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|
MIRA INFORM REPORT
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Report No. : |
490921 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
RING PLUS AQUA LIMITED |
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|
|
|
Formerly Known
As : |
AQUA BEARINGS
LIMITED |
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Registered
Office : |
D-3/4, Audtogik Vasahat Maryadit, Village Musalgoan, Taluka Sinnar, Nashik – 422112, Maharashtra |
|
Tel. No.: |
91-2551-240236 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
11-040885 |
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Capital
Investment / Paid-up Capital : |
INR 77.567 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC040885 |
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IEC No.: |
0388081457 |
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GST No.: |
Not Divulged |
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCR3220M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings, all being Automotive Components. [Registered
Activity] |
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|
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No. of Employees
: |
Not Divulged |
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 |
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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 a subsidiary of ‘Scissors Engineering Products Limited’ and
was incorporated on 11th September 1986. The company is engaged in the manufacturing of flywheel starter ring
gears, flex plate assemblies, integral shaft water pump bearings and other
precision machined automotive components. It has two manufacturing facilities
located in Nasik, Maharashtra. As per the Registrar of Companies date of balance sheet (i.e.
financial filed) is shown as 31.03.2017 but documents related to the
financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, revenue of the company has declined
by 23.99% and has reported loss from its operations during the year under
review. Rating take into consideration, company’s sound financial profile on
back of low financial leverage along with favorable capital structure and
comfortable liquidity parameters. Rating also takes into account of strong financial and managerial
support that company receives from its holding entity backed by its well
experienced management team. However, rating strength is partially offset by susceptibility of its
operations to foreign exchange fluctuation risk marked by vulnerability of
its operating margins to volatility in raw material prices and cyclicality
inherent in auto ancillary industry. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
20.03.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
20.03.2017 |
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 not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.02.2018.
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
(Contact No: 91-2551-240236)
[91-22-61527653/ 61527654 is continuously ringing]
LOCATIONS
|
Registered Office / Factory 1 (Starter Ring Gear Division) : |
D-3/4, Audtogik Vasahat Maryadit, Village Musalgoan, Taluka Sinnar, Nashik – 422112, Maharashtra, India |
|
Tel. No.: |
91-2551-240236 |
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Fax No.: |
91-2551-240250 |
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E-Mail : |
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|
Website : |
|
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Corporate office : |
2nd Floor, J. K. Files (I) Limited Annex Building, Jekegram Pokhran Road No. 1, Thane – 400606, Maharashtra, India |
|
Tel. No.: |
91-22-61527653/ 61527654 |
|
Fax No.: |
91-22 6152 7670 |
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Factory 2 (Shaft
Bearing Division): |
A-16/17, STICE, At post – Musalgaon, Taluka-Sinnar, District Nashik – 422112, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Director |
|
Address : |
J. K. House, 59A, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.08.2010 |
|
PAN No.: |
AAFPS1651J |
|
DIN No.: |
00020088 |
|
|
|
|
Name : |
Mr. Pankaj Madan |
|
Designation : |
Additional Director |
|
Address : |
C – 7, Greater Kailash Enclave II, New Delhi-110048, India |
|
Date of Appointment : |
24.07.2017 |
|
DIN No.: |
03016953 |
|
|
|
|
Name : |
Mr. Bhuwan Kumar Chaturvedi |
|
Designation : |
Director |
|
Address : |
4503, Phase-IV, DLF City, Gurgaon - 122009, Haryana, India |
|
Date of Birth/Age : |
06.03.1948 |
|
Qualification : |
B.E and MBA |
|
Date of Appointment : |
11.08.2010 |
|
PAN No.: |
AAFPC2606K |
|
DIN No.: |
00144487 |
|
|
|
|
Name : |
Mr. Jagmeet Singh Sabharwal |
|
Designation : |
Director |
|
Address : |
1302, Ocean View, Union Park, Pali Hill, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1972 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
19.04.2011 |
|
DIN No.: |
00270607 |
|
|
|
|
Name : |
Mr. Parvinder Singh Pasricha |
|
Designation : |
Director |
|
Address : |
Vivarea Tower - A, Flat No. 1103, Sane Guruji Marg, Near Jecob Circle, Mumbai - 400011, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1947 |
|
Qualification : |
MSc and Ph.D |
|
Date of Appointment : |
19.04.2011 |
|
PAN No.: |
AAFPP7525G |
|
DIN No.: |
02947755 |
KEY EXECUTIVES
|
Name : |
Mr. Sitesh Maheshwari |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
A-102, Hari Sankul - 2, Ashoka Marg, Ashoka Tower, Dwarka Corner, Nashik – 422011, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1975 |
|
Qualification : |
Chartered Accountants |
|
Date of Appointment : |
23.07.2014 |
|
PAN No.: |
ACTPM0061E |
|
|
|
|
Name : |
Mr. Bhargav Samirbhai Vyas |
|
Designation : |
Company Secretary |
|
Address : |
Viral Vastu Shilp Society Near Shishumangal, Gandhigram-362001, Gujarat, India |
|
Date of Appointment : |
24.07.2017 |
|
PAN No.: |
AGJPV3184D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 26.06.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
89.07 |
|
Public/
Other than Promoters – Individual/Hindu Undivided Family (Indian) |
6.57 |
|
Public/
Other than Promoters – Individual/Hindu Undivided Family (Foreign national
(other than NRI) |
0.11 |
|
Public/ Other than Promoters – Government (State Government) |
3.19 |
|
Public/
Other than Promoters – Body Corporate |
1.05 |
|
Public/
Other than Promoters – Others (Office Bearers) |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Starter Ring Gears, Flexplates and Shaft
Water Pump Bearings, all being Automotive Components. [Registered
Activity] |
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Products : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Daimler · Ford · Hyundai · Honda · Mazda · Tata · John Deere · JCB · Eicher · Deutz · Volvo, etc |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited Corporate Banking Branch, Ground Floor, Axis House, Bombay Dyeing Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India · IndusInd Bank Limited 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India · The Saraswat Co-Operative Bank Limited 1st Floor, Bholanath Co-operative Housing Society Limited., Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6 , Karim Chambers, 40, A Doshi Marg, (Hamam Street) , Mumbai – 400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL1894Q |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
Holding Company : [As on 31.03.2017] |
Scissors Engineering Products Limited, India [U29130MH2005PLC154732] |
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|
|
Ultimate Holding company : [As on 31.03.2016] |
Raymond Limited, India [L17117MH1925PLC001208] |
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|
Fellow Subsidiary company : [As on 31.03.2016] |
· JK Files (India) Limited, India [U27104MH1997PLC105955] · Raymond Apparel Limited, India [U18109MH2006PLC262077] · JK Talabot Limited, India [U28930MH2005PLC154517] · Pashmina Holdings Limited · Everblue Apparel Limited · Jaykayorg AG ·
Raymond (Europe) Limited · Colorplus Fashions Limited · Silver Spark Apparel Limited · Celebrations Apparel Limited · Raymond Woollen Outerwear Limited ·
Dress Master Apparel Private Limited (w.e.f.
November 27, 2015) (formerly known as Robot Systems Private Limited) |
|
|
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|
Subsidiary Company : [As on 31.03.2017] |
R & A Logistics Inc., U.S.A |
|
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Joint venture : [As on 31.03.2016] |
Rose Engineered Products India Private Limited, India
[U28121MH2007PTC253444] |
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|
|
|
Other Related Parties : [As on 31.03.2016] |
· J.K. Helene Curtis Limited, India [U99999MH1964PLC012865] · Raymond Luxury Cottons Limited, India [U17120MH2004PLC149276] |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7756671 |
Equity Shares |
INR 10/- each |
INR 77.567 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
77.567 |
77.567 |
76.066 |
|
(b) Reserves and Surplus |
281.263 |
737.378 |
864.954 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
1.504 |
|
Total
Shareholders’ Funds (1) + (2) |
358.830 |
814.945 |
942.524 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
131.507 |
295.103 |
527.774 |
|
(b) Deferred tax liabilities (Net) |
11.774 |
44.510 |
67.876 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
143.281 |
339.613 |
595.650 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
168.118 |
366.169 |
203.829 |
|
(b) Trade
payables |
420.296 |
578.772 |
644.557 |
|
(c) Other
current liabilities |
499.625 |
308.316 |
166.204 |
|
(d) Short-term provisions |
22.736 |
39.605 |
25.716 |
|
Total Current
Liabilities (4) |
1110.775 |
1292.862 |
1040.306 |
|
|
|
|
|
|
TOTAL |
1612.886 |
2447.420 |
2578.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
628.252 |
1173.031 |
1232.762 |
|
(ii)
Intangible Assets |
2.213 |
1.773 |
2.024 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
26.759 |
4.617 |
|
(iv)
Intangible assets under development |
2.781 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.884 |
107.041 |
107.041 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
14.202 |
22.744 |
13.274 |
|
(e) Other
Non-current assets |
36.523 |
50.307 |
51.611 |
|
Total Non-Current Assets |
684.855 |
1381.655 |
1411.329 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
76.761 |
|
(b)
Inventories |
229.260 |
444.367 |
362.237 |
|
(c) Trade
receivables |
325.910 |
522.319 |
618.228 |
|
(d) Cash and
bank balances |
36.899 |
10.387 |
11.212 |
|
(e)
Short-term loans and advances |
40.521 |
65.883 |
80.171 |
|
(f) Other
current assets |
295.441 |
22.809 |
18.542 |
|
Total
Current Assets |
928.031 |
1065.765 |
1167.151 |
|
|
|
|
|
|
TOTAL |
1612.886 |
2447.420 |
2578.480 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1646.534 |
2199.191 |
2288.758 |
|
|
Other Income |
31.895 |
13.273 |
64.060 |
|
|
TOTAL (A) |
1678.429 |
2212.464 |
2352.818 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
655.038 |
1063.438 |
1089.307 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
75.784 |
(58.722) |
(83.809) |
|
|
Employee benefit expense |
294.464 |
341.286 |
297.851 |
|
|
Other expenses |
608.941 |
804.450 |
784.567 |
|
|
Exceptional items |
301.444 |
0.000 |
0.000 |
|
|
TOTAL (B) |
1935.671 |
2152.452 |
2087.916 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(257.242) |
60.012 |
264.902 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
83.720 |
114.501 |
109.117 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(340.962) |
(54.489) |
155.785 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.343 |
88.356 |
133.210 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(419.305) |
(142.845) |
22.575 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(24.225) |
(19.914) |
(5.700) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(395.080) |
(122.931) |
28.275 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
759.477 |
1066.052 |
1177.161 |
|
|
TOTAL EARNINGS |
759.477 |
1066.052 |
1177.161 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
31.714 |
46.706 |
0.000 |
|
|
Stores & Spares |
0.038 |
2.580 |
47.331 |
|
|
Capital Goods |
8.191 |
20.700 |
91.243 |
|
|
TOTAL IMPORTS |
39.943 |
69.986 |
138.574 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(50.93) |
(15.85) |
3.65 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
470.957 |
262.671 |
134.031 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
120.456 |
44.386 |
226.762 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
117.662 |
34.586 |
212.639 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
72.25 |
86.69 |
98.59 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.05 |
4.21 |
3.70 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
209.91 |
210.26 |
233.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(1.12) |
0.14 |
0.73 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.41) |
0.05 |
0.21 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.77 |
0.65 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.84 |
0.81 |
0.78 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.10 |
1.59 |
1.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.76 |
1.47 |
1.31 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.07) |
0.54 |
2.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(23.99) |
(5.59) |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(24.50) |
(5.02) |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(110.10) |
(15.08) |
3.00 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.84 |
0.82 |
1.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.63 |
0.48 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.22 |
0.33 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.86 |
8.53 |
9.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.84 |
0.82 |
1.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
76.066 |
77.567 |
77.567 |
|
Reserves & Surplus |
864.954 |
737.378 |
281.263 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
1.504 |
0.000 |
0.000 |
|
Net
worth |
942.524 |
814.945 |
358.830 |
|
|
|
|
|
|
Long-term borrowings |
527.774 |
295.103 |
131.507 |
|
Short term borrowings |
203.829 |
366.169 |
168.118 |
|
Current maturities of
long-term debts |
134.031 |
262.671 |
470.957 |
|
Total
borrowings |
865.634 |
923.943 |
770.582 |
|
Debt/Equity
ratio |
0.918 |
1.134 |
2.147 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2288.758 |
2199.191 |
1646.534 |
|
|
|
(3.913) |
(25.130) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2288.758 |
2199.191 |
1646.534 |
|
Profit/ (Loss) |
28.275 |
(122.931) |
(395.080) |
|
|
1.24
% |
(5.59
%) |
(23.99
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
77.567 |
77.567 |
|
(b) Reserves and Surplus |
|
277.452 |
728.126 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
355.019 |
805.693 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
132.012 |
297.076 |
|
(b) Deferred tax liabilities (Net) |
|
11.774 |
44.510 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
143.786 |
341.586 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
168.118 |
366.169 |
|
(b) Trade
payables |
|
468.316 |
642.370 |
|
(c) Other
current liabilities |
|
506.162 |
311.963 |
|
(d) Short-term
provisions |
|
30.650 |
40.725 |
|
Total Current
Liabilities (4) |
|
1173.246 |
1361.227 |
|
|
|
|
|
|
TOTAL |
|
1672.051 |
2508.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
691.049 |
1240.454 |
|
(ii)
Intangible Assets |
|
2.214 |
1.773 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.000 |
26.759 |
|
(iv)
Intangible assets under development |
|
2.781 |
0.000 |
|
(b) Non-current Investments |
|
0.870 |
0.870 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
|
16.396 |
23.351 |
|
(e) Other
Non-current assets |
|
38.348 |
51.947 |
|
Total Non-Current
Assets |
|
751.658 |
1345.154 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
11.591 |
0.000 |
|
(b)
Inventories |
|
265.476 |
494.403 |
|
(c) Trade
receivables |
|
360.659 |
549.647 |
|
(d) Cash and bank
balances |
|
46.933 |
24.787 |
|
(e)
Short-term loans and advances |
|
45.423 |
72.063 |
|
(f) Other
current assets |
|
190.311 |
22.452 |
|
Total
Current Assets |
|
920.393 |
1163.352 |
|
|
|
|
|
|
TOTAL |
|
1672.051 |
2508.506 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
1804.932 |
2339.789 |
|
|
Other Income |
|
31.471 |
12.092 |
|
|
TOTAL (A) |
|
1836.403 |
2351.881 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
702.673 |
1124.051 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
90.891 |
(57.510) |
|
|
Employee benefit expense |
|
309.995 |
356.669 |
|
|
Other expenses |
|
681.789 |
848.265 |
|
|
Exceptional items |
|
341.425 |
0.000 |
|
|
TOTAL (B) |
|
2126.773 |
2273.475 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
(290.370) |
78.406 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
84.040 |
115.082 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
|
(374.410) |
(36.676) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
85.862 |
95.836 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(460.272) |
(132.512) |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(24.095) |
(18.086) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
|
(436.177) |
(114.426) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(56.23) |
(14.75) |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G01003375 |
100017967 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
22/03/2016 |
- |
- |
75000000.0 |
1st Floor, Bholanath Co-operative Hsg. Soc. Ltd.,Subhash Road, Vile Parle (East)MumbaiMH400057IN |
|
2 |
B40708703 |
10358380 |
Axis Bank Limited |
09/05/2012 |
- |
- |
50000000.0 |
Corporate Banking Branch, Ground Floor, Axis HouseBombay Dyeing Mill Compound, P.B. Marg, WorliMumbaiMH400025IN |
|
3 |
B29232030 |
80062805 |
HDFC BANK LIMITED |
23/06/2004 |
09/12/2011 |
- |
197000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G09682352 |
80010593 |
The Saraswat Co-operative Bank Limited |
09/06/2000 |
18/06/2016 |
- |
109000000.0 |
SME Vileparle Branch, Bholanath CHS Ltd,Subhash Road, Vileparle EastMumbaiMH400057IN |
|
5 |
G44411742 |
10420384 |
INDUSIND BANK LTD. |
26/03/2013 |
- |
28/04/2017 |
230000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
6 |
G36167252 |
10341474 |
The Saraswat Cooperative Bank Ltd |
15/02/2012 |
- |
27/01/2017 |
148500000.0 |
SME Vile Parle Branch, Bholanath Co-op Hsg SocSubhash Road, Vile Parle EastMumbaiMH400057IN |
|
7 |
G03904109 |
10310016 |
HDFC BANK LIMITED |
06/09/2011 |
- |
17/05/2016 |
200000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
C69074862 |
10355741 |
THE SARASWAT CO-OPERATIVE BANK LTD |
26/03/2012 |
25/02/2015 |
04/11/2015 |
50000000.0 |
C-2, KOHINOOR ESTATE CO-OPERATIVE SOCIETY,PLOT NO. 12, MULA ROAD, SANGAMWADI,PUNEMH411003IN |
|
9 |
C69074433 |
10033580 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
22/12/2006 |
25/02/2015 |
04/11/2015 |
495150000.0 |
PIMPRI BRANCH,PIMPRI,PUNEMH411017IN |
|
10 |
C69133825 |
10323060 |
THE SARASWAT CO-OPERATIVE BANK LTD |
24/11/2011 |
- |
04/11/2015 |
14230000.0 |
SMD BRANCH, C-2, KOHINOOR ESTATEPLOT NO. 12, MULA ROAD, SANGAMWADIPUNEMH411003IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
26.507 |
34.528 |
|
Loans and advances from related parties |
0.000 |
73.900 |
|
|
|
|
|
Total |
26.507 |
108.428 |
OVERVIEW :
The Company is engaged in manufacture of Starter Ring Gears, Flexplates & Shaft Water Pump Bearings, all being automotive components. The company is a subsidiary of Scissors Engineering Products Ltd. which is a subsidiary of Raymond Ltd.
OPERATIONS
Financial year 2016 witnessed a continued downtrend in global Industrial, Construction, Mining, Oil & Gas & power-gen sectors which are the Company’s key segments impacting revenues & profitability. Global giants like Caterpillar, Perkins, Cummins, Deutz posted another year of de-growth impacting schedules of the Company, however, consistent fast-track New Business development activities hedged the top-line volatility & made the future business pipeline robust. However the increased volumes typical in automotive sector come at relatively lower margins demanding lean manufacturing practices.
The Automotive Water Pump Bearing Business unit of the Company traditionally catered to the Aftermarket segment primarily in United States & Brazil. The in-rush of assembled water pump supplies in the market at a marginally higher price point than the bearings made the bearing aftermarket business model obsolete & entire US aftermarket collapsed. On the other hand, the currency devaluation, liquidity crisis & economic instability lingering in Brazil made it unviable for aftermarket players to source bearings from India. This drastically impacted the revenues of Bearing unit demanding the overhaul of business model & brand positioning.
The strategic direction to hedge the revenue volatility going forward was to shift the portfolio from 'AFTERMARKET to AUTOMOTIVE OEMs', however this is typically a long cycle of about 2-years from development to start of production & yields relatively lower margins. With the supplies for Peugeot in Europe through Pierburg, the Company has embarked upon this journey. The Company is also in final stages to kick-start supplies for all major platforms in MARUTI. This will establish the credentials of the Company as a premium Automotive Water Pump Bearings supplier.
This year has been a milestone year to Flexplate business unit with the start of production for BMW X-series & Cummins Viking Programs. This year also witnessed the start of production for much awaited MarutiBalenoFlexplate – the Company is the sole supplier for the global production. This established the Company as one of the major global OEM Flexplate manufacturers & also strengthened the strategic brand positioning. On the other hand, FY16 was an important year wherein the Company adopted the lean philosophy of manufacturing. Despite the downfall of the most profitable segment, the relentless waste elimination drive over the year maintained the profitability, setting strong & firm ground for future.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 64.37 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
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 |
NO |
|
--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.