MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERNATIONAL TRACTORS LIMITED |
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Registered Office : |
283, Sonalika House, Agor Enclave, Karkardooma, Delhi 110092 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10.1995 |
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Com. Reg. No.: |
55-073245 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC073245 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDI00124F |
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Legal Form : |
Subject is a closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Tractors and Engines |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 17900000 |
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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 is a well established and reputed company having excellent
track. Trade relations are fair. Available information indicates high
financial responsibility of the Company.
Fundamentals are strong and healthy.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office : |
283, Sonalika House, Agor Enclave, Karkardooma, Delhi 110092, India |
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Tel. No.: |
91-11-22373785 |
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Fax No.: |
91-11-22370492 / 22377472 |
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E-Mail : |
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Website : |
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Factory : |
Village Chak Gujaran, PO Piplanwala, Jalandhar Road, Hoshiarpur - 146001, Punjab, India |
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Tel. No.: |
91-1882-501220 / 501221 / 50223 |
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Fax No.: |
91-1882-501222 / 264062 |
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Regional Offices: |
Ø Ahmedabad Ø Bhopal Ø Delhi Ø Kanpur Ø Patna |
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Export Division |
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Tel. No.: |
91-1882-501523 , 501521 |
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Fax No.: |
91-1882-501523 |
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E-Mail : |
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Marketing
Division Village Chak Gujaran, PO Piplanwala, Jalandhar Road, Hoshiarpur - 146001, Punjab, India |
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Tel. No.: |
91-1882-501286 / 501287 / 501292 |
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Fax No.: |
91-1882-501293 / 264062 |
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For new dealership: |
91-1882-501286 / 501287 |
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Human Resource
Department |
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Tel. No.: |
91-1882-501231 , 501239 |
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Fax No.: |
91-1882-501222 , 264062 |
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E-Mail : |
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24 Hours Contact
Numbers |
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Tel. No.: |
91-1882-501246 |
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Fax No.: |
91-1882-501222 |
DIRECTORS
|
Name : |
Mr. Raman Kumar Mittal |
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Designation : |
Director |
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Address : |
Sonalika Estate, D.C.Road, Hoshiarpur 146001, Punjab, India |
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Tel. No.: |
91-1882-501202 |
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E-mail: |
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Date of Birth/Age : |
29.11.1984 |
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Date of Appointment : |
08.03.2006 |
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Name : |
Mr. Sushant Sagar Mittal |
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Designation : |
Director |
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Address : |
Sonalika Estate, D.C.Road, Hoshiarpur 146001, Punjab, India |
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Date of Birth/Age : |
18.08.1987 |
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Date of Appointment : |
08.03.2006 |
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Name : |
Mr. Bhuwan Kumar Chaturvedi |
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Designation : |
Director |
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Address : |
4503, Phase IV, DLF City, Gurgaon 122009, Haryana, India |
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Date of Birth/Age : |
06.03.1948 |
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Date of Appointment : |
08.03.2006 |
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Name : |
Mr. Laxman Das Mittal |
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Designation : |
Director |
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Address : |
283, Sonalika House, Agcr Enclave, Delhi 110092, India |
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Date of Birth/Age : |
05.11.1930 |
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Date of Appointment : |
17.10.1995 |
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Name : |
Mr. Amrit Sagar Mittal |
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Designation : |
Director |
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Address : |
Sonalika Estate, D.C.Road, Hoshiarpur 146001, Punjab, India |
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Date of Birth/Age : |
03.08.1953 |
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Date of Appointment : |
17.10.1995 |
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Name : |
Mr. Deepak Mittal |
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Designation : |
Managing Director |
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Address : |
Sonalika Estate, D. C. Road, Hoshiarpur 146001, Punjab, India |
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Date of Birth/Age : |
23.03.1960 |
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Date of Appointment : |
17.10.1995 |
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Name : |
Mr. Guy Povie |
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Designation : |
Director |
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Address : |
78/4, Velizy, France |
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Date of Birth/Age : |
06.05.1949 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Ajay Relan |
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Designation : |
Director |
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Date of Birth/Age : |
09.12.1953 |
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Date of Appointment : |
14.06.2005 |
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Name : |
Mr. Ken Araki |
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Designation : |
Director |
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Date of Birth/Age : |
08.10.1957 |
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Date of Appointment : |
15.09.2005 |
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DIRECTORSHIP IN OTHER COMPANIES: |
International Cars and Motors Limited CIN No: U24300DL2003PLC123687 |
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PARTNERSHIP HELD IN PARTNERSHIP FIRM: |
Sonalika Agro Industries Corporation Address: Industrial Estate, Near ITI, Hoshiarpur, Punjab 146001, India
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KEY EXECUTIVES
|
Name : |
Mr. Priya Tosh Sood |
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Designation : |
Secretary |
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Address : |
Sri Krishan Niketan. Tahli Mohalla, Hoshiarpura 146001, Punjab, India |
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Date of Birth/Age : |
01.02.1963 |
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Date of Appointment : |
01.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 08.06.2005
|
Names of Shareholders |
|
No. of Shares |
|
L. D. Mittal |
|
1636925 |
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A. S. Mittal |
|
1536115 |
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Deepak Mittal |
|
1775724 |
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Raj Rani Mittal |
|
2900 |
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Sangeeta Mittal |
|
70100 |
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Neeru Mittal |
|
70100 |
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Sushant Mittal |
|
149800 |
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Geetika Mittal |
|
50000 |
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Sagarika Mittal |
|
200 |
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Rahul Mittal |
|
60000 |
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Raman Mittal |
|
149500 |
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Sonali Mittal |
|
10000 |
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Total |
|
5511364 |
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As on 30.09.2007 |
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Equity Share
Break-up |
|
Percentage of
Holding |
|
Foreign Holdings |
|
31.50 |
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Bodies Corporate |
|
5.00 |
|
Directors or relatives of the Directors |
|
63.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tractors and Engines |
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Products : |
Ø Tractors Ø Engines |
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Brand Names : |
Sonalika |
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Imports : |
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Countries : |
Italy, Denmark and France |
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Exports : |
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Countries : |
Ivory Coast, France, Zimbabwe, South Africa and Sri Lanka. |
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Terms : |
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Selling : |
Cash or Advance basis |
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Purchasing : |
Cash or Credit (30-60 days] |
GENERAL
INFORMATION
|
Suppliers : |
Ø AGRIM Components
Private Limited Ø Automotive and
Industrial Seils Private Limited Ø D. P. Auto
Industries Ø Emmbros Forging
Private Limited Ø Gilard
Electronics Private Limited Ø Eastman Cast and
Forge Limited Ø Haryana Linkages
Private Limited Ø Jainendra
Industries Private Limited Ø Sukata Tractor
Parts Private Limited Ø Osho Tools
Private Limited |
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No. of Employees : |
949 [In factory 652 + In office 297] |
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Bankers : |
Ø
Export
Import Bank of India Floor – 21, Centre 1, World Trade Centre, Cuff Parade, Mumbai 400005, Maharashtra,
India Ø Oriental Bank of Commerce, Roshan Road, Hoshiarpur – 146001, Punjab, India Tel. No. 91-1882-222687/237087 Facility - Cash Credit Rs. 160.00 millions. Ø HDFC Bank Credit Limit: Cash Credit : Rs. 10.951 millions Ø State Bank of India Credit Limit: Demand Loan |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
PK Mangla and Associates Chartered Accountants |
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Address : |
65, AGCR Enclave, Karkardooma, Delhi 110092, India |
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Technical Collaborators : |
Technical Collaboration has been made with Yanmar Asia [Singapore]
Corporation Pte. Limited [Formerly Yanmar Company Limited] |
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Associates/Subsidiaries : |
Ø Renault
Agriculture and Sonalika International, Mauritius Ø RSIAO, Ivory
Coast Ø Auto Industries Ø International
Engineers Ø Agriculture
Industries Ø Sonalika Agro
Industries Corporation Ø D. Trading
Private Limited Ø Sunshine
Components Private Limited Ø Auto Components
Industrial Corporation Ø Sonalika
International Flavours and Fragrance Ø International
Softweb Limited Ø International
Cars and Motors Limited Ø R. G.
Technologies Private Limited Ø Sonalika Capital
Limited Ø P. Engineering Ø Sonalika Farm
Equipment Private Limited Ø Sonalika Private
Limited Ø VVN Trading
Private Limited Ø Sona Softweb Private
Limited Ø Sonalika
Agriculture Industries Ø Adinath Motors
Private Limited Ø International
Autotrac Finance Limited Ø Cllas Motors |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5801436 |
Equity Shares |
Rs. 10/-
each |
Rs. 58.014
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
58.014 |
58.014 |
55.114 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4427.892 |
3706.429 |
2103.946 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
4485.906 |
3764.443 |
2159.060 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
345.646 |
297.248 |
|
|
2] Unsecured Loans |
406.595 |
207.463 |
79.100 |
|
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TOTAL BORROWING |
406.595 |
553.109 |
376.348 |
|
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DEFERRED TAX LIABILITIES |
212.223 |
200.117 |
108.836 |
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|
|
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|
|
|
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TOTAL |
5104.724 |
4517.669 |
2644.244 |
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
1893.403 |
1514.710 |
716.011 |
|
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Capital work-in-progress |
162.743 |
312.684 |
509.489 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
41.401 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2315.416
|
1462.465 |
851.143 |
|
|
Sundry Debtors |
1443.902
|
1366.633 |
1068.353 |
|
|
Cash & Bank Balances |
583.762
|
995.994 |
312.312 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
753.818
|
746.787 |
397.756 |
|
Total
Current Assets |
5096.898
|
4571.879 |
2629.564 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2001.561
|
1851.087 |
1011.479 |
|
|
Provisions |
46.759
|
30.517 |
240.751 |
|
Total
Current Liabilities |
2048.320
|
1881.604 |
1252.230 |
|
|
Net Current Assets |
3048.578
|
2690.275 |
1377.334 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
5104.724 |
4517.669 |
2644.244 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
11121.652 |
9639.598 |
7104.100 |
|
|
Other Income |
135.285 |
107.120 |
121.500 |
|
|
Total Income |
11256.937 |
9746.718 |
7225.600 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1578.965 |
1545.912 |
1201.800 |
|
|
Provision for Taxation |
460.597 |
436.487 |
322.700 |
|
|
Profit/(Loss) After Tax |
1118.368 |
1109.425 |
879.100 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
210.029 |
613.039 |
NA |
|
|
|
|
|
|
|
|
Total Imports |
33.899 |
87.645 |
NA |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Miscellaneous Expenses |
0.000 |
0.009 |
131.200 |
|
|
Excise Duty |
0.000 |
0.000 |
223.600 |
|
|
Power and fuel Cost |
0.000 |
0.000 |
34.400 |
|
|
Employees Cost |
0.000 |
0.000 |
238.200 |
|
|
Selling and Administrative Expenses |
0.000 |
0.000 |
143.800 |
|
|
Material and Direct Cost |
9300.505 |
7710.906 |
5230.700 |
|
|
Operating and other Expenses |
789.430 |
556.750 |
142.300 |
|
|
Increase/(Decrease) in Finished Goods |
[633.982] |
[235.168] |
[207.800] |
|
|
Financial Charges |
33.835 |
51.389 |
12.100 |
|
|
Depreciation & Amortization |
188.184 |
116.920 |
75.300 |
|
Total Expenditure |
9677.972 |
8200.806 |
6023.800 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.93
|
11.38 |
12.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.19
|
16.03 |
16.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.58
|
25.39 |
35.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.41 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.64 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48
|
2.42 |
2.09 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 17th October, 1995 at New Delhi in India having Company Registration Number 55-73245. The company sells its product under the brand name is "Sonalika".
Thirty three years ago, the company had a dream and ever since then, its constant endeavous had been to convert that dream into reality. That dream was to mechanise Indian Agriculture fully, so that Indian Agriculturist with regard to production capacity and technology, should emerge as a pioneer among the agriculturist of the world and with all strength and prosperity, should vigorously move towards future. Especially future that embraces new hopes, new expectations and formidable challenges to advance.
It is in trade terms with:
Ø Iveco, Italy
Ø Saver Derfoss, Denmark
Ø Renault Agri, France
Ø Dana SPA, Italy
Ø Exide Industries Limited, Exide House, 30/1, Jhandewalan Extension, New Delhi - 110 055
Telefax. No. 91-11-23555703
Ø Goodyear India Limited, Mathura Road, Ballabhgarh, Haryana - 121004
Tel. No. 91-129-28869000-11
Fax. No. 91-129-28869051
Ø MRF Limited, 124, Greams Road, Chennai - 600006, Tamilnadu
Tel. No. 91-44-28292777
Fax. No. 91-44-2890623
Ø Premier Instruments & Controls Limited (PRICOL), PB No. 6331, Avinash Road, Coimbatore
Tel. No. 91-422-211520-24
Fax. No. 91-422-210028
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
INTERNATIONAL TRACTORS
LIMITED |
|
Presented By |
P. T. Sood
Company Secretary |
|
1) Date and description of instrument creating the change |
Agreement dated
14.01.2002 regarding bills purchased/discounted |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 20.000
Millions |
|
3) Name and Address and description of the person entitled to the
charge. |
Oriental Bank of
Commerce Roshar Road,
Punjab |
|
4) Date and brief description
of instrument modifying the charge |
NA |
|
5) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
|
Corporate
identity number of the company |
U74899DL1995PTC073245 |
|
Name of the
company |
INTERNATIONAL
TRACTORS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
283, Sonalika
House, AGCR Enclave, Karkardooma, Delhi 110092, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Export Import
Bank of India Floor – 21,
Centre 1, World Trade Centre, Cuff Parade, Mumbai 400005, Maharashtra, India |
|
Date of
instrument Creating the charge |
30.03.2006 |
|
Amount secured by
the charge |
Rs. 197.722
Millions |
|
Description of
the property charged |
Book Debts |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
77 |
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. |
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 |
|