1. Summary Information
|
|
|
Country |
|
|
Company Name |
Addison and
Company Limited |
Principal Name 1 |
Mr. Anantharamakrishnan Sivasailam |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. J. Sankaran |
|
|
|
Registration # |
18-000008 |
|
Street Address |
803, Anna Salai,
Post Box 308, Chennai – 600 002, |
||
|
Established Date |
26.11.1914 |
SIC Code |
-- |
|
Telephone# |
91-44-30277020 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-30277020 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Twist Drills |
|
|
# of employees |
NA |
Product Name 2 |
Milling Cutters and End Mills |
|
Paid up capital |
Rs.54,000,000/- |
Product Name 3 |
Reamers |
|
Shareholders |
Bodies corporate (100.00%) |
Banking |
Central Bank of
India Limited |
|
Public Limited Corp. |
No |
Business Period |
97 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country |
Company
Name |
CEO |
|
Associates
|
|
Amalgamations Valeo Clutch Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
471,168,000 |
Current Liabilities |
411,951,000 |
|
Inventories |
1,567,333,000 |
Long-term Liabilities |
1,609,764,000 |
|
Fixed Assets |
632,752,000 |
Other Liabilities |
108,453,000 |
|
Deferred Assets |
000 |
Total Liabilities |
2,130,168,000 |
|
Invest& other Assets |
4,369,000 |
Retained Earnings |
491,454,000 |
|
|
|
Net Worth |
545,454,000 |
|
Total Assets |
2,675,622,000 |
Total Liab. & Equity |
2,675,622,000 |
|
Total Assets (Previous Year) |
2,464,755,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,719,947,000 |
Net Profit |
43,118,000 |
|
Sales(Previous yr) |
1,634,573,000 |
Net Profit(Prev.yr) |
30,980,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADDISON AND COMPANY LIMITED (w.e.f. 29.03.1961) |
|
|
|
|
Formerly Known
As : |
ADDISON AND COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
803, Anna Salai, Post Box 308, Chennai – 600 002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
26.11.1914 |
|
|
|
|
Com. Reg. No.: |
18-000008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.54.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28939TN1914PLC000008 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA00049A |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of Cutting Tools |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
803, Anna Salai, Post Box 308, Chennai – 600 002, |
|
Tel. No.: |
91-44-30277020 For Domestic Tel. : 91-44-37180030 / 37180035 E-Mail : customercare@addisonmail.com For Export Tel. : 91-44-37180005 E-Mail : cn@addisonmail.com |
|
Fax No.: |
91-44-30277020 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
F65B, |
|
Tel. No.: |
91-44-37180009 |
|
Fax No.: |
91-44-37180010 |
|
|
|
|
Branch Office 1
: |
Ahmedabad Branch A/704,
Wall Street, Nr Gujrat College, (Opp. to Orient Club), Tel.
: 91-79-30072595 Fax
: 91-79-30072590 |
|
|
|
|
Branch Office 2
: |
3rd
Floor, Tower Block, Tel.
: 91-80-22273547 Fax
: 91-80-22130647 |
|
|
|
|
Branch Office 3
: |
3E/10,
Jhandewalan Extension, Tel.
: 91-11-30580116 (10 Lines) Fax : 91-11-23625094 |
|
|
|
|
Branch Office 4
: |
B-XV/135,
G.T.Road, Miller Ganj, Tel.
: 91-161-2534375 Fax : 91-161-3048301 |
|
|
|
|
Branch Office 5
: |
Mumbai Branch 141,
Shreejee Chambers, Opera House, Mama Paramanand Marg, Mumbai – 400 004, Tel.
: 91-22- 23614692 Fax : 91-22- 23632176 |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Kariangal Vasanth Shetty |
|
Designation : |
Additional Director |
|
Address : |
10, |
|
Date of Birth/Age : |
04.02.1934 |
|
Date of Appointment : |
02.05.2011 |
|
DIN No.: |
00001588 |
|
|
|
|
Name : |
Mr. Anantharamakrishnan Krishnamoorthy |
|
Designation : |
Director |
|
Address : |
‘Kalyani Mahal’, No. 1, |
|
Date of Birth/Age : |
26.09.1937 |
|
Date of Appointment : |
29.01.2011 |
|
DIN No.: |
00001778 |
|
|
|
|
Name : |
Mr. Anantharamakrishnan Sivasailam |
|
Designation : |
Director |
|
Address : |
‘Sudharma’, Old No. 80, New No. 128, Dr. Radhakrishnan Salai,
Mylapore, Chennai – 600 004, Tamil Nadu, Inf\ia |
|
Date of Birth/Age : |
24.08.1934 |
|
Date of Ceasing : |
12.01.2011 |
|
DIN No.: |
00001592 |
|
|
|
|
Name : |
Mr. J. Sankaran |
|
Designation : |
Director |
|
Address : |
3 First |
|
Date of Birth/Age : |
17.08.1919 |
|
Date of Appointment : |
29.08.1986 |
|
DIN No.: |
00001793 |
|
|
|
|
Name : |
Mr. M.L.S. Rao |
|
Designation : |
Director and Chief Executive |
|
Address : |
71/1, |
|
Date of Birth/Age : |
19.02.1932 |
|
Qualification : |
B.E. (Mechanical) |
|
Experience : |
54 Years |
|
Date of Appointment : |
01.11.1997 |
|
DIN No.: |
00208969 |
|
|
|
|
Audit Committee : |
·
Mr. A. Sivasailam, Esq, Chairman ·
Mr. J. Sankaran, Esq. ·
Mr. M.L.S. Rao, Esq., |
KEY EXECUTIVES
|
Name : |
Mr. T Sampath Kumar |
|
Designation : |
Company Secretary |
|
Address : |
New Door No. 9 (Old Door No. 3), |
|
Date of Birth/Age : |
15.07.1957 |
|
Date of Appointment : |
01.04.2000 |
|
PAN No. : |
AAIPS8229F |
|
|
|
|
Name : |
Mr. A Rajesh Kumar |
|
Designation : |
Vice President (Corporate Affairs) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Simpson and Company Limited, |
|
539994 |
|
Anantharamakrishnan Krishnamoorthya and Simpson and Company Limited |
|
1 |
|
M.L.S. Rao and Simpson and Company Limited |
|
1 |
|
|
|
1 |
|
K V Shetty and Simpson and Company Limited |
|
1 |
|
J. Sankaran and Simpson and Company Limited |
|
1 |
|
|
|
1 |
|
|
|
|
|
Total |
|
540000 |
As on 30.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cutting Tools |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
iterchangeable tools for Hand Tools Machine Tools, etc. (excluding the
items reserved for Small Scale sector) |
|
(*) |
2,51,39,120 |
2,08,42.100 |
|
Metal Cutting including Grinding Machines |
|
(*) |
720 |
12 |
|
Castings |
|
(*) |
-- |
9,33,729 |
Licensed Capacity: (*)
There is no
licensing requirement for the products of the Company in view of Government of
India's Notifiction No. SD 477 (E) dated 25th July 1991.
Installed Capacity:
Installed Capacity
has been worked out based on 2 shifts working considering 300 working days per
annum and as certified by the Management.
Actual Production:
Actual production
is based on the number of shifts worked.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Central Bank of India Limited Corporate Finance Branch, 803, Anna Salai,
Chennai – 600 002, ·
HDFC Bank Limited ·
IDBI Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
* Towards Assets acquired under Hire Purchase and Lease Scheme
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
RGN Price and Company Chartered Accountant |
|
Address : |
Simpson’s Buildings, 861 Anna Salai, Chennai – 600 002, Tamil Nadu, |
|
|
|
|
Associates : |
·
Amalgamations Valeo Clutch Private Limited ·
Amco SAFT India Limited ·
Kuduma Fasteners Private Limited ·
MIs Mahie PL Limited ·
Stanadyne Amalgamations Private Limited ·
Stanes MJF Teas Limited ·
The United Nilgiri Tea Estates Company Limited |
|
|
|
|
Fellow
Subsidiaries : |
·
·
Alpump Limited ·
Amco Batteries Limited ·
Amalgamations Repco Limited ·
Associated Printers ( ·
Associated Publishers ( ·
BBL Daido Private Limited ·
Bimetal Bearings Limited ·
George Oakes Limited ·
Higginbothams Private Limited ·
India Pistons Limited ·
IP Rings Limited ·
IP Pins and Liners Limited ·
LM.Van Moppes Diamond Tools ·
Shardlow India Limited ·
Simpson and General Finance Company Limited ·
Speed-A-Way Fvt. Limited · Stanes Amalgamated Estates Limited ·
Sri Rama Vilas Service Limited ·
T Stanes and Company Limited ·
Stanes Motors ( ·
Stanes Agencies Limited ·
Stanes Motor Parts Limited ·
Tractors and Farm Equipment Limited ·
TAFE Access Limited ·
TAFE Motors & Tractors Limited ·
TAFE Reach Limited ·
TAL Precision Parts Limited ·
TAFE International Traktor Ve Tarim Ekipmani ·
Sanayi Ve Ticaret Limited Sirketi · Southern Tree Farms Limited ·
TAFE USA inc. ·
The Madras Advertising Company FyI Limited ·
Wallace Cartwright and Company Ltd ·
W.J.Groom and Company Limited ·
Wheel and Precision Forgings India Limited |
|
|
|
|
Holding Company : |
Simpson and Company Limited CIN No.: U65991TN1925PLC002345 |
|
|
|
|
Ultimate Holding Company : |
Amalgamations Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
250000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.25.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.125.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500 |
Equity Shares
fůlly paid-up Issued for Cash |
Rs.100/- each |
Rs.0.150
million |
|
8500 |
Equity Shares fully paid-up Issued for Consideration other than Cash |
Rs.100/-
each |
Rs.0.850
million |
|
530000 |
Equity Shares fully paid-up Issued as bonus shares by capitalisation
of reserves |
Rs.100/-
each |
Rs.53.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.54.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
54.000 |
54.000 |
54.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves
& Surplus |
491.454 |
462.234 |
443.890 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
545.454 |
516.234 |
497.890 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1244.696 |
696.374 |
569.808 |
|
|
2] Unsecured
Loans |
365.068 |
829.215 |
760.665 |
|
|
TOTAL BORROWING |
1609.764 |
1525.589 |
1330.473 |
|
|
DEFERRED TAX
LIABILITIES |
48.326 |
49.432 |
43.638 |
|
|
|
|
|
|
|
|
TOTAL |
2203.544 |
2091.255 |
1872.001 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS
[Net Block] |
632.752 |
572.982 |
566.754 |
|
|
Capital work-in-progress |
4.064 |
18.016 |
7.498 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.305 |
0.305 |
0.295 |
|
|
DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1567.333
|
1458.661 |
1103.894 |
|
|
Sundry Debtors |
416.584
|
307.997 |
415.596 |
|
|
Cash & Bank
Balances |
6.266
|
10.036 |
9.171 |
|
|
Other Current
Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans &
Advances |
48.318
|
44.672 |
42.452 |
|
Total Current
Assets |
2038.501
|
1821.366 |
1571.113 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
205.653
|
167.425 |
226.093 |
|
|
Other Current
Liabilities |
206.298
|
161.521 |
52.217 |
|
|
Provisions |
60.127
|
44.554 |
44.034 |
|
Total Current
Liabilities |
472.078
|
373.500 |
322.344 |
|
|
Net Current
Assets |
1566.423
|
1447.866 |
1248.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
52.086 |
48.685 |
|
|
|
|
|
|
|
|
TOTAL |
2203.544 |
2091.255 |
1872.001 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1719.947 |
1634.573 |
1545.285 |
|
|
|
Labour Charges Recovered |
0.558 |
0.245 |
0.169 |
|
|
|
Other Income |
35.144 |
19.155 |
16.336 |
|
|
|
TOTAL (A) |
1755.649 |
1653.973 |
1561.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
827.777 |
912.368 |
802.919 |
|
|
|
(Increase) / Decrease in Stock |
(139.714) |
(302.379) |
(249.243) |
|
|
|
Employees’ Remuneration and Benefits |
268.255 |
229.615 |
210.501 |
|
|
|
Other Expenditure |
550.884 |
592.952 |
594.946 |
|
|
|
TOTAL (B) |
1507.202 |
1432.556 |
1359.123 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
248.447 |
221.417 |
202.667 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
149.139 |
130.555 |
89.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.308 |
90.862 |
113.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.796 |
35.151 |
38.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
60.512 |
55.711 |
74.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.394 |
24.731 |
23.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.118 |
30.980 |
51.214 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.904 |
0.059 |
3.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
5.400 |
5.400 |
|
|
|
Proposed Final Dividend |
11.880 |
5.400 |
6.750 |
|
|
|
Dividend Tax |
2.019 |
1.835 |
2.065 |
|
|
|
Transfer to General Reserve |
27.500 |
17.500 |
40.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2.623 |
0.904 |
0.059 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
101.115 |
151.202 |
140.443 |
|
|
TOTAL EARNINGS |
101.115 |
151.202 |
140.443 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
97.706 |
180.213 |
128.751 |
|
|
|
Machinery Spares |
1.220 |
5.280 |
1.580 |
|
|
|
Capital Goods |
59.926 |
0.000 |
0.630 |
|
|
TOTAL IMPORTS |
158.852 |
185.493 |
130.961 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
79.85 |
57.37 |
94.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.46
|
1.87 |
3.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.52
|
3.41 |
4.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
2.33 |
3.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
3.68 |
3.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
4.88 |
4.87 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE :
The company's
turnover for 2009/10 was Rs.1893.400 millions, representing a growth of 2% over
the 2008/09 figure of Rs.1860.000 millions.
Profit Before Tax for
the year was Rs.60.500 millions compared to Rs.55.700 millions in the previous
year. Profit After Tax for the year was Rs.43.100 millions compared to
Rs.31.000 millions in the previous year.
While the
operating performance during the first half of the year was impacted by the
global economic slowdown,
the strong revival
of demand in the domestic market during the second half of the year ensured
that the company
recorded a growth
over the previous year.
SEGMENTWISE BUSINESS PERFORMANCE DURING 2009-10:
The Company
recorded a turnover of Rs.1180.000 millions during 2009-10 in the Domestic
cutting tools business, which was the same as the previous year. While the
demand during the first quarter of the year was sluggish, subsequently it
revived quite well and reached a peak during the last quarter of the year. The
support received from the retail trade was uniformly good throughout the year
and there was also a revival of demand ˇn the second half of the year from
various 0E segments, particularly automobile, defence and the power sectors.
Capacity augmentation in the areas of taps and taper shank drills helped meet
the pent up demand for these products.
Export turnover at
Rs.118.200 millions was 27 % lower than the previous year's figure of
Rs.162.100 millions. The
continuing
recessionary conditions in the major markets of Europe and the
Foundry turnover
increased by 6.5 % to Rs.534.200 millions. In terms of tonnage the increase was
28 %. Except for the 1st quarter, there was continuous good demand from Simpson
and
The availability
of power was erratic throughout the year and resulted in frequent disruption in
the shift timings,
change of
holidays, staggered working etc. While the disruption was minimized to a great
extent with the active cooperation of
the work force, there were production losses arising out of reduced working
hours and loss of continuity due to the non-availability of power during the
peak hours,
Raw material
prices declined from the high levels witnessed during 2008-09,due to reduction
in the price of alloying elements such as tungsten, cobalt etc. The effect of
lower raw material prices was however offset significantly by the higher costs
on account of consumables, power, labour etc.
During the year,
the 7 axis CNC broach grinding machine has been imported from
strengthened the
company's presence in the area of broach manufacturing, enabling the company to
take up
manufacture of broaches
of 300 mm dia, sophisticated broaches like helical broaches and spline gauges.
OUTLOOK FOR 201 0-11:
The robust demand
witnessed for the company's products during 2009-10 is continuing in the first
quarter of 2010-11 and is expected to continue throughout the year. The company
has carried out a price adjustment in the retail market at the beginning of the
year. Improved utilisation of capacities and further reduction in the raw
material cost during the year is expected to result in significant accretion to
the bottom line. It will be necessary to add new capital equipments to enhance
the production of Taps and Drills requiring infusion of additional funds.
FORM 8
|
Name of the company |
ADDISON AND COMPANY LIMITED |
|
Presented By |
Shri T Sampath
Kumar, Dy. General Manager (Finance) and Secretary |
|
1) Date and description of instrument creating the change |
Letter Reference
No. G. 1000 dt. 28.01.2005 confirming creation of equitable mortgage on
27.01.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.41.700
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
8% per annum. Amount secured as per SI. No. 2 repayable in 16 quarterly
instalments from December, 2005 to September 2009. |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of Addison Buildings Branch, 803, Anna Salai, Chennai – 600 002 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
7) 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. |
-- |
CONTINGENT
LIABILITES EXIST IN RESPECT OF
|
|
As on 31.03.2010 (Rs. in
millions) |
As on 31.03.2009 (Rs. in
millions) |
|
Bank Guarantees and Letters of Credit |
2.923 |
4.585 |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for |
4.663 |
54.897 |
FIXED ASSETS
·
Free
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Electrical Installations
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--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.