MIRA INFORM REPORT

 

 

Report No. :

349793

Report Date :

18.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SKF INDIA LIMITED

 

 

Registered Office :

Mahatma Gandhi Memorial Building, Netaji Subhash Road, Mumbai – 400002, Maharashtra

Tel. No. :

91-22-66337777

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

12.04.1961

 

 

Com. Reg. No.:

11-011980

 

 

Capital Investment / Paid-up Capital :

Rs. 527.300 Million

 

 

CIN No.:

[Company Identification No.]

L29130MH1961PLC011980

 

 

IEC No.:

0388021381

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS00975C

 

 

PAN No.:

[Permanent Account No.]

AAACS0684H

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject manufactures and supplies products, solutions, and services in the area of rolling bearings, seals, mechatronics, services, and lubrication systems.

 

 

No. of Employees :

2425 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (76)

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of ‘Aktiebolaget SKF’ engaged in manufacturing of industrial machinery. It develops linear motion products, high precision bearings, spindles and spindle services for the machine tool industry, electrical actuators, actuation systems and rolling bearing steel.

 

For the financial year ended 2014, the company has achieved revenue of Rs.24925.300 Million with profit of Rs.2027.700 Million as compared to previous revenue of Rs.23383.400 Million along with a profit of Rs.1667.200 Million.

 

Rating also reflects strong financial risk profile backed by adequate networth base and zero debt balance sheet profile of the company.

 

Company also receives strong financial and managerial support from its holding company.

 

Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 31-03-2015.

 

INFORMATION DENIED

 

Management Non-cooperative (91-20-66112178)

 

LOCATIONS

 

Registered Office / Head / Sales Office :

Mahatma Gandhi Memorial Building, Netaji Subhash Road, Mumbai - 400002, Maharashtra, India

Tel. No.:

91-22-66337777 / 22813567

Fax No.:

91-22-22042738/ 22819074

E-Mail :

sanjeev.nadkar@skf.com

torsten.nordgren@skf.com

skfrights@skf.com

pradeep.bhandari@skf.com

Website :

http://www.skfindia.com

http://www.skf.com

 

 

Factory 1 :

Located at :

Chinchwad, Pune – 411033, Maharashtra, India

 

 

Factory 2 :

Located at

Bommasandra, Bangalore – 560099, Karnataka, India 

 

 

Factory 3 :

Located At :

Salempur-Mehdood, Haridwar – 249402, Uttarakhand, India

 

 

Branches / Sales Office:

Bangalore

SKF India Limited

Plot 2, Bommasandra Industrial Area  Hosur Road,  Bangalore – 560099, Karnataka, India

Tel. : 91 080- 40329000

Fax: 91 080- 40329107

 

SKF Technologies (India) Private Limited.

13/5, Singasandra, 13km Hosur Road Bangalore – 560068, Karnataka, India 

Tel : 91- 080-40359400

 

Chennai

SKF India Limited

Old No.28/3, New No.54/3, Montieth Road, Egmore, Chennai – 600008, Tamilnadu, India

Tel: 91 044-30280111

Fax: 91 044-28524452

 

Coimbatore

SKF India Limited

4E, Tirumalai Towers 723, Avinashi Road, Coimbatore – 641018, Tamilnadu, India
Tel: 91 0422-22210867

Fax: 91 0422-2214418 

 

Gurgaon

SKF India Limited

601/602, Millennium Plaza, Tower-B, Sector-27, Sushant Lok, Gurgaon -122002, Haryana, India

Tel: 91 124-4107922

Fax: 91 124-4015400

 

Haridwar

SKF India Limited

Plot no. 2, Industrial Park 2, Village Salempur Mehdood, SIDCUL Bahadrabad By-pass Road Haridwar, Uttaranchal

 

Jamshedpur

SKF India Limited

Aditya Tower, Holding No. 4/C Main Road, Bistupur Jamshedpur – 831001 Jharkhand

Tel: 91-0657- 6574460 

                               

Kolkata

SKF India Limited

Trinity Plaza, 4th Floor, 84/1A, Topsia Road (South) Kolkata 700046

Tel: 91 - 033 - 30280619

 

Pune

SKF India Limited

Chinchwad, Pune-411033, Maharashtra, India

Tel: 91 20 - 66112500

Fax: 91 020-27473822

 

Hyderabad

109, Ashoka Bhoopal Chambers, S.P. Road, Secunderabad – 500003, Telangana, India

Telfax: 91-40-30281305

 

 

DIRECTORS

 

As on 31.12.2014

 

Name :

Mr. Kamlesh C. Mehra

Designation :

Chairman

 

 

Name :

Mr. Shishir Joshipura

Designation :

Managing Director and Country Head, SKF India

 

 

Name :

Mrs. Hema A. Hattangady

Designation :

Director (From 18.07.2014)

 

 

Name :

Henrik Lange

Designation :

Director

 

 

Name :

Mr. Prakash Telang

Designation :

Director

 

 

Name :

Mr. Prasad Menon

Designation :

Director

 

 

Name :

Mr. Rakesh Makhija

Designation :

Director

 

 

Name :

Tryggve Sthen

Designation :

Director (up to 30.12.2014)

 

 

Name :

Mr. Vartan Vartanian

Designation :

Director

 

 

Name :

David Bishop

Designation :

Alternate to V Vartanian (up to 18.02.2015)

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayant Barve

Designation :

Finance Manager 

 

 

Name :

Mr. Pradeep Bhandari

Designation :

Company Secretary

 

 

Country Management Team :

 

 

Name :

Mr. Shishir Joshipura

Designation :

Managing Director

 

 

Name :

Mrs. Anjali Byce

Designation :

Director Human Resources, SKF India

 

 

Name :

Chandramowli Srinivasan

Designation :

Director Finance, SKF India

 

 

Name :

Ms. Harsha Kadam

Designation :

Director –Tow Wheeler Business, Global

 

 

Name :

Mattias Axelsson

Designation :

Head of SKF Logistic Service, SKF India

 

 

Name :

Mr. Shrikant Savangikar

Designation :

Director Business Excellence, Quality and Sustainability, SKF India

 

 

Name :

Mr. Sanjeebit Choudhury

Designation :

Director

 

 

Name :

Mr. Sudhir Rege

Designation :

Director Regional Sales and Service (Industrial Markets), South Asia

 

 

Name :

Mr. K Ramakrishnan

Designation :

Director

 

 

Name :

Mr. Pallavi Deshmukh

Designation :

Director

 

 

SHAREHOLDING PATTERN

 

As on 30.09.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3981678

28.45

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1875000

13.40

http://www.bseindia.com/include/images/clear.gifSub Total

5856678

41.85

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

5856678

41.85

 

 

 

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3920000

28.01

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

360010

2.57

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

2398000

17.14

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1460000

10.43

http://www.bseindia.com/include/images/clear.gifClearing Members

10000

0.07

http://www.bseindia.com/include/images/clear.gifMarket Maker

1450000

10.36

http://www.bseindia.com/include/images/clear.gifSub Total

8138010

58.15

Total Public shareholding (B)

8138010

58.15

Total (A)+(B)

13994688

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

13994688

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject manufactures and supplies products, solutions, and services in the area of rolling bearings, seals, mechatronics, services, and lubrication systems.

 

 

Products :

·         Actuation Systems

·         Condition Monitoring Products

·         Coupling Systems

·         Lubrication Systems

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

2425 (Approximately)

 

 

Bankers :

Banker Name

The Hong Kong and Shanghai Banking Corporation Limited

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         HDFC Bank Limited

 

Auditors :

 

Name :

Price Waterhouse and Company, Bangalore LLP

Chartered Accountants

Address :

Business Bay, 7th Floor, Tower A, Wing 1, Airport Road, Yerwada Pune – 411006, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Aktiebolaget SKF

 

 

Fellow Subsidiary Companies :

 

·         SKF GmbH, Schweinfurt

·         SKF Industrie S.p.A, Torino

·         SKF Sverige AB

·         SKF USA Inc

·         SKF Argentina S.A., Buenos Aires

·         SKF Uruguay DC

·         SKF Österreich AG., Steyr

·         Lincoln Helios (India) Limited

·         SKF International AB (Treasury Centre), Göteborg

·         SKF Mekan AB, Katrineholm

·         SKF Multitec AB, Helsingborg

·         SKF Condition Monitoring Centre, Luleĺ

·         SKF Coupling Systems AB, Hofors

·         SKF Actuators AB, Göteborg

·         SKF Eurotrade AB, Göteborg

·         SKF Sealing Solutions AB (former Sealpool AB), Landskrona

·         SKF Lubrications Systems Germany AG

·         SKF Danmark A/S, Hvidovre

·         SKF (U.K.) Limited, Luton

·         SKF France S.A., Montigny

·         Transrol S.A.S., Chambéry

·         RKS S.A.-SKF Slewing Bearings, Avallon

·         SKF Aero France S.A., Saint-Vallier-sur-Rhone

·         SKF Espanola S.A., Madrid

·         RFT S.p.A., Villanova d’Asti

·         SKF Loziska, A.S., Prague

·         SKF Actuation System (Liestal) AG (Magnetic Elektromotoren AG)

·         SKF Bearings Bulgaria EAD

·         SKF European Distribution Centre (EDC), Tongeren

·         SKF USA Inc., Kulpsville/Lansdale, PA

·         SKF de Mexico, S.A. de C.V. Mexico D.F.

·         SKF Latin Trade S.A.

·         SKF del Peru S.A., Lima

·         SKF do Brasil Ltda., Sao Paulo

·         SKF Venezolana S.A., Caracas

·         Polyseal

·         SKF Technologies (India) Private Limited

·         Peer Mechanical Parts Company Limited

·         SKF Asia Pacific Pte. Limited (former SKF South East Asia and Pacific Pte. Limited), Singapore

·         SKF China Limited, Hong Kong

·         SKF Bearing Services Taiwan, Taipei

·         SKF Japan Limited, Tokyo

·         SKF Shanghai Bearings Company Limited, Shanghai

·         SKF Korea Limited, Pusan

·         SKF Bearing Industries (Malaysia) Sdn. Bhd, Nilai

·         SKF Malaysia Sdn. Bhd., Kuala Lumpur

·         Beijing Nankou SKF Railway Bearings Company Limited, Beijing

·         SKF Sealing Solutions (WUHU) Company Limited (former Anhui CR Seals Company Limited), Anhui

·         P. T. SKF Indonesia, Jakarta

·         China Company Limited, Shanghai

·         PT Skefindo Primatama, Jakarta

·         SKF Automotive Technologies Company

·         SKF China Sales

·         SKF Dalian Bearings and Prec. Company

·         SKF Distribution Shanghai Company Limited

·         Jaeger Industrial Company Limited

·         SKF Actuation System (Pinghu) Company Limited (former Jaeger (Pinghu) Precision Actuatronic Limited)

·         Abba Linear Tech Company Limited (Taipei)

·         SKF Australia Pty. Limited, Melbourne

·         SKF Ukraine (former Lutsk Bearing Plant), Lutsk

·         SKF B.V., Nieuwegein

·         SKF Linearsysteme GmbH, Schweinfurt

·         SKF Sealing Solutions GmbH, Leverkusen-Opladen

·         SKF South Africa (Pty) Limited, Witfield

·         SKF Sealing Solution Austria GMBH

·         Economos India Private Ltd, New Delhi

·         Corporate office Ann Arbor

·         Ace Hahn

·         SKF Treasury Centre Asia Pacific, Singapore

·         SKF (Thailand) Limited, Bangkok

·         SKF Philippines, Manila

·         Dalian SKF Wazhou Bearings Company Limited, Wafangdian

·         SKF (Jinan) Bearing and Precision Technology Company Limited

·         Abba Hitech (Shanghai) Company Limited

 

 

Employee’s’ Benefit plans where there is Significant influence :

 

·         SKF India Limited Provident Fund Scheme

·         SKF Bearings India Limited Superannuation Scheme

·         SKF Bearings India Limited Bangalore Superannuation Scheme

·         SKF Bearings India Limited Employees Gratuity Fund

·         SKF Bearings India Limited Bangalore Employees Gratuity Fund

 

 

CAPITAL STRUCTURE

 

As on 31.12.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

100000000

Equity Shares

Rs.10/- each

Rs.1000.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

52732538

Equity Shares

Rs.10/- each

Rs.527.300 Million

 

 

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

(Rs. In Million)

Particulars

As on 31.12.2014

 

Number

Amount

At the commencement and at the end of the year

52732538

527.300

 

 

Rights, preferences and restrictions attached to equity shares

 

The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in the proportion to their shareholding.

 

Shares held by holding company and their subsidiaries

(Rs. In Million)

Particulars

As on 31.12.2014

Number

Amount

Equity shares of Rs.10 each fully paid up held by

 

 

(a) Holding company

 

 

Aktiebolaget SKF (AB SKF)

24639048

246.400

(b) Subsidiaries of holding company

 

 

SKF U.K. Limited

3402000

34.000

SKF Forvaltning AB

213520

2.100

 

28254568

282.500

 

Particulars of shareholders holding more than 5% shares of a class of shares

 

Particulars

As on 31.12.2014

 

Number

% of total shares in the class

Equity shares of Rs.10 each fully paid up held by

 

 

Aktiebolaget SKF, holding company

24639048

46.8%

SKF U.K. Limited, fellow subsidiary company

3402000

6.5%

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.12.2014

31.12.2013

31.12.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

527.300

527.300

527.300

(b) Reserves & Surplus

13634.500

12227.700

11026.300

(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)

14161.800

12755.000

11553.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.800

40.300

83.500

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

270.200

219.800

192.500

Total Non-current Liabilities (3)

271.000

260.100

276.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

3366.500

2510.700

2679.000

(c) Other current liabilities

858.200

744.400

746.600

(d) Short-term provisions

454.000

682.700

735.600

Total Current Liabilities (4)

4678.700

3937.800

4161.200

 

 

 

 

TOTAL

19111.500

16952.900

15990.800

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3665.700

3763.500

3479.500

(ii) Intangible Assets

0.100

0.100

0.900

(iii) Capital work-in-progress

184.000

247.000

591.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2320.200

2535.400

2423.500

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6170.000

6546.000

6495.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2929.500

2551.700

2486.200

(c) Trade receivables

3730.200

3297.500

3196.300

(d) Cash and cash equivalents

5347.500

3757.900

3069.800

(e) Short-term loans and advances

805.700

713.800

700.700

(f) Other current assets

128.600

86.000

42.700

Total Current Assets

12941.500

10406.900

9495.700

 

 

 

 

TOTAL

19111.500

16952.900

15990.800

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

Income

24156.000

22749.600

22275.900

 

Other Income

769.300

633.800

683.200

 

TOTAL

24925.300

23383.400

22959.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6358.700

5994.500

5895.700

 

Purchases of Stock-in-Trade

8958.400

8466.900

8303.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(317.500)

(64.100)

215.900

 

Employees benefits expense

2155.400

1852.700

1694.200

 

Exceptional Item

 

221.000

0.000

 

Other expenses

4169.100

3887.700

3582.900

 

TOTAL

21324.100

20358.700

19691.900

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3601.200

3024.700

3267.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3601.200

3024.700

3267.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

539.500

494.400

435.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3061.700

2530.300

2831.300

 

 

 

 

 

Less

TAX

1034.000

863.100

930.500

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2027.700

1667.200

1900.800

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

5847.900

5646.500

5205.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

750.000

1000.000

1000.000

 

Interim Dividend

395.500

0.000

0.000

 

Tax on Interim Dividend

67.200

0.000

0.000

 

Proposed Dividend on Equity Shares

131.800

395.500

395.500

 

Tax on Proposed Dividend

26.400

70.300

64.100

 

Total

1370.900

1465.800

1459.600

 

 

 

 

 

 

Balance Carried to the B/S

6504.700

5847.900

5646.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1817.600

1777.900

1354.100

 

Export of Services

8.800

3.000

5.400

 

Other Income

346.400

254.300

193.200

 

TOTAL EARNINGS

2172.800

2035.200

1552.700

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

71.800

107.300

110.400

 

Components and Stores parts

1545.700

1467.700

1500.200

 

Trading Goods

6164.400

5803.000

5730.100

 

Capital Goods

80.600

107.200

391.400

 

TOTAL IMPORTS

7862.500

7485.200

7732.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

38.50

31.60

36.00

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

3294.300

2312.400

2876.400

Net cash flow from Operating Activities

2177.100

1217.800

1990.400

 

 

QUARTERLY RESULTS

(Rs. In Million)

Particulars

(Unaudited)

31.03.2015

30.06.2015

30.09.2015

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

5856.300

6103.500

5986.800

Total Expenditure

5255.800

5457.500

5309.900

PBIDT (Excl OI)

600.500

646.000

676.900

Other Income

335.100

202.000

224.800

Operating Profit

935.600

848.000

901.700

Interest

0.000

0.000

0.000

Exceptional Items

0.000

0.000

0.000

PBDT

935.600

848.000

901.700

Depreciation

156.500

138.900

134.300

Profit Before Tax

779.100

709.100

767.400

Tax

266.700

243.600

267.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

512.400

465.500

500.400

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

512.400

465.500

500.400

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

(PAT / Sales)

(%)

8.39

7.33

8.53

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

14.91

13.30

14.67

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

16.18

15.15

18.39

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.20

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.77

2.64

2.28

 

STOCK PRICES

 

Face Value

Rs. 10.00/-

Market value

Rs. 1205.00/-

 

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

527.300

527.300

527.300

Reserves & Surplus

11026.300

12227.700

13634.500

Net worth

11553.600

12755.000

14161.800

 

 

 

 

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

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

22275.900

22749.600

24156.000

 

 

2.127

6.182

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

22275.900

22749.600

24156.000

Profit

1900.800

1667.200

2027.700

 

8.53%

7.33%

8.39%

 

 

 

 

 

 

 

 

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

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

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

No

32

Litigations that the firm/promoter involved in

---------------

33

Market information

---------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

OPERATIONS

 

The Indian economy continued to battle with several challenges from subdued demand and investments, contraction of industrial production and high interest rate during the year 2014. The macro environment improved a little as they went through the year with the new regime in power.

 

The automotive sector, one of the largest consumers of the Company’s products witnessed tapered demand barring the two-wheeler segment which clocked modest growth. Manufacturing and industrial activities remained sluggish. Industrial sector struggled due to stalled infrastructure and power projects and restricted flow of new investments. Mining, Steel and Power remained dormant due to restrictions in mining of natural restheyces as well as rising debts.

 

Despite these constraints and challenging environment, the Company continued to focus on sustainable profitable growth through use of advance technology provided by SKF Group to widen their ability to serve customers. The Company continues to focus on bringing its manufacturing, innovation capabilities and solutions closer to customers.

 

These efforts are reflected in the positive improving trend witnessed in the increased sales of the Company’s quarter-on-quarter results during the year. The Company’s quarterly sales increased from Rs. 5703.000 million in the first quarter of 2014 to Rs. 6059.000 million in the last quarter. For the twelve months ending March 31, 2014, the Company reported Net Sales of Rs. 23726.400 million registering a 5.6% increase over the previous year. Their Company’s sales continued to develop positively driven by relatively strong performance in industrial segment. The company’s export has grown by 2.0% geared by growth in global automotive industry during 2014. Exports constituted 7.9 per cent of the total sales as compared to 8.2 per cent of the total sales in the previous year.

 

The strong emphasis on internal efficiency using SKF’s Business Excellence philosophy to reduce waste and decrease costs, together with an improvement in the sales mix enabled the Company to withstand inflationary pressures on costs and sustain its profitability.

 

As a reflection of strong intrinsic value the revenue growth was translated into profitable growth, the Company achieved a significant milestone as its profit after tax surpassed the Rs. 2 billion mark reflecting the leadership position, of the Company. The Profit after Tax as per cent to sales has moved higher at 8.5 per cent as compared to 7.4 per cent last year. The Earnings per share and cash earnings per share for the year was Rs. 38.5 and Rs. 48.7 respectively.

 

The long term prospects for Indian economy remains bright owing to the demographic dividend which will continue to drive demand from across industries. Manufacturing industry will be the key driver to cater to this demand. In the short term, with the revival of confidence coupled with positive signals towards reforms by the government, the country and the industry is well poised to gain. The priorities of the Company that will enable it to benefit from the improving economic environment include strengthening investments in technologies, developing sustainable product and solutions and delivering higher value to customers and enable them to stay ahead.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENT

 

Amidst continued challenges on several fronts on the economic environment, 2014 ended on a note of cautious optimism and hope for a better future. The economy continued on the same volatile path as previous period. Softening but persistent inflationary pressure, continued stable but high interest rates presented growth challenges across sectors. Manufacturing and industrial activity remained sluggish for a large part of the year as demand did not take off across most sectors with exception of few. The confidence in business environment remained low for most part of the year, reflected in low investments and low capacity utilization.

 

The economic environment witnessed a change in the middle of the year with the election of a new stable government at the center. The business confidence and optimism returned to the corporate dialogue towards the end of the year even as the overall economy improved only marginally.

 

The bearing market in India is served from both domestically produced and imported bearings. The Indian bearings market is estimated to be INR 85 billion. The demand for the bearings is driven by the two key user segments as - the automotive and industrial sectors. OEM and end users across industrial and automotive sectors were impacted by the prevailing economic environment. During the year, core sector performance remained unchanged while some showed deceleration of the negative trend and few others posted very moderate growth.

 

The Company is part of the SKF Group - which is a leading global manufacturer and supplier of bearings, seals and services which include technical support, maintenance and reliability services, engineering consulting and training. The Company combines hands-on experience in over 40 industries with its knowledge across the SKF technology platforms. Due to a diversified presence across industry sectors and segments, the Company is well positioned on capitalizing emerging opportunities.

 

In the backdrop of the difficult economic scenario, SKF India remained committed to meet the demands of the external challenges and continued to focus on building its competitive edge and delivered a stable performance.

 

 

OUTLOOK

 

While economy pundits project a gradually recovering world economy, if some of the forecasts hold true, India will become the fastest growing large economy of the world in 2015. Government initiatives such as ‘Make in India’ coupled with the new governance regime will boost confidence of global investors and act as a catalyst for overall growth of the industry.

 

The growth momentum in India is expected to be driven by focused spending on development projects in the form of increased public spending on infrastructure development. This will become the engine for driving several sectors of economy and lead increased industrial activity.

 

A continuously moderating inflation and a growth driving monetary policy coupled with improved purchasing power of an increasing middle class will further aid revival of domestic demand in turn leading to growth. Falling rural incomes and volatility in domestic monetary and fiscal conditions due to global changes may adversely impact the growth.

 

Modernization and expansion of railways, inviting private sector players in Defence production and reopening of mines is likely to foster growth in the segment and allied industries.

 

The Company is well-poised to reap the benefits of uptrend in manufacturing sector as well as increased government spending on key infrastructure projects. With its diverse range of products, its proven leadership in providing continued higher-value to customers, the market leadership of SKF brand, and its wide reach and presence, the Company is prepared to contribute positively to the growth and progress of the industry.

 

What differentiates the Company is the unique combination of experience and expertise it possesses, the advantage of global operations and knowledge spread across industry sectors accumulated over a century. The company’s ability to work closely with customers and to provide innovative technology-led, sustainable engineering solutions will enable it to counter threats from competition as well as strengthen the ability to create value proposition for customers.

 

 

INDEX OF CHARGES

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80005244

08/06/2006 *

200,000,000.00

HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.12.2014

(Rs. In Million)

31.12.2013

(Rs. In Million)

Claims against the Company not acknowledged as debts

 

 

Income-tax and Surcharge

42.200

42.200

Excise duty

156.100

315.100

Sales tax

78.600

93.900

Service tax

7.800

117.000

Bills discounted

459.200

249.900

Others

67.700

55.000

Total

811.600

873.100

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED JUNE 30, 2015

 

(Rs. In Million)

Particulars

 

Quarter ended

Quarter Ended

Nine Months Ended

30.09.2015

30.06.2015

30.09.2015

Unaudited

Unaudited

Unaudited

Income from Operations

 

 

 

(a) Net sates/income from operations (Net of excise duty)

5915.400

6033.300

17738.900

(b) Other Operating Income

71.400

70.200

207.700

Total income from operations (net)

5986.800

6103.500

17946.600

Expenses

 

 

 

(a) Cost of materials consumed

1431.400

1401.400

4468.000

(b) Purchases of stock-in trade

2353.800

2239.600

6924.800

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

14.200

281.100

(0.100)

(d) Employee benefits expense

489.600

524.400

1524.000

(e) Depreciation and Amortisation Expenses

134.300

138.900

429.700

(f) Other Expenses

1020.900

1011.000

3106.600

Total expenses

5444.200

5596.400

16453.000

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items

542.600

507.100

1493.600

Other Income

224.800

202.000

762.000

Profit/ (Loss) from operations before other income, finance costs and exceptional items

767.400

709.100

2255.600

Finance Costs

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items

767.400

709.100

2255.600

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities before tax

767.400

709.100

2255.600

Tax expenses

267.000

243.600

777.300

Net Profit / (Loss) from ordinary activities after tax

500.400

465.500

1478.300

Extraordinary item (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period

500.400

465.500

1478.300

Paid up equity share capital (Face Value of Rs10/- each)

527.300

527.300

527.300

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

---

---

---

Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):

 

 

 

(a) Basic

9.50

8.80

28.00

(b) Diluted

9.50

8.80

28.00

Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)

 

 

 

(a) Basic

9.50

8.80

28.00

(b) Diluted

9.50

8.80

28.00

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

Public Shareholding

 

 

 

- Number of shares

24477970

24477970

24477970

- Percentage of shareholding

46.4%

46.4%

46.4%

Promoters and Promoter group shareholding

 

 

 

a) Pledged / Encumbered

 

 

 

- Number of shares

---

---

---

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

---

---

---

- Percentage of shares (as a % of the total Share Capital of the Company)

---

---

---

b) Non Encumbered

 

 

 

- Number of shares

28254568

28254568

28254568

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

100.0%

100.0%

100.0%

- Percentage of shares (as a % of the total Share Capital of the Company)

53.6%

53.6%

53.6%

 

 

 

 

 

 

3 Months ended

 

 

 

30.09.2015

 

INVESTOR COMPLAINTS

 

 

 

Pending at the beginning of the quarter

 

Nil

 

Received during the quarter

 

Nil

 

Disposed of during the quarter

 

Nil

 

Remaining unresolved at the end of the quarter

 

Nil

 

 

Note:

 

1.       The above financial results were reviewed by the Audit Committee on October 29,2015 and approved by the Board at its meeting held on October 29,2015.

 

2.       The auditors of the Company have conducted a limited review of the financial results for the quarter ended September 30, 2015. An unqualified report has been issued by them thereon.

 

3.       During the nine months ended September 30, 2015, the Company has adopted estimated useful life of fixed assets as stipulated by Schedule II to the Companies Act. 2013, applicable for accounting periods commencing 1st April 2014 or reassessed useful life based on technical evaluation. Accordingly depreciation of 87 M1NR (net of deferred tax of 45 MINR) on account of assets whose useful life is already exhausted on 1st January, 2015 has been adjusted against retained earnings and in other cases, the carrying value has been depreciated over the remaining of the useful life of the assets and recognized in the Statement of Profit and Loss. The financial results for the quarter and nine months ended September 30, 2015, are after considering incremental charge towards depreciation from the review and revision of estimated useful lives of fixed assets in accordance with the provisions of Schedule II to the Companies Act, 2013. The impact of such revision on the results is not material.

 

 

4.       The Company is of the view that it manufactures bearings and other related components which is a single business segment in accordance with AS-17- 'Segment Reporting' notified pursuant to Companies (Accounting Standards) Rules, 2006.

 

5.       Previous period's figures have been regrouped wherever necessary to conform to current period's classification.

 

 

FIXED ASSETS

 

·         Freehold Land

·         Plant and equipment

·         Furniture and Fixture

·         Office Equipment

·         Vehicle


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various stheyces including but not limited to: The Ctheyts, 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:

They 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.

 

They 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.65.98

UK Pound

1

Rs.100.10

Euro

1

Rs.70.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--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

 

76

 

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 unfavtheyable 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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.