MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TALBROS AUTOMOTIVE COMPONENTS LIMITED |
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Registered Office : |
14/1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.09.1956 |
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Com. Reg. No.: |
05-033107 |
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CIN No.: [Company
Identification No.] |
L29199HR1956PLC033107 |
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Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Manufacturer
of Automotive Components and Industrial Gaskets. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
Relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Factory 1 : |
14/1, |
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Tel. No.: |
91-129-2275434, 2275345 / 4143986 / 7 |
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Fax No.: |
91-129-2277240, 2272263 / 4161562 |
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E-Mail : |
sujat_vora@talbros.com
(President - Operations) ajay_singh@talbros.com (Engineering and OE Sales) sharan_mehta@talbros.com
(Exports) |
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Website : |
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Head Office : |
212, Okhla Industrial Estate, Near Modi Flour Mill, New
Delhi-110020, |
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Corporate Office : |
QH Talbros Limited 400, Udyog Vihar, Phase - III, Gurgaon – 122016, |
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Tel. No.: |
91-124-4002963 / 4 / 5 |
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Fax No.: |
91-124-2439222 / 4002960 |
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E-Mail : |
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Factory 2 : |
22-B, Sidco Industrial Estate, Ambattur, Chennai-600098, |
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Factory 3 : |
Plot No.68, F-11, MIDC, Pimpri, Pune-411018, |
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Forging division : |
Plot No. 39 to 46, Sector-6, Industrial Growth Centre, Bawal,
District Rewari -123501, |
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Tel. No.: |
91-01284-264441- 44 |
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Fax No.: |
91-01284-264440 |
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E-Mail : |
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Stamping and Rubber
division : |
14/1, Mathura Road, Faridabad-121003, |
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Tel. No.: |
91-129-4143986 |
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Fax No.: |
91-129-4161562 |
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E-Mail : |
kk_dora@talbros.com |
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IT division : |
28, Electronic City, Sector-18, Gurgaon-122016, |
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Material division : |
Vill. Atta, Sohna, Gurgaon-122001, |
DIRECTORS
As on 21.07.2010
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Name : |
Mr. Naresh Talwar |
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Designation : |
Chairman |
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Name : |
Mr. Nikhil Talwar |
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Designation : |
Director |
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Date of Birth/Age : |
07.02.1970 |
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Qualification : |
B.Com (H), M. B. A. |
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Experience : |
15 years experience in the Auto Components Industry |
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Date of Appointment : |
15.07.2001 |
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Other Directorship : |
QH Talbros Limited |
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Name : |
Mr. Umesh Talwar |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Anil Kumar Mehra |
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Designation : |
Director |
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Name : |
Mr. Varun Talwar |
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Designation : |
Joint Managing Director and Chief Executive Officer |
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Name : |
Mr. Rajive Sawhney |
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Designation : |
Director |
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Name : |
Mr. V. Mohan |
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Designation : |
Director |
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Date of Birth/Age : |
06.01.1951 |
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Qualification : |
B.Com, FCA |
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Experience : |
Act as a Corporate Advisor for Many Companies |
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Date of Appointment : |
31.03.2004 |
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Other Directorship : |
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Name : |
Mr. Amit Burman |
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Designation : |
Director |
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Name : |
Mr. Brian Williams |
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Designation : |
Director |
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Name : |
Mr. R.P.Grover |
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Designation : |
Senior Vice President (Finance) |
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Name : |
Mr. Navin Juneja |
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Designation : |
Additional Director |
KEY EXECUTIVES
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Name : |
Ms. Seema Narang |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category
of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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1261321 |
10.22 |
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2154136 |
17.45 |
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2010117 |
16.28 |
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5425574 |
43.95 |
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0 |
00.00 |
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Total shareholding of Promoter and
Promoter Group (A) |
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(B)
Public Shareholding |
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87 |
0.00 |
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63995 |
0.52 |
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250000 |
2.03 |
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993120 |
8.04 |
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1307202 |
10.59 |
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1440559 |
11.67 |
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2590040 |
20.98 |
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1151652 |
9.33 |
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75587 |
0.61 |
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287000 |
2.32 |
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27662 |
0.22 |
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527 |
0.00 |
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39827 |
0.32 |
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430603 |
3.47 |
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Total Public shareholding (B) |
6920056 |
56.05 |
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Total
(A)+(B) |
12,345,630 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
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Total
(A)+(B)+(C) |
12,345,630 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Millions BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Automotive Components and Industrial Gaskets. |
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Products : |
Gaskets and Gasket
kits
Rubber and Rubber
Moulded
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Actual
Production |
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Auto Components and Parts |
113949280 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
Notes: * Working Capital Loans from SBI, ICICI and State Bank of ** Term Loans from SBI are secured by first charge on fixed assets of
the Company, excluding specific fixed assets on which other lenders are holding
first charge and equitable mortgage over land & building at *** ECB Loan from ICICI Bank is secured by way of first charge on the
specific fixed assets including movable fixed assets and movable properties
financed out of this loan. Further, secured by second pari-passu charge over
all the existing fixed assets of the Company situated at **** Term Loan from IDBI is secured by first charge on immovable
properties, both present and future and further secured by way of
hypothecation of whole of movable plant and machinery, spares, tools and
accessories and other movables both present and future all ranking pari-passu
of the demerged IT Division.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. N. Dhawan and Company Chartered accountants |
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Address : |
C-37, Connaught Place New Delhi-110001, |
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Joint Ventures : |
Address: Plot No. 125-A, Sector 6, HSIDC Growth,
Centre, Bawal, Rewari, Haryana -
123501. Tel : 91-1284-264204-06 Fax : 91-1284-264311 Email: prashant@leaklesstalbros.com |
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Associates/Subsidiaries : |
Address: 400, Udyog Vihar, Phase-III, Gurgaon -122 016, Tel : 91-124-4002963, 4002964, 4002965 Fax : 91-124-4002960 Email: rajeevmittal@qhtalbros.com munishmalhotra@qhtalbros.com
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CAPITAL STRUCTURE
AS ON 21.07.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Share |
Rs.10/- Each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
12345630 |
Equity Share |
Rs.10/- Each |
Rs. 123.456
Millions |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
123.456 |
123.456 |
123.542 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
622.817 |
576.677 |
587.127 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
746.273 |
700.133 |
710.669 |
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LOAN FUNDS |
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1] Secured Loans |
893.322 |
776.451 |
706.110 |
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2] Unsecured Loans |
219.334 |
181.523 |
126.601 |
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TOTAL BORROWING |
1112.656 |
957.974 |
832.711 |
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DEFERRED TAX LIABILITIES |
65.945 |
72.518 |
52.891 |
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TOTAL |
1924.874 |
1730.625 |
1596.271 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
985.395 |
926.380 |
767.023 |
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Capital work-in-progress |
57.061 |
61.422 |
159.218 |
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INVESTMENT |
53.620 |
53.620 |
54.027 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
600.725
|
480.183
|
449.739 |
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Sundry Debtors |
502.480
|
417.161
|
463.210 |
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Cash & Bank Balances |
30.380
|
29.093
|
51.544 |
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Other Current Assets |
16.591
|
15.764
|
12.729 |
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Loans & Advances |
308.910
|
318.673
|
302.678 |
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Total
Current Assets |
1459.086
|
1260.874
|
1279.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
383.875
|
324.366
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Current Liabilities |
199.885
|
211.506
|
621.815 |
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Provisions |
46.528
|
36.136
|
42.719 |
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Total
Current Liabilities |
630.288
|
572.008
|
664.534 |
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Net Current Assets |
828.798
|
688.866
|
615.366 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.337 |
0.637 |
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TOTAL |
1924.874 |
1730.625 |
1596.271 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2291.434 |
1918.785 |
1747.241 |
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Other Income |
41.717 |
22.381 |
33.067 |
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TOTAL (A) |
2333.151 |
1941.166 |
1780.308 |
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Less |
EXPENSES |
|
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Raw Material Consumed |
1103.746 |
920.154 |
864.581 |
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Purchases - Other Components |
162.254 |
114.553 |
116.042 |
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Manufacturing, Selling, other and Administrative Expenses |
829.775 |
729.748 |
625.847 |
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Increase / decrease in stock |
(54.172) |
(34.043) |
(52.489) |
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TOTAL (B) |
2041.603 |
1730.412 |
1553.981 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
291.548 |
210.754 |
226.327 |
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Less |
FINANCIAL
EXPENSES (D) |
145.544 |
111.689 |
71.780 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
146.004 |
99.065 |
154.547 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
91.819 |
88.179 |
69.774 |
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PROFIT BEFORE
TAX (E-F) (G) |
54.185 |
10.886 |
84.773 |
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|
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Less |
TAX (I) |
6.457 |
27.137 |
17.031 |
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PROFIT AFTER TAX
(G-I) (J) |
60.642 |
(16.251) |
67.742 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.000 |
110.473 |
NA |
|
|
|
|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
0.000 |
-- |
|
|
|
Proposed Dividend |
12.346 |
6.173 |
-- |
|
|
|
CorporateTax on Dividend |
2.050 |
1.049 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
128.246 |
87.000 |
NA |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
247.091 |
334.167 |
251.149 |
|
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TOTAL EARNINGS |
247.091 |
334.167 |
251.149 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
282.057 |
271.679 |
|
|
|
Plant and Machinery |
-- |
28.335 |
34.672 |
|
|
|
Tools and Dies |
-- |
2.750 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
313.142 |
306.351 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.91 |
(1.34) |
5.95 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
687.970 |
750.980 |
734.660 |
|
Total Expenditure |
609.160 |
665.810 |
642.110 |
|
PBIDT (Excl
OI) |
78.810 |
85.170 |
92.550 |
|
Other Income |
2.320 |
2.300 |
2.200 |
|
Operating
Profit |
81.130 |
87.460 |
94.750 |
|
Interest |
38.700 |
39.210 |
41.440 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
42.430 |
48.250 |
53.310 |
|
Depreciation |
25.570 |
27.290 |
27.530 |
|
Profit
Before Tax |
16.860 |
20.970 |
25.780 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
16.860 |
20.970 |
25.780 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
16.860 |
20.970 |
25.780 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.60 |
0.84 |
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.36 |
0.57 |
4.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.22 |
0.50 |
4.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.02 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.34 |
2.19 |
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31 |
2.20 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL REVIEW
They would recall that during 2008-09 the global economy
experienced worlds worst economic
downturn since the Great Depression and
The Indian economy based on its inherent resilience coupled with
significant domestic demand comprising of about 70% of their GDP, bounced back
in the beginning of 2009-10. Stimulus
packages announced by the Government and
softening of interest rates rekindled demand for automobile companies.
In the face of such challenges, the company with the advantage of
holding the highest share in the Indian Gasket Industry, resorted to various
austerity and innovative measures so as to insulate its profitability and
achieve steady growth. Expenses were pruned, wherever possible, and capital
investments were deferred, baring strategic investments.
They would notice that as a result of the concerted efforts put in by
the management, there has been a growth of over 15% in the gross turnover of
the company to reach at Rs. 2470.200 millions as against Rs. 2144.900 millions
in the previous year.
It may be pertinent to note that
the core business of the company, i.e., manufacturing and supply of gaskets
registered a handsome turnover growth of about 30% over the previous year.
The are committed to continuously upgrade their technology and add new
parts to their product range. During the year under review, the company
introduced new domestic customers at its Forging plant and successfully developed new components at its Sheet metal
Division for Maruti- Suzukis new models and achieved a single source status.
The dedicated efforts put in by the
team have not only combated the effects of the downturn but also boosted the
profitability of the company. The net profit before tax jumped from Rs. 10.887
millions in the previous year to Rs. 54.186 millions in the year under review
registering a growth of about 400%.
The future is more challenging
but exciting and full of promises. Export markets particularly in
TRANSFER OF UNPAID
DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
The Company shall, in accordance with Section 205C of the Companies Act,
1956, transfer the unclaimed dividend for the year 2002-03 standing unpaid for
a period of seven years to Investor Education and Protection Fund on or 24th
October 2010.
The shareholders who have not encashed the dividend warrant(s) so far
the financial year 2002-03 or any subsequent dividend payments are requested to
lodge their claims to the Company. Members who have so far
not claimed the unpaid dividend
for the year 2002 -03 are being intimated.
NEW INITIATIVES
NEW GASKET MANUFACTURING PLANT:
The company went ahead with the strategic investment in Uttrakhand state
and set up its 4th gasket manufacturing plant in
NEW BUSINESS:
The company also forged a new Technical Assistance Agreement with Sanwa
Packaging Company Limited.,
DEVELOPMENT OF NEW MATERIALS:
their Company has successfully developed Non-Asbestos Beater Addition
Jointings, one of the raw materials required for manufacturer of gaskets, with
the technical support from Ahlstrom Altenkirchen Gmbh,
BOARD OF DIRECTORS
In accordance with the provisions of Sections 255 and 256 of the
Companies Act, 1956 and the Articles of Association of the company, Mr. Nikhil
Talwar and Mr. V. Mohan, directors of the Company, retire by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for re-
appointment.
JOINT VENTURE
COMPANY
In line with the Accounting Standard 27 (AS 27) relating to Financial
Reporting of interests in Joint Ventures, the Consolidated Financial Statements
comprise of the operating results of the company and 40% share in the operating
results of the Joint Venture company. Consolidated Revenue from Operations (Net
sales) grew by 20.6 % to Rs. 2465.200 millions as compared to Rs. 2043.100
millions in the previous year. The consolidated net profit after tax for the
year has been Rs. 87.642 millions as compared to Rs. 6.437 millions in the
previous year.
The JV Company during the year has set up a new facility at Begampur,
near Haridwar, primarily to cater to the demands of Hero Honda in the State of
Uttrakhand will further add to the profitability of the JV company.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The Overall auto industry has revived during the year 2009-10 after
experiencing an exceptional and major recessionary situation in the second half
of the previous year affecting not only
The Highlights of the company’s performance during the year on a
consolidated basis are:
Ř
The Consolidated Revenue from Operations (Gross)
wont up by 163% from Rs. 2313.600 millions in the previous year to
Rs.269040.000 millions,
Ř
Consolidated earning before Interest. Depreciabon
and Taxes jumped from Rs 248.700 millions during 2008-09 to Rs. 337.800
millions in the year 2009-10 registering a handsome growth of about 36%.
Ř
The consolidated net profits after tax which were
mere Rs. 6.400 millions in the previous year due to the global turmoil, bounced
back to reach Rs, 87.600 millions nullifying the effect of slow down.
INDUSTRIAL
STRUCTURE AND DEVELOPMENT
The automobile industry in
CURRENT YEAR
OUTLOOK
In 2009
Several Indian automobile manufacturers such as TATA Motors, Maruti
Suzuki and Mahindra and Mahindra , expanded their domestic and international
operations.
According to Blooberg LP., in 2009
Presently, there are six electric car manufacturers in India, Tate,
Reva, Hero Electric, Tara International, Mahindra and Ajanta group and in the
years to come the demand for such cars is expected to go up significantly.
FINANCIALAND
OPERATIONAL PERFORMANCE
During the financial year 2009-10, the company achieved total revenue from
operations of Rs 2470.200 millions being, 15% higher than the previous year
figure of Rs. 2144.900 millions on stand-alone basis. Earning before Interest,
Depreciation, Taxes arid Amortization fEBIDTA) registered a growth of 38.3%
over the previous year and reached to Rs.291.500 millions as against Rs.210.800
millions in the previous year.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
Quarter Ended 31st
December,2010 Reviewed |
Up to 31st December,2010
Reviewed |
|
Operating Income |
|
|
|
Gross sales / Income from Operations |
794.874 |
2371.620 |
|
Less: Excise Duty / Sale Tax recovered |
67.334 |
207.716 |
|
a) Net Sales / Income from Operations |
727.540 |
2163.904 |
|
b) Other Operating Income |
7.122 |
9.711 |
|
Total Operating Income |
734.662 |
2173.615 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(27.133) |
(97.928) |
|
(b) Consumption of Raw Materials |
470.903 |
1399.975 |
|
(c) Employees Cost |
89.824 |
266.812 |
|
(d) Depreciation |
27.533 |
80.388 |
|
(e) Other Expenditure |
108.518 |
348.226 |
|
Total Expenditure |
669.645 |
1997.473 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
65.017 |
176.142 |
|
Other Income |
2.201 |
6.817 |
|
Profit/(Loss) before Interest and Exceptional items |
67.218 |
182.959 |
|
Interest |
41.439 |
119.348 |
|
Profit / (Loss) after interest before Exceptional items |
25.779 |
63.611 |
|
Deferred Interest |
0.000 |
0.000 |
|
Net Profit/(Loss) after exceptional item |
25.779 |
63.611 |
|
Tax Expenses |
0.000 |
0.000 |
|
Net Profit/(Loss) after tax |
25.779 |
63.611 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
123.456 |
123.456 |
|
Public Share
Holding |
|
|
|
Number of Shares |
6920056 |
6920056 |
|
Percentage of Shareholding |
56.05% |
56.05% |
|
Promoters and Promoter group share holding |
|
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
5425574 |
5425574 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
43.95% |
43.95% |
Note :
- the above consolidated
financial results were reviewed by the adult committee and approved by the
board of directors in their meeting held on 11.02.2011 and have been
subjected to “Limite Review” by the statutory Auditors of the Company.
- The
consolidated results are prepared on the basis of proportionate
consolidation as per the accounting standards (As-27) after considering
financial results of JV Company Nippon Leakless Talbros Private Liomited
- the compan’s
operations comprise of two segments viz ‘Auto Components and parts’
and ‘IT Activities’. IN terms of
the disclosure requirements of the accounting standard (As-17) Segment
reporting the IT segment does not fall under the purview of reportable
segment.
- Provision for
leave encashment and future gratuity liability are being made on
estimated basis. Additional
liability, if any as per the revised accounting standard-15 “(Revised) –
employee benefits” shall be taken in to account at the end of the
financial year.
- provision for
deferred tax, if any will be made at the end of the financial year.
- No investor
complaints were pending at the beginning of the quarter. However, 6
complaints were received and resolved during the quarter as on 31.12.2010,
no complaints were pending.
- Figures for
the corresponding previous period/year have been regrouped and rearranged,
wherever considered necessary
- Standard
results are available for perusal on company’s website, www.talbros.com as well as on stock exchange
website, www.nseindia.com and www.bseindia.com . the key financials
on standalone basis are as under :-
|
Particulars (Rs.in million) |
Quarter ended
31.12.2010 Reviewed |
Upto 31.12.2010 Reviewed |
Year Ended
31.03.2010 Audited |
|
Income from operations (net sales) |
727.540 |
2163.904 |
2291.434 |
|
Profit before tax |
25.779 |
63.611 |
54.186 |
|
Profit after tax |
25.779 |
63.611 |
60.643 |
Fixed Assets
- Land
-Freehold
-Leasehold
- Buildings
- Plant, Machinery and Equipments
- Motor Vehicle
- Furniture, Fixtures and Office Equipments
- Electrical Installations
- Air-Conditioning Plant
- Tube-Well
Contingent Liabilities:
1. Bills discounted with
Banks Rs.20.831 Millions (Previous year Rs. 3.258 Millions).
2. Demands disputed
by the Company and not provided for:
(Rs.
In Millions)
|
Sr. no. |
|
Nature of Dues |
Ason 31.03.2010 |
|
1 |
Central Excise |
Classification of paper gasket |
1.417 |
|
2 |
Central Excise |
Cenvat credit Disallowed |
0.164 |
|
3 |
Service Tax |
Cenvat credit Disallowed |
3.952 |
|
4 |
Central Excise |
Interest on Cenvat credit |
0.000 |
|
5 |
Central Excise |
Interest on Excise duty |
0.000 |
|
6 |
Central Sales Tax |
Central Sales Tax |
0.119 |
|
7 |
Central Excise |
Demand on Assessable Value |
3.839 |
|
8 |
E.S.I. |
ESI Demand (Includes Rs.0.434 million paid under protest) |
1.236 |
|
9 |
Income Tax |
Income Tax Demand |
0.448 |
|
10 |
Demand from HSIIDC |
Demands for enhancement of land cost by HSIIDC |
8.689 |
|
11 |
High Court, Mumbai |
Fees for Building
Work |
0.205 |
|
12 |
Demand From Buiolding Contractor |
Disputed amount for building work |
1.409 |
|
Total |
21.478 |
||
3. Guarantees
executed in favour of Customs / Excise / Sales Tax / Customers amounting to
Rs.2.375 Millions (Previous Year Rs.1.947 Millions)
4. Corporate
Guarantee executed in favour of ICICI Bank Limited amounting to Rs. 87.300
Millions (USD 1.91 Millions) {Previous Year Rs. 96.500 Millions (USD 1.91 Millions)}
against term borrowing of QH Talbros Limited, an Associate Company.
AS PER WEB DETAILS
PROFILE
Subject is the flagship manufacturing company of the Group was established in the year 1956 to manufacture Automotive and Industrial Gaskets in collaboration with Coopers Payen of UK, now Federal Mogul Sealing Systems (Slough) Limited, UK.
Today, after 50 successful years, Subject stands proud and tall as a mother brand of gaskets, steering and suspension components, stampings, rubber products and forgings.
Talbros Group has strong partnerships formed with global giants. Notable among
the joint venture partners are Federal Mogul-USA, Nippon Leakless Corporation
–Japan, Affinia Group –
While their symbiotic relationship with their Global partners have kept us
abreast with innovations within the field, their long and fruitful association
with them bears witness to the trust and solidarity that Talbros name is
synonymous with.
Their Research and Development Centres showcase their design capabilities
including endurance, static and simulated environment testing. Today, their
manufacturing prowess spans over 6 business and 12 facilities.
The largest OEMs like Ashok Leyland, Bajaj Auto, Cummins Group, Eicher India,
Escorts Group, Force Motors, General Motors, Hero Honda, Honda, Hyundai, John
Deere, Mahindra and Mahindra, Maruti Suzuki, Suzuki, TAFE, Tata Motors, Tata
Cummins, Simpsons and international corporates like Affinia Automotive are their
proud customers.
The Group companies are TS 16949 and ISO 14001 certified.
Talbros Group portfolio also includes Mercedes Benz dealership for passenger
cars.
Subject, where it is today is due to the excellence of its product offerings,
commitment to quality, attention to detail and professional approach. Today
they can design, develop and manufacture products as per customer requirements
competitively.
PARTNERS
The Talbros Group is the result of strong partnerships formed with
global giants. Notable among their joint venture partners are Federal Mogul (
While their symbiotic relationships with their partner firms have kept
us abreast with innovations within the field, their long and fruitful
associations with them bears witness to the trust and solidarity that the
Talbros name is synonymous with.
CUSTOMERS
The largest Indian OEMs like Ashok Leyland, Bajaj Auto, Cummins, Eicher
Group, Escorts Group, Force Motors, General Motors, Hero Honda, Honda, Hyundai,
John Deere, Mahindra and Mahindra, Maruti Suzuki, Suzuki, TAFE, Tata Motors,
Tata Cummins and international corprates like Arvin Meritor (USA), Carraro
(Italy), Quinton Hazell Automotives (UK) and Saipa Group (Iran) are their proud
customers.
Transforming products into industry benchmarks requires expertise and intense
belief in one's own abilities. Their Research and Development Centres showcase
their design and testing capabilities including endurance, static and simulated
environment testing. Today, their manufacturing prowess spans over six product
businesses and 12 facilities. Their customer’s trust in their products bears
testimony to their impeccable quality and uncompromising manufacturing
standards.
HISTORY
1956 - The Company was incorporated as on 8th
September, at
1973 - Till now 62,500 `A' Equity and 1, 87,500 `B' Equity shares issued as bonus shares as follows: on 27th May, 1963 prop. 1:2; on 6th August 1966 prop. 2:3; on 26th June 1970 prop. 1:3.
1974 - The Company received an industrial licence to expand the capacity of gaskets by 30 million nos. In order to implement Chennai unit, the company undertook to set up a new unit in the SIDC Industrial Estate at Ambattur, Chennai. - 25,000 `A' Equity and 75,000 `B' Equity shares allotted as bonus shares on 12th July 1975 both in prop. 1:4.
1977 - AEW Janson, Limited, a company engaged in the manufacture of hydraulic jakhs and shock absorbers, was amalgamated with the Company with effect from 1st September. - In terms of the scheme of amalgamation, members of AEW Janson, Limited were allotted 75,358 No. of equity shares of Rs. 10 each of the Company without payment in cash besides a cash payment of Rs. 3,525 towards fractional entitlements. - A and B Equity shares merged. 75,350 shares issued without payment in cash to members of AEW Janson, Limited on its merger.
1979 - The name of the Company was changed to Talbros Automotive Components, Limited with effect from 7th April.
1980 - Simultaneously with the public issue of equity shares during May, then existing shareholders offered for sale to the public out of their holdings 60,000 No. of equity shares of Rs. 10 each at a premium of Rs. 6 per share.
- 1, 24,642 shares issued (prem. of Rs. 5 per share); 9,642 shares reserved and allotted to employees and business associates and 1, 15,000 shares offer to the public during May.
1981 - A new project was undertaken for the manufacture of industrial gaskets for which SPICOT sanctioned.
1985 -
In an agreement between the Company and Payen International. Limited
1986 - The Company privately placed with L.I.C. G.I.C. and its subsidiaries 30,000 - 15% redeemable non-convertible debentures of Rs. 100/- each for an aggregate value of Rs. 30 Lacks redeemable in full in 1993 at premium of Rs. 5/- per debenture.
- As on 31st December, land and
buildings at Chennai and
- According to the scheme of arrangement between the company And Talbros Engineering Limited. was to be issued to the shareholders of the Talbros Automotive Components Limited
1987 - 2, 80,000 bonus equity shares issued in prop. 2:5.
1988 - The Company registered substantial growth in the production of gaskets and rear axle shafts.
- The Company had drawn up plans for the second phase of modernisation of the existing plants and setting up of new units. Another unit for manufacture of material for captive consumption was being set up at Sohna, near Gurgaon, Haryana.
- 4, 20,000 Rights equity shares issued at par in prop. 3:7 during November-December.
1989 - Turnover improved by 25% on an annualised loans exports also reached a record figure.
1994 - 2, 42,858 No. of equity shares allotted to Engineering Compondents Limited U.K. at a premium of Rs. 83.75 per share in the basis of preferential issue.
2005 -TACL enters into JV with Nippon Leakless of Japan on January 31, 2005
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.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.