MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL DLT PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Sterling Centre, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
29.06.2005 |
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Com. Reg. No.: |
11-154348 |
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Capital
Investment / Paid-up Capital : |
Rs.106.800 Millions |
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CIN No.: [Company
Identification No.] |
U34200MH2005PTC154348 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Trailer |
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No. of Employees : |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 372000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Tata International (Tata Group Company)
and Dutch Lanka Trailers Manufacturers Limited, It is an established company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Accounts Department |
|
Date : |
20.06.2011 |
LOCATIONS
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Registered Office/Factory 1 : |
3rd Floor, Sterling Centre, |
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Tel. No.: |
91-22-66652299 |
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Mobile No.: |
91-9011015819 (Mr. Vishnu) |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
: |
Block A, Shivsagar Estates, |
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Tel. No. : |
91-22-66652200 / 10 |
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Fax No. : |
91-22-66612833 / 66612832 / 66612836 |
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Leather and
Leather Products Business Unit : |
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Factory 2 : |
Industrial Area, |
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Tel. No.: |
91-7272-258900 / 04 / 425500 |
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Fax No.: |
91-7272-258150 / 258271 / 258914 / 258574 / 400161 |
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Factory 3 : |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai – 600077,
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Tel. No. : |
91-44-66362500 / 10 |
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Fax No. : |
91-44-6636252 / 66362522 |
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E-Mail : |
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Engineering
Business Unit : |
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Factory 4 : |
Tata Centre, 6th Floor, 43, |
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Tel. No. : |
91-33-22887051 / 22881951 |
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Fax No. : |
91-33-22881268 / 22882518 |
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Factory 5 : |
C-159, Okhla Industrial Area, Phase 1, |
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Tel. No. |
91-11-26372665 / 26372670 / 26811630 |
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Fax No. : |
91-11-26372669 / 26372667 |
DIRECTORS
As on 13.07.2009
|
Name : |
Mr. Arun Kumar Vora |
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Designation : |
Director |
|
Address : |
S-2, 3rd Floor, Orchid Apartments, defence Colony,
indiranagar, Bangalore-560038, |
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Date of Birth/Age : |
14.08.1941 |
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Date of Appointment : |
26.05.2007 |
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DIN No. : |
00191774 |
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Name : |
Mr. Sohrabji Edelji Captain |
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Designation : |
Director |
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Address : |
No. 8, |
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Date of Birth/Age : |
05.09.1933 |
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Date of Appointment : |
15.05.2006 |
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DIN No. : |
00309755 |
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Name : |
Mr. Bastiaan Adrianus Molenaar |
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Designation : |
Director |
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Address : |
132/1, |
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Date of Birth/Age : |
17.03.1959 |
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Date of Appointment : |
15.05.2006 |
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DIN No. : |
00324604 |
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Name : |
Mr. Ajay Murlidhar Ponkshe |
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Designation : |
Director |
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Address : |
Flat No. 3, 1st Floor Yashodhan, sahayog Mandir Path,
Naupada, thane-400601, |
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Date of Birth/Age : |
27.02.1960 |
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Date of Appointment : |
27.08.2007 |
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DIN No. : |
01663073 |
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Name : |
Mr. Dilip Mohanlal Kodikara |
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Designation : |
Director |
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Address : |
161/2A, Wimukhi Mawatha, |
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Date of Birth/Age : |
09.01.1965 |
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Date of Appointment : |
29.06.2005 |
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DIN No. : |
00324507 |
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Name : |
Mr. Opender Kumar Kaul |
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Designation : |
Additional Director |
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Address : |
102 B, Vaibhav Nagar, Kannadia Road, Indore-452016, |
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Date of Birth/Age : |
30.10.1948 |
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Date of Appointment : |
28.04.2009 |
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DIN No. : |
01474455 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Vasant Deshmukh |
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Designation : |
Secretary |
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Date of Appointment : |
06.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 13.07.2009
|
Names of Shareholders |
|
No. of Shares |
|
Tata International Limited ( |
|
53400 |
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Dutch Lanka Trailer Manufacturers Limited ( |
|
53400 |
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Total |
|
106800 |
As On 13.07.2009
|
S. No. |
Category |
Percentage |
|
1 |
Bodies corporate |
100.00 |
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|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Trailer |
GENERAL INFORMATION
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Customers : |
Transporter, Dealers |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
Tata Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai –
400001, |
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Auditors : |
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Name : |
G. N. Joshi and Associates Chartered Accountant |
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Address : |
K K Chambers, 3rd Floor, Sir Purushottamdas, Thakurdas
Marg, Fort, Mumbai-400001, |
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Tel. No.: |
91-22-22071551/22077200/22071417 |
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Fax No.: |
91-22-22077592 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106800 |
Equity Shares |
Rs.1000/- each |
Rs.106.800 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
106.800 |
26.800 |
6.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
10.796 |
0.000 |
|
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4] (Accumulated Losses) |
(13.884) |
0.000 |
(0.485) |
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NETWORTH |
92.916 |
37.596 |
5.515 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
100.888 |
64.000 |
12.058 |
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2] Unsecured Loans |
40.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
140.888 |
64.000 |
12.058 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
233.804 |
101.596 |
17.573 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.781 |
15.167 |
10.818 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
10.030 |
0.546 |
2.560 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
147.002
|
29.084
|
21.452 |
|
|
Sundry Debtors |
59.641
|
79.362
|
11.228 |
|
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Cash & Bank Balances |
11.274
|
0.746
|
0.001 |
|
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Other Current Assets |
7.526
|
1.473
|
1.226 |
|
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Loans & Advances |
43.824
|
17.281
|
12.790 |
|
Total
Current Assets |
269.267
|
127.946
|
46.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
148.585 |
28.304 |
|
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Other Current Liabilities |
5.408
|
4.102
|
39.839 |
|
|
Provisions |
12.515
|
10.106
|
2.773 |
|
Total
Current Liabilities |
166.508
|
42.512
|
42.612 |
|
|
Net Current Assets |
102.759
|
85.434
|
4.085 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
1.234 |
0.449 |
0.110 |
|
|
|
|
|
|
|
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TOTAL |
233.804 |
101.596 |
17.573 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
|
|
|
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|
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Income |
480.896 |
360.848 |
144.010 |
|
|
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Other Income |
66.328 |
5.294 |
2.847 |
|
|
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TOTAL (A) |
547.224 |
366.142 |
146.857 |
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
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|
Office Expenses |
|
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Administrative Expenses |
|
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Advertising Expenses |
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TOTAL (B) |
510.485 |
336.974 |
143.903 |
|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
29.168 |
2.954 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
4.979 |
2.938 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.289) |
24.189 |
0.016 |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.405 |
4.064 |
0.791 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(33.694) |
20.125 |
(0.775) |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
(9.013) |
8.844 |
(0.290) |
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
(24.681) |
11.281 |
(0.485) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.796 |
(0.485) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(13.885) |
10.796 |
(0.485) |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.671 |
0.000 |
0.239 |
|
|
TOTAL EARNINGS |
0.671 |
0.000 |
0.239 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
31.804 |
154.351 |
0.000 |
|
|
|
Accessories, Stores and Spare parts |
174.404 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
206.208 |
154.351 |
0.000 |
|
|
|
|
|
|
|
|
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|
Earnings Per Share
(Rs.) |
(178.00) |
485.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(4.51)
|
3.08
|
(0.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.01)
|
5.57
|
(0.53) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.66)
|
14.06
|
(1.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.36)
|
0.53
|
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.31
|
2.83
|
9.91) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
3.00
|
1.09 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
|
|
|
|
SSI |
1.924 |
5.627 |
NA |
|
Others |
146.661 |
22.677 |
NA |
|
Total |
148.585 |
28.304 |
NA |
Operation :
The Company sold 873 trailers
during 2008-09 with a turnover (net of excise) of Rs. 480.896 Millions compared
to sale of 666 trailers and a turnover of Rs. 360.848 in the previous year.
However, Company suffered a loss of Rs. 24.681 millions during the year
(Previous year's profit Rs. 11.281 millions). The loss occurred due to steep
hike in the prices of steel, tyres and other components, spares and raw
materials during the first half of the year, which could not be passed on to
customers and also due to the global economic meltdown, in which auto industry
was one of the most affected sector as a consequence of which the sale was very
sluggish.
However, the sale during the year
has been picking up and the Company is expected to improve its performance in
the current year.
Form 8 :
|
This form is for |
Creation Of
Charge |
|
Corporate
identity number of the company |
U34200MH2005PTC154348 |
|
Name of the
company |
TATA
INTERNATIONAL DLT PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
3rd Floor,
Sterling Centre, |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Tata Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai –
400001, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of simple
mortgage dated 24.01.2011 |
|
Date of
instrument Creating the charge |
24.01.2011 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As mutually agreed
between Borrower and Tata capital ltd from time to time. Terms of
Repayment : Principal amount
to be repaid in 60 monthly installments. Extent And
Operation Of The Charge : The charge
extends to the due repayment of the loan of Rs. Fifteen Crore including the interest, additional interest, costs,
charges, expenses and all other monies payable under the Term Loan Agreement
dated 24.01.2011. In the event of
default in payment of interest or repayment of principal amount of the Loan
the Borrower shall pay to the Lender, further interest @ 2% p.a. as penal
interest |
|
Short particulars
of the property charged |
Gat No. 281 at
Santoshnagar (Old Gat No 1100 at Waki Budruck) and Gat No. 284 at Santoshnagar
(Old Gat No. 1102 at Waki Budruck) Measuring 5 Hectors 20 R(i.e 4 Hector 80 R
from Gat No. 281 and 0 Hector 40R from Gat No. 284) in Taluka Khed, District
Pune. |
FIXED ASSETS :
- Land
- Leasehold Improvement
- Vehicle
- Plant and Machinery
- Furniture and Fixtures
- Office and Other Equipments
- Air Conditioner
- Electrical Installation
- Computers
- Tools
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.