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MIRA
INFORM REPORT
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Report No. : |
490327 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NRB BEARINGS LIMITED (w.e.f 17.04.1990) |
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Formally Known
as : |
NEEDLE ROLLER BEARING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Dhannur, 15, SIR P.M Road, Fort, Mumbai - 400001, Maharashtra |
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Tel. No.: |
91-22-22664160/22554998 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.06.1965 |
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Com. Reg. No.: |
11-013251 |
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Capital
Investment / Paid-up Capital : |
INR 193.845 Million |
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CIN No.: [Company Identification
No.] |
L29130MH1965PLC013251 |
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IEC No.: |
0388020911 |
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GST No.: |
27AAACN3479P1ZT |
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TIN No. : |
27350000095 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN3479P |
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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
: |
Subject is engaged in the Manufacture of Ball and Roller
Bearings. [Registered Activity) |
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No. of Employees
: |
1613 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1965 and it is having fine track records. It is engaged in manufacturing of needle, cylindrical, ball and taper-roller bearings. For the financial year 2017, the company has increased in its revenue from operations as compared to previous year and maintained decent profitability margin of 7.20%. Rating takes into consideration sound financial profile of the company marked by healthy networth base along with low debt structure. Further, the company also derives strength from its established presence as well as leadership position in the domestic needle-roller bearings segment, diverse customer profile along with healthy demand prospects for the automobile industry. However, rating strength is partially offset by working capital-intensive operations and vulnerability to cyclicality in demand from automobile industry sector. Trade relations are reported as fair. Business is active. Payments are reported to be regular. The company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating – AA- |
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Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
15.06.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Commercial Paper – A1+ |
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Rating Explanation |
Very strong degree of safety an carry lowest
credit risk |
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Date |
15.06.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is listed as a Sick Unit in the
publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 07.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (Tel No.:91-22-22664160)
[91-22-226649998] Continuously ringing
LOCATIONS
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Registered Office : |
Dhannur, 15, SIR P.M Road, Fort, Mumbai 400001, Maharashtra, India |
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Tel. No.: |
91-22-22664160/ 22664998 |
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Fax No.: |
91-22-22660412/ 22679850 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 1 |
2nd Pokhran Road, Majiwade, Thane – 400610, Maharashtra, India |
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Factory 2: |
C-6, Additional MIDC Industrial Area, Jalna – 431203, Maharashtra,
India |
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Factory 3: |
E-72 (1), MIDC, Waluj, Aurangabad - 431133, Maharashtra, India |
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Factory 4: |
A-5, Uppal Industrial Estate, Hyderabad – 500039, Telangana, India |
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Factory 5: |
E-40, MIDC, Industrial Area, Chikalthana, Aurangabad – 431210, Maharashtra,
India |
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Factory 6: |
Plot No. 33, Sector No. 11, Tata Motors Vendor Park I. I. E.
Pantnagar, District Udham Singh Nagar, Pantnagar – 263145, Uttarakhand, India
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DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Trilochan Santsingh Sahney |
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Designation : |
Director |
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Address : |
13, Shangri-LA, 27A Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Appointment : |
30.06.1995 |
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DIN No.: |
00003873 |
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Name : |
Mr. Harshbeena Sahney Zaveri |
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Designation : |
Managing Director |
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Address : |
162, Mont Blanc, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
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Date of Appointment : |
01.10.2015 |
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DIN No.: |
00003948 |
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Name : |
Mr. Devesh Singh Sahney |
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Designation : |
Director |
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Address : |
13, Shangri-La 27 A, Carmichael Road, Mumbai –
400026, Maharashtra, India |
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Date of Birth/Age : |
17.11.1968 |
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Qualification : |
Bachelor of Arts degree |
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Date of Appointment : |
25.05.2001 |
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DIN No.: |
00003956 |
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Name : |
Mr. Ashank Datta Desai |
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Designation : |
Director |
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Address : |
2501, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
16.05.1951 |
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Date of Appointment : |
30.03.2016 |
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DIN No.: |
00017767 |
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Name : |
Mr. Satish Chellaram Rangani |
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Designation : |
Whole-time Director |
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Address : |
Flat No.12, Bandra Noor, Mahal CHS 78, Turner Road, Bandra
(West), Mumbai - 400050, Maharashtra,
India |
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Date of Birth/Age : |
13.11.1948 |
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Qualification : |
B. Com, MMS, ACS |
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PAN No. : |
AAAPR5698H |
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Date of Appointment : |
24.07.2013 |
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DIN No.: |
00209069 |
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Name : |
Mr. Rustom Jamshed Desai |
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Designation : |
Director |
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Address : |
2, Central Avenue,
Maharani Bagh, New Delhi –
110065, India |
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Date of Birth/Age : |
01.04.1971 |
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Qualification : |
BE (Mechanical),MBA (Cornell, USA) |
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Date of Appointment : |
23.01.2017 |
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DIN No.: |
02448175 |
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Name : |
Mrs. Aslesha Ashok Gowariker |
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Designation : |
Director |
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Address : |
100, Kum Kum Villa, 16th Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Appointment : |
12.09.2014 |
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DIN No.: |
03634905 |
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Name : |
Mr. Tashwinder Harjap Singh |
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Designation : |
Director |
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Address : |
1500, Shanudeep, 10A, Altamount Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
23.07.2013 |
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DIN No.: |
06572282 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Chellaram Rangani |
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Designation : |
Company Secretary |
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Address : |
Flat No.12, Bandra Noor Mahal, CHS 78, Turner Road, Bandra
(West) Mumbai - 400050, Maharashtra,
India |
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Date of Birth/Age : |
13.11.1948 |
|
Qualification : |
B. Com, MMS, ACS |
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Date of Appointment : |
12.04.1993 |
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PAN No.: |
AAAPR5698H |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
|
Promoter & Promoter Group |
52429634 |
54.09 |
|
|
Public |
44492966 |
45.91 |
|
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Grand Total |
96922600 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
15731215 |
16.23 |
|
|
AARTI DEVESH
SAHNEY |
407000 |
0.42 |
|
|
BHUPINDER SINGH
SAHNEY |
17970 |
0.02 |
|
|
DEVESH SINGH
SAHNEY |
3634583 |
3.75 |
|
|
HANWANTBIR KAUR
SAHNEY |
2867000 |
2.96 |
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|
HARSHBEENA S
ZAVERI |
8500167 |
8.77 |
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|
JASJIV SINGH
DEVINDER S SAHNEY |
303495 |
0.31 |
|
|
TRILOCHAN SINGH
SAHNEY |
1000 |
0.00 |
|
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Any Other
(specify) |
35293078 |
36.41 |
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|
TRILOCHAN
SANTSINGH SAHNEY |
35293078 |
36.41 |
|
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Sub Total A1 |
51024293 |
52.64 |
|
|
A2) Foreign |
0.00 |
||
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Individuals
(NonResident Individuals/ Foreign Individuals) |
1405341 |
1.45 |
|
|
RAJIV DEVINDER
SAHNEY |
747021 |
0.77 |
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|
SAHIR ZAVERI |
19752 |
0.02 |
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|
AZIZ YOUSUF ZAVERI |
638568 |
0.66 |
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Sub Total A2 |
1405341 |
1.45 |
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A=A1+A2 |
52429634 |
54.09 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
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B1) Institutions |
0.00 |
||
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Mutual Funds/ |
15568154 |
16.06 |
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RELIANCE CAPITAL
TRUSTEE CO. LTD. - A/C RELIANCE SMALL CAP FUND |
2322060 |
2.40 |
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SBI MAGNUM TAXGAIN
SCHEME |
3409139 |
3.52 |
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SBI MAGNUM MIDCAP
FUND |
1275761 |
1.32 |
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SBI MAGNUM
MULTIPLIER FUND |
1989540 |
2.05 |
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SUNDARAM MUTUAL
FUND A/C SUNDARAM SMILE FUND |
2533486 |
2.61 |
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Alternate
Investment Funds |
506274 |
0.52 |
|
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Foreign Portfolio
Investors |
16946268 |
17.48 |
|
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ACACIA PARTNERS LP |
1080000 |
1.11 |
|
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ONTARIO PENSION
BOARD - MONDRIAN INVESTMENT PARTNERS LTD. |
1145781 |
1.18 |
|
|
MONDRIAN EMERGING
MARKETS SMALL CAP EQUITY FUND L.P. |
1786613 |
1.84 |
|
|
NALANDA INDIA EQUITY
FUND LTD. |
9682667 |
9.99 |
|
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Financial
Institutions/ Banks |
43386 |
0.04 |
|
|
Sub Total B1 |
33064082 |
34.11 |
|
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
5663333 |
5.84 |
|
|
Individual share
capital in excess of INR 0.200 Million |
163945 |
0.17 |
|
|
NBFCs registered
with RBI |
5539 |
0.01 |
|
|
Any Other
(specify) |
5596067 |
5.77 |
|
|
Clearing Members |
343544 |
0.35 |
|
|
Bodies Corporate |
4728831 |
4.88 |
|
|
ICICI PRUDENTIAL
LIFE INSURANCE COMPANY |
3808112 |
3.93 |
|
|
NRI – Repat |
176986 |
0.18 |
|
|
NRI – Non- Repat |
80810 |
0.08 |
|
|
LLP / PARTNERSHIP
FIRM |
1500 |
0.00 |
|
|
HUF |
264396 |
0.27 |
|
|
Sub Total B3 |
11428884 |
11.79 |
|
|
B=B1+B2+B3 |
44492966 |
45.91 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacture of Ball and Roller
Bearings. [Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
1613 (Approximately) |
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Bankers : |
· BNP Paribas French Bank Building 62, Homji Street, Fort Mumbai-400001 Maharashtra India · Citibank N.A. First International Financial Centre (FIFC), Plot No. C-54 & 55 BKC Bandra (East), Mumbai-400051, Maharashtra India ·
DBS Bank Limited 3rd
Floor, Fort House, Dr. D N Road, Fort, Mumbai-400001, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance
Centre, Elphinstone (West) Mumbai – 400013 Maharashtra India |
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Tel. No.: |
91-22-61854000 |
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Mobile No.: |
91-22-61854501/4061 |
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Solicitors 1 : |
Wadia Ghandy and Company |
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Solicitors 2 : |
AZB Partners and Company |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
NRB Bearings Limited [L29130MH1965PLC013251] |
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Fellow Subsidiary: |
· SNL Bearings Limited · NRB Bearings (Thailand) Limited ·
NRB Bearings Europe GmbH |
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Related Party : |
New Indo Trading Company |
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Company over which relatives of KMP are
able to exercise significant influence : |
NRB Industrial Bearings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 2/- each |
INR 200.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96922600 |
Equity Shares |
INR 2/- each |
INR 193.845 Million |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
year
|
Equity Shares |
31.03.2017 |
|
|
|
Number
of Shares |
INR In Million |
|
Shares outstanding at the beginning of the year |
96922600 |
193.845 |
|
|
|
|
|
Shares outstanding at the end of the year |
96922600 |
193.845 |
Number of shares held
by each shareholder holding more than 5% shares in the Company are as follows
|
Name of
Shareholder |
31.03.2017 |
|
|
|
Number
of Shares |
% holding |
|
Equity Shares: |
|
|
|
Trilochan Singh Sahney Trust 1 (held by a trustee in his individual name) |
35740266 |
36.88 |
|
Hanwantbir Kaur Sahney |
2867000 |
2.96 |
|
Harshbeena Sahney Zaveri |
8454769 |
8.72 |
|
Nalanda India Equity Fund Limited |
9682667 |
9.99 |
|
SBI Magnum Global Fund |
4400000 |
4.54 |
Rights attached to
equity shares:
a) Right to receive dividend as may be approved by the Board / Annual General Meeting.
b) The equity shares are not repayable except in the case of a buy back reduction of capital or winding up in terms of the provisions of the Companies Act 2013.
Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid- up capital of the Company.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.845 |
193.845 |
193.845 |
|
(b) Reserves &
Surplus |
3169.389 |
2819.695 |
2523.181 |
|
(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) |
3363.234 |
3013.540 |
2717.026 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1074.571 |
607.559 |
993.621 |
|
(b) Deferred tax
liabilities (Net) |
114.264 |
106.752 |
110.819 |
|
(c) Other long term
liabilities |
62.496 |
71.446 |
75.296 |
|
(d) long-term provisions |
58.343 |
54.057 |
54.834 |
|
Total Non-current
Liabilities (3) |
1309.674 |
839.814 |
1234.570 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1458.261 |
1646.300 |
1719.159 |
|
(b) Trade payables |
1012.267 |
907.310 |
898.732 |
|
(c) Other current
liabilities |
242.267 |
928.203 |
543.043 |
|
(d) Short-term provisions |
12.891 |
19.469 |
180.59 |
|
Total Current Liabilities
(4) |
2725.686 |
3501.282 |
3341.524 |
|
|
|
|
|
|
TOTAL |
7398.594 |
7354.636 |
7293.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2114.427 |
2235.194 |
2201.748 |
|
(ii) Intangible Assets |
2.981 |
8.271 |
8.355 |
|
(iii) Capital
work-in-progress |
70.508 |
30.192 |
15.563 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
190.680 |
190.680 |
193.180 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
506.739 |
443.890 |
312.104 |
|
(e) Other Non-current
assets |
9.796 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2895.131 |
2908.227 |
2730.950 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
2.500 |
2.500 |
|
(b) Inventories |
1577.551 |
1311.218 |
1494.766 |
|
(c) Trade receivables |
2363.457 |
2376.505 |
2160.941 |
|
(d) Cash and cash
equivalents |
213.370 |
308.360 |
271.618 |
|
(e) Short-term loans and
advances |
338.108 |
430.819 |
631.334 |
|
(f) Other current assets |
10.977 |
17.007 |
1.011 |
|
Total Current Assets |
4503.463 |
4446.409 |
4562.170 |
|
|
|
|
|
|
TOTAL |
7398.594 |
7354.636 |
7293.120 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from operation
(Net) |
7086.994 |
6591.968 |
6555.903 |
|
|
Other Income |
95.904 |
75.577 |
36.157 |
|
|
TOTAL |
7182.898 |
6667.545 |
6592.060 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3051.507 |
2737.555 |
2679.713 |
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
(76.169) |
82.554 |
(6.278) |
|
|
Employees benefits
expense |
1157.999 |
1152.400 |
1011.477 |
|
|
Other expenses |
1908.019 |
1620.689 |
1723.453 |
|
|
TOTAL |
6041.356 |
5593.198 |
5408.365 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST TAX DEPRECIATION AND
AMORTISATION |
1141.542 |
1074.347 |
1183.695 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
147.018 |
144.817 |
158.705 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX
DEPRECIATION AND AMORTISATION |
994.524 |
929.530 |
1024.990 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
292.503 |
291.377 |
283.096 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
702.021 |
638.153 |
741.894 |
|
|
|
|
|
|
|
Less |
TAX |
191.669 |
178.323 |
221.248 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
510.352 |
459.830 |
520.646 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1214.920 |
1267.38 |
1482.598 |
|
|
Reimbursement of
insurance and freight on exports |
30.122 |
25.366 |
40.642 |
|
|
TOTAL EARNINGS |
1245.042 |
1292.746 |
1523.240 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
738.339 |
606.864 |
857.256 |
|
|
Components and Stores
parts |
100.557 |
70.052 |
68.027 |
|
|
Capital Goods |
7.346 |
0.589 |
21.506 |
|
|
TOTAL IMPORTS |
846.242 |
677.505 |
946.789 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.27 |
4.74 |
5.37 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term loans in foreign currency from banks |
0.000 |
303.909 |
80.251 |
|
Interest free Sales tax loan |
21.605 |
21.781 |
21.083 |
|
Other Loans in foreign currency from banks |
0.000 |
312.728 |
213.952 |
|
Term loans from others |
45.000 |
90.000 |
65.000 |
|
Total |
66.605 |
728.418 |
380.286 |
|
|
|
|
|
|
Net Cash Generated from Operations |
956.851 |
1148.469 |
830.421 |
|
|
|
|
|
|
Net Cash from Operating Activities |
724.561 |
965.052 |
568.028 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 |
30.09.2017 |
|
Unaudited |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1969.600 |
2082.100 |
|
Total Expenditure |
|
1695.400 |
1699.300 |
|
PBIDT (Excl OI) |
|
274.200 |
382.800 |
|
Other Income |
|
15.900 |
35.800 |
|
Operating Profit |
|
290.100 |
418.600 |
|
Interest |
|
34.200 |
36.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
255.900 |
382.300 |
|
Depreciation |
|
72.100 |
75.500 |
|
Profit Before Tax |
|
183.800 |
306.800 |
|
Tax |
|
56.900 |
95.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
126.900 |
211.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
126.900 |
211.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
121.72 |
131.59 |
120.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.00 |
2.77 |
3.03 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
121.08 |
120.97 |
122.42 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.72 |
0.82 |
0.79 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.52 |
0.47 |
0.53 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.53 |
0.66 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.78 |
0.99 |
1.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.81 |
1.16 |
1.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.65 |
0.75 |
0.82 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.76 |
7.42 |
7.46 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.20 |
6.98 |
7.94 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.90 |
6.25 |
7.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.17 |
15.26 |
19.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.65 |
1.27 |
1.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.07 |
0.90 |
0.92 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.45 |
0.41 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.61 |
15.38 |
15.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.65 |
1.27 |
1.37 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
|
|
|
Market Value |
INR 151/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
193.845 |
193.845 |
193.845 |
|
Reserves & Surplus |
2523.181 |
2819.695 |
3169.389 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2717.026 |
3013.540 |
3363.234 |
|
|
|
|
|
|
Long Term borrowings |
993.621 |
607.559 |
1074.571 |
|
Short Term borrowings |
1719.159 |
1646.300 |
1458.261 |
|
Current Maturities of Long term debt |
380.286 |
728.418 |
106.005 |
|
Total
borrowings |
3093.066 |
2982.277 |
2638.837 |
|
Debt/Equity
ratio |
1.138 |
0.990 |
0.785 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6555.903 |
6591.968 |
7086.994 |
|
|
|
0.550 |
7.510 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6555.903 |
6591.968 |
7086.994 |
|
Profit |
520.646 |
459.830 |
510.352 |
|
|
7.94% |
6.98% |
7.20% |
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 |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The company is incorporated in 1965 is engaged in the manufacture of ball and roller bearings.
OPERATIONS/OUTLOOK
FY 2016-17 has been a mixed year – starting off on an encouraging note with new government initiatives supporting infrastructure projects and industrial growth being announced a near normal monsoon giving a boost to the rural economy and consumer demand picking up in the first half year. Q3 saw the demand upheaval caused by demonetization in the domestic markets heightening the uncertainties in the global environment arising from Brexit weak growth in China and subdued global trade. Fortunately, Q4 saw the liquidity pressures abating and the government driving implementation of BS IV emission norms and GST and its increased spend on upgradation of infrastructure resulting in demand reviving with expectations that GDP growth will be 7% for the year.
Though the private sector investment cycle has not yet gained strength and the banking system is weighed down by high NPAs and low business confidence the Indian economy outlook is optimistic considering prospects of a near normal monsoon increased government spends recovery in export demand for the Indian automotive industry. Consumer sentiment has improved and there has been demand growth in the high value 4-wheeler segments of passenger cars driven by new model launches and in the farm equipment/off highway segment owing to the good monsoon. BS IV norms replacement of aging fleets and pick up in infrastructure demand and improving farm outputs contributed to growth in 2/3 wheelers and CVs.
The Company aggressively pushed sales in the domestic market and successfully increased overall sales in spite of flattish export sales to achieve its highest ever sales turnover of INR 7087.000 million (previous year INR 6591.900 million) – domestic sales up by 9% to INR 5757.800 million (previous year INR 5292.600 million) and exports of INR 1329.200 million (previous year INR 1299.300 million). Profit after tax has improved to INR 510.400 million (previous year INR 459.800 million) with lower material consumption and lower charge on employee benefit costs and finance costs.
Over the past ten years India has emerged as one of the most preferred locations in the world for manufacturing high quality auto components and vehicles of all kinds. The Industry has to be equally relentless in its pursuit of economies of scale and in scope of design and engineering of automobiles and components while also pursuing low cost manufacturing destinations. AMP 2026 states the Government promises to help the Indian Automotive industry to focus on its strengths and improve its competitiveness in select segments and achieve the target of 12% contribution to National GDP and make India first in the world in production /sale of small cars 2 & 3 wheelers tractors and buses and 3rd in passenger vehicles and heavy trucks.
The Company is investing in and building its R&D capabil ities to develop product lines with improved performance margins working on eliminating waste from operations by continuously reviewing and streamlining its production processes.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT AND OUTLOOK
The Company is in the ball and roller bearing business for the requirements of the mobility industry which has Original Equipment Manufacturers (OEMs) accounting for 65% -70 % of the demand while the rest is supplied to the Aftermarket (12% -15%) and Exports (20% - 25%). OEMs comprise domestic and global vehicle manufacturers in the following broad segments:
- 2/3 wheelers comprising motor cycles scooters mopeds auto rickshaws (passenger & goods) and industrial 4 stroke engines
- passenger cars from small car hatchbacks to luxury models and utility vehicles
- commercial vehicles from LCVs MCV/HCV to buses
- farm equipment and off highway vehicles including forklift trucks and construction equipment
- railway locomotives.
- defence vehicles including gun carriers and tanks
- aircraft and aerospace applications
Market growth in the Indian mobility industry for both people and goods has a very large potential given the geographical spread and size of population- personal mobility is spurred by the increasing disposable incomes and higher rural incomes of an aspirational young population given the relatively low current penetration while growth in the goods mobility segment is being driven by the need to establish strong supply chains between producers and markets.
As a young nation India needs multi nodal mobility solutions: personal mobility urban mobility inter- urban mobility. New vehicle models are being constantly introduced there is expansion of the public transport systems dedicated freight corridors for movement of farm produce and goods from and to the rural areas.
The annual production of the domestic organized sector (as represented under Ball & Roller Bearing Manufacturers Association-BRBMA) has grown to INR 550.000 million for the year 2016-17. Your Company’s market share in the domestic organized sector is 13% approximately.
FY 2016-17 has been a mixed year – starting off on an encouraging note a near normal monsoon giving a boost to the rural economy and consumer demand picking up in the first half year. Q3 saw the demand upheaval caused by demonetization in the domestic markets heightening the uncertainties in the global environment arising from Brexit weak growth in China and subdued global trade. Fortunately Q4 saw the liquidity pressures abating and the government driving implementation of BS IV emission norms and GST and its increased spend on upgradation of infrastructure resulting in demand reviving with expectations that GDP growth will be 7% for the year.
For the near term though the private sector investment cycle has not yet gained strength and the banking system is weighed down by high NPAs and low business confidence the Indian economy outlook is optimistic considering prospects of a near normal monsoon increased government spends recovery in export demand for the Indian automotive industry. Macro factors like strong forex reserves low inflation expectations the “Make in India’’ initiative with its focus on liberalized FDI regime boost in manufacturing sectors such as defence aerospace etc. and concrete measures to improve ‘’ease of doing business’ the government’s push for dedicated freight corridors high speed network for both freight and passenger routes improved safety is expected to make India emerge as one of the most preferred locations in the world for manufacturing high quality auto components and vehicles of all kinds. The Indian automotive industry and the bearings industry are expected to be major beneficiaries of this expected growth.
During 2016-17 the three wheelers segment witnessed de-growth and HCV/MCV demand was flat mainly as a result of the demonetization over hang and the emission control norms BSIV implementation by end March. The passenger car segment including multi utility vehicles and farm equipment segment showed robust growth in double digits over the previous year with growth in production driven by new model launches. Tabled below are growth estimates for 2017-18 projected by the Company after assessing demand forecasts with all major OEMs:
UNSECURED LOANS
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Non-convertible debenture |
500.000 |
300.000 |
|
Deffered payments liabilities |
|
|
|
Interest free
Sales tax loan |
94.994 |
116.600 |
|
SHORT TERM BORROWINGS |
|
|
|
Other Loans |
|
|
|
Commercial Papers (Maximum balance
outstanding during the year INR 850.000 million 31.03.2016 INR 600.000
million) |
700.000 |
600.000 |
|
|
|
|
|
Total |
1294.994 |
1016.600 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G50244003 |
100084360 |
DBS BANK LIMITED |
01/02/2017 |
25/07/2017 |
- |
252525000.0 |
DLF CAPITOL POINTBABA
KHARAK SINGH MARG CONNAUGHT PLACENEW DELHIDL110001IN |
|
2 |
G44209922 |
100098511 |
CITI BANK N.A. |
23/11/2016 |
- |
- |
250000000.0 |
FIRST INTERNATIONAL
FINANCIAL CENTRE9TH FLOORPLOT NO. C-54 & 55 BKC BANDRA
(E)MUMBAIMH400051IN |
|
3 |
C35175181 |
10533560 |
KOTAK MAHINDRA BANK
LIMITED |
10/11/2014 |
- |
- |
200000000.0 |
27BKC C 27 G
BLOCKBANDRA KURLA COMPLEX BANDRA (E)MUMBAIMH400051IN |
|
4 |
C37220027 |
10537073 |
HDFC BANK LIMITED |
09/10/2014 |
- |
- |
300000000.0 |
LODHA-I THINK TECHNO
CAMPUS BUILDING ALPHA4TH FLOOR-OFFICE NEXT TO KANJUR MARG RAILWAY
STNMUMBAIMH400042IN |
|
5 |
C09849910 |
10506951 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
30/06/2014 |
- |
- |
200000000.0 |
ONE FORBESDR. V. B.
GANDHI MARG FORTMUMBAIMH400001IN |
|
6 |
G34476226 |
10415719 |
DBS BANK LIMITED |
26/02/2013 |
03/01/2017 |
- |
750000000.0 |
3RD FLOOR FORT
HOUSEDR.D N ROAD FORTMUMBAIMH400001IN |
|
7 |
B36030336 |
10344914 |
CITIBANK N. A. |
27/03/2012 |
- |
- |
250000000.0 |
9TH FLOOR DLF SQUARE
M-BLOCKJACARANDA MARG DLF PHASE-IIGURGAONHR122002IN |
|
8 |
C52433612 |
10187212 |
CITI BANK N.A. |
10/11/2009 |
27/03/2015 |
- |
670000000.0 |
FIRST INTERNATIONAL
FINANCIAL CENTRE (FIFC) PLOT NO. C-54 & 55 BKC BANDRA (E)MUMBAIMH400051IN |
|
9 |
C59929174 |
80023791 |
BNP PARIBAS |
13/02/2001 |
07/07/2015 |
- |
800000000.0 |
FRENCH BANK
BUILDING62 HOMJI STREET FORTMUMBAIMH400001IN |
|
10 |
G52728755 |
10367893 |
DBS BANK LIMITED |
06/07/2012 |
- |
22/08/2017 |
308000000.0 |
UPPER GROUND FLOOR 25BARAKHAMBA
ROAD BIRLA TOWERNEW DELHIDL110001IN |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30.09.2017
(INR In Million)
|
Particulars |
Quarter ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Revenue from operation |
2082.100 |
1969.600 |
4051.700 |
|
Other Income |
35.800 |
15.900 |
56.000 |
|
Total Income |
2117.900 |
1985.500 |
4107.700 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
793.900 |
744.800 |
1538.700 |
|
Changes in inventories of finished goods and
work-in-progress |
123.300 |
69.400 |
192.700 |
|
Excise duty |
0.000 |
178.100 |
178.100 |
|
Employee benefits expense |
323.800 |
289.400 |
613.200 |
|
Finance Costs |
36.300 |
34.200 |
74.800 |
|
Depreciation and Amortization expenses |
75.500 |
72.100 |
147.600 |
|
Other Expenses |
458.300 |
143.700 |
872.000 |
|
Total
Expenses |
1811.100 |
1801.700 |
3617.100 |
|
|
|
|
|
|
Profit
before tax |
306.800 |
183.800 |
490.600 |
|
|
|
|
|
|
Tax expenses |
|
|
|
|
Current tax |
107.300 |
57.700 |
165.000 |
|
Deferred tax |
(11.900) |
(0.800) |
(12.700) |
|
|
|
|
|
|
Profit
for the period |
211.400 |
126.900 |
300.000 |
|
Other
Comprehensive Income (OCI) (Net of tax) |
|
|
|
|
Other comprehensive income/(expenses) not to be
reclassified to profit or loss remeasurement gain/ (losses on defined
benefits plans (net of taxes) |
6.700 |
(2.300) |
9.000 |
|
Equity instruments throught other comprehensive income |
0.600 |
(0.600) |
0.000 |
|
Total
Comprehensive Income for the period |
6.100 |
129.800 |
9.000 |
|
|
|
|
|
|
Total
Comprehensive Income |
217.500 |
129.800 |
347.300 |
|
|
|
|
|
|
Earnings
per equity share of INR 2 each |
2.18 |
1.31 |
3.49 |
NOTE:
The above results were reviewed by the Audit Committee and then approved
by the Board at their respective meeting held on 11.08.2017. The stationery
auditory of the company have carried out limited review of the Unaudited
Financial Results for the quarter ended 30.06.2017.
The company adopted Indian Accounting Standard from 01.04.2017 and
accordingly these financial results have been prepared in accordance with the
recognition and measurement principles laid down in the Ind AS 34. Interim
financial reporting prescribed under.
Section 133 of the Companies Act 2013 read with the relevant rules
issued there under and the other accounting principles generally accepted in
India. Financial results for the quarter presented have been prepared in
accordance with the recognition and measurement principles of Ind AS 34.
The financial results for the quarter ended 30.06.2016 have not been
reviewed or audited by the Statutory auditor. However the management has exercised
necessary due dillihence to ensu re that the financial results provide a true
and fair view of the company’s affairs.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2017
INR In Million
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
3546.400 |
|
(b) Reserves & Surplus |
|
|
0.000 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
3546.400 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
725.400 |
|
(b) Deferred tax liabilities (Net) |
|
|
161.700 |
|
(c) Other long term liabilities |
|
|
2.300 |
|
(d) long-term provisions |
|
|
0.000 |
|
Sub-total of Non-Current
liabilities |
|
|
889.400 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1313.200 |
|
(b) Trade
payables |
|
|
1088.800 |
|
(c) Other
current liabilities |
|
|
597.600 |
|
(d) Short-term
provisions |
|
|
86.200 |
|
Sub-total of Current liabilities |
|
|
3975.200 |
|
|
|
|
|
|
TOTAL |
|
|
7521.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
2186.000 |
|
(b)
Non-Current investments |
|
|
317.800 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
72.600 |
|
(e) Other
non-current assets |
|
|
368.500 |
|
Sub-total of
Non-Current Assets |
|
|
2944.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
1377.200 |
|
(c) Trade
receivables |
|
|
2318.300 |
|
(d) Cash
and cash equivalents |
|
|
115.800 |
|
(e)
Short-term loans and advances |
|
|
279.400 |
|
(f) Other
current assets |
|
|
486.000 |
|
Sub-total of
Current Assets |
|
|
4576.700 |
|
|
|
|
|
|
TOTAL |
|
|
7521.600 |
NOTES:
- The above results were reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 6 November 2017. The statutory auditors of the Company have carried out limited review of the Unaudited Financial Results for the quarter and half year ended 30 September 2017 and quarter ended 30 June 2017
- .
The Company adopted Indian Accounting Standard ("Ind AS") from 1 April 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Financial results for the quarters presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.
- The financial results for the quarter and half year ended 30 September 2016 have not been reviewed or audited by the Statutory Auditors. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.
- Excise duty on sales was included under Revenue from operations and disclosed separately under Expenses upto all reporting periods ending 30 June 2017. Post implementation of Goods and Services Tax (GST) from quarter ended 30 September 2017 revenue from operations is reported net of GST and hence to that extent is not comparable.
- Reconciliation of the Net profit as previously reported on account of transition from the previous Indian GAAP to Ind AS for the quarter and half year ended 30 September 2016 For Table kindly refer Corporate Announcements
|
Particulars |
Quarter ended |
|
|
30.09.2016 (Unaudited) |
|
Net profit under previous Indian GAAP |
163.600 |
|
Measuring financial liability at amortised cost through effective interest rate method |
(0.800) |
|
Expected credit loss for trade receivables |
(0.300) |
|
Fair value gain/(loss) on financial assets |
8.200 |
|
Fair value gain/(loss) derivative contracts |
(1.900) |
|
Reversal of fair value gain /(loss) on foreign currency advance |
(5.000) |
|
Fair value gain/(loss) on mutual fund |
0.500 |
|
Reclassification of net actuarial gain on defined benefit obligations to other comprehensive income |
3.600 |
|
Others |
(0.300) |
|
Tax impact due to above adjustment |
1.200 |
|
Total adjustment to profile or loss |
5.200 |
|
|
|
|
Net profit under Ind AS before other comprehensive income |
168.800 |
|
Other comprehensive income |
5.600 |
|
Changes in fair value equity instruments |
0.000 |
|
Remeasurement of defined plants |
0.000 |
|
Tax impact due to above adjustment |
5.600 |
|
Total comprehensive income under previous Indian GAAP |
174.400 |
- The Company is principally engaged in a single business segment which is "Bearings".
- Ratios have been calculated as follows.
Debt-Equity Ratio = Debt/Net Worth [Debt is Long Term Borrowings (including current maturities) and Short Term Borrowings]
Debt Service Coverage Ratio =
Earnings before Interest and Tax (EBIT) / Interest Expense for the period Principal repayment of Long Term Borrowings
during the period.
Interest
Sep/ice Coverage Ratio = Earnings before Interest and Tax (EBIT) / Interest Expense
for the period.
Credit Rating. Previous due
date and next due date for payment of interest/repayment of principal of non
convertible debt securities.
All the interests due were paid on due date.
8 In view of the various clarifications issued and being issued by the Ind AS transition facilitation group (ITFG) constituted by the Accounting Standards Board of the Institute of Chartered Accountants of India it may be possible that the interim financials may undergo adjustments on finalisation of full year Ind AS financial statements as at and for the year ended 31 March 2018. due to treatments/methods suggested by ITFG on applicability of various Ind AS.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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
|
INR |
|
US Dollar |
1 |
INR 64.27 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.