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MIRA INFORM REPORT
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Report No. : |
509015 |
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Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL ENGINEERING INDUSTRIES LIMITED (w.e.f. 27.12.1957) |
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Formerly Known
As : |
NATIONAL BEARING COMPANY LIMITED |
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Registered
Office : |
9/1, R. N. Mukherjee Road, Kolkata – 700001, West Bengal |
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Tel. No.: |
91-33-22430383 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
24.04.1946 |
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Com. Reg. No.: |
21-013643 |
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Capital
Investment / Paid-up Capital : |
INR 8.000 Million |
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CIN No.: [Company Identification
No.] |
U29130WB1946PLC013643 |
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IEC 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.] |
AAACN9969L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged in the business of manufacturer and exporter of ball bearings, steel
balls, tapered roller bearings, cylindrical roller bearing etc. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1946. It is a manufacturer and
exporter of ball bearings, steel balls, tapered roller bearings, cylindrical
roller bearing etc. 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 2016, the company has achieved growth in its
revenue as compared to the previous year and has gained fair profitability
margin of 6.06%. The sound financial profile of the company is marked by healthy
networth base along with debt balance sheet profit and adequate liquidity
position. Business is active. Payments are reported to be regular and as per
commitment. In view of aforesaid, 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE RATING |
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Rating |
Long Term Loans = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
20.10.2017 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Loans = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
20.10.2017 |
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
31-03-2018.
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 21.05.2018.
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.:91-124-2291635 / 67582200)
Tel. No.: 91-33-22430383 Ringing
LOCATIONS
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Registered Office : |
9/1, R. N. Mukherjee Road, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22430383 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
Khatipura Road, Jaipur – 302006, Rajasthan, India |
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Tel. No.: |
91-141-2223221 |
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Fax No.: |
91-141-2221926, 2222259 |
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Branch 1 : |
7A, 2nd Floor, Wellingdon Estate 53 Ethiraj Salai, Chennai
– 600008, Tamilnadu, India |
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Tel. No.: |
91-44-28270289 |
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Fax No.: |
91-44-28266640 |
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Branch 2 : |
Plot No. 163, Sector 3, IMT Manesar, Gurugram – 122050,
Haryana, India |
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Tel. No.: |
91-124-2291635 |
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Fax No.: |
91-124-2291424 |
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Branch 3 : |
Plot No. 2 – 7/3, Alindra Estate, Manjusar GIDC Savli,
Vadodara, Gujrat, India |
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Tel. No.: |
91-2667-266200 |
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Branch 4 : |
C-216, 2nd Floor, 215 Atrium Sir Mathuradas Vassanji Road,
Chakala, Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-67582200 |
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Fax No.: |
91-22-67582201 |
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Branch 5 : |
Mehta Building 26 Calicut Street Ballard Estate, Mumbai –
400038, Maharashtra, India |
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Tel. No.: |
91-22-22671790 |
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Fax No.: |
91-22-22677714 |
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Branch 6 : |
3rd Floor, Guru Angad Bhawan 71 Nehru Place, New Delhi –
110019, India |
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Tel. No.: |
91-11-26417629 |
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Fax No.: |
91-11-26420925 |
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Branch 7 : |
Gunsi, Newai, District Tonk Newai – 304021, Rajasthan,
India |
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Tel. No.: |
91-1438-227753 |
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Fax No.: |
91-1438-227752 |
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Branch 8 : |
210, Century Arcade, 243-244B Narangi Baug Road, Pune –
411001, Maharashtra, India |
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Tel. No.: |
91-20-26162145 |
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Fax No.: |
91-20-26162066 |
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Branch 9 : |
Birla Building -11th Floor, 9/1 R.N Mukherjee Road,
Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22430383 |
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Fax No.: |
91-33-22101912 |
DIRECTORS
AS ON 31.03.2016
|
Name : |
Mr. Kashi Nath Memani |
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Designation : |
Director |
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Address : |
177c, western Avenue Lane No. 7, Sainik Farms, New Delhi –
110062, India |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
30.04.2004 |
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DIN No.: |
00020696 |
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Other Directorship:
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Name : |
Mr. Manohar Lal Pachisia |
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Designation : |
Director |
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Address : |
3rd Floor, 4, Alipore Park Place, Kolkata – 700027, West
Bengal, India |
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Date of Birth/Age : |
06.11.1944 |
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Date of Appointment : |
21.03.1994 |
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DIN No.: |
00065431 |
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Other Directorship:
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Name : |
Mr. Chandrakant Birla |
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Designation : |
Director |
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Address : |
24 Aurangzeb Road, New Delhi – 110011, India |
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Date of Birth/Age : |
09.01.1955 |
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Date of Appointment : |
23.02.1979 |
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DIN No.: |
00118473 |
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Other Directorship:
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Name : |
Mr. Amita Birla |
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Designation : |
Director |
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Address : |
8/9 Alipore Road, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
07.12.1956 |
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Date of Appointment : |
30.07.2008 |
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DIN No.: |
00837718 |
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Other Directorship:
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Name : |
Mr. Ashwin Bishnoi |
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Designation : |
Director |
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Address : |
Flat 501, Tower 17, Commonwealth Games Village, Delhi –
110092, India |
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Date of Appointment : |
09.05.2014 |
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DIN No.: |
06862466 |
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KEY EXECUTIVES
|
Name : |
Mr. Rohit Saboo |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
A-69, Shri Ram Marg, Shyam Nagar, Jaipur – 302019,
Rajasthan, India |
|
Date of Birth/Age : |
01.02.1967 |
|
Date of Appointment : |
17.06.2014 |
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PAN No.: |
AFEPS6664P |
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|
|
|
Name : |
Mr. Tarun Kumar Kabra |
|
Designation : |
Company Secretary |
|
Address : |
313 Parnashree Pally, Kolkata – 700060, West Bengal, India |
|
Date of Appointment : |
02.05.2016 |
|
PAN No.: |
AFUPK6046B |
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|
|
|
Name : |
Mr. Gourav Chaturvedi |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
House No 377 Sector 31 Faridabad – 121003, Haryana, India |
|
Date of Birth/Age : |
13.08.1969 |
|
Date of Appointment : |
06.05.2015 |
|
PAN No.: |
ABZPC5829P |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Amer Investment (Delhi) Limited, India |
|
393146 |
|
Bengal Rubber Company Limited, India |
|
395960 |
|
Chandra Kant Birla |
|
8849 |
|
Hitaishi Investment Limited, India |
|
2000 |
|
Rajasthan Industries Limited, India |
|
10 |
|
Gwalior Finance Corporation Limited, India |
|
10 |
|
Hindustan Discounting Company Limited, India |
|
10 |
|
Central India Industries Limited, India |
|
10 |
|
S.P. Singhi |
|
1 |
|
C.L. Mehta |
|
1 |
|
P.K. Sonthalia |
|
1 |
|
S.S. Jajodia |
|
1 |
|
Yoesh Goenka |
|
1 |
|
|
|
|
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Total |
|
800000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 28.06.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
1.11 |
|
Promoters- Body corporate |
98.89 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of manufacturer and exporter of ball bearings, steel
balls, tapered roller bearings, cylindrical roller bearing etc. [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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Gurugram, Haryana, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AALFS0506L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture : |
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Associate : |
U45203WB1990PTC048284 |
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Subsidiary Company
: |
U74899DL1995PLC064560 |
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Others Related
Party : |
U74899DL1971PLC005601
U25111WB1946PLC013784 |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
INR 10/- each |
INR 10.000 Million |
|
100000 |
Preference Shares |
INR 100/- each |
INR 10.000 Million |
|
|
Total |
|
INR 20.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
INR 10/- each |
INR 8.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8.000 |
8.000 |
8.000 |
|
(b) Reserves &
Surplus |
8617.637 |
7802.999 |
7083.771 |
|
(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) |
8625.637 |
7810.999 |
7091.771 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2282.612 |
936.999 |
637.461 |
|
(b) Deferred tax
liabilities (Net) |
718.553 |
644.035 |
516.911 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.611 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3001.165 |
1581.034 |
1154.983 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4975.924 |
5636.359 |
4566.014 |
|
(b) Trade payables |
1619.279 |
1648.878 |
1292.193 |
|
(c) Other current
liabilities |
1653.824 |
1700.875 |
1427.373 |
|
(d) Short-term provisions |
270.920 |
193.763 |
171.890 |
|
Total Current Liabilities
(4) |
8519.947 |
9179.875 |
7457.470 |
|
|
|
|
|
|
TOTAL |
20146.749 |
18571.908 |
15704.224 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10732.455 |
9510.196 |
8261.718 |
|
(ii) Intangible Assets |
33.536 |
42.745 |
46.774 |
|
(iii) Capital
work-in-progress |
930.508 |
749.949 |
699.502 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1306.978 |
1296.894 |
967.621 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
357.241 |
336.401 |
201.478 |
|
(e) Other Non-current
assets |
6.447 |
1.371 |
3.090 |
|
Total Non-Current Assets |
13367.165 |
11937.556 |
10180.183 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3676.081 |
3567.867 |
2806.862 |
|
(c) Trade receivables |
2350.585 |
2459.940 |
2391.985 |
|
(d) Cash and cash
equivalents |
15.595 |
12.369 |
10.323 |
|
(e) Short-term loans and
advances |
648.855 |
504.756 |
257.365 |
|
(f) Other current assets |
88.468 |
89.420 |
57.506 |
|
Total Current Assets |
6779.584 |
6634.352 |
5524.041 |
|
|
|
|
|
|
TOTAL |
20146.749 |
18571.908 |
15704.224 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
15678.012 |
14523.220 |
13385.796 |
|
|
|
|
Other Income |
273.870 |
332.229 |
143.669 |
|
|
|
|
TOTAL |
15951.882 |
14855.449 |
13529.465 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
8231.012 |
8006.640 |
6591.414 |
|
|
|
|
Purchase of Stock-in-trade |
76.201 |
61.898 |
93.914 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(56.080) |
(303.039) |
124.710 |
|
|
|
|
Employee Benefits Expenses |
1791.535 |
1534.074 |
1386.557 |
|
|
|
|
CSR Expenditure |
21.873 |
3.329 |
0.000 |
|
|
|
|
Other Expenses |
2962.660 |
2869.468 |
2821.943 |
|
|
|
|
TOTAL |
13027.201 |
12172.370 |
11018.538 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2924.681 |
2683.079 |
2510.927 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
492.910 |
458.069 |
405.226 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2431.771 |
2225.010 |
2105.701 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
1237.781 |
1132.766 |
907.216 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
1193.990 |
1092.244 |
1198.485 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
243.155 |
240.830 |
313.567 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
950.835 |
851.414 |
884.918 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
3232.005 |
3218.798 |
1959.352 |
|
|
|
TOTAL EARNINGS |
3232.005 |
3218.798 |
1959.352 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
3030.391 |
2714.800 |
2366.607 |
|
|
|
|
Stores & Spares |
210.492 |
205.392 |
207.387 |
|
|
|
|
Capital Goods |
1170.513 |
1372.790 |
1166.331 |
|
|
|
TOTAL IMPORTS |
4411.396 |
4292.982 |
3740.325 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
1188.54 |
1064.27 |
1106.15 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
593.962 |
535.225 |
434.887 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
2501.721 |
2077.338 |
2803.574 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
293.35 |
334.64 |
347.71 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
1.24 |
1.09 |
1.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
71.15 |
74.59 |
70.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.80 |
0.75 |
0.89 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.26 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.57 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.91 |
0.91 |
0.80 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.99 |
1.18 |
1.05 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.36 |
1.32 |
1.27 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.93 |
5.86 |
6.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.06 |
5.86 |
6.61 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.72 |
4.58 |
5.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.02 |
10.90 |
12.48 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.80 |
0.72 |
0.74 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.36 |
0.33 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.43 |
0.42 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
981.56 |
888.57 |
704.80 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.80 |
0.72 |
0.74 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
8.000 |
8.000 |
8.000 |
|
Reserves & Surplus |
7083.771 |
7802.999 |
8617.637 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7091.771 |
7810.999 |
8625.637 |
|
|
|
|
|
|
long-term borrowings |
637.461 |
936.999 |
2282.612 |
|
Short term borrowings |
4566.014 |
5636.359 |
4975.924 |
|
Current Maturities of
Long term debt |
434.887 |
535.225 |
593.962 |
|
Total borrowings |
5638.362 |
7108.583 |
7852.498 |
|
Debt/Equity ratio |
0.795 |
0.910 |
0.910 |
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 |
13385.796 |
14523.220 |
15678.012 |
|
|
|
8.497 |
7.951 |
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 |
13385.796 |
14523.220 |
15678.012 |
|
Profit |
884.918 |
851.414 |
950.835 |
|
|
6.61% |
5.86% |
6.06% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
8.000 |
8.000 |
|
(b) Reserves &
Surplus |
|
11575.025 |
10027.999 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
227.470 |
172.584 |
|
Total Shareholders’ Funds
(1) + (2) |
|
11810.495 |
10208.583 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2282.612 |
946.687 |
|
(b) Deferred tax
liabilities (Net) |
|
718.553 |
644.035 |
|
(c) Foreign Currency monetary item translation difference liability
account |
|
0.000 |
0.603 |
|
(d) Other long term
liabilities |
|
32.124 |
32.132 |
|
(e) long-term provisions |
|
105.787 |
89.840 |
|
Total Non-current
Liabilities (3) |
|
3139.076 |
1713.297 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5012.105 |
5673.734 |
|
(b) Trade payables |
|
2553.690 |
2478.745 |
|
(c) Other current
liabilities |
|
1777.724 |
2030.912 |
|
(d) Short-term provisions |
|
451.658 |
479.151 |
|
Total Current Liabilities
(4) |
|
9795.177 |
10662.542 |
|
|
|
|
|
|
TOTAL |
|
24744.748 |
22584.422 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
11049.946 |
9738.838 |
|
(ii) Intangible Assets |
|
617.831 |
657.991 |
|
(iii) Capital
work-in-progress |
|
930.508 |
865.272 |
|
(iv) Intangible assets
under development |
|
(9.679) |
36.272 |
|
(b) Non-current
Investments |
|
990.506 |
1008.389 |
|
(c) Deferred tax assets
(net) |
|
304.632 |
247.632 |
|
(d) Long-term Loan and Advances |
|
587.135 |
531.535 |
|
(e) Other Non-current
assets |
|
8.221 |
3.145 |
|
Total Non-Current Assets |
|
14479.100 |
13089.074 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
582.586 |
247.367 |
|
(b) Inventories |
|
3676.081 |
3567.869 |
|
(c) Trade receivables |
|
3801.464 |
3628.775 |
|
(d) Cash and cash
equivalents |
|
852.758 |
851.994 |
|
(e) Short-term loans and
advances |
|
934.029 |
835.167 |
|
(f) Other current assets |
|
418.730 |
364.176 |
|
Total Current Assets |
|
10265.648 |
9495.348 |
|
|
|
|
|
|
TOTAL |
|
24744.748 |
22584.422 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
26461.881 |
24745.009 |
|
|
Other Income |
|
277.499 |
483.798 |
|
|
TOTAL |
|
26739.380 |
25228.807 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
8231.012 |
8006.640 |
|
|
Purchases of Stock-in-Trade |
|
145.628 |
75.253 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(56.080) |
(303.039) |
|
|
Employees benefits expense |
|
8574.226 |
8146.844 |
|
|
CSR Expenditure |
|
6.787 |
6.780 |
|
|
Other expenses |
|
5470.267 |
5391.904 |
|
|
TOTAL |
|
22371.840 |
21324.382 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
4367.540 |
3904.425 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
509.564 |
482.670 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
3857.976 |
3421.755 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
|
1466.423 |
1381.719 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2391.553 |
2040.036 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
675.605 |
593.988 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
1715.948 |
1446.048 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
2097.18 |
1758.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
FINANCIAL AND OPERATIONAL
PERFORMANCE
In the financial year, the Indian economy continued to showcase sluggish growth due to several factors. Deficient monsoons significantly brought the purchasing power down in the rural areas thereby adversely impacting the sale of bearings in these areas. Severe cash crunch in the secondary segment put pressure on the working capital funds which also impacted the sales.
The company’s endeavor has always been to improve stakeholder’s value. Countering the challenges faced, the Company achieved a growth of 7.4% in Revenue (9.8% in the previous year).
There was dip in exports during the financial year 2015-2016 due to sharp turbulence in the American Commercial Vehicle Industry, American Rail road as also in the global economy. Major truck producers overseas have downsized their production and the trend is likely to continue in the Financial Year 2016-2017 as well. The depressed exports scenario is expected to improve not before 2018-19 when existing projects under validation fructify and scale-up demand, we will have more clarity as we go along.
The Company’s market share improved from 26% in last year to 27% in FY 2015-16 of bearings manufactured in India by the organized sector. The company also held on to- the position of being the highest exporter of bearings from India during the year.
The company’s new state-of-the art manufacturing unit at Savli, in the state of Gujrat which got commissioned last year has shown steady progress. The Phase-1 of the Savli plant having (built up area of approx. 20,000 Sqm.) is complete and production ramp-up is taking place as per plan. The plant has adopted the best manufacturing practices for its operations. The technology in this plant involves latest machineries with poka yoke to delivery world class quality and support the mission of MAKE IN INDIA. The Phase 2 construction of the project is on schedule to meet the future demand.
Conceived, conceptualized and constructed on a green footing, the Savli Plant received the prestigious platinum certification rating from Indian Green Building Council (IGBC) this year.
AWARDS AND
RECOGNITION
The Company has received the following awards and recognitions during the year:
The Deming Grand Prize-the first Company in the bearing manufacturing industry across the globe to have won this prize.
Award for ‘Excellence in Technology’ during the 55th Annual Session and National Conference of ACMA.
“Best TQM Model Company” certificate from CII.
“Excellence Award for Development 2015” from Yamaha Motor India.
Star Performer Award (Award for Export Excellence) for the year 2013-14 by EEPC (Engineering Export Promotion Council) India declared in FY 2015-16.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development
The Indian economy in 2015-16 was below expectation with average growth in index of industrial production and weakness in export demand kept industrial development at moderate level. Economic performance was impacted by weak monsoon, continuous slowdown in export and delay in critical reform initiatives. The Indian Bearing market size is approximately Rs. 9000 Crs About 50%~55% of the demand is catered by the domestic bearing manufacturers and the balance is met through imports and the domestic unorganized sector. The Bearing Industry in India is divided mainly into two categories – the organized sector and the unorganized sector. While the organized sector primarily caters to the original equipment manufacturers and end users in automotive, railways and other industrial application sectors, the low-end replacement market is mostly catered by the unorganized sector.
In 2015-16, NEI registered a growth of 8% in value terms as against the industry growth of approximately 5%. NEI’s market share in (locally manufactured bearings) the organized sector is estimated at around 27.3%.
NEI is a pioneer in the Indian bearing industry and its bearings are widely used by the manufacturers of automobiles, electric motors, trucks and tractors, railway wagons, coaches and locomotives as original equipment and in steel mills, heavy engineering plants and thermal plants all across the globe. During the year under review, Automotive Industry & Industrial Sectors showed mixed performance across the segments, while the two or three wheelers & Light truck (LCV) shows flat growth, negative growth is observed in the tractor industry segments. Combined effect of slowdown in the global economy, competition from imports and volatility in exchange rates put pressure on company’s margins.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Other loans and advances |
7.920 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Other loans and advances |
263.923 |
304.040 |
|
Rupee term loans from banks |
1271.477 |
832.341 |
|
Commercial Paper |
1150.000 |
1800.000 |
|
|
|
|
|
Total |
2693.320 |
2936.381 |
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G51311041 |
100118037 |
DBS BANK LTD. (Acting as Security Trustee of DBS Bank Ltd. Singapore) |
08/08/2017 |
- |
- |
960000000.0 |
4A, Nandalal Basu SaraniKolkataWB700071IN |
|
2 |
G61686960 |
10595763 |
DBS BANK LTD. (Acting as Security Trustee of DBS Bank Ltd.Singapore) |
09/10/2015 |
18/10/2017 |
- |
650000000.0 |
4A, NANDALAL BASU SARANIKOLKATAWB700071IN |
|
3 |
G02092856 |
10164258 |
State Bank of India |
16/06/2009 |
19/03/2016 |
- |
9500000000.0 |
Corporate Accounts Group Branch, 2nd FloorReliance House, 34 J.L.Nehru RoadkolkataWB700071IN |
|
4 |
G50069871 |
10616914 |
State Bank of India |
19/01/2016 |
- |
04/08/2017 |
2100000000.0 |
CAG Branch, 2nd Floor, Reliance House34, Jawaharlal Nehru RoadkolkataWB700071IN |
|
5 |
G22165484 |
100021274 |
State Bank of Bikaner and Jaipur |
19/03/2016 |
- |
19/10/2016 |
500000000.0 |
SMS Highway BranchChaura RastaJaipurRJ302001IN |
|
6 |
G04418323 |
10349639 |
DBS BANK LTD. |
26/03/2012 |
- |
12/05/2016 |
750000000.0 |
(Security Trustee of DBS Bank Ltd., Singapore)KOLKATA BRANCH, 4A, NANDALAL BASU SARANIKOLKATAWB700071IN |
|
7 |
C63349781 |
10531331 |
State Bank of Bikaner and Jaipur |
20/11/2014 |
- |
01/09/2015 |
500000000.0 |
SMS Highway BranchChaurastaJaipurRJ302001IN |
|
8 |
C62613534 |
10546026 |
State Bank of India |
22/01/2015 |
- |
22/08/2015 |
1875000000.0 |
CAG Branch, 2nd Floor, Reliance House34, Jawaharlal Nehru RoadKolkataWB700071IN |
|
9 |
C52679511 |
10551346 |
The Bank of Nova Scotia |
10/02/2015 |
- |
08/05/2015 |
525000000.0 |
No. 1110 East Wing, 11th Floor26-27 Raheja Towers, M.G.RoadBangaloreKA560001IN |
|
10 |
C53338703 |
10548613 |
State Bank of Bikaner and jaipur |
10/02/2015 |
- |
08/05/2015 |
525000000.0 |
SMS HIGHWAY BRANCHChaurastaJaipurRJ302001IN |
FIXED ASSETS:
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
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 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
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.