Ring Plus Aqua Limited

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RATING

RECOMMENDATION

Strong Buy

Business Type

Emerging Leader

Ring Plus Aqua Unlisted Shares Essentials

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ISIN

INE093H01012

Face Value

₹10.00

Total Share

78,00,000

Total Income

₹203.69 Cr

Profit After Tax

₹22.52 Cr

Promoter Holding

95.50 %

EPS

₹29.03

P/E

15.50

Market Capitalisation

₹351.00 Cr

Book Value

₹185.20 Cr

Intrinsic Value

₹2,310.63

Sub-sector

Auto Parts

Ring Plus Aqua Growth

About Ring Plus Aqua

Ring Plus Aqua Limited is a leading auto-component manufacturer with history of 30+ years and a strong global presence.
It was acquired by the Raymond Limited in the year 2005.

About Raymond Limited:

Raymond Limited, was founded in 1925 and is based in Mumbai, India. It operates as a diversified group with major interest in textile & apparel sectors as well as presence across diverse segments such as FMCG, engineering and prophylactics in national and international markets.
Raymond Ltd. ventured into the engineering business with the establishment of JK Files (India) Ltd. in 1949. Today, JK Files & Tools is the largest manufacturer of Steel Files in the world.
It has 1,638 retail stores, including 1,589 stores in approximately 600 towns and cities in India, and exports spanning to over 55+ countries, Raymond Group has a noteworthy presence across international markets.
Chairman & Managing Director: Gautam Hari Singhania
CFO: Amit Agarwal
Incorporated in 1984, the Ring Plus Aqua Ltd., is a pioneer in manufacturing automotive components like starter gears, water pump bearings, flexplates, sheet metal pulleys and machined components.
It has a long-celebrated history with the global auto industry, with its operation base in Nashik and corporate office in Mumbai, India.

Key facts:

The company has three integrated manufacturing facilities located in Nashik for gears and bearings division respectively.
It has been doing significant investments to enhance capacity in the flex plates segment over the last few years.
The company has been focusing on using technology in manufacturing.
Some of the examples are: cutting edge technology in hobbing for improving productivity and speed of process in ring gears, automatic assembly line and 100% online noise testing facility for bearings, high-speed laser welding facility for flexplates.

Key client base:

The company has years of logistic experience in supplying to Europe, USA, South America, Japan, China, South East Asia & Australia.
It has been providing excellent SCM and VMI solutions with 100% delivery performance to meet the customer requirements.

Following are some of the key clients of Ring Plus Aqua Limited:

Passenger vehicle
Commercial and light commercial vehicle
Tractors
Non-auto

Ring Plus Aqua IPO Details

The company has expressed no intentions of an initial public offering as of now.

Ring Plus Aqua Revenue Segmentation

Ring Gears
Flexplates

Shaft Bearings

Ring Plus Aqua Product & Services

Ring gears
Flexplates
Water pump bearings

Ring Plus Aqua Assets

Particulars	Amount in Cr.
Buildings	20.92
Plant & Equipment's	87.32
Furniture & Fixtures	0.70
Office Equipment's	2.65
Computers	1.22
Vehicles	11.64

Ring Plus Aqua Industry Overview

Industry Statistics

The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories.
In 2019, the India automotive bearing market was valued at INR 70 billion and is anticipated to reach INR 157 billion by 2024, expanding at a compound annual growth rate (CAGR) of ~18%, during the 2020-2024 period.
Companies like Motherson Sumi Systems Limited, Sundram Fasteners Limited, Bharat Forge are some of the biggest companies in auto component industry.

Future Prospects

As prosperity grows, consumption rises—India’s consuming class is expected to expand from 27 mn households in 2014 to 89 mn households by 2025. The automotive industry is also expected to flourish, with the burgeoning consumer class investing in more and better vehicles across segments to serve their rising mobility needs.
India’s export of auto components increased at a CAGR of 7.6% during FY16-FY20 as the value increased from US $11 billion in FY16 to US $15 billion in FY20.

Government Initiatives

Government policies like Make in India, Automotive Mission Plan, and National Automotive Testing and R&D Infrastructure Project (NATRIP) have also had a positive impact on the market.

Ring Plus Aqua Awards & Achievements

It won the EEPC Export Excellence award in the year 2019.
RPAL won the coveted Export Excellence Bronze Award in a large category from ACMA for its superlative export performance in FY18 (30% + growth).
It won the coveted Export Excellence Award in the large category – western region from EEPC for its superlative export performance in FY17.
Star performer in the category of automobile for your outstanding performance (in the year 2013-14).
RPAL was awarded as EEPC star performer for outstanding export performance in 2012-13.

Ring Plus Aqua Strengths

The company has strong relationships with domestic and international OEMs, such as BMW, Ford, Maruti Suzuki, Hyundai, Honda, Tata Motors, Mahindra & Mahindra, Cummins, VECV, Caterpillar, and Fiat, among others.

The company’s presence in major industry segments such as automotive, industrial application, agricultural application & marine application generates economies of scale for the company.

Ring Plus Aqua Shortcomings

The company has not launched any new product in the market for quiet sometime.

Ring Plus Aqua Opportunities

Anticipation of a growing consumer class enhanced ease of doing business, expanding infrastructure—such favourable factors could propel the Indian automobile industry forward. Adjacent industries like aerospace, defence and agricultural machinery are evolving into a promising new market for Indian auto component manufacturers.
In addition, the agricultural machinery market is also expected to grow. The current market is restricted by the high percentage of unorganized retail, use of low-value machines for harvesting and high reliability on labour.
The government’s drive to mechanize agricultural land under its mission on Agricultural Mechanization could amplify the demand for sophisticated machinery. This would in turn prompt the demand for components in sub-segments like thrashers, rotavators, precision agriculture solutions and tractor linkage parts etc.

Ring Plus Aqua Threats

Constantly shifting market dynamics due to changing manufacturing locales, customer demands, operating models and priorities is a big challenge for the company.
Technological improvements and discontinuities are already starting to change revenue pools, trigger new competition and invite new forms of cooperation.
Evolving and increasingly stringent regulations could prompt changing expectations from auto component manufacturers, who might need to rethink their component production to comply with regulatory and other guidelines, such as :-
For emissions: enforcement of BS-VI norms by 2020, discussions on methanol, CNG.
For safety: mandatory ABS (Anti-Lock Braking System) on cars, buses and two-wheelers.
The rise of tariff and non-tariff protection (stringent testing, quality-related barriers), the existence or lack of free trade agreements with certain countries, and other political concerns could impact the business performance of these companies.

Ring Plus Aqua Rating

RECOMMENDATION

Strong Buy

Ring Plus Aqua Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

15/04/2021

Planify Ticker

RPAL

Reg Office: D-3/4, STICE, At post – Musalgaon, Tal-Sinnar, Dist. Nashik – 422112, India

Website: http://www.ringplusaqua.com/

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