568 |
53.58 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
9514988 |
18.04 |
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|
39397 |
0.07 |
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|
1592250 |
3.02 |
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|
5234275 |
9.93 |
|
|
445124 |
0.84 |
|
|
445124 |
0.84 |
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|
16826034 |
31.91 |
|
|
|
|
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|
2001533 |
3.80 |
|
|
|
|
|
|
5005452 |
9.49 |
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|
637366 |
1.21 |
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|
7585 |
0.01 |
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|
1985 |
0.00 |
|
|
4600 |
0.01 |
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|
1000 |
0.00 |
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|
7651936 |
14.51 |
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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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
52732538 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and supplies products, solutions, and services in the area of rolling bearings, seals, mechatronics, services, and lubrication systems primarily in India. The company’s products primarily include actuation systems, condition monitoring products, coupling systems, lubrication systems. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
155 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company, Bangalore LLP Chartered Accountants |
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Address : |
Business Bay, 7th Floor, Tower A, Wing 1, Airport Road, Yerwada Pune – 411006, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Aktiebolaget SKF |
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Fellow subsidiary
Companies : |
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Emloyees’ Benefit plans
where there is Significant influence : |
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CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,732,538 |
Equity Shares |
Rs.10/- each |
Rs.527.300
Million |
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|
Reconciliation of shares
outstanding at the beginning and at the end of the reporting period
(Rs. In Million)
|
Particulars |
31.12.2014 |
|
|
|
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 Million)
|
Particulars |
31.12.2014 |
|
|
|
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 |
|
|
28,254,568 |
282.500 |
Particulars of shareholders
holding more than 5% shares of a class of shares
|
Particulars |
31.12.2014 |
|
|
|
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% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
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I.
EQUITY AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
527.300 |
527.300 |
527.300 |
|
(b) Reserves &
Surplus |
13634.500 |
12227.700 |
11026.300 |
|
(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) |
14161.800 |
12755.000 |
11553.600 |
|
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.800 |
40.300 |
83.500 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
270.200 |
219.800 |
192.500 |
|
Total Non-current
Liabilities (3) |
271.000 |
260.100 |
276.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
3366.500 |
2510.700 |
2679.000 |
|
(c) Other current
liabilities |
858.200 |
744.400 |
746.600 |
|
(d) Short-term provisions |
454.000 |
682.700 |
735.600 |
|
Total Current Liabilities
(4) |
4678.700 |
3937.800 |
4161.200 |
|
|
|
|
|
|
TOTAL |
19111.500 |
16952.900 |
15990.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3665.700 |
3763.500 |
3479.500 |
|
(ii) Intangible Assets |
0.100 |
0.100 |
0.900 |
|
(iii) Capital
work-in-progress |
184.000 |
247.000 |
591.200 |
|
(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 |
2320.200 |
2535.400 |
2423.500 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6170.000 |
6546.000 |
6495.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2929.500 |
2551.700 |
2486.200 |
|
(c) Trade receivables |
3730.200 |
3297.500 |
3196.300 |
|
(d) Cash and cash
equivalents |
5347.500 |
3757.900 |
3069.800 |
|
(e) Short-term loans and
advances |
805.700 |
713.800 |
700.700 |
|
(f) Other current assets |
128.600 |
86.000 |
42.700 |
|
Total Current Assets |
12941.500 |
10406.900 |
9495.700 |
|
|
|
|
|
|
TOTAL |
19111.500 |
16952.900 |
15990.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
24156.000 |
22749.600 |
22275.900 |
|
|
Other Income |
769.300 |
633.800 |
683.200 |
|
|
TOTAL (A) |
24925.300 |
23383.400 |
22959.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6358.700 |
5994.500 |
5895.700 |
|
|
Purchases of
Stock-in-Trade |
8958.400 |
8466.900 |
8303.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(317.500) |
(64.100) |
215.900 |
|
|
Employees benefits
expense |
2155.400 |
1852.700 |
1694.200 |
|
|
Exceptional Item |
|
221.000 |
0.000 |
|
|
Other expenses |
4169.100 |
3887.700 |
3582.900 |
|
|
TOTAL (B) |
21324.100 |
20358.700 |
19691.900 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3601.200 |
3024.700 |
3267.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3601.200 |
3024.700 |
3267.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
539.500 |
494.400 |
435.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
3061.700 |
2530.300 |
2831.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1034.000 |
863.100 |
930.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
2027.700 |
1667.200 |
1900.800 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
5847.900 |
5646.500 |
5205.300 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
750.000 |
1000.000 |
1000.000 |
|
|
Interim Dividend |
395.500 |
0.000 |
0.000 |
|
|
Tax on Interim Dividend |
67.200 |
0.000 |
0.000 |
|
|
Proposed Dividend on
Equity Shares |
131.800 |
395.500 |
395.500 |
|
|
Tax on Proposed Dividend |
26.400 |
70.300 |
64.100 |
|
|
Total (K) |
1370.900 |
1465.800 |
1459.600 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
6504.700 |
5847.900 |
5646.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1817.600 |
1777.900 |
1354.100 |
|
|
Export of Services |
8.800 |
3.000 |
5.400 |
|
|
Other Income |
346.400 |
254.300 |
193.200 |
|
|
TOTAL EARNINGS |
2172.800 |
2035.200 |
1552.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
71.800 |
107.300 |
110.400 |
|
|
Components and Stores
parts |
1545.700 |
1467.700 |
1500.200 |
|
|
Trading Goods |
6164.400 |
5803.000 |
5730.100 |
|
|
Capital Goods |
80.600 |
107.200 |
391.400 |
|
|
TOTAL IMPORTS |
7862.500 |
7485.200 |
7732.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
38.50 |
31.60 |
36.00 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.39 |
7.33 |
8.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.91 |
13.30 |
14.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.18 |
15.15 |
18.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77 |
2.64 |
2.28 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
527.300 |
527.300 |
527.300 |
|
Reserves & Surplus |
11026.300 |
12227.700 |
13634.500 |
|
Net worth |
11553.600 |
12755.000 |
14161.800 |
|
|
|
|
|
|
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 |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
22275.900 |
22749.600 |
24156.000 |
|
|
|
2.127 |
6.182 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
22275.900 |
22749.600 |
24156.000 |
|
Profit |
1900.800 |
1667.200 |
2027.700 |
|
|
8.53% |
7.33% |
8.39% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 continued to battle with several challenges from subdued demand and investments, contraction of industrial production and high interest rate during the year 2014. The macro environment improved a little as they went through the year with the new regime in power.
The automotive sector, one of the largest consumers of your Company’s products witnessed tapered demand barring the two-wheeler segment which clocked modest growth. Manufacturing and industrial activities remained sluggish. Industrial sector struggled due to stalled infrastructure and power projects and restricted flow of new investments. Mining, Steel and Power remained dormant due to restrictions in mining of natural resources as well as rising debts.
Despite these constraints and challenging environment, your Company continued to focus on sustainable profitable growth through use of advance technology provided by SKF Group to widen their ability to serve customers. The Company continues to focus on bringing its manufacturing, innovation capabilities and solutions closer to customers.
These efforts are reflected in the positive improving trend witnessed in the increased sales of your Company’s quarter-on-quarter results during the year. The Company’s quarterly sales increased from Rs. 5703.000 million in the first quarter of 2014 to Rs. 6059.000 million in the last quarter. For the twelve months ending March 31, 2014, the Company reported Net Sales of Rs. 23726.400 million registering a 5.6% increase over the previous year. Their Company’s sales continued to develop positively driven by relatively strong performance in industrial segment. The company’s export has grown by 2.0% geared by growth in global automotive industry during 2014. Exports constituted 7.9 per cent of the total sales as compared to 8.2 per cent of the total sales in the previous year.
The strong emphasis on internal efficiency using SKF’s Business Excellence philosophy to reduce waste and decrease costs, together with an improvement in the sales mix enabled your Company to withstand inflationary pressures on costs and sustain its profitability.
As a reflection of strong intrinsic value the revenue growth was translated into profitable growth, your Company achieved a significant milestone as its profit after tax surpassed the Rs. 2 billion mark reflecting the leadership position, of your Company. The Profit after Tax as per cent to sales has moved higher at 8.5 per cent as compared to 7.4 per cent last year. The Earnings per share and cash earnings per share for the year was Rs. 38.5 and Rs. 48.7 respectively.
The long term prospects for Indian economy remains bright owing to the demographic dividend which will continue to drive demand from across industries. Manufacturing industry will be the key driver to cater to this demand. In the short term, with the revival of confidence coupled with positive signals towards reforms by the government, the country and the industry is well poised to gain. The priorities of your Company that will enable it to benefit from the improving economic environment include strengthening investments in technologies, developing sustainable product and solutions and delivering higher value to customers and enable them to stay ahead.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
Amidst continued challenges on several fronts on the economic environment, 2014 ended on a note of cautious optimism and hope for a better future. The economy continued on the same volatile path as previous period. Softening but persistent inflationary pressure, continued stable but high interest rates presented growth challenges across sectors. Manufacturing and industrial activity remained sluggish for a large part of the year as demand did not take off across most sectors with exception of few. The confidence in business environment remained low for most part of the year, reflected in low investments and low capacity utilization.
The economic environment witnessed a change in the middle of the year with the election of a new stable government at the center. The business confidence and optimism returned to the corporate dialogue towards the end of the year even as the overall economy improved only marginally.
The bearing market in India is served from both domestically produced and imported bearings. The Indian bearings market is estimated to be INR 85 billion. The demand for the bearings is driven by the two key user segments as - the automotive and industrial sectors. OEM and end users across industrial and automotive sectors were impacted by the prevailing economic environment. During the year, core sector performance remained unchanged while some showed deceleration of the negative trend and few others posted very moderate growth.
the Company is part of the SKF Group - which is a leading global manufacturer and supplier of bearings, seals and services which include technical support, maintenance and reliability services, engineering consulting and training. the Company combines hands-on experience in over 40 industries with its knowledge across the SKF technology platforms. Due to a diversified presence across industry sectors and segments, your Company is well positioned on capitalizing emerging opportunities.
In the backdrop of the difficult economic scenario, SKF India remained committed to meet the demands of the external challenges and continued to focus on building its competitive edge and delivered a stable performance.
OUTLOOK
While economy pundits project a gradually recovering world economy, if some of the forecasts hold true, India will become the fastest growing large economy of the world in 2015. Government initiatives such as ‘Make in India’ coupled with the new governance regime will boost confidence of global investors and act as a catalyst for overall growth of the industry.
The growth momentum in India is expected to be driven by focused spending on development projects in the form of increased public spending on infrastructure development. This will become the engine for driving several sectors of economy and lead increased industrial activity.
A continuously moderating inflation and a growth driving monetary policy coupled with improved purchasing power of an increasing middle class will further aid revival of domestic demand in turn leading to growth. Falling rural incomes and volatility in domestic monetary and fiscal conditions due to global changes may adversely impact the growth.
Modernization and expansion of railways, inviting private sector players in defence production and reopening of mines is likely to foster growth in the segment and allied industries.
the Company is well-poised to reap the benefits of uptrend in manufacturing sector as well as increased government spending on key infrastructure projects. With its diverse range of products, its proven leadership in providing continued higher-value to customers, the market leadership of SKF brand, and its wide reach and presence, your Company is prepared to contribute positively to the growth and progress of the industry.
What differentiates your Company is the unique combination of experience and expertise it possesses, the advantage of global operations and knowledge spread across industry sectors accumulated over a century. the company’s ability to work closely with customers and to provide innovative technology-led, sustainable engineering solutions will enable it to counter threats from competition as well as strengthen the ability to create value proposition for customers.
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, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the Company not acknowledged as debts |
|
|
|
Income-tax and Surcharge |
42.200 |
42.200 |
|
Excise duty |
156.100 |
315.100 |
|
Sales tax |
78.600 |
93.900 |
|
Service tax |
7.800 |
117.000 |
|
Bills discounted |
459.200 |
249.900 |
|
Others |
67.700 |
55.000 |
|
Total |
811.600 |
873.100 |
FIXED ASSETS
- Freehold Land
- Plant and equipment
- Furniture and Fixture
- Office Equipment
- Vehicle
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. 62.56 |
|
|
1 |
Rs. 93.56 |
|
Euro |
1 |
Rs. 67.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
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 |
|
63 |
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.