MIRA
INFORM REPORT
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Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TAFE ACCESS LIMITED |
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Registered Office : |
35, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.09.1992 |
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Com. Reg. No.: |
23544 |
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CIN No.: [Company
Identification No.] |
U15499TN1992PLC023544 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET01009B |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Agricultural and Farm Implements and Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
35, |
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Tel. No.: |
91-44-28255217/ 28255491/ 28257235 |
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Fax No.: |
91-44-28260224 |
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E-Mail : |
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Head Office : |
68-69, |
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Tel. No.: |
91-44-22552838/ 40 |
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Fax No.: |
91-44-22552839 |
DIRECTORS
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Name : |
Mr. Anantharamakrishnan Sivasailam |
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Designation : |
Director |
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Address : |
80, Dr. Radhakrishnan Salai, Chennai-600004, Tamilnadu |
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Date of Birth/Age : |
24.08.1934 |
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Date of Appointment : |
28.09.1992 |
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Name : |
Mr. Pillapakam B Sampath |
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Designation : |
Director |
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Address : |
31/1, |
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Date of Birth/Age : |
11.10.1944 |
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Date of Appointment : |
28.09.1992 |
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Name : |
Mr. Satyanarain Rao |
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Designation : |
Director |
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Address : |
7/1, |
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Date of Birth/Age : |
19.02.1932 |
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Date of Appointment : |
28.09.1992 |
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Name : |
Ms. Mallika Srinivasan |
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Designation : |
Director |
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Address : |
Westside House, 3, Adyar Club, |
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Date of Birth/Age : |
19.11.1959 |
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Date of Appointment : |
04.05.1994 |
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Name : |
Ms. Jayashree Venkatraman |
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Designation : |
Whole time Director |
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Address : |
80, Dr. Radhakrishnan Salai, Chennai-600004, Tamilnadu |
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Date of Birth/Age : |
25.10.1962 |
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Date of Appointment : |
14.07.2004 |
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Name : |
Mr. S Venkoba Rao |
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Designation : |
Director |
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Address : |
49, |
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Date of Birth/Age : |
02.05.1933 |
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Date of Appointment : |
25.08.1995 |
KEY EXECUTIVES
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Name : |
Mr. Rajagopalan Balasubramanian |
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Designation : |
Company Secretary |
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Address : |
New No.11, Old No.5, |
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Date of Birth/Age : |
05.06.1939 |
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Date of Appointment : |
30.09.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. A Sivasailam |
26610 |
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Ms. Indira Sivasailam |
20010 |
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Ms. Mallika Srinivasan |
20010 |
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Ms. Jayashree Venkatraman |
20010 |
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Tractors and Farm Equipment Limited |
3913330 |
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M L |
15 |
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P B Sampath |
15 |
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Bodies Corporate |
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97.83 |
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Directors or their relatives |
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2.17 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Agricultural and Farm Implements and Accessories. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Sensors |
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60000 |
38486 |
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Ammeter |
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40000 |
31933 |
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OP Gauge |
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42000 |
41062 |
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Temperature Gauge |
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40000 |
35345 |
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Hour Meter |
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40000 |
26139 |
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Speedo Meter |
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120000 |
119366 |
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Assembly Hydraulic Pump |
Nos. |
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70000 |
65213 |
GENERAL INFORMATION
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Facilities : |
Secured Loans
(Rs. In millions) : (As
on 31.03.2005)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
32, |
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Holding Company : |
Tractors & Farm Equipment Limited Amalgamations Private Limited (Ultimate Holding Company) Simpson and Company Limited (Holding company of Tractors and Farm
Equipment Limited) |
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Subsidiaries : |
Tal Precision Parts Limited Fellow
Subsidiaries v
Addison and Company Limited v
v
Amco Batteries Limited v
Amco Power Systems Limited v
Associated Printers Madras Private Limited v
Bimetal Bearings Limited v
George Oakes Limited v
India Pistons Limited v
India Pistons Repco Limited v
Higginbothams Private Limited v
Shardlow India Limited v
Simpson and General Finance Limited v
Amco Properties and Investment Limited v
IP Pins and Liners Limited v
Southern Tree Fars Limited v
Stanes Motors ( v
TAFE Reach Limited v
Stanes Tea and Coffe Limited v
Stnes Tyres and Rubber Products Limited v
The Wheel and Precision Forgings Limited v
The Madras Advertising Company Private Limited v
Speed A Way Private Limited v
Amalgamations Repco Limited v
Stanes Amalgamated Estates Limited v
Wallace Cartwright and Company Limited v
L M Vanmoppes Diamond Tools India Private Limited v
Sri Rama Vilas Service Limited v
T Stanes and Company Limited v
Stanes Agencies Limited v
Associated Publishers ( v
IP Rings Limited v
W J Groom and Company Limited v
TAFE USA Inc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.000 |
40.000 |
40.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
246.171 |
168.968 |
140.945 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
286.171 |
208.968 |
180.945 |
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LOAN FUNDS |
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1] Secured Loans |
125.536 |
99.819 |
78.160 |
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2] Unsecured Loans |
1.335 |
0.000 |
1.622 |
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TOTAL BORROWING |
126.871 |
99.819 |
79.782 |
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DEFERRED TAX LIABILITIES |
0.000 |
3.050 |
13.450 |
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TOTAL |
413.042 |
311.837 |
274.177 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
104.691 |
90.079 |
71.676 |
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Capital work-in-progress |
6.647 |
0.000 |
0.234 |
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INVESTMENT |
1.151 |
1.152 |
1.151 |
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DEFERREX TAX ASSETS |
1.750 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
183.592
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128.831 |
91.855 |
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Sundry Debtors |
187.314
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175.819 |
155.840 |
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Cash & Bank Balances |
152.217
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83.291 |
30.408 |
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Other Current Assets |
6.770
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6.453 |
2.478 |
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Loans & Advances |
55.521
|
28.567 |
24.264 |
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Total
Current Assets |
585.414
|
422.961 |
304.845 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
227.314
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155.711 |
96.203 |
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Provisions |
59.297
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46.644 |
13.526 |
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Total
Current Liabilities |
286.611
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202.355 |
109.729 |
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Net Current Assets |
298.803
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220.606 |
195.116 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.000 |
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TOTAL |
413.042 |
311.837 |
274.177 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2580.439 |
2167.821 |
1641.571 |
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Other Income |
15.307 |
11.221 |
5.092 |
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Total Income |
2595.746 |
2179.042 |
1646.663 |
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Profit/(Loss) Before Tax |
153.158 |
74.867 |
46.567 |
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Provision for Taxation |
0.000 |
28.600 |
22.000 |
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Profit/(Loss) After Tax |
153.158 |
46.267 |
24.567 |
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Imports : |
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Raw Materials |
NA |
26.895 |
6.842 |
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Capital Goods |
NA |
11.735 |
0.000 |
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Total Imports |
NA |
38.630 |
6.842 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
359.730 |
1909.815 |
1470.585 |
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Purchases made for re-sale |
1875.594 |
NA |
NA |
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Salaries, Wages, Bonus, etc. |
58.938 |
45.770 |
34.780 |
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Miscellaneous Expenses |
NA |
6.000 |
2.000 |
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Payment to Auditors |
0.548 |
NA |
NA |
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Interest |
7.048 |
7.719 |
8.689 |
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Insurance Expenses |
2.965 |
NA |
NA |
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Power & Fuel |
9.296 |
NA |
NA |
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Depreciation & Amortization |
14.378 |
16.295 |
8.209 |
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Other Expenditure |
114.091 |
118.575 |
75.832 |
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Total Expenditure |
2442.588 |
2104.175 |
1600.095 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.90
|
2.12 |
1.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.90
|
3.43 |
2.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.19
|
14.59 |
12.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.36 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.45 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.09 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Subject, established in 1992, is a subsidiary of Tractors and Farm Equipment Ltd. Initially, the activities were focused on making available the agricultural implements and tractor accessories which can be hooked to TAFE Tractors, to facilitate productive farming. These products are vended through TAFE Dealer Network.
To meet the need of the farming community for a reliable lubricant for their tractors, TAFE Genuine Oil was formulated and introduced in 1994 in special tamper-proof packs for use throughout the year for both engine as well as for transmission. This product, initially introduced in 5 Litre pack, is made available in more convenient packages like 1 Litre, 5 Litre, 20 Litre and 210 Litre to meet the growing demand for this popular product.
The Company entered the phase of diversification, commencing with the production of Dashboard Instruments in 1995, followed by manufacture of Hydraulic Pumps, both for MF/TAFE tractors. Since then, the Dashboard Instruments are being produced for Heavy Duty Trucks as well as for two-wheelers.
Company’s fixed assets include Buildings on
leasehold land, Plant and Machinery, Computers, Furniture and Fixtures and
Vehicles.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.47 |
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|
1 |
Rs.80.28 |
|
Euro |
1 |
Rs.54.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|