MIRA INFORM REPORT
|
Report No. : |
302476 |
|
Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Nariman Bhavan, 8th
Floor, 227, Backbay Reclamation, Nariman Point, Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.1962 |
|
|
|
|
Com. Reg. No.: |
11-012340 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.166.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1962PLC012340 |
|
|
|
|
TIN No.: |
Not Available |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3357Q
|
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of “Fag Kugelfischer GmbH, Germany”. It is a
well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Nariman Bhavan, 8th Floor, 227,
Backbay Reclamation, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22022144 / 362 / 166 / 66814444-4499 |
|
Fax No.: |
91-22-22027022 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office/ Factory 1: |
P.O. Maneja, Vadodara – 390013, Gujarat, India |
|
Tel. No.: |
91-265-6602000-2004 |
|
Fax No.: |
91-265-2638804 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No.1 (Alindra),
Savli, GIDC Phase - III, Taluka Savli, Vadodara – 391775, Gujarat, India |
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|
|
|
Postal Address : |
C.P. Patel Finance, J C Patel Estate, Block No. 176, Bharat Baug, NH
8, Rangoli Crossing, Po Dasrath, Vadodara – 391740, Gujarat, India |
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|
|
|
Sales Offices
: |
Located At:
|
DIRECTORS
As on 31.12.2014
|
Name : |
Mr. Avinash Gandhi |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
October 1, 1938 |
|
Qualification : |
B.Sc. in Mechanical Engineering |
|
Date of Appointment : |
20.04.2006 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Rajendra Anandpara |
|
Designation : |
Managing Director |
|
DIN No.: |
02461259 |
|
|
|
|
Name : |
Mr. Bernhard Steinuecke |
|
Designation : |
Director |
|
Date of Birth/ Age : |
29.06.1955 |
|
Qualification : |
Professional qualification in Law, Economics & Taxation |
|
DIN No.: |
01122939 |
|
|
|
|
Name : |
Mr. Frank Huber |
|
Designation : |
Director |
|
DIN No.: |
00689169 |
|
|
|
|
Name : |
Mr. Moreshwar Digambar Garde |
|
Designation : |
Director |
|
Date of Birth/ Age : |
September 19, 1945 |
|
Qualification : |
Master of Business
Administration (MBA) FIII (Member of Insurance Institute of India) IRDA's
Composite Brokers Exam BE (Electrical) |
|
Date of Appointment : |
25.07.2002 |
|
DIN No.: |
00689103 |
|
|
|
|
Name : |
Mr. R. Sampath Kumar |
|
Designation : |
Director |
|
DIN No.: |
00495192 |
|
|
|
|
Name : |
Mr. Kamlesh Tapadar |
|
Designation : |
Director (Alternate to Mr. Heinrich) |
|
DIN No.: |
00161186 |
|
|
|
|
Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Schullan) |
|
DIN No.: |
00161133 |
|
|
|
|
Name : |
Mr. Robert Schullan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dietmar Heinrich |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharmesh Arora |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Raj Sarraf |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Kamdar |
|
Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
8529183 |
51.33 |
|
|
8529183 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
8529183 |
51.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2858529 |
17.20 |
|
|
2033 |
0.01 |
|
|
174494 |
1.05 |
|
|
2223737 |
13.38 |
|
|
3470 |
0.02 |
|
|
3360 |
0.02 |
|
|
110 |
0.00 |
|
|
5262263 |
31.67 |
|
|
|
|
|
|
1263119 |
7.60 |
|
|
|
|
|
|
1220132 |
7.34 |
|
|
306492 |
1.84 |
|
|
36081 |
0.22 |
|
|
28935 |
0.17 |
|
|
7146 |
0.04 |
|
|
2825824 |
17.01 |
|
Total Public shareholding (B) |
8088087 |
48.67 |
|
Total (A)+(B) |
16617270 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
16617270 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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||||
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Selling : |
Not Available |
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|
||||
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Purchasing : |
Not Available |
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Installed
Capacity Nos.** |
Production #
Nos. |
|
Manufactured *** |
|
|
|
(i) Ball and
Roller Bearings |
50957000 |
78324524 |
|
(ii) Manufactured
Components |
-- |
17572803 |
Notes
** Installed
capacity is as certified by the management on which the auditors have placed
reliance without verification, being a technical matter.
# Includes bearings
partially processed in-house are considered manufactured products in accordance
with The Central Excise Act, 1944.
*** Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the
Company's industrial undertaking is exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. Accordingly, the requirement
concerning disclosure of licensed capacity is not applicable.
GENERAL INFORMATION
|
Suppliers : |
Not Available |
|
|
|
|
Customers : |
Not Available |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
Schaeffler Group, Germany |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow
Subsidiary / Associate Companies |
|
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16818270 |
Equity Shares |
Rs.10/- each |
Rs.168.200
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16617270 |
Equity Shares |
Rs.10/- each |
Rs.166.200
Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
Shares outstanding at the beginning and at the end of the year |
16617270 |
166.200 |
Rights, preferences
and restrictions attached to equity shares
- The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of shareholders are in proportion to its share of paid up equity capital of the Company.
- On winding up of the
Company, the holders of equity shares will be entitled to receive the
residual assets of the Company.
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
FAG Kugelfischer GmbH (the holding Company) |
8529183 |
85.290 |
Particulars of
shareholders holding more than 5% shares of a class of shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
FAG Kugelfischer GmbH (the holding Company) |
8529183 |
51.33 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
166.200 |
166.200 |
|
(b) Reserves & Surplus |
|
9729.300 |
8628.800 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9895.500 |
8795.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
174.100 |
64.400 |
|
(c) Other long term
liabilities |
|
16.100 |
15.200 |
|
(d) long-term
provisions |
|
205.000 |
229.400 |
|
Total Non-current
Liabilities (3) |
|
395.200 |
309.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
2404.700 |
1786.100 |
|
(c) Other
current liabilities |
|
488.500 |
417.700 |
|
(d) Short-term
provisions |
|
148.800 |
128.800 |
|
Total Current
Liabilities (4) |
|
3042.000 |
2332.600 |
|
|
|
|
|
|
TOTAL |
|
13332.700 |
11436.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
3983.400 |
2782.200 |
|
(ii)
Intangible Assets |
|
5.500 |
9.400 |
|
(iii)
Capital work-in-progress |
|
134.300 |
1135.500 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
43.500 |
43.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1765.100 |
754.300 |
|
(e) Other Non-current
assets |
|
4.600 |
4.600 |
|
Total Non-Current
Assets |
|
5936.400 |
4729.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1705.800 |
1422.100 |
|
(c) Trade
receivables |
|
2906.000 |
2547.100 |
|
(d) Cash
and cash equivalents |
|
2376.600 |
1948.200 |
|
(e)
Short-term loans and advances |
|
347.100 |
755.400 |
|
(f) Other
current assets |
|
60.800 |
34.300 |
|
Total
Current Assets |
|
7396.300 |
6707.100 |
|
|
|
|
|
|
TOTAL |
|
13332.700 |
11436.600 |
|
SOURCES OF FUNDS |
|
|
31.12.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
166.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7134.200 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7300.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
31.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7332.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1783.200 |
|
|
Capital work-in-progress |
|
|
568.400 |
|
|
Capital Advance |
|
|
501.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
0.000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1622.500
|
|
|
Sundry Debtors |
|
|
2143.000
|
|
|
Cash & Bank Balances |
|
|
2334.200
|
|
|
Other Current Assets |
|
|
94.200
|
|
|
Loans & Advances |
|
|
927.900
|
|
Total
Current Assets |
|
|
7121.800
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
2261.700
|
|
|
Other Current Liabilities |
|
|
17.800
|
|
|
Provisions |
|
|
363.400
|
|
Total
Current Liabilities |
|
|
2642.900
|
|
|
Net Current Assets |
|
|
4478.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7332.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14300.100 |
14466.500 |
12993.300 |
|
|
|
Other Income |
458.600 |
446.300 |
400.700 |
|
|
|
TOTAL (A) |
14758.700 |
14912.800 |
13394.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5036.800 |
4782.900 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
4256.100 |
4045.300 |
0.000 |
|
|
|
Manufacturing and other expenses |
0.000 |
0.000 |
10545.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(322.000) |
247.700 |
0.000 |
|
|
|
Employee benefits expenses |
1191.300 |
1128.900 |
0.000 |
|
|
|
Other expenses |
2302.000 |
2057.600 |
0.000 |
|
|
|
TOTAL (B) |
12464.200 |
12262.400 |
10545.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2294.500 |
2650.400 |
2848.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.600 |
13.000 |
12.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2286.900 |
2637.400 |
2835.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
432.500 |
302.700 |
225.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1854.400 |
2334.700 |
2609.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
636.100 |
742.900 |
849.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1218.300 |
1591.800 |
1759.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
5739.200 |
4594.000 |
3377.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
350.000 |
|
|
|
Proposed Dividend |
99.700 |
83.100 |
166.200 |
|
|
|
Income Tax on Dividend |
17.600 |
13.500 |
27.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6490.200 |
5739.200 |
4594.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
0.200 |
17.000 |
0.500 |
|
|
|
FOB value of exports |
2219.400 |
2008.200 |
1567.500 |
|
|
|
Others |
13.900 |
11.600 |
12.300 |
|
|
TOTAL EARNINGS |
2233.500 |
2036.800 |
1580.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
1731.300 |
1711.600 |
1632.200 |
|
|
|
Products Purchased for sale |
3257.700 |
3008.600 |
2556.300 |
|
|
|
Stores & Spares for maintenance of
machinery |
109.100 |
103.200 |
80.200 |
|
|
|
Capital Goods |
389.100 |
711.100 |
719.400 |
|
|
TOTAL IMPORTS |
5487.200 |
5534.500 |
4988.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
73.32 |
95.79 |
105.88 |
|
QUARTERLY RESULTS
|
Particulars |
31.03.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4007.000 |
3917.700 |
4101.800 |
|
Total Expenditure |
3449.900 |
3281.500 |
3501.300 |
|
PBIDT (Excl OI) |
557.100 |
636.200 |
600.500 |
|
Other Income |
90.900 |
107.400 |
97.100 |
|
Operating Profit |
648.000 |
743.600 |
697.600 |
|
Interest |
1.700 |
2.300 |
2.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
646.300 |
741.300 |
694.800 |
|
Depreciation |
120.500 |
122.900 |
125.200 |
|
Profit Before Tax |
525.800 |
618.400 |
569.600 |
|
Tax |
179.000 |
210.700 |
194.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
346.800 |
407.700 |
375.100 |
|
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 |
346.800 |
407.700 |
375.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.52 |
11.00 |
13.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.05 |
18.32 |
21.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.10 |
22.76 |
27.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.27 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43 |
2.88 |
2.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
166.200 |
166.200 |
166.200 |
|
Reserves & Surplus |
7134.200 |
8628.800 |
9729.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7300.400 |
8795.000 |
9895.500 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
12,993.300 |
14,466.500 |
14,300.100 |
|
|
|
11.338 |
-1.150 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
12,993.300 |
14,466.500 |
14,300.100 |
|
Profit |
1,759.700 |
1,591.800 |
1,218.300 |
|
|
13.54% |
11.00% |
8.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
No |
FINANCIAL AND OPERATIONAL PERFORMANCE
Against
the backdrop of challenging macroeconomic situation and weak business
sentiments, the year 2013 proved to be yet another difficult year. The economy
which grew at 5% in FY 2012-13 - the slowest since a decade, continued its
moderate growth trajectory in the first half of FY 2013-14 when economy
expanded by 4.6% (5.3% in the corresponding period of FY 2012-13). It appears
likely that GDP growth in year 2013-14 may even be lower than 5%.
The
wholesale price index showed deceleration in the month of December 2013 at
6.16%. The Consumer Inflation continues to remain at around 10% reflecting
persistently high food prices, currency depreciation, fuel price adjustments
and other supply side constraints. Indian Rupee depreciated considerably during
the year 2013.
Besides
adverse economic climate, factors such as excessive import of gold and other
external imbalances contributed to this unexpected development making the cost
of imported goods dearer. Demand growth of the Company's products both from
Automotive and Industrial sector slowed down in year 2013.
The
Company continued its emphasis on innovation, R&D and sector approach.
Know-how of their customers' business and their ability to design and provide
effective value added solutions to their customers' current and future needs
provides us distinct competitive advantage in the market. The Company was
successful in developing large number of value added and energy-efficient
solutions for their customers in Automotive and Industrial sectors. At their
plants in Maneja and Savli we intensified their actions to improve quality and
reduce waste by implementing Schaeffler concepts such as MOVE, Fit for Quality
and Line Challenger.
The
Company continued its pursuit towards people excellence by promoting harmonious
work culture and by regularly undertaking various initiatives towards people
development and employee engagement.
Challenges
currently being faced by Indian economy will not disappear soon. The outcome of
forthcoming General Election in 2014 will be crucial. Prospects of single party
led stable alliance post General Elections can accelerate policy reforms and
thus facilitate fast track growth in the coming years.
The
Company has strong fundamentals, follows robust customer and innovation focused
strategy, emphasises on operational excellence and constantly empowers and
motivates its people to pursue higher goals. This gives confidence that the
Company is not only prepared to face the current challenges but is also well
placed to benefit from medium and long-term growth of Indian economy.
FINANCE
The
Company’s Income was placed at Rs.14758.700 million in year 2013, slightly
lower than that in year 2012. Increased cost of traded products and lower
absorption of fixed costs impacted margins as profits from ordinary activities
declined in year 2013 to Rs.185.000 million (2012: M 2,330.000 million).
Against the backdrop of challenging environment, they consider the performance
at par with the market.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND
YEAR ENDED MARCH 31, 201
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
31.03.2014 |
|
a) Net sales / Income from Operations (Net
of excise duty) |
3,976.700 |
|
b) Other Operating Income |
30.300 |
|
Total income from operations
(Net) |
4,007.000 |
|
Expenses |
|
|
a) Cost of materials consumed |
1,449.300 |
|
b) Purchase of Stock-in-trade |
991.700 |
|
c) Changes in inventories of finished goods, Work-in-Progress and
stock-in-trade |
55.700 |
|
d) Employees benefits expense |
374.800 |
|
e) Depreciation and amortization expense |
120.500 |
|
f) Other expenses |
578.400 |
|
Total expenses |
3,570.400 |
|
Profit from Operations before Other Income, finance costs and Exceptional
Items (1-2) |
436.600 |
|
Other Income |
90.900 |
|
Profit from ordinary activities before finance costs and exceptional
items (3+4) |
527.500 |
|
Finance cost |
1.700 |
|
Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
525.800 |
|
Exceptional Items |
0.000 |
|
Profit from Ordinary Activities before tax (7-8) |
525.800 |
|
Tax expense |
179.000 |
|
Net Profit from Ordinary Activities after tax (9-10) |
346.800 |
|
Extraordinary Items (Net of tax expense) |
0.000 |
|
Net Profit for
the period (11-12) |
346.800 |
|
Paid-up equity share capital (Face value
of Rs.10/- per share) |
166.200 |
|
Reserves excluding Revaluation Reserves as
per balance sheet of previous accounting year |
|
|
Earnings per share (before extraordinary
items) (of Rs. 10 each) (not annualised) |
|
|
a) Basic |
20.87 |
|
b) Diluted |
20.87 |
|
Earnings per share (After extraordinary
items) (of Rs. 10 each) (not annualised) |
|
|
a) Basic |
20.87 |
|
b) Diluted |
20.87 |
|
Particulars
|
Quarter Ended ( Unaudited) |
|
|
30.09.2014 |
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number of shares |
8088087 |
|
- Percentage of shareholding |
48.7 |
|
Promoters and promoter group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
- |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
- |
|
- Percentage of shares (as a % of the total share capital of the
company) |
- |
|
b) Non-encumbered |
|
|
- Number of Shares |
8529183 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
51.3 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
- |
|
Receiving during the quarter |
- |
|
Disposed of during the quarter |
- |
|
Remaining unreserved at the end of the quarter |
- |
Notes:
1) The business of the Company falls under a single primary segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.
2) The figures for the preceding 3 months ended December 31, 2013 are the balancing figure between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of previous financial year. Also, the figures up to the end of third quarter were reviewed and not subjected to audit.
3) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on April 24, 2014.
4) The Statutory Auditors have performed a "Limited Review" of the above financial results for the three months ended March 31, 2014.
5) The figures of the previous periods have been regrouped wherever necessary to conform to the current period's presentation.
NO CHARGES EXIST FOR
COMPANY
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.63.45 |
|
UK Pound |
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.75.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
66 |
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.