MIRA
INFORM REPORT
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Report No. : |
334608 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NRB BEARING LIMITED |
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Registered
Office : |
Dhannur, |
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Tel. No.: |
91-22-22664160 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
30.06.1965 |
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Com. Reg. No.: |
11-013251 |
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Capital
Investment / Paid-up Capital : |
Rs. 193.845 Million |
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CIN No.: [Company Identification
No.] |
L29130MH1965PLC013251 |
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IEC No.: |
0388020911 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN04047B |
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PAN No.: [Permanent Account No.] |
AAACN3479P |
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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 and Roller Bearings. |
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No. of Employees
: |
1622 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
(Aa 72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 7760000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate net worth base and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to regular and as per commitment. The company can be considered good for normal 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
28.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial paper programme = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
28.07.2015 |
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
31-03-2013.
LOCATIONS
|
Registered Office : |
Dhannur, |
|
Tel. No.: |
91-22-22664160/ 22664998 |
|
Fax No.: |
91-22-22660412/ 22679850 |
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E-Mail : |
marketing@nrbbearings.co.in k.mohan@nrbbearings.co.in |
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Website : |
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Corporate Office/ Factory 1 |
2nd |
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Factory 2: |
C-6, Additional MIDC Industrial Area, Jalna – 431203, |
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Factory 3: |
E-72 (1), MIDC, Waluj, |
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Factory 4: |
A-5, Uppal Industrial Estate, |
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Factory 5: |
E-40, MIDC, Industrial Area, Chikalthana, |
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Factory 6: |
Plot No. 33, Sector No. 11, |
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Factory 7: |
SNL Bearings Limited, Ratu, |
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Factory 8: |
300/69, M 001, T: Tasit, A: Pluak Daeng, Province, |
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Warehouses : |
Located at · Pune Chennai Dharuhera Noida Kolkata Pant Nagar Waluj Haridwar Bhiwandi |
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Zonal Offices : |
Located at Karnataka Pune |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Trilochan Singh Sahney |
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Designation : |
Executive Chairman |
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Qualification : |
MA |
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Name : |
Mrs. Harshbeena S. Zaveri |
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Designation : |
Managing Director and President |
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Qualification : |
AB, |
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Name : |
Mr. Tashwinder Singh |
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Designation : |
Director |
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Date of Birth / Age : |
44 Years |
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Qualification : |
BE Electrical, MBA (Delhi University) |
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Name : |
Uday Khanna |
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Designation : |
Director |
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Name : |
S B (Ravi) Pandit |
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Designation : |
Director |
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Name : |
Mr. Aslesha A Gowariker |
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Designation : |
Director |
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Date of Birth / Age : |
14.4.1967 |
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Qualification : |
LLB |
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Name : |
Mr. Devesh S Sahney |
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Designation : |
Director |
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Date of Birth / Age : |
46 Years |
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Qualification : |
BA, MBA (Asian Institute of Management, Philippines) |
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Name : |
Mr. Satish C Rangani |
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Designation : |
Executive Director |
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Date of Birth / Age : |
65 Years |
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Qualification : |
B.Com, MMS, ACS |
KEY EXECUTIVES
|
Name : |
Mr. R.V. Jaykar |
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Designation : |
Export Department |
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Name : |
Mr. Satish C Rangani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
18052956 |
18.63 |
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|
36486909 |
37.65 |
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|
36486909 |
37.65 |
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|
54539865 |
56.27 |
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|
|
|
|
|
853350 |
0.88 |
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|
853350 |
0.88 |
|
Total shareholding of Promoter and Promoter Group (A) |
55393215 |
57.15 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
14949469 |
15.42 |
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|
26333 |
0.03 |
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|
11631205 |
12.00 |
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|
26607007 |
27.45 |
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|
|
|
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|
4816052 |
4.97 |
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|
|
|
|
|
6167389 |
6.36 |
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|
606882 |
0.63 |
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|
3332055 |
3.44 |
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|
23829 |
0.02 |
|
|
305026 |
0.31 |
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|
3003200 |
3.10 |
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|
14922378 |
15.40 |
|
Total Public shareholding (B) |
41529385 |
42.85 |
|
Total (A)+(B) |
96922600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
96922600 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ball and Roller Bearings. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAIALBLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1622 (Approximately) |
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Bankers : |
·
BNP Paribas Citibank N.A. DBS Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors: |
· Wadia Ghandy and Company AZB Partners and Company |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
·
SNL Bearings Limited NRB Bearings (Thailand) Limited NRB Bearings Europe GmbH (w.e.f 24th June, 2014) |
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A Company wherein
directors and shareholders having
Management Control : |
NRB Industrial
Bearings Limited |
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A firm where
executive chairman is a partner: |
New Indo Trading Company |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 2/- each |
Rs.200.000 Million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96922600 |
Equity Shares |
Rs. 2/- each |
Rs.193.845
Million |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
year
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
96922600 |
193.845 |
|
|
|
|
|
Shares outstanding at the end of the year |
96922600 |
193.845 |
Numbers of shares
held by each shareholder holding more than 5% shares in the company are as
follows
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares: |
|
|
|
Trilochan Singh Sahney Trust 1 (held by a trustee in his individual name) |
37755640 |
38.95 |
|
Hanwantbir Kaur Sahney |
4972000 |
5.13 |
|
Harshbeena Sahney Zaveri |
5007065 |
5.17 |
|
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
|
SBI Magnum Multiplier Plus Scheme 1993 |
6352301 |
6.55 |
Aggregate number of
shares allotted as fully paid up pursuant to contract(s) without payment being
received in cash, bonus shares and shares bought back for the period of five years
immediately preceding the Balance Sheet date:
|
Name of
Shareholder |
Number
of Shares |
|
|
|
|
Fully paid up by way of bonus shares |
48461300 |
Rights attached to
equity shares:
a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013.
c) Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.845 |
193.845 |
193.845 |
|
(b) Reserves & Surplus |
2523.181 |
2172.822 |
1914.725 |
|
(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) |
2717.026 |
2366.667 |
2108.570 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
993.621 |
921.898 |
903.683 |
|
(b) Deferred tax liabilities (Net) |
110.819 |
115.216 |
96.919 |
|
(c) Other long
term liabilities |
75.296 |
83.304 |
0.000 |
|
(d) long-term
provisions |
54.834 |
46.520 |
41.973 |
|
Total Non-current
Liabilities (3) |
1234.570 |
1166.938 |
1042.575 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1719.159 |
1644.703 |
1497.592 |
|
(b)
Trade payables |
898.732 |
767.362 |
670.010 |
|
(c)
Other current liabilities |
543.043 |
512.064 |
287.806 |
|
(d) Short-term
provisions |
180.590 |
157.771 |
204.876 |
|
Total Current
Liabilities (4) |
3341.524 |
3081.900 |
2660.284 |
|
|
|
|
|
|
TOTAL |
7293.120 |
6615.505 |
5811.429 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2201.748 |
2018.299 |
1898.447 |
|
(ii)
Intangible Assets |
8.355 |
7.479 |
7.393 |
|
(iii)
Capital work-in-progress |
15.563 |
330.311 |
179.752 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
193.180 |
193.632 |
208.632 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
312.104 |
292.818 |
280.713 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2730.950 |
2842.539 |
2574.937 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
2.500 |
15.000 |
20.000 |
|
(b)
Inventories |
1494.766 |
1314.955 |
1342.019 |
|
(c)
Trade receivables |
2160.941 |
1911.339 |
1574.996 |
|
(d) Cash
and cash equivalents |
271.618 |
51.075 |
35.497 |
|
(e)
Short-term loans and advances |
631.334 |
480.562 |
263.926 |
|
(f)
Other current assets |
1.011 |
0.035 |
0.054 |
|
Total
Current Assets |
4562.170 |
3772.966 |
3236.492 |
|
|
|
|
|
|
TOTAL |
7293.120 |
6615.505 |
5811.429 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6555.903 |
5944.939 |
5795.333 |
|
|
|
Other Income |
36.157 |
45.662 |
86.637 |
|
|
|
TOTAL (A) |
6592.060 |
5990.601 |
5881.970 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
2679.713 |
2351.140 |
2358.438 |
|
|
|
|
(6.278) |
71.713 |
(145.800) |
|
|
|
Administrative Expenses |
1011.477 |
923.837 |
947.932 |
|
|
|
Advertising Expenses |
1723.453 |
1592.157 |
1693.624 |
|
|
|
TOTAL (B) |
5408.365 |
4938.847 |
4858.655 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1183.695 |
1051.754 |
1023.315 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
158.705 |
171.927 |
173.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
1024.990 |
879.827 |
850.172 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
283.096 |
332.669 |
299.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
741.894 |
547.158 |
550.454 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
221.248 |
165.347 |
80.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
520.646 |
381.811 |
470.357 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B basis |
1482.598 |
1315.221 |
1497.261 |
|
|
|
Reimbursement of insurance and freight on exports |
40.642 |
55.662 |
87.407 |
|
|
|
Agency commission |
0.000 |
0.000 |
4.887 |
|
|
TOTAL EARNINGS |
1523.240 |
1370.883 |
1589.555 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
857.256 |
689.306 |
619.916 |
|
|
|
Stores & Spares |
68.027 |
101.948 |
99.115 |
|
|
|
Capital Goods |
21.506 |
321.745 |
108.698 |
|
|
TOTAL IMPORTS |
946.789 |
1112.999 |
827.729 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.37 |
3.94 |
4.85 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term loans in foreign currency from banks |
80.251 |
76.742 |
65.339 |
|
Interest free Sales tax loan |
21.083 |
23.153 |
11.097 |
|
Term loans from banks / others |
0.000 |
200.000 |
0.000 |
|
Non - convertible debentures |
213.952 |
63.684 |
0.000 |
|
Other Loans in foreign currency from banks |
65.000 |
0.000 |
0.000 |
|
Total |
380.286 |
363.579 |
76.436 |
|
|
|
|
|
|
Net Cash Generated from Operations |
830.421 |
728.141 |
468.087 |
|
|
|
|
|
|
Net Cash From Operating Activities |
568.028 |
607.145 |
340.451 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Type |
1st
Quarter |
|
Net Sales |
1599.700 |
|
Total Expenditure |
1367.800 |
|
PBIDT (Excl OI) |
231.900 |
|
Other Income |
11.300 |
|
Operating Profit |
243.200 |
|
Interest |
33.300 |
|
Exceptional Items |
0.000 |
|
PBDT |
209.900 |
|
Depreciation |
60.500 |
|
Profit Before Tax |
149.400 |
|
Tax |
44.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
105.300 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
105.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.94 |
6.42 |
8.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.06 |
17.69 |
17.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.47 |
8.98 |
10.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.23 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14 |
1.24 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.22 |
1.22 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
|
|
|
Market Value |
Rs.111.05/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
193.845 |
193.845 |
193.845 |
|
Reserves & Surplus |
1914.725 |
2172.822 |
2523.181 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2108.570 |
2366.667 |
2717.026 |
|
|
|
|
|
|
Long-term borrowings |
903.683 |
921.898 |
993.621 |
|
Short term borrowings |
1497.592 |
1644.703 |
1719.159 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
76.436 |
363.579 |
380.286 |
|
Total
borrowings |
2477.711 |
2930.180 |
3093.066 |
|
Debt/Equity
ratio |
1.175 |
1.238 |
1.138 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5795.333 |
5944.939 |
6555.903 |
|
|
|
2.581 |
10.277 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5795.333 |
5944.939 |
6555.903 |
|
Profit |
470.357 |
381.811 |
520.646 |
|
|
8.12% |
6.42% |
7.94% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10533560 |
10/11/2014 |
200,000,000.00 |
KOTAK
MAHINDRA BANK LIMITED |
27BKC,
C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR |
C35175181 |
|
2 |
10537073 |
09/10/2014 |
300,000,000.00 |
HDFC
BANK LIMITED |
LODHA-I,
THINK TECHNO CAMPUS, BUILDING ALPHA, 4TH |
C37220027 |
|
3 |
10506951 |
30/06/2014 |
200,000,000.00 |
TATA
CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,,
DR. V. B. GANDHI MARG, FORT, MUMBAI - 400001, |
C09849910 |
|
4 |
10415719 |
20/05/2015
* |
750,000,000.00 |
DBS
BANK LTD |
3RD
FLOOR, FORT HOUSE, DR. D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
C57325912 |
|
5 |
10367893 |
06/07/2012 |
308,000,000.00 |
DBS
BANK LIMITED |
UPPER
GROUND FLOOR, 25, BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI - 110001, INDIA |
B44637726 |
|
6 |
10344914 |
27/03/2012 |
250,000,000.00 |
CITIBANK
N. A. |
9TH FLOOR,
DLF SQUARE, M-BLOCK, JACARANDA MARG, |
B36030336 |
|
7 |
10267058 |
17/01/2011 |
102,500,000.00 |
BARCLAYS
BANK PLC |
601/603,
CEEJAY HOUSE, SHIVSAGAR ESTATE, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018 ,
MAHARASHTRA |
B05601026 |
|
8 |
10187212 |
27/03/2015
* |
670,000,000.00 |
CITI
BANK N.A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE (FIFC), PLOT |
C52433612 |
|
9 |
80023791 |
07/07/2015
* |
800,000,000.00 |
BNP
PARIBAS |
FRENCH
BANK BUILDING,, 62, HOMJI STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
C59929174 |
* Date of charge modification
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
LODGING NO: CHSL/1471/2011 FILING DATE: 26.08.2011 REG. NO.: CHSL/1471/2011 REG.
DATE: 26.08.2011 |
|
MAIN MATTER LODGING NO:
EXAL/17/2011
REG. NO.: EXA/55/2011 |
|
PETITIONER: M/S THREE CIRCLES RESPONDENT:
U.P. CO-OP. FEDERATION LIMITED AND NRB
RESP. ADV: WADIA GHANDY AND CO (PPLICANT) (0) DISTRICT: MUMBAI |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY: CHAMBER SUMMONS IN
EXECUTION LAST DATE: 27.07.2015 STAGE:
CHAMBER SUMMONS IN EXECUTION FOR HEARING LAST CORAM: HON’BLE SHRI JUSTICE A. K. MENON |
|
ACT: Code of Civil Procedure 1908
|
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment
liabilities |
|
|
|
Interest free sales tax loan |
138.381 |
153.083 |
|
SHORT TERM BORROWINGS |
|
|
|
Other Loans from banks |
100.000 |
300.000 |
|
Other Loans in foreign currency from banks |
491.315 |
385.396 |
|
Other Loans |
|
|
|
Commercial papers |
400.000 |
450.000 |
|
Total |
1129.696 |
1288.479 |
OPERATIONS/OUTLOOK
During the first 6 months of the financial year, there was moderate improvement in the country’s economic climate with GDP growth improving to 5.5%, Services sector continuing its strong growth trend, Agriculture also contributing with reasonable development and only IIP showing an erratic trend with a 1.5% growth. The change in Government in May’2014 raised high expectations that a strong government not constrained by coalition politics will usher in significant reforms that can accelerate growth. Globally, the sharp drop in crude oil prices helped contain inflation, the Indian Rupee, after a year of volatility in 2013-14, stabilized against the USD and improved against the Euro, with only the RBI continuing its conservative approach - reducing repo rates, though not to the expected levels.
Despite the positive environment, the revival of the investment cycle has not happened and economic growth remains subdued with industrial production remaining lackluster. The overall volatility has had a negative influence on consumer sentiment and demand. Barring the two wheeler segment and some traction in the high value 4-wheeler segments of passenger cars and commercial vehicles, the automotive sector, one of the largest consumers of the Company’s products, saw de-growth in the farm equipment/off highway segment. The Company aggressively pushed sales in the domestic market and for exports and successfully increased sales in these segments and once again achieved its highest ever sales revenues of Rs.6555.900 Million (previous year Rs.5944.900 Million) a growth of 10.30% and also achieved its highest ever exports revenues of Rs.1581.100 Million (previous year Rs.1425.000 Million). Profit after tax has also improved to Rs.520.600 Million (previous year Rs.381.800 Million) helped by the lower charge on depreciation.
There is still optimism that the new government at the Centre will accelerate economic activity and RBI will ease interest rates once inflation is contained, thus favourably impacting the overall sentiment in the manufacturing sector. Domestic consumption remains a key growth engine for the Indian economy and with significant additions to the working age population, rising disposable incomes particularly in rural areas and the government revived spending on infrastructure and in the social sector to foster inclusive growth, will help India realize its long term development potential in a sustainable way. The Company, with a clear and dedicated customer focus, is investing in and building its R and D capabilities, developing product lines with better profit margins and streamlining its production processes to eliminate waste from operations.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT AND
OUTLOOK
The Company is in the ball and roller bearing business for the requirements of the mobility industry which has Original Equipment Manufacturers (OEMs) accounting for 60% -65 % of the demand while the rest is supplied to the Aftermarket (15% -20%) and Exports (20% - 25%). OEMs comprise domestic and global vehicle manufacturers in the following broad segments:
- 2/3 wheelers comprising motor cycles, scooters, mopeds, auto rickshaws (passenger and goods) and industrial stroke engines
- Passenger cars from small car hatchbacks to luxury models and utility vehicles
- Commercial vehicles from LCVs, MCV/HCV to buses
- Farm equipment and off highway vehicles including forklift trucks and construction equipment
- Railway locomotives.
- Defence vehicles including gun carriers and tanks
As a young nation, India needs multi nodal mobility solutions: personal mobility, urban mobility, inter- urban mobility- new vehicle models are being constantly introduced, there is expansion of the public transport systems, dedicated freight corridors for movement of farm produce and goods from and to the rural areas.
The annual production of the domestic organized sector (as represented under Ball and Roller Bearing Manufacturers Association-BRBMA) has grown by 14% at Rs. 5150.000 Million for the year 2014-15. The Company’s market share in the domestic organized sector is 13% approximately,
Market growth in the Indian mobility industry for both people and goods has a very large potential given the geographical spread and size of population- personal mobility is spurred by the increasing disposable incomes and higher rural incomes of an aspirational young population, given the relatively low current penetration while growth in the goods mobility segment is being driven by the need to establish strong supply chains between producers and markets.
During fiscal 2014-15, manufacturing and industrial activity remained sluggish for the major part of the year as demand did not take off with business confidence remaining low reflecting in low investments and low capacity utilization. With the election of a new government at the Centre, optimism continues even as the overall economy has improved only marginally. Positive actions on reforms, infrastructure and inclusive growth by the government, focused spending on future growth projects is likely to pave the way for a sustainable demand led recovery.
The commercial vehicles segment is dependent on activities in mining, infrastructure and logistics. Increased investment and activities in mining coupled with higher logistical requirements from E-commerce sectors augur well for the segment. Railways, one of the lifelines of the Indian economy, now has a clear roadmap of growth – the government’s push for dedicated freight corridors, high speed network for both freight and passenger routes, improved safety is expected to increase the spending. With a gradually recovering world economy, government initiatives like ‘Make in India’, inviting private sector players in defence production, re-opening of mines, coupled with the new governance regime is expected to boost confidence of global investors and act as a catalyst for overall growth in industry.
While the long term outlook of the Indian economy remains positive there are some challenges in the immediate short term – falling rural incomes if impacted by a below normal monsoon, high interest rate regime prompted by continuing inflation could dampen demand for 2/3 wheelers and farm equipment, volatility in currency adversely impacting steel prices- could dampen the hopes of a smooth demand-led recovery. Creation of right investment sentiment is key to India’s long term sustainable growth with speedy clearances to ensure that industrial growth is fast tracked again. With abilities to consistently deliver quality and reliability at an unbeatable cost position, India has the potential to become highly export competitive country for several goods and services and the Indian bearings industry can be part of this elite group of manufacturers.
To meet growing customer expectations, the Company has regularly invested in modern manufacturing technology and has taken a number of initiatives to strengthen its competitive advantage- partnering with customers with a focus on application engineering and R&D to develop advanced products for their new generation vehicles, building processes to ensure high precision is embedded in all products and quality improvements are a continuing process and exploring ways to minimise waste, reduce costs and increase productivity.
During 2014-15, the farm equipment (tractors) and light commercial vehicles witnessed de-growth with demand being subdued. The two wheeler/three wheeler and multi utility vehicles demand saw reasonable growth; while demand for heavy vehicles improved over the previous year, it continued to be significantly below the levels achieved in earlier years. Tabled below are growth estimates for 2015-16 projected by the Company, after assessing demand forecasts with all major OEMs:
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Income Tax |
138.862 |
107.766 |
|
Sales Tax |
31.630 |
23.025 |
|
Customs Duty |
15.887 |
15.887 |
|
Bank guarantees |
9.629 |
3.756 |
|
Stand by letter of credit given to bank on behalf of a subsidiary Company |
27.194 |
60.679 |
|
Corporate guarantees issued on behalf of subsidiary companies / group Company |
540.659 |
748.138 |
FIXED ASSETS:
Tangible Assets
Freehold
land
Leasehold
land
Buildings
and flats
Plant
and equipment
Furniture
and fixtures
Office
equipment
Electrical
installations
Vehicles
Intangible Assets
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.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
72 |
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.