MIRA INFORM REPORT
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Report No. : |
308400 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
NRB BEARING LIMITED |
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Registered
Office : |
Dhannur, 15, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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
Millions |
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CIN No.: [Company Identification
No.] |
L29130MH1965PLC013251 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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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
: |
Manufacture of ball and roller bearings. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Profit of the company has declined during 2014. However, the rating reflects NRB’s market leadership in the needle roller
bearings segment supported by decent financial base and adequate liquidity
profile of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be Considered good for normal business dealings at
usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = AA- |
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Rating Explanation |
High degree of safety it carry very low
credit risk |
|
Date |
21.05.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Very strong degree of safety lowest credit
risk |
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Date |
21.05.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-22-22664160)
LOCATIONS
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Registered/ Head Office : |
Dhannur, 15, Sri P M Road, Fort, Mumbai - 400001, Maharashtra, India |
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Tel. No.: |
91-22-22664160/ 22664998 |
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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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Tel. No.: |
91-22-22664160/ 22664998 |
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Fax No.: |
91-22-22660412/ 22679850 |
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Factory 2: |
E-40, MIDC, Industrial Area, Chikalthana, |
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Factory 3: |
C-6, Additional MIDC Industrial Area, Jalna – 431203, |
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Factory 4: |
E-72 MIDC, Waluj, |
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Factory 5: |
A-5, Uppal Industrial Estate, |
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Factory 6: |
Plot No.33, Sector – II, SIDCUL IIE, Pantnagar, Udhamsingh Nagar,
Uttarakhand – 263153, |
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Warehouse 1 : |
C/o Jai Enterprises, Khasara No. 338, Village Suthyana, Near Kanchan
Baba Mandir, Noida Dadri Road, Greater Noida – 2010301, Uttar Pradesh, India |
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Warehouse 2 : |
Located at ·
Pune ·
Jalna ·
Waluj ·
Hyderabad ·
Pantnager ·
Ranchi |
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Zonal Office : |
Located at ·
Bangalore ·
New Delhi ·
Karnataka ·
Pune |
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Plant: |
Located at ·
Jalna ·
Waluj ·
Hyderabad ·
Aurangabad ·
Thane ·
Pantnager ·
Ranchi |
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Overseas Office : |
Located at ·
Thailand |
DIRECTORS
As on 31.03.2014
|
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. Devesh S Sahney |
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Designation : |
Director |
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Name : |
Dr. (Ms.) Kala S Pant |
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Designation : |
Director |
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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 : |
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 and Company Secretary |
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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 |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
19070432 |
19.68 |
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|
37755640 |
38.95 |
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|
37755640 |
38.95 |
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|
56826072 |
58.63 |
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|
Total shareholding of Promoter and Promoter Group (A) |
56826072 |
58.63 |
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(B) Public Shareholding |
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|
13017604 |
13.43 |
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|
89666 |
0.09 |
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|
11228615 |
11.59 |
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|
24335885 |
25.11 |
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|
|
|
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|
4968044 |
5.13 |
|
|
|
|
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|
6330948 |
6.53 |
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|
988629 |
1.02 |
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|
3473022 |
3.58 |
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|
73046 |
0.08 |
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|
325155 |
0.34 |
|
|
400 |
0.00 |
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|
74421 |
0.08 |
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|
3000000 |
3.10 |
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|
15760643 |
16.26 |
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Total Public shareholding (B) |
40096528 |
41.37 |
|
Total (A)+(B) |
96922600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
96922600 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Aarti D Sahney |
407000 |
0.42 |
|
Bhupinder Singh Sahney |
17970 |
0.02 |
|
Devesh S Sahney |
3634600 |
3.75 |
|
Hanwantbir Kaur Sahney |
388000 |
0.40 |
|
Harshbeena Sahney Zaveri |
4856033 |
5.01 |
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Jasjiv Singh Devinder S Sahney |
373495 |
0.39 |
|
Rajiv Devinder Sahney |
853350 |
0.88 |
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Sahir Zaveri |
33252 |
0.03 |
|
Trilochan Singh Sahney |
8506732 |
8.78 |
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Trilochan S Sahney (Trust) |
37755640 |
38.95 |
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Total |
56826072 |
58.63 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Acacia Partners LLP |
1080000 |
1.11 |
|
ICICI Prudential Life Insurance Company |
4118074 |
4.25 |
|
HDFC Small & Midcap Fund |
988258 |
1.02 |
|
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
|
DSP Blackrock Micro Cap Fund |
3695475 |
3.81 |
|
SBI Magnum Multiplier Plus Scheme 1993 |
6329420 |
6.53 |
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Sundaram Mutual Fund A/C Sundaram |
1906867 |
1.97 |
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Total |
27800761 |
28.68 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
SBI Magnum Multiplier Plus Scheme |
6329420 |
6.53 |
|
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
|
Total |
16012087 |
16.52 |
Details of Locked-in Shares
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Trilochan Santsingh Sahney (Trust) |
9438910 |
9.74 |
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Total |
9438910 |
9.74 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of ball and roller bearings. |
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Products : |
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 : |
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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 : |
Information denied by management |
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Bankers : |
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Facilities : |
Note: Short Term
Borrowings Secured by a pari passu charge on inventories and trade
receivables, present and future. |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors: |
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Name : |
Wadia Ghandy 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 Industrial Bearings Limited (till 30.9.2012) · NRB IBC Bearings Private Limited (only for one day i.e. on 30.9.2012) |
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A Joint Venture : |
· Schneeberger India Private Limited (till 30.9.2012) |
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A firm where
executive chairman is a partner : |
· New Indo Trading Company |
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A Company wherein directors and shareholders having Management Control : |
· NRB Industrial Bearings Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96922600 |
Equity Shares |
Rs.2/- each |
Rs.193.845
Millions |
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 Millions |
|
Shares outstanding at the beginning of the year |
96922600 |
193.845 |
|
Add: Additional shares issued during the year by way of bonus |
- |
- |
|
Less: Shares cancelled consequent to merger |
- |
- |
|
Add: Shares issued consequent to merger |
- |
- |
|
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 |
|
Trilochan Singh Sahney |
11716406 |
12.09 |
|
Trilochan Singh Sahney Trust 1 (held by a trustee in his individual name) |
37755640 |
38.95 |
|
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
|
ICICI Prudential Life Insurance Company Limited |
5415214 |
5.59 |
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, 1956.
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 Millions]
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 |
193.845 |
193.845 |
193.845 |
|
(b) Reserves & Surplus |
2,172.822 |
1,914.725 |
2,254.596 |
|
(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) |
2,366.667 |
2,108.570 |
2,448.441 |
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
921.898 |
903.683 |
1,600.197 |
|
(b) Deferred tax liabilities (Net) |
115.216 |
96.919 |
117.150 |
|
(c) Other long term liabilities |
31.650 |
0.000 |
0.000 |
|
(d) long-term provisions |
46.520 |
41.973 |
33.871 |
|
Total Non-current Liabilities (3) |
1,115.284 |
1,042.575 |
1,751.218 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,644.703 |
1,497.592 |
656.372 |
|
(b) Trade payables |
767.362 |
670.010 |
639.584 |
|
(c) Other current
liabilities |
563.718 |
287.806 |
379.151 |
|
(d) Short-term provisions |
157.771 |
204.876 |
244.839 |
|
Total Current Liabilities (4) |
3,133.554 |
2,660.284 |
1,919.946 |
|
|
|
|
|
|
TOTAL |
6,615.505 |
5,811.429 |
6,119.605 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,018.299 |
1,898.447 |
2,064.360 |
|
(ii) Intangible Assets |
7.479 |
7.393 |
5.954 |
|
(iii) Capital
work-in-progress |
330.311 |
179.752 |
199.892 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
193.632 |
208.632 |
126.265 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
292.818 |
280.713 |
365.333 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2,842.539 |
2,574.937 |
2,761.804 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
15.000 |
20.000 |
20.000 |
|
(b) Inventories |
1,314.955 |
1,342.019 |
1,266.582 |
|
(c) Trade receivables |
1,911.339 |
1,574.996 |
1,320.166 |
|
(d) Cash and cash
equivalents |
51.075 |
35.497 |
546.435 |
|
(e) Short-term loans and
advances |
480.562 |
263.926 |
199.752 |
|
(f) Other current assets |
0.035 |
0.054 |
4.866 |
|
Total Current Assets |
3,772.966 |
3,236.492 |
3,357.801 |
|
|
|
|
|
|
TOTAL |
6,615.505 |
5,811.429 |
6,119.605 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,944.939 |
5,795.333 |
5,493.643 |
|
|
|
Other Income |
45.662 |
86.637 |
10.328 |
|
|
|
TOTAL (A) |
5,990.601 |
5,881.970 |
5,503.971 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2,351.140 |
2,358.438 |
2,080.035 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
4.461 |
12.179 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
71.713 |
(145.800) |
(138.841) |
|
|
|
Employees benefits expense |
923.837 |
947.932 |
895.300 |
|
|
|
Other expenses |
1,592.157 |
1,693.624 |
1,575.585 |
|
|
|
TOTAL (B) |
4,938.847 |
4,858.655 |
4,424.258 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,051.754 |
1,023.315 |
1,079.713 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
171.927 |
173.143 |
113.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
879.827 |
850.172 |
966.406 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
332.669 |
299.718 |
277.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
547.158 |
550.454 |
688.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
165.347 |
80.097 |
205.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
381.811 |
470.357 |
482.867 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
962.415 |
747.511 |
537.319 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
106.615 |
164.768 |
193.845 |
|
|
|
Tax on distributed profits |
17.099 |
26.982 |
30.543 |
|
|
|
General Reserve |
38.181 |
47.036 |
48.287 |
|
|
|
Transfer to debenture redemption reserve |
50.000 |
16.667 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1,132.331 |
962.415 |
747.511 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1,315.221 |
1,497.261 |
705.455 |
|
|
|
Commission Earnings |
55.662 |
87.407 |
53.420 |
|
|
|
Other Earnings |
0.000 |
4.887 |
5.353 |
|
|
TOTAL EARNINGS |
1,370.883 |
1,589.555 |
764.228 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
689.306 |
619.916 |
642.308 |
|
|
|
Stores & Spares |
101.948 |
99.115 |
97.767 |
|
|
|
Capital Goods |
321.745 |
108.698 |
333.800 |
|
|
TOTAL IMPORTS |
1,112.999 |
827.729 |
1,073.875 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.94 |
4.85 |
4.98 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
1567.300 |
1762.300 |
1664.300 |
|
Total Expenditure |
1270.700 |
1433.900 |
1360.100 |
|
PBIDT (Excl OI) |
296.600 |
328.400 |
304.200 |
|
Other Income |
15.200 |
13.700 |
2.200 |
|
Operating Profit |
311.800 |
342.100 |
306.400 |
|
Interest |
46.500 |
37.200 |
39.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
265.300 |
304.900 |
266.600 |
|
Depreciation |
85.300 |
87.800 |
90.900 |
|
Profit Before Tax |
180.000 |
217.100 |
175.700 |
|
Tax |
48.800 |
67.600 |
52.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
131.200 |
149.500 |
123.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
131.200 |
149.500 |
123.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.42 |
8.12 |
8.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.69 |
17.66 |
19.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.98 |
10.15 |
11.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.26 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08 |
1.14 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.22 |
1.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Share Capital |
193.845 |
193.845 |
193.845 |
|
Reserves & Surplus |
2254.596 |
1914.725 |
2172.822 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2448.441 |
2108.570 |
2366.667 |
|
|
|
|
|
|
long-term borrowings |
1600.197 |
903.683 |
921.898 |
|
Short term borrowings |
656.372 |
1497.592 |
1644.703 |
|
Total
borrowings |
2256.569 |
2401.275 |
2566.601 |
|
Debt/Equity
ratio |
0.922 |
1.139 |
1.084 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
5,493.643 |
5,795.333 |
5,944.939 |
|
|
|
5.492 |
2.581 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
5,493.643 |
5,795.333 |
5,944.939 |
|
Profit |
482.867 |
470.357 |
381.811 |
|
|
8.79% |
8.12% |
6.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
|
|
|
|
- Term loans in foreign currency from banks |
76.742 |
65.339 |
64.084 |
|
- Interest free Sales tax loan |
23.153 |
11.097 |
8.154 |
|
- Non - convertible debentures |
200.000 |
0.000 |
0.000 |
|
- Other Loans in foreign currency from banks |
63.684 |
0.000 |
0.000 |
|
Total |
363.579 |
76.436 |
72.238 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
CHSL/1470/2011 |
Filing Date:- |
26/08/2011 |
Reg. No.:- |
CHS/1470/2011 |
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 BEARINGS LIMITED |
||||
|
|
|
Resp. Adv.: |
WADIA GHANDY AND CO (APPLICANT) (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
Category:- |
CHAMBER SUMMONS IN EXECUTION |
||||
|
Last Date:- |
29/04/2014 |
Stage:- |
CHAMBER SUMMONS FOR HEARING [ORIGINAL SIDE MATTERS] |
||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE ANOOP V. MOHTA |
|
|
||||
|
Act:- |
Code of Civil Procedure 1908 |
||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
153.083 |
178.919 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans from banks |
300.000 |
150.000 |
|
Other Loans in foreign currency from banks |
385.396 |
217.240 |
|
Other Loans |
450.000 |
200.000 |
|
Total |
1288.479 |
746.159 |
CORPORATE
INFORMATION:
Subject is incorporated in 1965, is engaged in the manufacture of ball and roller bearings.
OPERATIONS/OUTLOOK
The business environment remained difficult with high interest rates, persistent inflation, contraction of industrial production and weak demand in the high value 4-wheeler segments of the automotive industry. Despite the constraints and the challenging environment, your company once again achieved its highest ever sales turnover of Rs.5821.900 Millions (previous year Rs.5681.456 Millions) a growth of 2.50% and also achieved its highest ever exports of Rs.1358.500 Millions (previous year Rs.1225.000 Millions). Profit after tax is lower at Rs.3818.11 Millions (previous year Rs.470.400 Millions) down by 18.8% on account of higher input costs, finance and depreciation costs and higher taxes with scaling down of benefits from the Pantnagar plant operations.
The overall weak sentiment in the manufacturing sector constrained economic expansion with continuing high interest rates, steep fall in the value of the rupee leading to cost push and adding to the inflationary trends and the lack of traction in structural reforms being the major contributors. The overall volatility in the environment has had a negative influence on consumer sentiment and demand. Barring the two wheeler and tractor segments, the automotive sector, one of the largest consumers of the company’s products, saw de-growth in the high value commercial vehicle and passenger car segments. Given this sluggish environment in the manufacturing sector, the company aggressively pushed sales in the aftermarket and for exports and successfully increased sales by an average of 12% in these segments.
The expectations are that the new government at the Centre will accelerate economic activity by restarting stalled infrastructure projects, work on containing inflation with a resultant easing of interest rates, re-initiate reforms and thus favourably impact 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 consumption story still remains strong for India over a medium and longer term, and your company is committed towards investing in this future by building its R&D capabilities, focusing on product lines which will improve profit margins, eliminating waste from operations – all with a clear and dedicated customer focus.
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 & goods) and industrial 4 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
- Ingersoll Rand worldwide (other than compressors)
New models are being constantly introduced by the vehicle manufacturers, there is expansion of the public transport systems, dedicated freight corridors for movement of goods and farm equipment demand for the rural areas.
The annual production of the domestic organized sector (as represented under Ball & Roller Bearing Manufacturers Association-BRBMA) has remained flat at Rs.44000.000 Millions for the year 2013-14. Your company’s market share in the domestic organized sector is 12% 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 2013-14, continued uncertainty in the environment arising from a near paralysis of policy making, persistent inflationary pressures with resultant high interest rates led to dampening of consumer demand as disposable incomes reduced. Negative business sentiments and weakness in investment climate resulted in negative growth in several key consumer sectors. The global economic scenario too remained subdued and all major economies of the world faced a slowdown in economic activity with structural adjustments resulting in a steep depreciation of the Rupee, further tapering of demand leading to low capacity utilization and slowdown all around. This translated into a challenging year for the Indian bearings industry.
While the long term outlook of the Indian economy remains positive there are clear challenges in the immediate short term. However, the Indian economy has many inherent strengths - strong domestic consumption, the unprecedented scale and size of the 12th Plan, the implementation of the Western and Eastern Freight Corridors of the Railways and the Metro railways in important cities, the low vehicle penetration coupled with improving highway and rural road network development making India a key market for global players- all of which will have a direct and favourable impact on the growth of the bearings industry. Creation of right investment sentiment is key to India’s long term sustainable growth and a changed policy and governance environment with a speedy clearances to resolve long pending core sector issues will ensure that the 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. The ability to manage the short term challenges will play a significant role in catalyzing the growth drivers for the economy and industry.
To meet growing customer expectations, your 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 along with exploring ways to minimise waste, reduce costs and increase productivity.
INDEX OF CHARGE:
|
Sr. 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, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C35175181 |
|
2 |
10537073 |
09/10/2014 |
300,000,000.00 |
Hdfc Bank Limited |
Lodha-I, Think Techno Campus, Building Alpha, 4th Floor-Office Next To Kanjur Marg Railway Stn, Mumbai, Maharashtra - 400042, India |
C37220027 |
|
3 |
10506951 |
30/06/2014 |
200,000,000.00 |
Tata Capital Financial Services Limited |
One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India |
C09849910 |
|
4 |
10415719 |
03/11/2014 * |
750,000,000.00 |
DBS Bank Limited |
3rd Floor, Fort House,, Dr. D N Road, Fort, Mumbai, Maharashtra - 400001, India |
C32838880 |
|
5 |
10367893 |
06/07/2012 |
308,000,000.00 |
DBS Bank Limited |
Upper Ground Floor, 25, Barakhamba Road, Birla Tower, New Delhi, 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, Maharashtra - 400018 , India |
B05601026 |
|
8 |
10187212 |
01/04/2013 * |
520,000,000.00 |
Citibank N. A. |
Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India |
B71904312 |
|
9 |
80023791 |
28/05/2012 * |
550,000,000.00 |
BNP Paribas |
French Bank Building,, 62, Homji Street, Fort, Mumbai, Maharashtra - 400001, India |
B40520603 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.14 |
|
UK Pound |
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--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 |
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 |
|
62 |
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.