MIRA INFORM REPORT
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Report No. : |
308274 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
RING PLUS AQUA LIMITED (w.e.f.30.05.1999) |
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Formerly Known
As : |
AQUA BEARINGS LIMITED |
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Registered
Office : |
D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon,
Taluka Sinnar, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
11-040885 |
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Capital
Investment / Paid-up Capital : |
Rs. 76.066 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1986PLC040885 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14476A |
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PAN No.: [Permanent Account No.] |
AABCR3220M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings all being automotive components. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 established track record for business
operations supported by healthy operational risk profile and adequate
liquidity position 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 conditions. |
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 |
CARE |
|
Rating |
Long term Bank facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
February 13, 2015 |
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Rating Agency Name |
CARE |
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Rating |
Short term Bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
February 13, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Kshitesh Maheshwari |
|
Designation : |
Finance Department |
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Contact No.: |
91-22-61527600 |
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Date : |
16.02.2015 |
LOCATIONS
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Registered Office/ Factory 1 (Starter Ring Gear Division) : |
D-3, 4, Sinnar Taluka Audyogik Vasahat Maryadit, Village Musalgaon, Taluka
Sinnar, Nasik – 422112, Maharashtra, India |
|
Tel. No.: |
91-2551-240236/ 240172/ 240128/ 240872/ 240087 |
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Fax No.: |
91-2551-240250 |
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E-Mail : |
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Website : |
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Corporate Office : |
2nd Floor, J. K. Files (India) Limited, Annex Building, Jekegram
Pokhran Road No.1, Thane – 400606, Maharashtra, India |
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Tel. No.: |
91-22-61527000 |
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Fax No.: |
91-22-61527670 |
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Factory 2 (Shaft Bearing Division) : |
A-16/17, Sinnar Taluka Co-operative
Industrial Estate, Sinnar, District Nashik – 422112, Maharashtra, India |
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Tel. No.: |
91-2551-240087 |
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Fax No.: |
91-2551-240997 |
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E-Mail : |
DIRECTORS
AS ON 01.09.2014
|
Name : |
Mr. Gautam Hari Singhania |
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Designation : |
Director |
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Address : |
J.K. House, 59A, Bulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
09.09.1965 |
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Qualification : |
B Com |
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Date of Appointment : |
11.08.2010 |
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DIN No.: |
00020088 |
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Name : |
Mr. Harshal Jayavant |
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Designation : |
Director |
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Address : |
Flat No.1505, Building Burlington, Hiranandani Estate, Thane – 400607,
Maharashtra, India. |
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Date of Birth/Age : |
19.12.1958 |
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Qualification : |
B.E. |
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Date of Appointment : |
08.08.2005 |
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DIN No.: |
00020998 |
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Name : |
Mr. Sunder Hariharan |
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Designation : |
Director |
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Address : |
Flat No.5C, Regency Park B, Eden Woods Complex, Gladys Alvares Marg, Thane
– 400610, Maharashtra, India |
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Date of Birth/Age : |
26.07.1959 |
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Qualification : |
ACA |
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Date of Appointment : |
08.08.2005 |
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DIN No.: |
00020583 |
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Name : |
Mr. Bhuwan Kumar Chaturvedi |
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Designation : |
Director |
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Address : |
4503, Phase – IV, DLF City, Gurgaon – 122009, Haryana, India |
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Date of Birth/Age : |
06.03.1948 |
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Qualification : |
BE and MBA |
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Date of Appointment : |
11.08.2010 |
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DIN No.: |
00144487 |
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Name : |
Mr. Parvinder Singh Pasricha |
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Designation : |
Director |
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Address : |
28, Amber Narayan Dabholkar Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1947 |
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Qualification : |
MSc and Ph. D |
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Date of Appointment : |
19.04.2011 |
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DIN No.: |
02947755 |
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Name : |
Mr. Jagmeet Singh Sabharwal |
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Designation : |
Director |
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Address : |
1302, Ocean View, Union Park, Pali Hill, Khar (West), Mumbai – 400052,
Maharashtra, India |
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Date of Birth/Age : |
21.07.1972 |
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Qualification : |
B Com |
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Date of Appointment : |
19.04.2011 |
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DIN No.: |
00270607 |
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Name : |
Mr. Laxman Prabhakar Katakkar |
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Designation : |
Whole-time director |
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Address : |
Flat No.1303, Takshashila Apartment, Nirmal Nagar, Goregaon-Mulund Link
Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
11.06.1965 |
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Qualification : |
B.E (Mech.) |
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Experience : |
29 Years |
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Date of Appointment : |
01.06.2012 |
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PAN No.: |
ABQPK4085J |
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DIN No.: |
03143379 |
KEY EXECUTIVES
|
Name : |
Mr. Kshitesh Maheshwari |
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Designation : |
Finance Department |
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|
Name : |
Mr. Atul Dharap |
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Designation : |
Secretary |
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Address : |
IA/ 401, Rajarshi Shahu CHS, 90 Feet Road, Navghar Pada, Mulund
[East], Mumbai – 400081, Maharashtra, India |
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Date of Birth/Age : |
15.08.1967 |
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Date of Appointment : |
23.07.2014 |
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PAN No.: |
AAJPD4258L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 01.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Government companies |
3.19 |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others) |
0.11 |
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Bodies
corporate |
90.11 |
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Other
top fifty shareholders |
2.41 |
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Others |
4.18 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings all being automotive components. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
· Axis Bank Limited Corporate Banking Branch, Ground Floor, Axis House, Bombay
Dyeing Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India · The Saraswat Cooperative Bank Limited SME Vile Parle Branch, Bholanath Cooperative Housing Society, Subhash Road, Vile Parle [East], Mumbai - 400057, Maharashtra, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West],
Mumbai - 400013, Maharashtra, India · Indusind Bank Limited 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
6, Karim Chambers, 40, A. Doshi Marg, Mumbai – 400001,
Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFL1894Q |
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Holding Company : |
Scissors
Engineering Products Limited |
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Ultimate Holding company : |
Raymond Limited
[L17117MH1925PLC001208] |
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Subsidiary company : |
R & A
Logistics Inc. USA |
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Fellow Subsidiary company : |
· JK Files (India) Limited [U27104MH1997PLC105955] Raymond Apparel Limited [U18109TN2006PLC061384] Celebration Apparels Limited Everblue Apparel Limited Pashmina Holding Limited Raymond Woolen Outwear Limited Colourplus Fashions Limited Jaykayorg AG Silver Spark Apparel Limited J.K. Talabot Limited Raymond (Europe) Limited |
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Joint venture : |
Rose Engineered
Products India Private Limited [U28121MH2007PTC253444] |
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Other Related Parties : |
· J.K. Helene Curtis Limited [U99999MH1964PLC012865] Raymond Luxury Cottons Limited [U17120MH2004PLC149276] |
CAPITAL STRUCTURE
AS ON 01.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
7,756,671 |
Equity Shares |
Rs. 10/- each |
Rs. 77.567 Millions |
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,606,634 |
Equity Shares |
Rs. 10/- each |
Rs. 76.066 Millions |
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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 |
76.066 |
76.066 |
76.066 |
|
(b) Reserves & Surplus |
866.458 |
775.649 |
725.824 |
|
(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) |
942.524 |
851.715 |
801.890 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
527.774 |
283.156 |
279.715 |
|
(b) Deferred tax liabilities (Net) |
67.876 |
34.407 |
38.276 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
595.650 |
317.563 |
317.991 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
203.829 |
130.511 |
104.113 |
|
(b)
Trade payables |
644.558 |
298.607 |
240.262 |
|
(c)
Other current liabilities |
166.205 |
69.128 |
45.558 |
|
(d) Short-term
provisions |
25.715 |
21.056 |
24.464 |
|
Total Current
Liabilities (4) |
1040.307 |
519.302 |
414.397 |
|
|
|
|
|
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TOTAL |
2578.481 |
1688.580 |
1534.278 |
|
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|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
1232.762 |
434.138 |
388.989 |
|
(ii)
Intangible Assets |
2.024 |
2.739 |
1.181 |
|
(iii)
Capital work-in-progress |
4.617 |
60.859 |
6.394 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
107.041 |
393.312 |
375.056 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.212 |
34.767 |
4.517 |
|
(e) Other
Non-current assets |
15.673 |
1.760 |
8.675 |
|
Total Non-Current
Assets |
1411.329 |
927.575 |
784.812 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
76.761 |
79.015 |
113.664 |
|
(b)
Inventories |
362.237 |
151.567 |
172.487 |
|
(c)
Trade receivables |
618.228 |
397.264 |
361.731 |
|
(d) Cash
and cash equivalents |
11.212 |
16.684 |
27.428 |
|
(e)
Short-term loans and advances |
80.172 |
95.540 |
60.906 |
|
(f)
Other current assets |
18.542 |
20.935 |
13.250 |
|
Total
Current Assets |
1167.152 |
761.005 |
749.466 |
|
|
|
|
|
|
TOTAL |
2578.481 |
1688.580 |
1534.278 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2286.517 |
1319.296 |
1486.148 |
|
|
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Other Income |
66.302 |
47.607 |
43.776 |
|
|
|
TOTAL (A) |
2352.819 |
1366.903 |
1529.924 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1089.307 |
669.431 |
749.061 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(83.809) |
10.544 |
(8.027) |
|
|
|
Employees benefits expense |
297.851 |
164.402 |
148.964 |
|
|
|
Other expenses |
784.569 |
346.279 |
384.422 |
|
|
|
TOTAL (B) |
2087.918 |
1190.656 |
1274.420 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
264.901 |
176.247 |
255.504 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
109.117 |
43.276 |
12.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
155.784 |
132.971 |
242.655 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
133.209 |
61.564 |
48.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.575 |
71.407 |
194.069 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.700) |
21.582 |
67.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.275 |
49.825 |
126.350 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
1175.033 |
707.588 |
787.784 |
|
|
|
Professional and Commission Fees |
0.922 |
0.952 |
1.176 |
|
|
|
Other Earnings |
1.106 |
0.647 |
0.394 |
|
|
TOTAL EARNINGS |
1177.061 |
709.187 |
789.354 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
44.043 |
39.643 |
34.686 |
|
|
|
Stores & Spares |
3.288 |
0.587 |
0.802 |
|
|
|
Capital Goods |
91.243 |
13.380 |
22.288 |
|
|
TOTAL IMPORTS |
138.574 |
53.610 |
57.776 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.65 |
6.55 |
16.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.24 |
3.78 |
8.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.59 |
13.36 |
17.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.92 |
5.78 |
16.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.08 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78 |
0.49 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.47 |
1.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
76.066 |
76.066 |
76.066 |
|
Reserves & Surplus |
725.824 |
775.649 |
866.458 |
|
Net
worth |
801.890 |
851.715 |
942.524 |
|
|
|
|
|
|
Long-term borrowings |
279.715 |
283.156 |
527.774 |
|
Short term borrowings |
104.113 |
130.511 |
203.829 |
|
Total
borrowings |
383.828 |
413.667 |
731.603 |
|
Debt/Equity ratio |
0.479 |
0.486 |
0.776 |
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 |
1486.148 |
1319.296 |
2286.517 |
|
|
|
(11.227) |
73.313 |
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 |
1486.148 |
1319.296 |
2286.517 |
|
Profit |
126.350 |
49.825 |
28.275 |
|
|
8.50% |
3.78% |
1.24% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
134.031 |
55.837 |
29.836 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 12.01.2015 |
|
Lodging No: CHOLL/138/2015 Filing Date: 12.02.2015 |
|
Main Matter Lodging No: CEXAL/18/2011 |
|
Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: RING PLUS
AQUA LIMITED Petn. Adv : SUHAS MANOHAR OAK (I8494) Resp.
Adv.: 0 (0) District: NASHIK |
|
Bench: DIVISION Status: Pre-Admission
Category: CHAMBER ORDER |
|
Act: Central Excise and Salt Act
UNDER SECTION: 35G |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10467476 |
29/05/2014 * |
230,000,000.00 |
INDUSIND BANK
LIMITED |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
C10304947 |
|
2 |
10420384 |
26/03/2013 |
230,000,000.00 |
INDUSIND BANK
LIMITED |
2401 GEN THIMMAYYA
ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B73370488 |
|
3 |
10358380 |
09/05/2012 |
50,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH, GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P.B.
MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B40708703 |
|
4 |
10355741 |
26/03/2012 |
50,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR
ESTATE CO-OPERATIVE SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI,, PUNE,
MAHARASHTRA |
B39629795 |
|
5 |
10341474 |
15/02/2012 |
148,500,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
B34700518 |
|
6 |
10323060 |
24/11/2011 |
14,230,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
SMD BRANCH, C-2,
KOHINOOR ESTATE, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA -
411003, INDIA |
B27843630 |
|
7 |
10310016 |
06/09/2011 |
200,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B22472112 |
|
8 |
10226257 |
05/05/2010 |
558,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
RASEC BRANCH F C
ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
A88329339 |
|
9 |
10136025 |
12/12/2008 |
738,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
RETAIL ASSETS
& SMALL ENTERPRISES CENTRE, 2ND FLOOR, F. C. ROAD BRANCH OPP. HOTEL
VAISHALI, PUNE, MAHARASHTRA - 411026, INDIA |
A53831541 |
|
10 |
10055226 |
22/11/2013 * |
141,500,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR
ESTATE CO-OPERATIVE SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI,, PUNE,
MAHARASHTRA |
B93849263 |
|
11 |
10033580 |
06/08/2010 * |
495,150,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
PIMPRI BRANCH,
PIMPRI,, PUNE, MAHARASHTRA - 411017, INDIA |
A94143815 |
|
12 |
10018028 |
26/02/2014 * |
263,500,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH, 214-215, CITY MALL, NEAR PUNE UNIVERSITY, GANESHKHIND ROAD, PUNE,
MAHARASHTRA - 411007, INDIA |
B98830821 |
|
13 |
80062805 |
09/12/2011 * |
197,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B29232030 |
|
14 |
80010593 |
07/02/2012 * |
109,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
SME VILE PARLE
BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI,
MAHARASHTRA |
B33683913 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
41.962 |
47.767 |
|
Loans and advances from related parties |
133.900 |
10.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
40.000 |
|
|
|
|
|
Total |
175.862 |
97.767 |
OVERVIEW
The Company is engaged in manufacture of Starter Ring Gears, Flexplates & Shaft Water Pump Bearings, all being automotive components. The company is a subsidiary of Scissors Engineering Products Limited which is a subsidiary of Raymond Limited.
These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance, in all material aspects, with the applicable accounting principles in India, the applicable accounting standards notified under the Companies Act, 1956.
All the assets and liabilities have been classified as
current or non-current as per the Company?s normal operating cycle and other
criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature
of products and the time between the acquisition of assets for processing and
their realization in cash and cash equivalent, the Company has ascertained its
operating cycle to be 12 months for the purpose of current non-current
classification of assets and liabilities.
FINANCIAL RESULTS
The total revenue of the Company (post Amalgamation) was at Rs. 2352.800
Millions (Previous Year: Rs. 1366.900 Millions). Profit before tax was at Rs.
22.600 Millions (Previous Year: Rs. 71.400 Millions). Due to the amalgamation
of Trinity India Limited with the Company from the appointed date 1st
April, 2013, the performance of the Company for the Financial Year 2014 is
strictly not comparable with that of the previous year.
OPERATIONS
STARTER RING GEAR
The growth in global market has remained stagnant during the year,
however the Company has been able to make inroads & gain market share in US
& European markets with its competitive pricing and services offered to
customers. The overall Gear sales were higher by 26%, at Rs. 1075.600 Millions
compared to Rs. 852.000 Millions in the previous year. The export sales increased
by whooping 46% vis-a-vis previous year whereas the domestic sale remained flat
as compared to previous year.
The Company continued its efforts for developing new markets, new
customers, making major in-roads into South East Asia, Latin American and
Canada/North American markets during the year. In domestic market also the
Company continues to bag orders from prestigious Auto-Companies and MNC Auto
Original Equipment Manufacturers (OEMs) operating in India. This has helped
Company to withstand the demand pressure situation for the year under review.
As a marketing strategy, efforts are now on for increasing share of business in
Sports Utility Vehicle (SUV), Medium and Heavy Commercial Vehicle (MHCV) and
non-auto business segments.
SHAFT BEARING
The performance of Shaft Bearings Division remained stable during the
year under review. The overall Bearings sales were up by 2 % at Rs.313.600
Millions against Rs.308.700 Millions in the previous year.
During the last financial year based on potential growth in OEM demand
and as a part of capability building program, the Company had taken up
expansion project to augment its capacity from 3 million Bearings to 5 million
Bearings per annum. The expansion has completed.
During the year and with the enhanced capabilities, the company is
poised to serve global OEM with improved qualitative & competitive
products.
FLEXPLATE ASSEMBLY
The sale of Flexplate Assembly was at Rs.49.600 Millions against
Rs.53.500 Millions in the Previous Year.
However with the improvement in capabilities, the Company is successful
in meeting the requirements of global customers. The Company is nominated by
BMW for their next X1 program which will be launched in China in year 2015. The
Company is also tapping international market for growth with other customers.
In coming year, the Flexplate business is expected improve further.
FORGED MACHINED COMPONENTS
Owing to the merger of erstwhile Trinity India Limited with the Company w.e.f.1st
April, 2013, the revenue from sale of Forged Machined Components were also
included in the Income of the Company. The sale of Forged Machined Components
for the year was Rs. 602.200 Millions. The Company has lost one of its
prominent accounts of Ford in export market due to unilateral decision by Ford
to discontinue business with Company owing to issues with earlier management
(prior to its acquisition). The Company is mitigating the loss by venturing
into businesses from non-auto segments. The Company is also focusing on
new-product developments to augment the revenues of the segment.
AWARDS &
ACHIEVEMENTS
The Company continues to win awards year-on-year. Some awards during
Financial Year 2014 are:
· The EEPC Award for Star Performer - Western Region for 2011-12 in the Large Enterprise category.
The
prestigious National level EEPC INDIA- Intertek Award for Quality Excellence in
2012-13.
The
Manufacturing Today Award 2013 in the category - Excellence in Technology for
Small Enterprises.
Has
made patent application for high productive automatic bearing assembly machine
and a special ‘K Type’ bearing end seal.
SCHEME OF
AMALGAMATION
The Scheme of Amalgamation of Trinity India Limited (TIL) with the
Company was sanctioned by the Hon’ble High Court of Bombay vide its Order dated
May 9, 2014. Accordingly TIL was merged with the Company from the Appointed
date April 1, 2013. This amalgamation will help to consider the auto component
business into a single legal entity and leverage the synergies to optimally
utilize the resources.
The Shareholders of erstwhile TIL were issued 20 Equity Shares (Fully
paid-up) of the Company for every 173 Equity Shares (Fully paid-up) of TIL,
held by them, as on the Book Closure date i.e. June 24, 2014 to June 27, 2014.
As a result, the subscribed and paid-up capital of the company will be increased from Rs.76.000 Millions to Rs. 77.500 Millions. The Authorised Share Capital of the Company increased from Rs.100.000 Millions to Rs.300.000 Millions. The financial statements of the Company for the year ended 31st March, 2014 includes the financial performance of TIL.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.20 |
|
|
1 |
Rs. 96.00 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.