MIRA INFORM REPORT
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Report No. : |
326736 |
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Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT FORGE LIMITED |
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Registered
Office : |
Mundhwa, Pune Cantonment, Pune – 411036, |
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Tel. No. : |
91-20-26702777/ 26702476/ 26702544/ 67042777 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.06.1961 |
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Com. Reg. No.: |
11-012046 |
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Capital
Investment / Paid-up Capital : |
Rs. 465.700
Million |
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CIN No.: [Company Identification
No.] |
L25209PN1961PLC012046 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACB8519L |
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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
: |
Manufacturing and
Selling of Forged Components. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 99000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Bharat Forge Limited (BFL), the Pune based Indian multinational is a
technology driven global leader in metal forming having transcontinental presence
across nine manufacturing locations, serving several sectors including
automotive, power, oil and gas, construction and mining, locomotive, marine
and aerospace. It is a well-established, old and reputed company having fine
track. It manufactures a wide range of high performance, critical and safety
components for the automotive and non-automotive sector. Available
information indicates high financial responsibility of the company. The
company’s products are well received in the market. Overall fundamentals are
strong. Financial condition of the company is decent and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. In the view of aforesaid, subject can be considered for any business
dealings at usual trade terms and conditions. It can be regarded as a promising business partner in the long run. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-convertible debenture = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
May 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
May 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
31-03-2013.
INFORMATION DENIED
Management non-co-operative (Contact No.: 91-20-26702777)
LOCATIONS
|
Registered Office/ Factory 1 : |
Mundhwa, Pune Cantonment, Pune – 411036, Maharashtra, India |
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Tel. No.: |
91-20-26702777/ 26702476/ 26702544/ 67042777 |
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Fax No.: |
91-20-26822163/ 26822387/ 26820699/ 26824778 |
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E-Mail : |
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Website : |
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Capital Goods
Division : |
CS-8-10, 6th Floor, Tower A, The Corenthum Building, A-41, Sector 62, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4638000 |
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Fax No.: |
91-120-4638099 |
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Factory 2 : |
Gat No. 635, Kuruli Village, Chakan, District Pune – 410501,
Maharashtra, India |
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Factory 3 : |
Opposite Jarandeshwar Railway Station, Vadhuth, District Satara –
415011, Maharashtra, India |
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Factory 4 : |
Tandulwadi and
Wanjarwadi, Taluka Baramati, District
Pune – 413206, Maharashtra, India |
DIRECTORS
As on 04.09.2014
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
B.E. (Mech.) (Hons.), M.S. (M.I.T.) |
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Date of Appointment : |
01.04.1972 |
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Name : |
Mr. Pratap G Pawar |
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Designation : |
Director |
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Date of Birth/Age : |
69 Years |
|
Qualification : |
Bachelor of Engineering from Birla Institute of Technology and Science
(BITS), Pilani, Rajasthan. |
|
DIN No.: |
00018985 |
|
Other Directorship : |
1)
Abhijit Pawar Media Limited 2)
Finolex Cables Limited 3)
P. P. Holdings Limited 4)
Force Motors Limited 5)
Kirloskar Oil Engines Limited |
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|
|
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Name : |
Mr. S. M. Thakore |
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Designation : |
Director |
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Date of Birth/Age : |
66 Years |
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Qualification : |
B.A. (Politics) and Bachelor of Law from the Bombay University |
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DIN No.: |
00031788 |
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Other Directorship : |
1)
Alkyl Amines Chemicals Limited 2)
Morarjee Textiles Limited 3)
Uni Klinger Limited 4)
Uni Deritend Limited 5)
Carborundum Universal Limited 6)
Sharda Cropchem Limited |
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|
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|
Name : |
Mrs. Lalita D Gupte |
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Designation : |
Director |
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Date of Birth/Age : |
65 Years |
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Qualification : |
Bachelor’s
Degree in Economics (Hons) and a Master’s Degree in Management Studies. |
|
DIN No.: |
00043559 |
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Other Directorship : |
1)
ICICI Venture Funds Management Co. Limited 2)
Kirloskar Brothers Limited 3)
Godrej Properties Limited 4)
Sesa Sterlite Limited |
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|
|
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Name : |
Mr. P. H. Ravikumar |
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Designation : |
Director |
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Date of Birth/Age : |
62 Years |
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Qualification : |
Bachelors in Commerce and CAIIB, AIB from London and a Senior Diploma
in French. |
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Experience : |
41 Years in Banking and financial services. |
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DIN No.: |
00280010 |
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Other Directorship : |
1)
Eveready Industries India Limited 2)
SKS Microfinance Limited 3)
BOB Capital Markets Limited 4)
Mcnally Bharat Engg. Co. Limited 5)
Sicom Investments & Finance Limited 6)
I G Petrochemicals Limited 7)
L&T Investment Management Limited 8)
Vastu Housing Finance Corporation Limited |
|
|
|
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Name : |
Mr. Prakash Chandrashekhar Bhalerao |
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Designation : |
Executive Director |
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Qualification : |
B.E. (Elect.), M.B.A., D.T.M. |
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Date of Appointment : |
03.03.1987 |
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|
|
|
Name : |
Mr. G. K. Agarwal |
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Designation : |
Deputy Managing Director |
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Qualification : |
B.E. (Mech.), M.B.A. |
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Date of Appointment : |
01.11.1976 |
|
|
|
|
Name : |
Mr. Naresh Narad |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
|
Qualification : |
Bachelor’s degree in Arts, LL.B. and has been a veteran I.A.S. Civil
Servant. |
|
DIN No.: |
02737423 |
|
Other Directorship : |
FAT Pipe Networks Limited |
|
|
|
|
Name : |
Dr. Tridibesh Mukherjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
71 Years |
|
Qualification : |
M. Met. and Ph.D. |
|
Experience : |
46 Years |
|
DIN No.: |
00004777 |
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Other Directorship : |
1)
TIL Limited 2)
Nicco Corporation Limited 3)
West Bengal Industrial Development Corporation
Limited 4)
Rane (Madras) Limited 5)
Tata Advanced Materials Limited 6)
IFB Industries Limited |
|
|
|
|
Name : |
Mr. Vimal Bhandari |
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Designation : |
Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Commerce graduate from Mumbai University and a Chartered Accountant. |
|
Experience : |
26 Years |
|
DIN No.: |
00001318 |
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Other Directorship : |
1)
Mirc Electronics Limited 2)
Kalpataru Power Transmission Limited 3)
DCM Shriram Limited 4)
Bayer Cropscience Limited 5)
The Ratnakar Bank Limited 6)
Piramal Glass Limited 7)
JK Tyre and Industries Limited |
|
|
|
|
Name : |
Mr. G.K. Agrawal |
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Designation : |
Deputy Managing Director |
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|
|
Name : |
Mr. Amit B. Kalyani |
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Designation : |
Executive director |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Mechanical Engineering from Bucknell University, Pennsylvania, USA |
|
DIN No.: |
00089430 |
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Other Directorship : |
1)
Kalyani Steels Limited 2)
BF Utilities Limited 3)
BF-NTPC Energy Systems Limited 4)
Kalyani Investment Company Limited 5)
BF Investment Limited 6)
Kalyani ALSTOM Power Limited 7)
Automotive Axles Limited 8)
Impact Automotive Solutions Limited 9)
Hikal Limited 10)
Kalyani Carpenter Special Steels Limited 11) KPIT
Technologies Limited |
|
|
|
|
Name : |
Mr. B. P. Kalyani |
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Designation : |
Executive Director |
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Date of Birth/Age : |
51 Years |
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Qualification : |
B.E. (Prod. Engg.), M.S. (Mech. Engg.), M.B.A. |
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Experience : |
More than 30 years |
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Date of Appointment : |
23.05.2006 |
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DIN No.: |
00267202 |
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|
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Name : |
Mr. S. E. Tandale |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Prashant S. Vaishampayan |
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Designation : |
Company Secretary |
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|
|
Name : |
S. G. Joglekar |
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Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
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|
808115 |
0.35 |
|
|
108009805 |
46.40 |
|
|
108817920 |
46.75 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
108817920 |
46.75 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
24513162 |
10.53 |
|
|
4659814 |
2.00 |
|
|
3452599 |
1.48 |
|
|
37664777 |
16.18 |
|
|
3451209 |
1.48 |
|
|
3446935 |
1.48 |
|
|
4274 |
0.00 |
|
|
73741561 |
31.68 |
|
|
|
|
|
|
18368907 |
7.89 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100 Million |
21712401 |
9.33 |
|
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million |
9020923 |
3.88 |
|
|
1123404 |
0.48 |
|
|
753156 |
0.32 |
|
|
335343 |
0.14 |
|
|
34905 |
0.01 |
|
|
50225635 |
21.58 |
|
Total Public
shareholding (B) |
123967196 |
53.25 |
|
Total (A)+(B) |
232785116 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
9200 |
0.00 |
|
|
9200 |
0.00 |
|
Total (A)+(B)+(C) |
232794316 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Forged Components. |
|
|
|
|
Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 declined by the management |
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Bankers : |
· Bank of India · Bank of Baroda · Bank of Maharashtra · Canara Bank · State Bank of India · HDFC Bank Limited · ICICI Bank Limited · Axis Bank Limited · Citibank N.A. · Standard Chartered Bank · The Royal Bank of Scotland N V ·
Credit Agricole CIB |
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Facilities : |
SECURED LOANS
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don
Bosco School), Pune-411006, Maharashtra, India |
|
Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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Subsidiaries : |
· CDP Bharat Forge GmbH · Bharat Forge America Inc. · BF-NTPC Energy Systems Limited · Kalyani ALSTOM Power Limited · BF Infrastructure Limited · BF Infrastructure Ventures Limited · Kalyani Strategic Systems Limited (formerly known as BF Power Equipment Limited) · BF Elbit Advanced Systems Private Limited · Kalyani Polytechnic Private Limited (Section 25 Company) ·
Analogic Controls India Limited (w.e.f. May
14, 2013) |
|
|
|
|
Step down subsidiaries : |
· Bharat Forge Holding GmbH · Bharat Forge Aluminiumtechnik GmbH and Co. KG · Bharat Forge Aluminiumtechnik Verwaltungs GmbH · Bharat Forge Beteiligungs GmbH · Bharat Forge Kilsta AB · Bharat Forge Scottish Stampings Limited · Bharat Forge Hong Kong Limited · FAW Bharat Forge (Changchun) Co. Limited · Bharat Forge International Limited · Bharat Forge Daun GmbH ·
BF New Technologies GmbH |
|
|
|
|
Joint Ventures : |
· ALSTOM Bharat Forge Power Limited ·
Impact Automotive Solutions Limited |
|
|
|
|
Step down joint venture : |
David Brown Bharat
Forge Gear Systems India Limited |
|
|
|
|
Enterprises owned or significantly
influenced by key management personnel or their relatives : |
· Kalyani Carpenter Special Steels Limited · Kalyani Steels Limited · BF Utilities Limited · Automotive Axle Limited |
CAPITAL STRUCTURE
AFTER 04.09.2014
Authorised Capital: NA
Issued Subscribed & Paid-up Capital: Rs.465.682
Million
As on 04.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 600.000 Million |
|
43,000,000 |
Cumulative Non-Convertible Preference Shares |
Rs. 10/- each |
Rs. 430.000 Million |
|
2,000,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 20.000 Million |
|
|
Total |
|
Rs. 1050.000 Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
232,970,666 |
Equity Shares |
Rs. 2/- each |
Rs. 465.940
Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
232,794,316 |
Equity Shares |
Rs. 2/- each |
Rs. 465.590
Million |
|
|
Add: 172,840 (March 31, 2013: 172,840)
forfeited equity shares comprising of 15,010 equity shares (March 31, 2013:
15,010) of Rs. 2/- each (amount partly paid Re. 1/- each) and 157,830 equity shares
(March 31, 2013 : 157,830) of Rs. 2/- each (amount partly paid Re. 0.50/-
each) |
|
Rs. 0.090
Million |
|
|
Total |
|
Rs. 465.680 Million |
(a) Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
|
Equity shares |
As at March 31,
2014 |
|
|
|
No. |
Rs. in Million |
|
At the beginning of the year |
232,794,316 |
465.590 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
232,794,316 |
465.590 |
(b) Terms / rights
attached to equity shares
The Company has
only one class of issued equity shares having a par value of Rs. 2/- per share.
Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividend in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
During the year
ended March 31, 2014, the amount of per share interim dividend recognised as
distributions to equity shareholders was Rs. 2.00/- (March 31, 2013: Re.
1.00/-).
During the year
ended March 31, 2014, the amount of per share proposed final dividend
recognised as distributions to equity shareholders was Rs. 2.50/- (March 31,
2013: Rs. 2.40/-).
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c) Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
The Company being
ultimate holding company there are no shares held by any other holding,
ultimate holding company and their subsidiaries / associates.
(d) Aggregate number
of bonus shares issued, shares issued for consideration other than cash and
shares bought back during the period of five years immediately preceding the
reporting date
There are no bonus
shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding reporting
date.
(e) Details of shareholders holding more than 5% shares in the Company
|
Name of
Shareholder * |
As at March 31,
2014 |
|
|
Equity shares of Rs. 2/- each fully
paid |
No. |
% of Holding |
|
Kalyani Investment Company Limited |
31,656,095 |
13.60 |
|
KSL Holdings Private Limited |
23,142,870 |
9.94 |
|
Sundaram Trading and Investment Private Limited |
29,907,087 |
12.85 |
|
Life Insurance Corporation Of India |
8,120,200 |
3.49 |
|
Reliance Capital Trustee Company Limited |
7,578,185 |
3.26 |
* The shareholding
information is based on legal ownership of shares and has been extracted from
the of the Company including register of shareholders / members.
(f) Shares reserved for issue under options
|
|
March 31, 2014 |
March
31, 2013 |
|
Warrants issued with option to subscribe |
-- |
6500000 |
|
The issue of
Foreign Currency Convertible Bonds optionally convertible at an initial price
specified in offering circular. As the initial price was subject to
adjustments specified in the offering circular and hence inability to assess
the proportion of conversion, no amounts have been shown under issued equity
share capital, in respect of equity shares reserved for issued on exercise of
conversion by bondholders |
-- |
-- |
|
2,340 equity
shares of Rs. 2/- each out of the previous issue of equity shares on a right
basis together with 234 detachable warrants entitled to subscription of 1,170
equity shares of Rs. 2/- each, have been kept in abeyance and reserve for
issue pending adjudication of title to the pre right holding. |
3510.000 |
3510.000 |
(g) Terms of
securities convertible into equity shares
i) The Company had
issued and allotted to Qualified Institutional Buyers, 10,000,000 equity shares
of Rs. 2/- each at a price of Rs. 272/- per share aggregating to Rs. 2,720
Million on April 28, 2010, simultaneous with the issue of 1,760 10.75%
Non-Convertible Debentures (NCD) of a face value of Rs. 1.000 Million at par,
together with 6,500,000 warrants at a price of Rs. 2/- each entitling the
holder of each warrant to subscribe for 1 equity share of Rs. 2/- each at a
price of Rs. 272/- at any time within 3 years from the date of allotment. The
subscription money received on issue of warrants had been credited to capital
reserve as the same is not refundable / adjustable.
The Warrant
holders were entitled to exercise their right to exchange the warrants in to
corresponding number of equity shares, up to April 28, 2013. As no warrants
have been exercised on or before the said warrant exercise period, the warrants
have lapsed and ceased to be valid.
ii) Regarding
Foreign Currency Convertible Bonds.
(h) Global
depository receipts
The Company had
issued 3,636,500 equity shares of Rs. 10/- each (later sub-divided into
18,182,500 equity shares of Rs. 2/- each) in April and May 2005 represented by
3,636,500 Global Depository Receipts (GDR) (on sub division 18,182,500 GDRs)
evidencing “Master GDR Certificates” at a price of USD 27.50 per GDR (including
premium). GDRs outstanding at the close of the year are 9,200 (March 31, 2013:
9,200). The funds raised had been utilised towards the object of the issue.
LISTING DETAIL
|
|
BSE : 500493 NSE : BHARATFORG |
|
Stock Exchange Place : |
Ø Bombay Stock
Exchange Limited, Mumbai Ø National Stock Exchange of India Limited, Mumbai Ø Pune Stock Exchange Limited, Pune |
|
Listed Date : |
10.11.2014 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
465.700 |
465.680 |
465.680 |
|
(b) Reserves & Surplus |
34491.100 |
26467.400 |
22645.640 |
|
(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) |
34956.800 |
26933.080 |
23111.320 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15744.900 |
13599.870 |
14489.800 |
|
(b) Deferred tax liabilities (Net) |
1639.100 |
1791.030 |
1364.300 |
|
(c)
Other long term liabilities |
5.300 |
4.670 |
7.400 |
|
(d)
long-term provisions |
322.800 |
303.270 |
332.920 |
|
Total
Non-current Liabilities (3) |
17712.100 |
15698.840 |
16194.420 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
779.800 |
1070.150 |
390.110 |
|
(b)
Trade payables |
6286.200 |
5624.970 |
4241.150 |
|
(c)
Other current liabilities |
2498.900 |
6616.510 |
6282.110 |
|
(d)
Short-term provisions |
1524.000 |
1041.480 |
908.040 |
|
Total
Current Liabilities (4) |
11088.900 |
14353.110 |
11821.410 |
|
|
|
|
|
|
TOTAL |
63757.800 |
56985.030 |
51127.150 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
21637.700 |
20254.340 |
19988.080 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
1314.020 |
2228.060 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6487.900 |
5703.520 |
5453.460 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1847.000 |
1516.910 |
3563.350 |
|
(e)
Other Non-current assets |
232.500 |
261.430 |
423.890 |
|
Total
Non-Current Assets |
30205.100 |
29050.220 |
31656.840 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4549.500 |
7705.400 |
3852.990 |
|
(b)
Inventories |
5371.800 |
5084.100 |
4757.010 |
|
(c)
Trade receivables |
5594.700 |
5252.140 |
4742.320 |
|
(d)
Cash and cash equivalents |
5918.100 |
2516.620 |
2790.780 |
|
(e)
Short-term loans and advances |
4744.000 |
3465.770 |
2570.550 |
|
(f)
Other current assets |
7374.600 |
3910.780 |
756.660 |
|
Total
Current Assets |
33552.700 |
27934.810 |
19470.310 |
|
|
|
|
|
|
TOTAL |
63757.800 |
56985.030 |
51127.150 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
45480.500 |
33992.730 |
31512.270 |
|
|
Other Income |
933.200 |
1147.000 |
916.250 |
|
|
TOTAL |
46413.700 |
35139.730 |
32428.520 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
17558.600 |
14105.490 |
13430.860 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(159.600) |
(367.510) |
141.460 |
|
|
Employees benefits expense |
3319.300 |
2788.460 |
2573.880 |
|
|
Other expenses |
11462.400 |
8829.500 |
8210.320 |
|
|
Exceptional Items |
36.300 |
(123.500) |
(105.690) |
|
|
TOTAL |
32217.000 |
25232.440 |
24250.830 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
14196.700 |
9907.290 |
8177.690 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1118.400 |
1495.720 |
1533.590 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13078.300 |
8411.570 |
6644.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2505.100 |
2453.150 |
2239.330 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10573.200 |
5958.420 |
4404.770 |
|
|
|
|
|
|
|
Less |
TAX |
3383.400 |
1959.130 |
1348.840 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
7189.800 |
3999.290 |
3055.930 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
13439.310 |
11469.410 |
10051.890 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on Equity Shares |
NA |
465.590 |
232.790 |
|
|
Tax on above Dividend |
NA |
79.130 |
37.760 |
|
|
Proposed Final Dividend on Equity Shares |
NA |
581.990 |
558.710 |
|
|
Tax on above Dividend |
NA |
98.910 |
94.950 |
|
|
Debenture Redemption Reserve |
NA |
403.770 |
408.600 |
|
|
Transfer to General Reserve |
NA |
400.000 |
305.600 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
13439.310 |
11469.410 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. value of exports |
NA |
18268.670 |
15613.350 |
|
|
Insurance and freight on exports |
NA |
207.870 |
189.200 |
|
|
Die design and preparation charges |
NA |
213.460 |
252.950 |
|
|
Interest received on fixed deposits / others |
NA |
0.000 |
0.090 |
|
|
Interest on loan to subsidiary |
NA |
48.930 |
29.560 |
|
|
Guarantee commission |
NA |
9.060 |
4.590 |
|
|
TOTAL EARNINGS |
NA |
18747.990 |
16089.740 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Components |
NA |
590.880 |
661.380 |
|
|
Die Blocks, Die Steel, Tool Steel and Stores Spares |
NA |
592.350 |
718.260 |
|
|
Capital Goods |
NA |
217.000 |
865.890 |
|
|
TOTAL IMPORTS |
NA |
1400.230 |
2245.530 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
Basic
|
30.88 |
17.18 |
13.13 |
|
|
Diluted
|
30.88 |
17.18 |
13.13 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured |
NA |
5273.130 |
1689.800 |
|
Unsecured |
NA |
0.000 |
2167.370 |
|
Total |
NA |
5273.130 |
3857.170 |
|
Cash generated
from operations |
NA |
9022.290 |
6376.230 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
15.81 |
17.53 |
13.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
31.21 |
29.15 |
25.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.46 |
11.92 |
10.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.22 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.54 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03 |
1.95 |
1.65 |
STOCK
PRICES
|
Face Value |
Rs.2.00 /- each |
|
Market Value |
Rs.1087.40 /- each |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
465.680 |
465.680 |
465.700 |
|
Reserves & Surplus |
22645.640 |
26467.400 |
34491.100 |
|
Net worth |
23111.320 |
26933.080 |
34956.800 |
|
|
|
|
|
|
long-term borrowings |
14489.800 |
13599.870 |
15744.900 |
|
Short term borrowings |
390.110 |
1070.150 |
779.800 |
|
Current Maturities of
Long Term Debt |
3857.170 |
5273.130 |
0.000 |
|
Total borrowings |
18737.080 |
19943.150 |
16524.700 |
|
Debt/Equity ratio |
0.811 |
0.740 |
0.473 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31512.270 |
33992.730 |
45480.500 |
|
|
(14.508) |
7.871 |
33.795 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31512.270 |
33992.730 |
45480.500 |
|
Profit |
3055.930 |
3999.290 |
7189.800 |
|
|
9.70% |
11.77% |
15.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
Particulars |
31.03.2015 (Rs.
In. Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Foreign currency term loans On syndication basis |
NA |
4795.200 |
|
On syndication basis |
NA |
2397.600 |
|
On syndication basis |
NA |
3596.400 |
|
SHORT TERM BORROWINGS |
|
|
|
Preshipment packing credit - foreign currency |
NA |
384.250 |
|
Buyers’ line of credit for import of goods from banks |
NA |
0.000 |
|
Total |
NA |
11173.450 |
LITIGATION DETAILS:
|
Case
Details Bench
:- Bombay |
|||
|
Presentation
Date : 15.04.2015 |
|||
|
Lodging No :- |
CHOLL/299/2015 |
Filling Date :- |
15.04.2015 |
|
Reg. No. : |
CHOL/251/2015 |
Reg. Date : |
30.04.2015 |
|
Main
Matter |
|||
|
Lodging No. : |
CEXAL/263/2014 |
||
|
Petitioner :- |
COMMISSIONER OF
CENTRAL EXCISE, PUNE |
Respondent :- |
M/S. BHARAT FORGE
LIMITED |
|
Petn. Adv. :- |
NEELESH VASANT
KALANTRI (I4349) |
||
|
District : - |
PUNE |
||
|
Bench :- |
SINGLE |
||
|
Status :- |
Pre-Admission |
Category :- |
CHAMBER ORDER |
|
Act :- |
Code of Civil Procedure 1908 |
||
CORPORATE INFORMATION
Subject is a public
Company domiciled in India and incorporated under the provisions of the Companies
Act, 1956. Its shares are listed on three stock exchanges in India. The Company
is engaged in the manufacturing and selling of forged components. The Company
caters to both domestic and international markets. The Company’s CIN is
L25209PN1961PLC012046.
PERFORMANCE OF THE
COMPANY
During the year, the total income of the Company was Rs.35140.000
Million (previous year Rs.32428.000 Million), representing an increase of
8.36%.
Indian automotive Industry witnessed another year of de-growth across all
segments. Motor and Heavy Commercial Vehicle Sector de-grew by 18% after 26%
de-growth in FY 2012-13. Tractor Industry, however, witnessed a growth of 20%.
Domestic sales for the Company had a drop of 3%. The Company was able to
largely offset the adverse impact of market conditions in Auto Industry through
higher sales to Tractor Industry and other non-automotive sectors.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Sales bills discounted |
NA |
7103.340 |
|
Of which: |
|
|
|
- Bills since realised |
NA |
1674.570 |
|
- Matured, overdue and outstanding since close of the period |
NA |
0.000 |
|
Guarantees given by the Company on behalf of other companies: |
|
|
|
Balance Outstanding |
NA |
1457.920 |
|
(Maximum Amount) |
NA |
(1952.140) |
|
Claims against the Company not acknowledged as Debts - to the extent
ascertained * # |
NA |
118.970 |
|
Excise / Service tax demands - matters under dispute # |
NA |
358.510 |
|
Customs demands - matters under dispute # |
NA |
50.970 |
|
Total |
NA |
528.450 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10227088 |
15/03/2014 * |
1,760,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA House, First Floor, Plot No. 85, S. No. 94 and 95, Bhusari Colony (Right), Kothrud, Pune - 411038, Maharashtra, INDIA |
C00628982 |
|
2 |
10191791 |
15/03/2014 * |
3,500,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA House, First Floor, Plot No. 85, S. No. 94 and 95, Bhusari Colony (Right), Kothrud, Pune - 411038, Maharashtra, INDIA |
C00635375 |
|
3 |
10158557 |
15/03/2014 * |
2,500,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA House, First Floor, Plot No. 85, S. No. 94 and 95, Bhusari Colony (Right), Kothrud, Pune - 411038, Maharashtra, INDIA |
C00630376 |
|
4 |
90086271 |
06/06/2003 * |
600,000,000.00 |
SUMITOMO MITSUI BANKING CORPN. |
7/8F; ONE INTERNATIONAL
FINANCE CENTRE, 1; HARBOU |
- |
|
5 |
90086181 |
23/09/2002 |
242,300,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA |
- |
|
6 |
80022454 |
26/02/2014 * |
16,000,000,000.00 |
Bank of India |
Pune Large Corporate Branch, C. T. S. No. 1290, Plot No. 675, Off. J. M. Road, Shivajinagar, Pune - 411005, Maharashtra, INDIA |
C00634261 |
|
7 |
90086045 |
30/07/2003 * |
1,350,000,000.00 |
BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 1162/6; SHIVAJINAGAR; |
- |
|
8 |
90085489 |
04/05/2004 * |
300,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE, WORLD TRADE CENTRE; CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA |
- |
|
9 |
90085483 |
22/05/2001 * |
300,000,000.00 |
ICICI LIMITED |
ICICI TOWRES;, BANDRA-KURLA COMPLEX; BANDRA(EAST), MUMBAI - 400051, Maharashtra, INDIA |
- |
|
10 |
90085098 |
14/06/2002 * |
500,000,000.00 |
ICICI LIMITED |
C-23; 'G' BLOCK; BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Tangible assets
· Free hold land
· Leasehold land
· Buildings
· Plant and machinery
· Office equipments
· Railway sidings
· Electrical installations
· Factory equipments
· Furniture and fixtures
· Vehicles and aircraft
· Power line
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 records 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 records 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. 63.88 |
|
|
1 |
Rs. 98.47 |
|
Euro |
1 |
Rs. 72.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.