MIRA INFORM REPORT
|
Report No. : |
350018 |
|
Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIMKEN INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
TATA TIMKEN LIMITED |
|
|
|
|
Registered
Office : |
39-42 Electronic City, Phase II, Hosur Road, Bangalore – 560100,
Karnataka |
|
Tel. No.: |
91-80-41362000 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
12.12.1996 |
|
|
|
|
Com. Reg. No.: |
08-048230 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 679.884 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130KA1996PLC048230 |
|
|
|
|
IEC No.: |
0706018753 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT05200G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT5280C |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and
Trader of Tapered Roller Bearings, Components and Accessories for the
Automotive Sector and the Railway Industry and also provides maintenance
Contract Services and Refurbishment services. |
|
|
|
|
No. of Employees
: |
642 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
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 |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is a well-established company incorporated in the year 1996
and it is having fine track record. Rating takes consideration on company’s healthy financial profile
marked by robust net worth base, low gearing, negligible debt and strong
liquidity along with good profitability margins. Rating further derives strength on company long established track record
and extensive industrial experience of the promoters. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered for 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.
LOCATIONS
|
Registered Office : |
39-42 Electronic City, Phase II, Hosur Road, Bangalore – 560100,
Karnataka, India |
|
Tel. No.: |
91-80-40053131 |
|
Fax No.: |
91-80-28521039 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant 1: |
Bara, P.O. Agrico, Jamshedpur – 831 009, Jharkhand, India |
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|
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Plant 2: |
1403/4 G. E. Road, Survey No. 46 and 1403/5, Raipur - 490 042, Chhattisgarh, India |
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|
|
|
Regional Sales Offices : |
Located At : · New Delhi · Kolkata · Pune · Ahmedabad · Bangalore · Chennai |
DIRECTORS
AS ON 22.05.2015
|
Name : |
Mr. Sanjay Koul |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mrs. Rupa Mahanty |
|
Designation : |
Director |
|
DIN No.: |
06746148 |
|
|
|
|
Name : |
Mr. Ajay K. Das |
|
Designation : |
Director |
|
DIN No.: |
02697466 |
|
|
|
|
Name : |
Mr. Jai S Pathak |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.01.1959 |
|
Qualification : |
· BA (Hons.), Delhi University · MA Intl. Relation, JNU · BA (Hons.), Jurisprudence, Oxford University, UK · MA, Oxford University, UK · LLM, University of Virginia, USA |
|
Date of Appointment : |
19.07.2012 |
|
|
|
|
Name : |
Mr. P. S. Dasgupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.06.1955 |
|
Qualification : |
· Bachelor of Law, Faculty of Law, Delhi University · B.A. Econ. (Hons.) ·
Post Graduate Diploma in Corporate Laws and
Labour Laws, Indian Law, Institute, Delhi |
|
Date of Appointment : |
01.08.2013 |
|
|
|
|
Name : |
Mr. R. Ramesh |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.08.1964 |
|
Qualification : |
· B.Sc · Qualified Chartered Accountant ·
Qualified Cost and Works Accountant |
|
Date of Appointment : |
09.05.2014 |
KEY EXECUTIVES
|
Name : |
Soumitra Hazra |
|
Designation : |
Company Secretary and Chief-Compliance |
|
|
|
|
Committees of the Board |
|
|
Audit Committee : |
Mr. P. S. Dasgupta (Chairman) Mr. Jai. S. Pathak (Members) Mr. Sanjay Koul (Members) Mrs. Rupa Mahanty (Members) |
|
|
|
|
Stakeholders Relationship
Committee : |
Mrs. Rupa Mahanty (Members) Mr. Sanjay Koul (Members) Mr. Ajay K Das (Members) |
|
|
|
|
Nomination and
Remuneration Committee : |
Mrs. Rupa Mahanty (Members) Mr. P. S. Dasgupta (Members) Mr. Jai. S. Pathak (Members) Mr. Ajay K Das (Members) |
|
|
|
|
CSR Committee : |
Mr. Sanjay Koul (Chairman) Mr. J. S. Pathak (Members) Mr. R. Ramesh (Members) |
|
Risk Management
Committee: |
Mr. Sanjay Koul (Members) Mr. J. S. Pathak (Members) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
50999988 |
75.00 |
|
|
50999988 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
50999988 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6363147 |
9.36 |
|
|
25228 |
0.04 |
|
|
1099131 |
1.62 |
|
|
7487506 |
11.01 |
|
|
|
|
|
|
979381 |
1.44 |
|
|
|
|
|
|
7703067 |
11.33 |
|
|
496018 |
0.73 |
|
|
334024 |
0.49 |
|
|
289850 |
0.43 |
|
|
43074 |
0.06 |
|
|
1100 |
0.00 |
|
|
9512490 |
13.99 |
|
Total Public shareholding (B) |
16999996 |
25.00 |
|
Total (A)+(B) |
67999984 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
67999984 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Trader of Tapered Roller Bearings, Components and Accessories for the Automotive
Sector and the Railway Industry and also provides maintenance Contract
Services and Refurbishment services. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
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|
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Exports : |
-- |
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|
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Imports : |
-- |
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Terms : |
|
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Selling : |
-- |
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|
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
642 (Approximately) |
||||||||||||||||||||||
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Bankers : |
· State Bank of India, Commercial Branch, Pratap Towers, J - Road, Bistupur, Jamshedpur - 831001, Jharkhand, India |
|
Statutory Auditors
: |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
Shome and Banerjee Cost Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Timken Singapore PTE Limited (with effect from March 26,
2012) |
|
|
|
|
Ultimate Parent
Company : |
The Timken Company, USA |
|
|
|
|
Fellow Subsidiaries
: |
· The Timken Corporation, USA · Timken Industrial Services, USA · Timken UK Limited · Timken Do Brasil COM.E.IND.LTDA · Timken Korea LLC · Timken South Africa Limited · Timken Romania · Yantai Timken Company Limited · Australian Timken Proprietary Limited · Timken Polska · Timken (China) Investment Co. Limited · Timken Wuxi Co Limited – China · Timken (Shanghai) Distribution and Sales Co. Limited– China · Timken Steel Corporation · Timken Engineering and Research India Private Limited · Timken DE Mexico S A DE CV · Timken Canada LP · Timken Argentina S R L · Timken Gears and Services · Timken Chengdu Aerospace · Timken XEMC(Hunan) Bearings ·
Timken Housed Units Inc · Timken ILS Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Million |
|
2,600,000 |
Preference Shares |
Rs. 100/- each |
Rs. 260.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1010.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68,015,134 |
Equity Shares |
Rs. 10/- each |
Rs. 680.151
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67,974,784 |
Equity Shares (Fully paid-up) |
Rs. 10/- each |
Rs. 679,748
Million |
|
25,200 |
Equity Shares (Partly paid-up) |
Rs. 10/- each |
Rs. 0.252
Million |
|
|
Less: Call in Arrears-other than directors |
|
Rs. 0.116
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 679.884 Million |
NOTES:
(i) Calls in arrears have been computed on the basis of information certified by the Registrar & Share Transfer Agent of the Company.
(ii) No Equity shares have been allotted during the year ended March 31, 2015 out of 15,150 shares of Rs. 10/- each kept in abeyance as at 31st March, 1998.
a
Reconciliation of the shares outstanding at the beginning and at the end of the
reporting period
|
|
31.03.2015 |
|
|
Equity Shares |
No. of Shares |
Million |
|
At the beginning of the year |
67,999,984 |
679.879 |
|
Issued during the year |
-- |
-- |
|
Calls in arrears |
-- |
-- |
|
Outstanding at the end of the year |
67,999,984 |
679.884 |
b Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian
rupees. The dividend proposed by Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
The Company has paid, subject to approval of the shareholders at the next Annual General Meeting, interim dividend of Rs.3 (interim dividend of Rs.6.5/- ) per equity share of Rs.10 each fully paid. This dividend was paid to all the eligible shareholders whose names appeared on the Register of Members of the Company as on November 21, 2014 (being the record date fixed for the purpose) on November 28, 2014.
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 Details of shareholders
holding more than 5% shares in the company
|
|
31.03.2015 |
||
|
Equity Shares |
No. of Shares |
Amount in Million |
% of share holding |
|
Timken Singapore PTE Limited, the holding company |
50,999,988 |
510.000 |
75% |
(i) Out of the total shares issued, 50,999,988 fully paid-up Equity shares of Rs. 10/- each are held by Timken Singapore PTE Limited. However, the Timken Company, USA happens to be the Ultimate Holding Company.
(ii) As per of the company, including its register of shareholders/ members, the above shareholding represents legal ownerships of shares.
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 |
679.884 |
679.879 |
637.227 |
|
(b) Reserves & Surplus |
3704.581 |
3143.368 |
2777.359 |
|
(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) |
4384.465 |
3823.247 |
3414.586 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
18.035 |
16.035 |
13.335 |
|
(d)
long-term provisions |
88.381 |
73.523 |
85.721 |
|
Total
Non-current Liabilities (3) |
106.416 |
89.558 |
99.056 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
25.156 |
32.375 |
0.000 |
|
(b)
Trade payables |
859.565 |
728.780 |
658.22 |
|
(c)
Other current liabilities |
346.187 |
222.873 |
205.921 |
|
(d)
Short-term provisions |
132.158 |
100.077 |
253.453 |
|
Total
Current Liabilities (4) |
1363.066 |
1084.105 |
1117.594 |
|
|
|
|
|
|
TOTAL |
5853.947 |
4996.910 |
4631.236 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1059.952 |
951.156 |
790.495 |
|
(ii)
Intangible Assets |
8.623 |
13.998 |
1.044 |
|
(iii)
Capital work-in-progress |
268.119 |
255.677 |
244.83 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
12.219 |
|
(b) Non-current
Investments |
0.300 |
0.300 |
0.3 |
|
(c) Deferred tax assets
(net) |
39.060 |
45.016 |
44.216 |
|
(d) Long-term Loan
and Advances |
232.894 |
162.913 |
125.961 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1608.948 |
1429.060 |
1219.065 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
166.473 |
233.179 |
318.45 |
|
(b)
Inventories |
1674.597 |
1367.614 |
1403.297 |
|
(c)
Trade receivables |
1742.184 |
1485.706 |
1294.321 |
|
(d)
Cash and cash equivalents |
237.199 |
201.453 |
140.426 |
|
(e)
Short-term loans and advances |
316.050 |
201.711 |
130.525 |
|
(f)
Other current assets |
108.496 |
78.187 |
125.152 |
|
Total
Current Assets |
4244.999 |
3567.850 |
3412.171 |
|
|
|
|
|
|
TOTAL |
5853.947 |
4996.910 |
4631.236 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue |
9289.642 |
7201.429 |
6885.161 |
|
|
|
Other Income |
59.410 |
108.242 |
54.841 |
|
|
|
TOTAL (A) |
9349.052 |
7309.671 |
6940.002 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3218.969 |
2435.358 |
2736.125 |
|
|
|
Purchases of Stock-in-Trade |
2503.860 |
2059.476 |
1453.134 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(193.805) |
(26.657) |
(18.434) |
|
|
|
Excise duty and cess on movement in stock of finished
goods |
667.944 |
528.865 |
3.119 |
|
|
|
Amortisation Expense |
30.240 |
(11.472) |
0.597 |
|
|
|
Employees benefits expense |
5.375 |
1.829 |
522.717 |
|
|
|
Other expenses |
1725.375 |
1500.186 |
1453.896 |
|
|
|
TOTAL (B) |
7957.958 |
6487.585 |
6151.154 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1391.094 |
822.086 |
788.848 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.746 |
8.852 |
12.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1385.348 |
813.234 |
775.976 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATIO (F) |
162.213 |
156.316 |
138.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1223.135 |
656.918 |
637.465 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
416.196 |
209.394 |
195.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
806.939 |
447.524 |
442.411 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
3378.666 |
2341.254 |
1747.962 |
|
|
|
Agency Commission |
37.019 |
37.984 |
56.038 |
|
|
TOTAL EXPORT |
3415.685 |
2379.238 |
1804.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
752.274 |
528.145 |
713.790 |
|
|
|
Stores and spare parts |
44.163 |
20.985 |
22.973 |
|
|
|
Finished Products for re-sale |
884.962 |
881.501 |
730.222 |
|
|
|
Capital Goods |
121.756 |
98.123 |
136.966 |
|
|
TOTAL IMPORTS |
1050.881 |
1528.754 |
1603.951 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.87 |
6.60 |
6.94 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
885.662 |
685.912 |
310.918 |
|
|
|
|
|
|
Net Cash from Operating Activities |
446.559 |
436.354 |
131.354 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st Quarter |
2nd
Quarter |
|
Net Sales |
2655.500 |
2638.300 |
|
Total Expenditure |
2206.400 |
2285.300 |
|
PBIDT (Excl OI) |
449.100 |
353.000 |
|
Other Income |
14.900 |
19.200 |
|
Operating Profit |
464.000 |
372.200 |
|
Interest |
1.200 |
1.600 |
|
Exceptional Items |
(60.700) |
0.000 |
|
PBDT |
402.100 |
370.600 |
|
Depreciation |
47.300 |
53.300 |
|
Profit Before Tax |
354.800 |
317.300 |
|
Tax |
121.400 |
107.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
233.400 |
209.700 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
233.400 |
209.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.69 |
6.21 |
6.43 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.97 |
11.42 |
11.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.05 |
13.99 |
14.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.17 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11 |
3.29 |
3.05 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs.562.10/- |
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 |
637.227 |
679.879 |
679.884 |
|
Reserves & Surplus |
2777.359 |
3143.368 |
3704.581 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3414.586 |
3823.247 |
4384.465 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
32.375 |
25.156 |
|
Total
borrowings |
0.000 |
32.375 |
25.156 |
|
Debt/Equity
ratio |
0.000 |
0.008 |
0.006 |
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 |
6885.161 |
7201.429 |
9289.642 |
|
|
|
4.593 |
28.997 |
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 |
6885.161 |
7201.429 |
9289.642 |
|
Profit |
442.411 |
447.524 |
806.939 |
|
|
6.43% |
6.21% |
8.69% |
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80026565 |
10/03/2004 |
235,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PRATAP TOWERS, J- ROAD, BISTUPUR, JAMSHEDPUR - 831001, JHARKHAND, INDIA |
- |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Bills discounted with banks |
25.156 |
32.375 |
|
|
|
|
|
Total |
25.156 |
32.375 |
|
NOTE: SHORT TERM BORROWINGS: These are bills discounted with banks with recourse to the Company with various maturity dates. Interest payable ranges between 11.25% to 12.75% p.a for overdue payables. |
||
FINANCE
The Company continues to remain debt free and generated adequate cash flow to meet its working capital needs. Pending investment of such funds in growth opportunities it was temporarily parked in debt scheme offered by various mutual funds.
EXPANSION PROJECTS
Industrial service - the Company has fully commenced its operation of Industrial Service plant in Raipur, Chhattisgarh during the year. Roller line expansion - the Company completed its Roller expansion project during the year at a cost of Rs. 163 Million. The business of the Company has not undergone any change in the financial year.
CORPORATE INFORMATION
The company was incorporated on 15th June, 1987. The Company is primarily into manufacture and distribution of tapered roller bearings, components and accessories for the automotive sector and the railway industry. It also provides maintenance contract services and refurbishment services. The Company also has a gear box repairing facility at Raipur where it provides repair and maintenance services of industrial gear boxes.
Management Discussion and
Analysis
BUSINESS REVIEW
The company is one of the leading manufacturers of tapered roller bearings and components in India with manufacturing facility at Jamshedpur which largely caters to medium and heavy trucks, off-highway equipment, Railways markets and exports. The Company meets the demand for other types of bearings viz., large size tapered roller bearings, spherical roller bearings, cylindrical roller bearings and specialty ball bearings by sourcing these from other Timken Company plants globally.
Apart from bearings, your company offers adjacent products related to the Mechanical Power Transmission like coupling, housed units, high performance grease, and lubrication systems. All aimed at complete offering and Timken commitment to improve system reliability.
Timken endeavors to provide value offering to customers and partnering in their operations to increase efficiency and enhance performance. Apart from bearing refurbishment, your company extensively focuses on Beyond Bearings portfolio. Extended footprint in Raipur with Philadelphia Gears capability focuses on the industrial gearbox repair, journal rebuilding and chock repairs. Onsite MILLTEC® program provides around-the-clock management of a steel mill's roll shop to minimize operational problems and downtime.
The company's investment at Raipur for Gear services had its first full year of operation and have got lot of traction with customer ranging from Steel, Power, Cement and general industries. The plant executed orders with offering of inspection, repair and upgrade of gearbox weighing from 2 -16 tons for wide range of domestic customers and have also exported few gearboxes for cooling tower application to
USA. Outlook is to expand services for Gearbox parts and new enclosed gearboxes for domestic markets, also continue to look for opportunities for exports back to USA.
MILLTEC® continue to add value creation at its customer sites and added new site in Eastern India making total of 11 sites across India, outlook of Onsite services is bullish as Timken plans to add more services for its existing and new sites.
Following are some key achievements at company's Jamshedpur facility:
· Zero LTA, OSHA Recordable rate during financial year 2014-15 (2 Million accident free man-hours).
· We have bagged the Timken Foundation Quality Award.
· Best Lean Plant in Medium Volume in Timken worldwide.
· TS Cup line connectivity to reduce man-machine interaction.
· TS capacity enhancement by 17% with same asset and man-power.
· Online installation and commissioning of 'missing roller detection mechanism' to improve product quality.
· Significant improvement in quality metrics like IDMR, customer complaint/concern, DPM and outgoing quality.
· Significant improvement in Inventory turns.
During the financial year total revenue grew by 28% due to increase in revenue from operation though other income fell by 45%. The increase in revenue from operation can be attributed to a 44% increase in exports and 22% increase in domestic sales. Expenditures on the other hand registered an increase of 23% due to volume increase and inflationary pressure. Increase in depreciation was due to capitalization of new Plant and Machinery and other assets for expansion projects despite a marginal reduction due to implementation of revised Schedule II as prescribed under the Companies Act, 2013. Profit before tax registered an increase of 86% to Rs. 1223.000 Million due to increase in volume and better margin in exports.
OPPORTUNITIES,
THREATS AND OUTLOOK
With more than a century of expertise in taper roller bearing, the Timken group is transforming into a wider solutions across the Mechanical Power Transmissions space over the last decade. The group acquiring and adding global capabilities benefits your company extensively exploring and launching new products and services, thereby increased share of customer and penetration into Indian market.
The company is working on expanding channel footprint and value added services to meet customer demands at doorstep. The company is continuously engineering products and technology that can deliver more compact, energy efficient and cost effective solution which can take desired loads. Custom application knowledge and optimum design considerations help customer realize extended life and lesser downtime.
In terms of threat, any adverse changes in the industrial environment or government policy making affecting our customers could lead to reduction in demand for their finished products, in turn can have a direct impact on the demand of our products.
Low quality counterfeit or spurious products pose bigger risk to the end users and threat to the superior manufacturer. Efforts are being taken by manufactures to educate customers on the importance of using genuine high quality bearings and from authorized channel partner.
Metal components are one of the key raw materials of our products and purchased by our vendors from our approved list of global suppliers, in order to leverage The Timken Company's economies of scale. The prices and supply of raw materials may depend on factors beyond our control, including economic conditions, exchange rates, competition, consumer demand, production levels, transportation costs and import duties.
New government forming with majority verdict last year, Industry analysts are cautiously optimistic about the reforms agenda and closely watching the steps initiated. While key policy decisions are long drawn process, the good part is government could effectively conclude the allocation of coal mines in first two phases which has kick started the economy.
Further, Make in India campaign has been well received by the industry which can enlarge the market scope and new investment opportunities. The government is determined to cut the red tape and bureaucracy that will help companies doing business with ease.
The top credit rating agencies, World Bank and IMF are optimistic and have pegged the GDP growth in 7.5%+ trajectory. The company believes in positive outlook and moderate growth over the next year and well poised for the opportunities in and around bearings.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR
THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2015
PART I
(Rs.
in Million)
|
|
Particulars |
(3 Months ended) |
|
|
|
|
|
Unaudited 30.09.2015 |
Unaudited 30.09.2015 |
Unaudited 30.09.2015 |
|
1. |
Income
from operations |
|
|
|
|
|
a)
Net sales/income from operations (net of excise duty) |
2604.600 |
2620.200 |
5224.800 |
|
|
b)
Other operating Income |
33.700 |
35.300 |
69.000 |
|
|
Total Income from Operations (net) |
2638.300 |
2655.500 |
5293.800 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of materials consumed |
1037.300 |
966.000 |
2003.300 |
|
|
b)
Purchase of traded goods |
710.100 |
633.800 |
1343.900 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(147.400) |
(21.900) |
(169.300) |
|
|
d)
Employee benefits expense |
178.700 |
175.900 |
354.600 |
|
|
e)
Depreciation and amortisation expense |
53.300 |
47.300 |
100.600 |
|
|
f)
Other expenses |
506.600 |
452.600 |
959.200 |
|
|
Total Expenses |
2338.600 |
2253.700 |
4592.300 |
|
|
|
|
|
|
|
3. |
Profit/(Loss) from
Operations before other income, Interest, finance costs and exceptional Items
(1-2) |
299.700 |
401.800 |
701.500 |
|
4. |
Other
Income |
19.200 |
14.900 |
34.100 |
|
5. |
Profit/(Loss) from ordinary activities before finance
costs and exceptional Items (3+4) |
318.900 |
416.700 |
735.600 |
|
6. |
Finance
costs |
1.600 |
1.200 |
2.800 |
|
7. |
Profit/(Loss) from ordinary activities after finance
costs but before exceptional Items (5-6) |
317.3600 |
415.500 |
732.800 |
|
8. |
Exceptional
Items |
0.000 |
60.700 |
60.700 |
|
9. |
Profit/(Loss) from ordinary activities before tax (7-8) |
317.300 |
354.800 |
672.100 |
|
10. |
Tax
expense |
108.200 |
122.500 |
230.700 |
|
|
Current
|
(6.000) |
(1.100) |
(1.700) |
|
|
Deferred
|
107.600 |
121.400 |
229.000 |
|
11. |
Net
Profit/(Loss) from ordinary activities
after tax (9-10) for the tax |
209.700 |
233.400 |
443.100 |
|
12. |
Paid-up Eq. Share Capital (of Rs.10/- each) |
6799 |
6799 |
6799 |
|
13. |
Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting year) |
NA |
NA |
NA |
|
14. |
Earnings
Per Share (of Rs. 10/- each) (Basic and diluted) |
3.08 |
3.43 |
6.52 |
|
|
|
|
|
|
|
PART II SELECT INFORMATION FOR THE
QUARTER AND SIX MONTHS ENDED 30.09.2015 |
||||
|
|
Particulars |
(3 Months ended) |
|
|
|
|
|
Unaudited 30.09.2015 |
Unaudited 30.09.2015 |
Unaudited 30.09.2015 |
|
|
|
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
-
Number of Shares |
16999996 |
16999996 |
16999996 |
|
|
-
Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
2. |
Promoter and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
NIL |
NIL |
NIL |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
NA |
NA |
NA |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
NA |
NA |
NA |
|
|
b) Non-Encumbered |
|
|
|
|
|
-
Number of Shares |
50999988 |
50999988 |
50999988 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
75.00% |
75.00% |
75.00% |
|
|
|
|
||
|
|
Particulars |
|
|
30.09.2015 (3
Months ended) |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending
at the beginning of the quarter |
|
|
-- |
|
|
Received
during the quarter |
|
|
168 |
|
|
Disposed
of during the quarter |
|
|
168 |
|
|
Remaining
unresolved at the end of the quarter |
|
|
-- |
|
NOTE:
|
||||
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Sales tax matters under dispute / appeal |
18.764 |
15.576 |
|
Income tax demands under appeal |
86.070 |
75.274 |
|
Excise and customs demand under dispute / appeal |
33.795 |
33.795 |
|
Other Claims against the Company not acknowledged as debts |
8.310 |
8.310 |
|
NOTE: Based on the discussions with the solicitors/favourable decisions in similar cases/legal opinions taken by the Company on above matters, no provision there against is considered necessary. |
||
FIXED ASSETS:
Tangible Assets
· Building
· Plant and Machinery
· Office Equipment
· Computers
· Furniture and Fixtures
· Vehicles
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
71 |
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.