MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRACTOR ENGINEERS LIMITED |
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Registered Office : |
L and T House,
Ballard Estate, Mumbai - 400
001, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
18.09.1952 |
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Com. Reg. No.: |
11 – 8893 |
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Capital
Investment / Paid-up Capital : |
Rs.68.000 millions |
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CIN No.: [Company
Identification No.] |
U28920MH1952PLC008893 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT08847G |
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PAN No.: [Permanent
Account No.] |
AAACT4499B |
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Legal Form : |
A Closely held Public Limited Liability Company. The company is a subsidiary of Larsen and Toubro Limited |
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Line of Business : |
Manufacturer of Parts of Earth Moving Machinery, Oil Material Handling Equipments and Field Equipments. |
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No. of Employees
: |
150 (In Office) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 1420000 |
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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 a subsidiary of Larsen and Toubro Limited, country’s premier
industries house having excellent track. The company has improved its
performance in the year 2010-11. 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 good for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Jakatia |
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Designation : |
Finance Head |
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Contact No.: |
91-9011012480 |
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Date : |
16.08.2011 |
LOCATIONS
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Registered Office : |
L and T House, Ballard
Estate, Mumbai – 400 001, |
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Tel. No.: |
91-22-67525656 |
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Mobile No.: |
91-9011012480 (Mr. Sanjay Jakatia) |
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Fax No.: |
91-22-67525893 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. fts |
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Location : |
Owned |
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Corporate Office / Factory 1 : |
Krislon House, 4th Floor, Krishnalal Marwah Marg, Off Saki Vihar Road, Saki Naka, P. O. Box 8913, Mumbai – 400 072, Maharashtra, India |
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Tel. No.: |
91-22- 1-022-6770 1605 / 25 / 27 |
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Fax No.: |
91-22- -022- 6770 1635 |
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Area : |
31215 sq. fts |
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Location : |
Owned |
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Factory 2 : |
A-600, TTC Industrial Area, MIDC, (Non Operational Since September, 2000) |
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Area : |
20000 sq. fts |
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Location : |
Owned |
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Factory 3 : |
A-8, Talegaon Ind.
Area, MIDC, Village Nav Lakh Umbre,
Taluka Mawal, Dist. Pune, Talegaon Dabhade – 410 507, Maharashtra, India. |
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Area : |
20 Acres |
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Location : |
Leased |
DIRECTORS
AS ON 19.05.2011
|
Name : |
Mr. Jagdish Pandurang Nayak |
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Designation : |
Director |
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Address : |
Gilder House 67-F, |
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Date of Birth/Age : |
13.11.1943 |
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Date of Appointment : |
19.08.1999 |
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Din No.: |
00001644 |
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Name : |
Mr. Vipin.J. Shukla |
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Designation : |
Director |
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Address : |
501 |
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Date of Birth/Age : |
21.04.1950 |
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Date of Appointment : |
15.09.2005 |
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Din No.: |
00010544 |
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Name : |
Mr. Sadagopan T. Raghavan |
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Designation : |
Director |
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Address : |
T2/302, Emerald Green Apts, 108, 6th Main, 8th
Cross, |
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Date of Birth/Age : |
25.03.1946 |
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Date of Appointment : |
23.12.2006 |
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Din No.: |
00002647 |
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Name : |
Mr. Sunil Kumar Mittra |
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Designation : |
Director |
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Address : |
A003/A004, Victorian Heaven, 139/27, Petelrama Reddy Road,
Bangalore – 560071, Karnataka, India |
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Date of Birth/Age : |
01.10.1949 |
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Date of Appointment : |
23.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Natrajan Kannan |
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Designation : |
Manager |
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Address : |
A-405, Oberoi Park View, Thakur Villege, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
16.11.1960 |
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Date of Appointment : |
08.04.2011 |
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Name : |
Mr. Vishesh Parasram Jethmalani |
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Designation : |
Manager |
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Address : |
301, Florentine, |
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Date of Birth/Age : |
03.02.1951 |
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Date of Appointment : |
15.09.2005 |
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Pan No.: |
AACPJ1606M |
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Name : |
Mr. Kumar Manoj Harlalka |
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Designation : |
Company Secretary |
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Address : |
C-302, The residency, Dadaji Hickson Colony, Vishweshwar, Nagar,
Goregaon East, Mumbai – 400063, |
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Date of Birth/Age : |
13.09.1973 |
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Date of Appointment : |
18.12.2009 |
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Pan No.: |
AANP3174M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.05.2011
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Names of Shareholders |
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No. of Shares |
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Larsen and Toubro Limited, Mumbai |
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67994 |
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Nayak Pandurang Jagdish and Larsen and Toubro Limited, Mumbai |
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1 |
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Shukla Jyotindra Vipin and Larsen and Toubro Limited, Mumbai |
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1 |
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Raghavendra Thathachi Sadgopan and Larsen and Toubro Limited, Mumbai |
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1 |
|
Ramamurthi Shankat Raman and Larsen and Toubro
Limited, Mumbai |
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1 |
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Narayanswamy Hariharan and Larsen and Toubro
Limited, Mumbai |
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1 |
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Mittra Sunil Kumar and Larsen and Toubro Limited, Mumbai |
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1 |
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Total |
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68000 |
Equity Shares Break up
AS ON 19.05.2011
|
Category |
Percentage |
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|
Bodies Corporate |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Parts of Earth Moving Machinery, Oil Material Handling Equipments and Field Equipments. |
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Products : |
Item Code No |
Product Description |
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84.31 |
Parts of Earth Moving Machinery Material Handling equipment Oil equipment |
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Exports : |
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Countries : |
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Imports : |
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Products |
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Countries |
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Terms : |
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Purchasing : |
L/C, Credit |
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Selling : |
L/C, Credit (Advance) |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
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*Installed
Capacity |
Actual
Production |
|
Under Carriage Parts |
Sets |
|
20000* |
-- |
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Form of Sets |
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|
-- |
58580 |
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Loose Parts |
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-- |
239661 |
* As certified by a Director on which
certificate the auditors have placed reliance
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (In Office) (Approximately) |
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Bankers : |
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Facilities : |
CC : Rs. 350.000 Millions – Non Fund Base Fun Base : Rs. 190.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address: |
Ravindra Annexe, 194, Churchgate Reclamation, |
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Tel. No.: |
91-22-22047722/23 |
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Fax No.: |
91-22-66338352 |
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E-Mail : |
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Holding Company (2010): |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
70000 |
Equity Shares |
Rs.1000/- each |
Rs.70.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
68000 |
Equity Shares |
Rs.1000/- each |
Rs.68.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
68.000 |
68.000 |
68.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
285.941 |
198.324 |
191.575 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
353.941 |
266.324 |
259.575 |
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LOAN FUNDS |
|
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1] Secured Loans |
32.282 |
564.560 |
825.548 |
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2] Unsecured Loans |
490.013 |
290.037 |
310.057 |
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TOTAL BORROWING |
522.295 |
854.597 |
1135.605 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
876.236 |
1120.921 |
1395.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
340.171 |
372.521 |
384.372 |
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Capital work-in-progress |
2.925 |
2.926 |
22.055 |
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INVESTMENT |
0.137 |
0.137 |
0.137 |
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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 |
454.690
|
501.261
|
777.435
|
|
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Sundry Debtors |
367.684
|
496.734
|
348.430
|
|
|
Cash & Bank Balances |
1.296
|
10.213
|
3.379
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
85.455
|
177.754
|
256.206
|
|
Total
Current Assets |
909.125
|
1185.962
|
1385.450
|
|
|
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Sundry Creditors |
366.326
|
429.254
|
326.261
|
|
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Others Current Liabilities |
|
0.102
|
24.266
|
|
|
Provisions |
9.796
|
11.269
|
46.458
|
|
Total
Current Liabilities |
376.122
|
440.625
|
396.985
|
|
|
Net Current Assets |
533.003
|
745.337
|
988.465
|
|
|
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.151 |
|
|
|
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|
|
|
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TOTAL |
876.236 |
1120.921 |
1395.180 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
|
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Income |
1709.075 |
1329.225 |
1669.229 |
|
|
|
Other Income |
7.144 |
74.850 |
4.222 |
|
|
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TOTAL
(A) |
1716.219 |
1404.075 |
1673.451 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials, manufacturing and operating expenses |
1359.732 |
1130.276 |
1475.606 |
|
|
|
Staff expenses |
91.891 |
66.735 |
167.619 |
|
|
|
Sales, administration and other expenses |
97.597 |
115.602 |
142.225 |
|
|
|
Amortization of Intangible Assets |
0.822 |
0.864 |
1.544 |
|
|
|
TOTAL (B) |
1550.042 |
1313.477 |
1786.994 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
166.177 |
90.598 |
(113.543) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.699 |
52.622 |
92.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
130.478 |
37.976 |
(206.174) |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.662 |
31.227 |
33.025 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
103.816 |
6.749 |
(239.199) |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
16.200 |
0.000 |
(1.199) |
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|
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|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
87.616 |
6.749 |
(238.000) |
|
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.865 |
11.116 |
249.116 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
105.482 |
17.865 |
11.116 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
73.634 |
388.214 |
|
|
|
Service Fees |
NA |
9.524 |
NA |
|
|
TOTAL EARNINGS |
NA |
83.158 |
388.214 |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
99.769 |
312.856 |
|
|
TOTAL IMPORTS |
NA |
99.769 |
312.856 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.288 |
99.00 |
(3500.00) |
|
The above information has been parted by Mr. Sanjay Jakatia.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.10
|
0.48 |
(14.22) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.07
|
0.51 |
(14.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.30
|
0.43 |
(13.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.03 |
(0.92) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.53
|
4.86 |
5.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.69 |
3.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions )
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Due to Micro and Small Enterprises |
|
0.101 |
0.022 |
|
Others |
Available
|
429.153 |
326.239 |
|
|
|
|
|
|
Total |
NA
|
429.254 |
326.261 |
YEAR
IN RETROSPECT/ PERFORMANCE OF THE COMPANY(2010) :
Sales and other income for the financial year under review were Rs.1404.100 Millions as against Rs.1673.500 Millions for the previous financial year.
The Company has shifted its entire manufacturing operation from Powai works to Taiegaon works subsequently to closure of its Powai works on 17th April, 2009. During the year company has taken suitable action for shifting /disposal of its plant and machinery and inventory. Adequate provisions for write down in value of fixed assets related to Powai have been provided.
NOTE :
As Confirmed by Mr. Saraf, Accounts Manager their Navi Mumbai Factory is not
currently working which was located at MIDC, Shilmahape Road, Navi Mumbai –
400701.
TRADE REFERENCES:
- Kalyani
Steels Limited
- JCB India
Limited
FORM 8:
|
Corporate
identity number of the company |
U28920MH1952PLC008893 |
|
Name of the
company |
TRACTOR ENGINEERS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House,
Ballard Estate, Mumbai – 400001, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
CANARA BANK |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Creating the charge |
04/03/2011 |
|
Amount secured by
the charge |
Rs.540.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 18.5% OR as
decided by the bank from time to time Terms of
Repayment On Demand Margin As agreed by the
bank from time to time Extent and
Operation of the charge 100% Others Above Is To
Secure Occ / Odbd Limit Of Rs.350.000 Millions (Sub Limit Be/Cdb Rs.200.000
Millions And Pc / Pcfc / Fdb/ Fbe / Brd Rs.50.000 Millions) And Ilc / Flc (Da
/ Dp) Bg Limit Of Rs.190.000 Millions Aggregating To Rs.540.000 Millions |
|
Short particulars
of the property charged |
First Charge On
All Stocks And Book Debts Both Present And Future |
|
Particulars of
the present modification |
Extent Of Operation
Of Charge Reduced From Rs.620.000 Millions To Rs. 540.000 Millions I.E. Occ /
Odbd Limit Of Rs. 350.000 Millions (Sub Limit Be/ Cdb Rs. 200.000 Millions
And Pc / Pcfc / Fbd / Fbe / Brdrs.50.000 Millions And Ilc/ Flc ( Da/ Dp ) /
Bg Limit Of Rs.190.000 Millions |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Land – Leasehold
- Specialised Software
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. 45.61 |
|
|
1 |
Rs. 75.32 |
|
Euro |
1 |
Rs. 65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.