About the Company
Pioneers in springs steel technology and laminated leaf springs under the popular brand name CANARA SPRINGS produces leaf springs for all heavy commercial vehicles, light commercial vehicles, passenger vehicles, and also for a few passenger cars.
The Company was established in the year 1943 by Late Mr. Vaman Srinivas Kudva, who was then the General Manager of Canara Public Conveyance Limited, a public transport company. The company is spread over in the area of 23 acres of land with its building for manufacturing activities occupying 2,80,000 sq. ft. The Company has also a Logistic Division to speed up the supplies and meet its customer's requirements in time. The Canara Workshops Limited has its Administrative Office and manufacturing unit in the city of Mangalore in Karnataka State approximately around 7 Km from the heart of the City.
INCORPORATION DETAILS
CIN | |
Registration Date | 27 January 1943 |
Category/Sub-category of the Company | Company limited by Shares |
Address of the Registered office and contact details | V. S. Kudva Road, Maroli, Mangalore - 575 005. Phone : 0824-2211649 0824-2213402 E-mail : investor@canarasprings.com canarasprings@gmail.com Web : www.canarasprings.in |
Name, Address and Contact Details of Registrar and Transfer Agent, if any | BgSE Financials Ltd., 51, Stock Exchange Towers, 1st Cross, J. C. Road Bangalore - 560 027. Phone : 080 - 41405259, 41329661 E-mail : cs_rta@bfsl.co.in / avp_rta@bfsl.co.in |
BOARD OF DIRECTORS
Premnath Srinivas Kudva – Chairman and Managing Director
Venkatesh Pai Mangalore
Voderbet Mahesh Kamath
Vasant Srinivas Kudva
INDUSTRY OUTLOOK
Leaf springs were very common on automobiles, right up to the 1970s in Europe and Japan and late 1970s in America when the move to front-wheel drive and more sophisticated suspension designs saw automobile manufacturers use coil springs instead. Today leaf springs are still used in heavy commercial vehicles such as vans and trucks, SUVs, and railway carriages. For heavy vehicles, they have the advantage of spreading the load more widely over the vehicle's chassis, whereas coil springs transfer it to a single point. Unlike coil springs, leaf springs also locate the rear axle, eliminating the need for trailing arms and a Panhard rod, thereby saving cost and weight in a simple live axle rear suspension. So, there is a direct correlation between automotive industry growth and the leaf spring industry’s growth
The automobile industry in India is the world’s fifth-largest. India was the world's fifth-largest manufacturer of cars and seventh-largest manufacturer of commercial vehicles in 2019. Indian automotive industry (including component manufacturing) is expected to reach Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. The industry attracted Foreign Direct Investment (FDI) worth US$ 25.85 billion between April 2000 and March 2021 accounting for ~5% of the total FDI during the period according to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT).
The Indian automotive industry is expected to reach US$ 300 billion by 2026.
Domestic automobile production increased at 2.36% CAGR between FY16-FY20 with 26.36 million vehicles being manufactured in the country in FY20. Overall, domestic automobiles sales increased at 1.29% CAGR between FY16-FY20 with 21.55 million vehicles being sold in FY20.
In June 2021, domestic sales of passenger vehicles stood at 231,633 units.
Overall, automobile export reached 4.77 million vehicles in FY20, growing at a CAGR of 6.94% during FY16-FY20. Two-wheelers made up 73.9% of the vehicles exported, followed by passenger vehicles at 14.2%, three-wheelers at 10.5%, and commercial vehicles at 1.3%.
FINANCIALS AT GLANCE
Standalone Statement of profit and Loss for the year ended 31 March 2021 (Amounts in Lakhs)
Particulars | 2021 | 2020 |
Revenue from Operations | 1805.023 | 2230.484 |
Other Income | 15.891 | 107.328 |
Total Revenue | 1820.914 | 2337.812 |
change % | -22% | NA |
EBITDA | -58.130 | 15.511 |
EBITDA Margin | -3% | 1% |
DEP | 28.008 | 32.030 |
FINANCE COST | 151.619 | 153.282 |
Profit before tax | -237.757 | -169.801 |
Tax Expense I Current Taxes | 0.000 | 0.000 |
Deferred tax | -13.714 | 18.145 |
Total Tax Expense | -13.714 | 18.145 |
PAT | -224.043 | -187.945 |
Profit Margin | -12.30% | -8.04% |
EPS( in Rs.) | -15.24 | -12.79 |
Standalone Balance Sheet as of 31 March 2021 (Amounts in Lakhs)
Particulars | 2021 | 2020 |
ASSETS | ||
Non-current assets | ||
Property, plant, and equipment | 196.49 | 165.90 |
Non-current Investment | 4.59 | 4.59 |
Deferred Tax asset | 75.19 | 61.47 |
Total non-current assets | 276.27 | 231.97 |
Current assets | ||
Inventories | 1100.10 | 926.00 |
Financial assets | ||
(i) Trade receivables | 725.53 | 883.32 |
(ii) Cash and cash equivalents | 41.74 | 75.70 |
Short term loans and advances | 120.97 | 173.30 |
Total current assets | 1988.34 | 2058.32 |
Total assets | 2264.61 | 2290.29 |
EQUITY AND LIABILITIES | ||
Equity share capital | 146.99 | 146.99 |
Other equity | -126.21 | 97.84 |
Total equity | 20.78 | 244.83 |
Liabilities | ||
Non-current liabilities | ||
Long Term Borrowings | 448.21 | 305.80 |
Long Term Provisions | 298.36 | 256.03 |
Total non-current liabilities | 746.58 | 561.83 |
Current liabilities | ||
Financial liabilities | ||
(i) Borrowings | 1005.26 | 999.74 |
(ii) Trade payables | 368.02 | 335.24 |
Other current liabilities | 95.35 | 91.90 |
Provisions | 28.62 | 56.76 |
Total current liabilities | 1497.25 | 1483.64 |
Total equity and liabilities | 2264.61 | 2290.29 |
Dividend History
Year | 2021 | 2020 |
Amount | NA | NA |
PERFORMANCE OF THE COMPANY
The impact of the Covid-19 pandemic and restrictions imposed by the government affected the working both in manufacturing and sales severely. Though the movement of commercial vehicles was permitted, garages and workshops had an impact on sales.
Even during the current financial year, our performance largely depends on the pandemic situation and the government decision thereon.
The total revenue of the company has fallen by 22% from Rs.2337.812 Lakhs to Rs. 1820.914 Lakhs.
The net losses of the company have increased, for the current year stood at Rs.224.043 Lakhs from Rs. 187.945 Lakhs.
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