|
|
|
MIRA INFORM REPORT
|
Report No. : |
490757 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VISHAL BEARINGS LIMITED (w.e.f. 05.06.2015) |
|
|
|
|
Formerly Known
As : |
VISHAL
BEARINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No 22/1, Plot No 1,2, 3, Shapar Village Road, Opposite
Best Agro Industries, Shapar (Veraval), Taluka: Kotadasanghani, Rajkot – 360024,
Gujarat |
|
Tel. No.: |
91-2827-252273 / 252414 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
24.07.1991 |
|
|
|
|
Com. Reg. No.: |
04-016005 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 59.950 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130GJ1991PLC016005 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN: |
24AAACV7131L1ZA |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV7131L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject engaged in the business of
manufacturing of Bearing Rollers, earning Jobwork Income and Wind Power Generation.
(Registered Activity) |
|
|
|
|
No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1991 and it is a manufacturer of all kinds of automobile and engineering bearing parts such as cons, taper, balls, rollers and needles. As per financials of March 2017, the company has registered a growth of 42.84% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.46% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and decent liquidity position. Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 62.05 against its face value of INR 10.) As per unaudited financials of September 2017, the company has achieved a revenue of INR 252.7 million and has reported good profit margin of 6.96%. Payments seem to be slow but correct. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.02.2018
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 DECLINED
Management
non-cooperative (Tel No.:91-2827-252273 / Mobile No.:91-8141111130)
LOCATIONS
|
Registered Office/ Factory : |
Survey No 22/1, Plot No 1, 2, 3, Shapar Village Road, Opposite
Best Agro Industries, Shapar (Veraval), Taluka: Kotadasanghani, Rajkot –
360024, Gujarat, India |
|
Tel. No.: |
91-2827-252273 / 252414 |
|
Fax No.: |
91-2827-253087 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Dilipkumar Gordhandas Changela |
|
Designation : |
Chairman and Managing Director |
|
Address : |
5 - Parnakutir Society, Nana Mava Main
Road, Rajkot – 360001, Gujarat, India |
|
Date of Appointment : |
24.07.1991 |
|
DIN No.: |
00247302 |
|
|
|
|
Name : |
Mr. Hiralal Gordhandas Changela |
|
Designation : |
Whole-time Director |
|
Address : |
Sahajanand, Block No 45-A, 5-Parnakuty
Society, Nana Mova Road, Rajkot – 360004, Gujarat, India |
|
Date of
Birth/Age : |
04.08.1949 |
|
Qualification : |
Bachelor of Commerce (B. Com) |
|
Experience : |
20 Years |
|
Date of Appointment : |
24.07.1991 |
|
DIN No.: |
00247292 |
|
|
|
|
Name : |
Mr. Vrajlal Gordhandas Changela |
|
Designation : |
Whole-time Director |
|
Address : |
Sahajanand, Block No 45-A, 5-Parnakuty
Society, Nana Mova Road, Rajkot – 360004, Gujarat, India |
|
Date of Appointment : |
16.10.1991 |
|
DIN No.: |
00247295 |
|
|
|
|
Name : |
Mr. Niteshkumar Jamnadas Patel |
|
Designation : |
Director |
|
Address : |
22/258, Adarshnagar, Near Vijaynagar,
Naranpura, Ahmedabad – 380013, Gujarat, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
01854443 |
|
|
|
|
Name : |
Ms. Urja Bhupendrabhai Ghetiya |
|
Designation : |
Director |
|
Address : |
522, Prayagraj, Shaktinagar Main Road,
Rajkot – 360004, Gujarat, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
07191068 |
|
|
|
|
Name : |
Mr. Rakesh Kanjibhai Savani |
|
Designation : |
Director |
|
Address : |
Hari Krupa Street No.3, Raval Nagar, 150
Feet Ring Road, Rajkot – 360007, Gujarat, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
07191075 |
KEY EXECUTIVES
|
Name : |
Ms. Dimpi Kishorbhai Sampat |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
"Dwarkesh", 10, Subhashnagar
Behind Amrapali Cinema, Raiya Road, Rajkot – 360004, Gujarat, India |
|
Date of Appointment : |
30.05.2015 |
|
PAN No.: |
CKGPS9479D |
|
|
|
|
Name : |
Mr. Vishal Vrajlal Changela |
|
Designation : |
Chief Financial Officer |
|
Address : |
'Shree', Parimal Society Main Road,
Opposite SNK School, University Road, Rajkot – 360005, Gujarat, India |
|
Date of Appointment : |
11.05.2015 |
|
PAN No.: |
AEZPC7438P |
|
|
|
|
Name : |
Mr. Divyesh Changela |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Nomination and Remuneration Committee : |
|
|
|
|
|
Shareholder Relationship Committee : |
|
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 % |
|
|
(A) Promoter &
Promoter Group |
3618100 |
60.35 |
|
|
(B) Public |
2376900 |
39.65 |
|
|
Grand Total |
5995000 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu undivided Family |
3618100 |
60.35 |
|
|
JYOTIBEN VIRAJLAL CHANGELA |
166250 |
2.77 |
|
|
RAMBHABEN GORDHANDAS CHANGELA |
26250 |
0.44 |
|
|
RASILABEN DILIPKUMAR CHANGELA |
166250 |
2.77 |
|
|
JAYSHRIBEN HIRALAL CHANGELA |
166250 |
2.77 |
|
|
DIVYESHKUMAR HIRALAL CHANGELA |
136150 |
2.27 |
|
|
DILIPKUMAR GORDHANDAS CHANGELA |
647500 |
10.80 |
|
|
CHANGELA GIRISHKUMAR GORDHANDAS |
217500 |
3.63 |
|
|
VRAJLAL GORDHANDAS CHANGELA |
647500 |
10.80 |
|
|
HIRALAL GORDHANDAS CHANGELA |
647500 |
10.80 |
|
|
HANSABEN GOPALDAS PATEL |
87500 |
1.46 |
|
|
MANJULABEN JAYANTILAL MARVANIA |
87500 |
1.46 |
|
|
VIJAY VRAJLAL CHANGELA |
107975 |
1.80 |
|
|
VISHAL VRAJLAL CHANGELA |
203000 |
3.39 |
|
|
DARSHITBHAI DILIPBHAI CHANGELA |
223475 |
3.73 |
|
|
BHUMI DILIPBHAI CHANGELA |
87500 |
1.46 |
|
|
Sub Total A1 |
3618100 |
60.35 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
3618100 |
60.35 |
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 % |
|
|
B1) Institutions |
|
||
|
B2) Central Government/ State
Government(s)/ President of India |
|
||
|
B3) Non-Institutions |
|
||
|
Individual share capital upto INR 0.200
million |
921203 |
15.37 |
|
|
Individual share capital in excess of INR
0.200 million |
1359891 |
22.68 |
|
|
RINKUBEN DVYESHKUMAR CHANGELA |
205000 |
3.42 |
|
|
SAHIL GUPTA |
84741 |
1.41 |
|
|
PRASHANT GIRISHBHAI CHANGELA |
113025 |
1.89 |
|
|
RAJAN GIRISHBHAI CHANGELA |
113025 |
1.89 |
|
|
CHANGELA JAYANA GIRISHKUMAR |
217500 |
3.63 |
|
|
CHANGELA ATUL VALJIBHAI |
64500 |
1.08 |
|
|
CHANGELA HARSUKHALAL V |
64675 |
1.08 |
|
|
PARESH PRATAPBHAI VASANI |
142500 |
2.38 |
|
|
FALGUNIBEN PARESHBHAI VASANI |
142500 |
2.38 |
|
|
Any Other (specify) |
95806 |
1.60 |
|
|
Sub Total B3 |
2376900 |
39.65 |
|
|
B=B1+B2+B3 |
2376900 |
39.65 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of
manufacturing of Bearing Rollers, earning Jobwork Income and Wind Power Generation.
(Registered Activity) |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
170 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India · HDFC Bank Limited · State Bank of India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM BORROWINGS Secured Loans From
Banks & Financial Institutions : Machinery Term loan from Kotak Mahindra Bank Ltd., current o/s as on 31st March, 2017 INR 0.853 million is secured by hypothecation of Plant & Machinery and repayable in monthly instalment of INR 0.113 million including interest, ROI 13.40% p. a. Car loan (Vento) from Kotak Mahindra Prime Limited, current o/s as on 31st March, 2016 INR 1.049 million is secured by hypothecation of Motor Car and repayable in monthly EMI of INR 0.038 million including interest, rate of interest 9.50% p. a. Car loan (Mahindra TUV) from Kotak Mahindra Prime Ltd., current o/s as on 31st March, 2017 INR 0.366 million is secured by hypothecation of Motor Car and repayable in monthly EMI of INR 0.022 million including interest, rate of interest 10.60% p. a. d Car loan (BMW) from BMW Financial Services Ltd., current o/s as on 31st March, 2017 INR 2.867 million is secured by hypothecation of Motor Car and repayable in monthly EMI of INR 0.127 million including interest, rate of interest 9.15% p. a. SHORT TERM BORROWINGS Working
Capital Facilities from Banks: Cash Credit from Banks o/s. as on 31.03.2017 INR 21.634 million secured by way of first charge by hypothecation of stocks, book debts and all current assets of the Company (Present & Future) including Plant & Machinery. Rate of interest at 11.85% p.a. subject to change from time to time.
Buyers Credit from Banks o/s. as on 31.03.2017 INR 34.566 million secured by way of first charge by hypothecation of stocks, book debts and all current assets of the Company (Present & Future) including Plant & Machinery. Rate of interest as per bank's guidelines from time to time. |
|
Statutory Auditor : |
|
|
Name : |
SVK and Associates Chartered Accountants |
|
Address : |
C, 701-702, Titanium Square, Near BMW Show Room, Thaltej Cross Road,
Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-40320800 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Internal Auditor : |
|
|
Name : |
Mayur Raiyani Chartered Accountant |
|
Address : |
Rajkot, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Companies / Entities owned / significantly
influenced by directors and their Relatives : |
· Virdeep Engineering Private Limited · Vijay Petroleum Company |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5995000 |
Equity Shares |
INR 10/- each |
INR 59.950 Million |
|
|
|
|
|
·
Reconciliation
of number of Equity Shares:
|
Equity Shares |
Number
of Shares |
INR
in Million |
|
Shares outstanding at the beginning of the year |
4796000 |
47.960 |
|
Sub-Division of Shares during FY 16-17 |
-- |
-- |
|
Shares issued during the period |
1199000 |
11.900 |
|
Shares
outstanding at the end of the year |
5995000 |
59.950 |
·
Terms/rights
attached to equity shares:
The Company has only one class of equity shares having a par value of INR 10 each. 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 the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder 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.
·
Shareholders
holding more than 5% Shares:
|
Name of Shareholder
|
Number
of Shares |
% of holding |
|
Hiralal G. Changela |
647500 |
10.80 % |
|
Vrajlal G. Changela |
647500 |
10.80 % |
|
Dilipkumar G. Changela |
647500 |
10.80 % |
·
For the
period of 5 years immediately preceding the date as at Balance Sheet is
prepared:
|
Particulars |
Number
of Shares |
INR
in Million |
|
Aggregate number and class of shares allotted as fully paid up by way of bonus shares |
|
|
|
Equity Shares |
1199000 |
11.990 |
FINANCIAL DATA
[all figures are INR
Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
59.950 |
47.960 |
2.500 |
|
(b) Reserves & Surplus |
29.449 |
33.319 |
42.934 |
|
(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) |
89.399 |
81.279 |
45.434 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
166.413 |
155.098 |
148.660 |
|
(b) Deferred tax liabilities (Net) |
6.372 |
7.050 |
6.239 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
1.289 |
|
Total Non-current
Liabilities (3) |
172.785 |
162.148 |
156.188 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
56.056 |
64.316 |
34.829 |
|
(b) Trade
payables |
22.175 |
21.121 |
51.404 |
|
(c) Other
current liabilities |
5.423 |
3.089 |
5.770 |
|
(d) Short-term
provisions |
10.513 |
3.530 |
6.975 |
|
Total Current
Liabilities (4) |
94.167 |
92.056 |
98.978 |
|
|
|
|
|
|
TOTAL |
356.351 |
335.483 |
300.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
152.647 |
156.430 |
140.904 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.732 |
0.000 |
2.566 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.925 |
7.764 |
6.736 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.123 |
4.945 |
9.236 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
172.427 |
169.139 |
159.442 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
84.251 |
93.915 |
74.489 |
|
(c) Trade
receivables |
68.453 |
44.760 |
40.356 |
|
(d) Cash
and cash equivalents |
19.869 |
12.903 |
7.477 |
|
(e)
Short-term loans and advances |
11.141 |
14.519 |
18.501 |
|
(f) Other
current assets |
0.210 |
0.247 |
0.335 |
|
Total
Current Assets |
183.924 |
166.344 |
141.158 |
|
|
|
|
|
|
TOTAL |
356.351 |
335.483 |
300.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
330.613 |
231.460 |
272.000 |
|
|
|
|
Other Income |
5.754 |
(0.228) |
10.831 |
|
|
|
|
TOTAL |
336.367 |
231.232 |
282.831 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
181.093 |
127.749 |
142.026 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
4.128 |
(27.083) |
3.512 |
|
|
|
|
Employee Benefits Expenses |
56.056 |
44.489 |
37.123 |
|
|
|
|
Other Expenses |
40.007 |
41.748 |
36.330 |
|
|
|
|
TOTAL |
281.284 |
186.903 |
218.991 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
55.083 |
44.329 |
63.840 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
17.262 |
16.600 |
22.314 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.821 |
27.729 |
41.526 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
25.475 |
22.299 |
16.585 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
12.346 |
5.430 |
24.941 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
4.226 |
1.985 |
7.540 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
8.120 |
3.445 |
17.401 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.993 |
36.048 |
18.585 |
||
|
|
|
|
|
|
||
|
Add |
ADJUSTMENT
RELATING TO CARRYING AMOUNT OF ASSETS |
0.000 |
0.000 |
0.062 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Bonus Shares issued during the year |
0.000 |
32.500 |
0.000 |
|
|
|
|
Total
|
0.000 |
32.500 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
15.113 |
6.993 |
36.048 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Sale of Goods |
0.000 |
0.000 |
0.478 |
|
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
0.478 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
85.079 |
67.256 |
120.101 |
|
|
|
|
Capital Goods |
3.615 |
4.043 |
47.423 |
|
|
|
TOTAL IMPORTS |
88.694 |
71.299 |
167.524 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
1.35 |
0.84 |
4.97 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.783 |
1.470 |
3.604 |
|
Cash generated from operations |
51.483 |
(9.534) |
46.125 |
|
Net cash flow from operating activities |
48.730 |
(14.184) |
38.825 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
75.57 |
70.58 |
54.15 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.83 |
5.17 |
6.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
44.69 |
60.35 |
132.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.65 |
0.47 |
0.86 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.36 |
0.28 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.74 |
0.74 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
2.52 |
2.72 |
4.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.05 |
1.13 |
2.18 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.73 |
1.92 |
3.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.19 |
2.67 |
2.86 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.46 |
1.49 |
6.40 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.28 |
1.03 |
5.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
9.08 |
4.24 |
38.30 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.95 |
1.81 |
1.43 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.06 |
0.79 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.25 |
0.24 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.76 |
4.61 |
74.84 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.95 |
1.81 |
1.43 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 62.05 (BSE) |
FINANCIAL ANALYSIS
[all figures are
in 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 |
2.500 |
47.960 |
59.950 |
|
Reserves & Surplus |
42.934 |
33.319 |
29.449 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
45.434 |
81.279 |
89.399 |
|
|
|
|
|
|
long-term borrowings |
148.660 |
155.098 |
166.413 |
|
Short term borrowings |
34.829 |
64.316 |
56.056 |
|
Current maturities of
long-term debts |
3.604 |
1.470 |
2.783 |
|
Total
borrowings |
187.093 |
220.884 |
225.252 |
|
Debt/Equity
ratio |
4.118 |
2.718 |
2.520 |
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 |
272.000 |
231.460 |
330.613 |
|
|
|
(14.904) |
42.838 |
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 |
272.000 |
231.460 |
330.613 |
|
Profit |
17.401 |
3.445 |
8.120 |
|
|
6.40% |
1.49% |
2.46% |
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company having its manufacturing facilities at Shapar (Veraval), Rajkot, is presently engaged in the business of manufacturing of Bearing Rollers, earning Jobwork Income and Wind Power Generation.
.
PERFORMANCE REVIEW
During the year, the Company has registered a turnover of INR 336.368 million (previous year INR 231.232 million) and Net Profit after Tax of INR 8.120 million (previous year INR 3.445 million).
.
INDUSTRIAL REVIEW:
The Indian auto-components industry can be broadly classified into the organised and unorganised sectors. The organised sector caters to the Original Equipment Manufacturers (OEMs) and consists of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category. Over the last decade, the automotive components industry has scaled three lines to US$ 39 billion in last year, while exports have grown even faster to US$ 10.8 billion. This has been driven by strong growth in the domestic market and increasing globalization (including exports) of several Indian suppliers
The Indian Auto Components industry is expected to grow by 8-10 percent FY 2017- 2018, based on higher localization by Original Equipment Manufacturers (OEMs), higher component content per vehicle, and rising exports from India.
While OE demand has been impacted in the immediate term due to de monetization, its impact on auto ancillary segment form last few weeks, given the pipeline inventory. However, as automotive demand reverts back to a steady state over the next two-three months with expected improvement in liquidity, impact of this blip is expected to be mitigated considerably.
They have over 25 years of experience of operating in India. They supply our finished Bearing rollers and products across India to reputed bearing manufactures and OEMs in domestic market for end users in diverse industries such as rail, light vehicles, off-highway, heavy trucks, industries classified as automobile industries‘, and heavy industries, industrial processes, gear drives, energy and industrial distribution, as segments within the process industries‘ and also export our products to customers based outside India for end users in diverse industries. They are also exporter of cylindrical roller which cater the requirements of international customers in Germany, Hungary, Turkey etc. in diverse industries such as, automotive and Hydraulics.
They believe that they have long-term and stable relationships developed over the years with our key suppliers of raw materials and our key customers although They do not have formal contracts. Our key suppliers are Ascoindustriessas France, Dongbu Special Steel Co. Limited and Overseas Alloy Steel etc. Our major customers include NRB Bearings Limited, SKF India Limited, Turbo Bearings Private Limited, Texspin Bearings Limited, NRB Industrial Bearing Limited, TIMKEN, National Engineering Industries Limited, Turbo Industries, INAPEX Private Limited, etc
As of March 31, 2017, our work force consisted of approximately 170 full time employees. They adhere to international best practices standards and are committed in developing products and services where quality assurance is systematic process of checking to see whether a product or service being developed is meeting specified requirements. They have a separate department devoted to quality assurance with highly equipped standard room carrying all measuring equipment with latest technology
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Auto Ancillary segment has established itself with global level of technology and capabilities. The demand for products will continue to grow with enhanced volumes of the vehicle industry and our company can look towards its growth. Quality, delivery and competitive pricing are to conform to International Standards.
OUR PRODUCTS &
PRODUCT RANGE
They manufacture a wide range of Taper Rollers, Cylindrical Rollers and Spherical Rollers as under:
• Taper bearing roller
• Cylindrical bearing roller
• Spherical bearing roller
FUTURE OUTLOOK
The Government of India’s Automotive Mission Plan (AMP) 2006-2016 has come a long way in ensuring growth for the sector. It is expected that this sector’s contribution to the GDP will reach US$ 145 billion in FY 2017-2018 due to the government’s special focus on exports of small cars, multi-utility vehicles (MUVs), two and three-wheelers and auto components. Separately, the deregulation of FDI in this nsector has also helped foreign companies to make large investments in India. The Government of India’s Automotive Mission Plan (AMP) 2016-2026 envisages creation of an additional 50 million jobs along with an ambitious target of increasing the value of the output of the sector upto INR1.889 million (US$ 282.65 billion). New product development along with inclusion of segments (also an opportunity) of industry thus for not using products augurs well for volume increase.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances
from Related Parties |
|
|
|
From Directors and Relatives |
164.103 |
152.311 |
|
|
|
|
|
Total |
164.103 |
152.311 |
|
Unsecured loans from
related parties : Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date. Rate of Interest @ 9% p.a. (12% p.a.) |
||
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
|
|
|
|
Letter of Credits issued by bank |
34.567 |
50.631 |
|
Disputed Liability in Appeal : Income-tax |
0.186 |
0.000 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30.09.2017
(INR In Million)
|
|
|
|
Standalone |
|
PARTICULARS |
|
|
Half Ended |
|
|
|
|
30.09.2017 |
|
|
|
|
Unaudited |
|
Income From Operations |
|
|
|
|
Revenue from operations |
|
|
252.695 |
|
Other Operating income |
|
|
0.944 |
|
Other Income |
|
|
0.998 |
|
Total Income |
|
|
254.637 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of material and stores Consumed |
|
|
170.698 |
|
Purchase of Stock-in trade |
|
|
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
|
(19.889) |
|
Employees Benefit Expenses |
|
|
27.542 |
|
Finance Cost |
|
|
11.623 |
|
Depreciation and Amortization Expenses |
|
|
13.951 |
|
Other expenses |
|
|
25.743 |
|
Total Expenses |
|
|
229.668 |
|
|
|
|
|
|
Profit / (Loss) before
tax |
|
|
24.969 |
|
Total Tax Expense |
|
|
7.389 |
|
Net Profit After
Tax |
|
|
17.580 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (Share – INR 10) |
|
|
59.950 |
|
Reserves
excluding revaluation reserve |
|
|
47.029 |
|
Other Equity (as per balance sheet of the previous
accounting year) |
|
|
|
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic and Diluted |
|
|
2.93 |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30.09.2017
(INR
in million)
|
SOURCES OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
59.950 |
|
(b) Reserves &
Surplus |
|
|
47.029 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
106.979 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
173.331 |
|
(b) Deferred tax
liabilities (Net) |
|
|
5.538 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
178.869 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
67.722 |
|
(b) Trade payables |
|
|
31.071 |
|
(c) Other current
liabilities |
|
|
4.476 |
|
(d) Short-term provisions |
|
|
11.838 |
|
Total Current Liabilities
(4) |
|
|
115.107 |
|
|
|
|
|
|
TOTAL |
|
|
400.955 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
151.310 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
5.452 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
9.225 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
11.547 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
177.534 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
100.245 |
|
(c) Trade receivables |
|
|
108.271 |
|
(d) Cash and cash
equivalents |
|
|
10.901 |
|
(e) Short-term loans and
advances |
|
|
4.004 |
|
(f) Other current assets |
|
|
0.000 |
|
Total Current Assets |
|
|
223.421 |
|
|
|
|
|
|
TOTAL |
|
|
400.955 |
INDEX OF CHARGE:
|
S No |
SRN |
Charge Id |
Charge holder name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G52119120 |
10156263 |
KOTAK MAHINDRA BANK LIMITED |
20/04/2009 |
11/08/2017 |
- |
130400000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (East), Mumbai Maharashtra 400051 India |
|
2 |
A45077138 |
90106157 |
THE CO-OP. BANK OF RAJKOT LIMITED |
09/04/1994 |
- |
28/08/2008 |
800000.0 |
Sahkar Sarita; Panchnath Road Rajkot Gujarat 360001 India |
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furnace
· Electric Attendance System
· Electrification
· Refrigerator
· Mobile and Telephone
· Furniture and Fixture
· Air Conditioner
· Water Filter
· CCTV System
· Weighing Scale
· Computer and Software’s
· Motor Cars
· Motor Cycles
· Windmill Plant and Machinery
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 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
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.