MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEXMACO LIMITED |
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Registered Office : |
Belgharia, Kolkata-700 056, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.08.1939 |
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Com. Reg. No.: |
21-009800 |
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CIN No.: [Company
Identification No.] |
L35111WB1939PLC009800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALT02779A |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturers of Textile Machinery, tools, Steel Ingots and Castings,
Chemical Plant and Boilers. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 22000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular 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.
ECGC Country Risk Classification List – April 1, 2010
|
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
|
Registered Office : |
Belgharia, Kolkata – 700 056, West |
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Tel. No.: |
91-33-25391631 / 25691500 |
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Fax No.: |
91-33-25392448 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-33-2204379/22425356 |
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Fax No.: |
91-33-2205833 |
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Factory : |
Engineering
Works v
Belgharia,
Kolkata, West v
Agarpara,
West v
Sodepur,
West v
Panihati,
West |
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Regional Offices: |
Located at :- v
Mumbai,
v
v
Chennai,
v
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DIRECTORS
As On 12.08.2010
|
Name : |
Ms. Saroj Kumar Poddar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Poddar Niket 2, |
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Date of Birth/Age : |
15.09.1945 |
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Date of Appointment : |
01.01.2006 |
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DIN No. : |
00008654 |
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Name : |
Mr. Akshay Poddar |
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Designation : |
Director |
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Address : |
Poddar Niket 2, |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
11.09.2009 |
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DIN No. : |
00008686 |
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Name : |
Mr. Amal Chandra Chakraborti |
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Designation : |
Director |
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Address : |
22/2A |
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Date of Birth/Age : |
02.10.1930 |
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Date of Appointment : |
28.10.1997 |
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DIN No. : |
00015622 |
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Name : |
Mr. Harish Chandra Gandhi |
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Designation : |
Director |
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Address : |
Airforce and Naval Officers Enclave Flat No 77, Plot No. 11 Sector 7, Dwaraka,
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Date of Birth/Age : |
21.04.1932 |
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Date of Appointment : |
16.04.1994 |
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DIN No. : |
00062484 |
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Name : |
Mr. Bhagwati Prasad Bajoria |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.06.1929 |
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Date of Appointment : |
05.02.1985 |
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DIN No. : |
00075026 |
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Name : |
Mr. Manish Gupta |
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Designation : |
Director |
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Address : |
11.11.1941 |
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Date of Birth/Age : |
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Date of Appointment : |
16.10.2004 |
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DIN No. : |
00119990 |
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Name : |
Mr. Hira Rajbehari Sadhak |
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Designation : |
Director |
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Address : |
Flat No |
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Date of Birth/Age : |
20.11.1950 |
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Date of Appointment : |
30.11.2004 |
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DIN No. : |
00203098 |
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Name : |
Mr. Damodar Hazarimal Kela |
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Designation : |
Whole Time Director |
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Address : |
Pankaj Apartment, |
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Date of Birth/Age : |
30.04.1941 |
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Date of Appointment : |
18.11.2007 |
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DIN No. : |
01050842 |
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Name : |
Mr. Sampath Dhasarathy |
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Designation : |
Director |
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Address : |
110 ICF611, |
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Date of Birth/Age : |
21.09.1943 |
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Date of Appointment : |
19.01.2007 |
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DIN No. : |
01308724 |
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Name : |
Mr. Ramesh Maheshwari |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.12.1932 |
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Date of Appointment : |
13.01.2010 |
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DIN No. : |
00170811 |
KEY EXECUTIVES
|
Name : |
Mr.
Ashok Kumar Vijay |
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Designation : |
Company Secretary |
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Address : |
Flat No 34, |
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Date of Birth/Age : |
04.07.1953 |
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Date of appointment : |
02.04.2003 |
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Pan No.: |
ABQPV3413R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
3,687,200 |
2.90 |
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57,031,352 |
44.84 |
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60,718,552 |
47.74 |
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Total shareholding of Promoter and Promoter Group (A) |
60,718,552 |
47.74 |
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(B) Public Shareholding |
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30,120,466 |
23.68 |
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|
3,507,081 |
2.76 |
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|
14,010 |
0.01 |
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4,877,844 |
3.84 |
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|
38,519,401 |
30.29 |
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|
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|
11,178,563 |
8.79 |
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13,679,330 |
10.76 |
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|
1,489,023 |
1.17 |
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|
1,598,221 |
1.26 |
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|
485,439 |
0.38 |
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|
12,981 |
0.01 |
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|
283,806 |
0.22 |
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|
815,995 |
0.64 |
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27,945,137 |
21.97 |
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Total Public shareholding (B) |
66,464,538 |
52.26 |
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Total (A)+(B) |
127,183,090 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
127,183,090 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 million
As On 12.08.2010
|
Category |
Percentage |
|
Public financial
companies |
3.26 |
|
Nationalised or other banks |
0.01 |
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Mutual funds |
27.50 |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
4.80 |
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Bodies corporate |
8.71 |
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Directors or relatives of Directors |
2.74 |
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Other top fifty shareholders |
49.88 |
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Others |
3.10 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Textile Machinery, tools, Steel Ingots and Castings,
Chemical Plant and Boilers. |
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Products : |
The Generic Names of Principal Products/Services of the Company is:-
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. N. Gutgutia and Company Chartered Accountants |
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Address : |
6C, |
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Pan No.: |
AACFK6448G |
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Subsidiaries : |
CIN: U27101WB1964PLC026001
CIN: L51909WB1919PLC003356
CIN: U29261WB1998PLC087404 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
170000000 |
Equity Shares |
Rs.1/- each |
Rs.170.000 Millions |
|
300000 |
6% Preference Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
127183090 |
Equity Shares (Including 375000 Equity Shares allotted for
consideration other than cash) |
Rs.1/- each |
Rs.127.182 Millions |
|
Add : |
Forfeited Shares |
|
Rs.0.001 Million |
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Total |
|
Rs. 127.183 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
127.183 |
138.188 |
138.188 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
4.396 |
0.000 |
2297.370 |
|
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4] (Accumulated Losses) |
5428.460 |
2976.537 |
0.000 |
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NETWORTH |
5560.039 |
3114.725 |
2435.558 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
1151.901 |
669.949 |
661.317 |
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2] Unsecured Loans |
73.941 |
73.416 |
63.578 |
|
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TOTAL BORROWING |
1225.842 |
743.365 |
724.895 |
|
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DEFERRED TAX LIABILITIES |
28.954 |
22.574 |
23.134 |
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TOTAL |
6814.835 |
3880.664 |
3183.587 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
2299.246 |
2281.815 |
2242.115 |
|
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Capital work-in-progress |
15.765 |
3.063 |
0.000 |
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INVESTMENT |
2560.225 |
587.879 |
936.702 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1758.644
|
2285.463 |
1093.919
|
|
|
Sundry Debtors |
2710.160
|
1801.467 |
1380.300
|
|
|
Cash & Bank Balances |
70.120
|
246.953 |
42.555
|
|
|
Other Current Assets |
24.274
|
14.273 |
10.847
|
|
|
Loans & Advances |
871.955
|
763.468 |
789.744
|
|
Total
Current Assets |
5435.153
|
5111.624 |
3317.365
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2548.182
|
2849.094
|
1427.861
|
|
|
Other Current Liabilities |
739.203
|
1101.481
|
1726.594
|
|
|
Provisions |
208.169
|
157.639
|
170.047
|
|
Total
Current Liabilities |
3495.554
|
4108.214
|
3324.502
|
|
|
Net Current Assets |
1939.599
|
1003.410 |
(7.137)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
4.497 |
11.907 |
|
|
|
|
|
|
|
|
TOTAL |
6814.835 |
3880.664 |
3183.587 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9306.930 |
8066.938 |
6998.266 |
|
|
|
Other Income |
145.296 |
79.695 |
59.637 |
|
|
|
TOTAL (A) |
9452.226 |
8146.633 |
7057.903 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operating costs |
7857.572 |
6810.640 |
5871.501 |
|
|
|
Extraordinary items |
4.113 |
4.538 |
6.395 |
|
|
|
TOTAL (B) |
7861.685 |
6815.178 |
5877.896 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1590.541 |
1331.455 |
1180.007 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
86.034 |
108.681 |
90.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1504.507 |
1222.774 |
1089.420 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
114.856 |
113.540 |
88.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1389.651 |
1109.234 |
1000.817 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
459.203 |
350.836 |
309.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
930.448 |
758.398 |
690.907 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
533.705 |
374.438 |
179.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
750.000 |
500.000 |
400.000 |
|
|
|
Dividend on Preference shares Redeemed |
1.469 |
0.000 |
0.000 |
|
|
|
Tax on Dividend on Preference shares
Redeemed |
0.250 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
114.465 |
84.731 |
82.302 |
|
|
|
Tax on Dividend |
19.453 |
14.400 |
13.987 |
|
|
BALANCE CARRIED
TO THE B/S |
578.516 |
533.705 |
374.438 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
45.442 |
2.400 |
|
|
TOTAL EARNINGS |
NA |
45.442 |
2.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
11.762 |
284.100 |
|
|
|
Components, spare parts and stores |
NA |
1828.915 |
1867.900 |
|
|
TOTAL IMPORTS |
NA |
1840.677 |
2152.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.63 |
6.83 |
6.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
2035.250 |
2440.910 |
60.970 |
|
Total Expenditure |
1624.750 |
2010.500 |
8.390 |
|
PBIDT (Excl OI) |
410.500 |
430.410 |
52.580 |
|
Other Income |
24.420 |
27.260 |
0.000 |
|
Operating Profit |
434.920 |
457.670 |
52.580 |
|
Interest |
(7.370) |
0.000 |
0.200 |
|
PBDT |
442.290 |
457.670 |
52.380 |
|
Depreciation |
28.450 |
28.330 |
7.630 |
|
Profit Before Tax |
413.850 |
429.340 |
44.750 |
|
Tax |
125.000 |
135.000 |
5.500 |
|
Profit After Tax |
288.850 |
294.340 |
39.250 |
|
Net Profit |
288.850 |
294.340 |
39.250 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.84
|
9.31 |
9.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.93
|
13.75 |
14.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.97
|
15.00 |
18.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.36 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.56 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.24 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated in the year 1939 at Kolkata in
The hard times of company began in 1987-88 when the company started
incurring losses. The losses started accumulating, as a result the BIFR
declared the company as a sick unit. ICICI worked out a rehabilitation package
for the company.
In 1994-95, the company managed to come out of the red, and wrote-off a
part of its term loans by transferring the cement division to the Zuari Agro
Chemical division. During the same year Subject earned foreign exchange worth
Rs.236.700 millions of which export of goods accounted for Rs.66.700 millions.
Company is negotiating a joint venture in collaboration with Hawa Machinery,
In 1998-99, the company bagged a prestigious order from Noell Stahl-und
Maschinenbau GmbH,
The year has been an excellent year of growth and prosperity for the
Company. The Gross Turnover at Rs.9371.800 Millions was higher by 97% compared
to Rs.4761.300 Millions in the previous year. It does not include the value of
free-supply inputs including steel and components of over Rs.2050.000 Millions
provided to the Company by Indian Railways and other clients for some large
value contracts. The compound annual growth of the Company's turnover has been
more than 48% over last 5 years.
The Gross Profit for the year (PBDT) increased by 127% to Rs.1095.800 Millions
against Rs.483.700 Millions, and profit before tax (PBT) by 133% to Rs.1007.200
Millions against Rs.431.400 Millions in the previous year. The Net Profit at
Rs.690.900 Millions was higher by 143% compared to Rs.284.800 Millions in the
previous year, after providing enhanced Tax liability of Rs.309.900 Millions
against Rs.139.100 Millions only in the previous year. The Deferred Tax
Liability for the year has been created in the Profit and Loss Account in
accordance with the Accounting Standard 22 'Accounting for taxes on Income',
issued by the Institute of Chartered Accountants of India.
Consequent to the merger of Shree Export House Limited, Neora Hydra Limited and
Evershine Merchants Private Limited in terms of an order passed by the Hon'ble
High Court, Kolkata, effective from 1 st August, 2007, the Share Capital of the
Company stands enhanced from Rs.103.258 Millions to Rs.110.783 Milllions. The
aforesaid results for the year have taken into account the said merger.
THE MANAGEMENT DISCUSSION AND ANALYSIS:
In the backdrop of the global economic slow-down in the later part of
the year 2008 and the pervasive gloom, the Company had to contend against
deceleration in the orders, deferment of deliveries by customers, build-up of
inventories and interest burden thereof, and special credit accommodation to
esteemed customers. The situation was somewhat redeemed by stimulus packages of
super economic powers and there own government to resuscitate the economy. The
Management, in such a grim situation, capitalised on its strengths in marketing
and financial leveraging to sustain its operations through carefully
orchestrated strategy in product-mix planning. It used the opportunity to
enhance its competitive ability through upgradation of technology, skills and
all-round cost effective measures. These did help the Company to achieve a
reasonable growth in profit despite a moderate increase in total income as
would be seen from the performance of the Divisions
here-below.
HEAVY ENGINEERING DIVISION:
ROLLING STOCK:
The Company managed to sustain the wagon production during the year at 4110 VUs, valued around Rs.8205.700 millions, marginally higher than the previous year, notwithstanding the depressed business scenario under the impact of the unprecedented global economic crisis. It may be pertinently mentioned that while wagon production during the year was more or less the same in numbers as in 2008-09, the value was substantially higher by over 22% because of the high value product-mix. Production wise, the demand for wagon rakes for movement of iron ore and container traffic suffered a severe decline. To add to the woes of the Industry, it is regrettable that even after the elapse of nearly 14 months, Indian Railways are yet to release the wagon orders for the year 2009-10, which severely contributed to the idling of the production capacity. Ironically, there is an all round clamour by the Industry on account of shortage of wagons. Yet, the continuing delay in releasing the overdue wagon orders is rather inexplicable. It is hoped that the Railway Board would lose no further time in mitigating the hardship of the Industry and protecting no less their own freight revenue. As per the 2010-11 Budget estimate, freight loading has been targeted at 944 million ton i.e. an increment of 54 million ton, and the Railways propose to invest Rs.414260.000 millions, which is the highest-ever plan outlay. This augurs well for substantially higher wagon orders in the current year. Besides, to make good the wagon shortage, a Modified Wagon Investment Scheme of Indian Railways for high capacity general purpose and special purpose wagons is on the anvil, which will permit private operators to invest in infrastructure and run special freight trains.
The Company expects that with the inclusion of iron ore and coal transportation under the Modified Wagon Investment Scheme, there would be substantial demand for wagons in these sectors from private parties. The Container traffic too should pick up, and the Company will be a major beneficiary in this segment.
Rolling Stock Turnover
There is a huge freight growth projected as per the Indian Railways’ Vision
2020. The demand for commodity-specific wagons is expected to go up substantially.
The ongoing expansion of Aluminium and Cement Industries would generate
substantial demand for BTAP wagons for transportation of Alumina Powder and
BCCW wagons for transportation of Cement. In this context, the Directors are
pleased to inform that looking to the prospective demand for BTAP and BCCW
wagons, the Company has already done significant design development work on
High Capacity Wagons, and the conceptual designs of the same have been
submitted to Indian Railways for their approval.
Locomotive Car
Body Shells
For the first time, the Company manufactured Car Body Shells for WAG-9
Electric Locomotives against a developmental order for eight shells, valued
Rs.32.000 millions (with free steel), from Chittaranjan Locomotive Works. The
first shell was dispatched on 26 Dec 2009. The order is likely to be completed
in 2010. Collaboration with the United Group, Australia As a part of new
business arrangements, the Company to start with, has signed during the year a
Collaboration Agreement, followed by a Technology Transfer Agreement (TTA) with
United Group Rail, Australia, a leading end-to-end rail technology solutions
provider in the Asia Pacific Region, for special design Double Deck Container
Flat Wagons. The Company is in an advanced stage of negotiation with United
Group Rail for meeting some of their requirements of Wagons, Bogies and
Locomotive Components, which would be an important export window to
Hydro Mechanical
Equipment and Steel Structures
In spite of the thrust of the Government of India to harness Hydro power
potential, not many projects have come up in recent years. None of the major
projects took off during the year under review. Unfortunately, the execution of
major contracts in hand also continued to be affected due to various
environmental, climatic and human relation problems. The turnover of the
Division stood at around Rs.506.300 millions only. The order book is expected
to improve significantly during the current year. The year 2009-2010 marked
completion of 120 MW Sewa H.E. Project of NHPC Ltd. in J and K. The surface and
buried Penstock work of this project was a testimony to the Company’s technical
know-how and installation expertise in an extremely rough and difficult
terrain, having ever changing profile and disposition of the rocks.
During the year, the Company got registration with RDSO for manufacture
of bridges. It executed the first order of steel railway bridge of 4 x 61.5 M
span received through L and T, the Engineering and Construction conglomerate.
This has opened a new business avenue having good potential.
Process Equipment
The Company successfully completed the order of 13 nos.200m3 Buffer
Vessels of the size of 3.7m dia x 23m long weighing 82 tonnes each, and 2 nos.
of 150m3 of the size of 3.3m dia x 27m long weighing 72 tonnes each, supplied
to various Steel Plants. However, the operations of the Division were at rather
low level owing to suspension of the activities in Sugar Machinery and Boiler
segments. The Management is planning to re-organise and expand the product
range of the Division. Currently, the order for 12 nos. Process Vessels of
different sizes is under execution. With the Steel Plants going in for
modernisation and clearance of Paradeep Refinery already given, there is a good
potential for heavy process equipment.
Steel Foundry
Division
The inordinate delay in release of wagon orders for RSP 2009-10, and the
mandatory use of imported couplers imposed by the Railway Board with the
introduction of Stainless Steel wagons, resulted in drastic fall in the demand
of Railway castings. As a consequence, the Foundry capacity could not be
utilised fully during the year. Nevertheless, the production and despatch of
18,304 MT were maintained at the previous year’s level. However, the turnover
during the year at Rs.1895.200 millions recorded a fall as compared to the
previous year because of low realisation and also the change in Excise Duty
tariff from 14% to 8%. The exports also suffered an absence of bulk orders
because of sluggish demand in the global market. The high axle load (27.5T)
side frame and bolster castings developed by the foundry are currently
undergoing static and dynamic testing at the AAR (Association of American
Railroad) approved laboratory in Pueblo, USA prior to their clearance for use
in the North American market. The tests are expected to be completed by
September, 2010.
The foundry was awarded "Best Foundry For The Year, 2009" by
The Institute of Indian Foundrymen, which is a Affiliated Member of World
Foundry Organisation.
Agro Machinery
Division
The performance of the Division was sluggish during the year owing to
unprecedented drought throughout the country during the Kharif season, and also
non-release of subsidy by the Ministry of Agriculture, Government of India, to
most of the States. It is expected to pick up substantially in the current
year. The division has also initiated action to explore new markets,
particularly in southern states to improve its market share in Agricultural
machinery.
The division proposes to add new agricultural machines, Tractors and
Reapers, to meet the needs of middle class
farmers and thus expand its product range. In addition to the agro -
machinery activity, the Division in collaboration with M/s. Nu Phalt U.K. has
taken up assembly and marketing of the State-of the-Art Infrared Recycling
Pothole Repairing Machine for roads. The first machine has been delivered to
the Delhi Municipal Corporation, and the company expects to receive substantial
orders in the current year.
Mini Hydel Power
During the financial year 2009-10, the plant achieved generation figure
of 7.3 million units with net recorded evacuation of 6.7 million units. The
generation suffered a huge set back due to sustained high voltage in 11 KV Grid
of Chalsa Sub-Station since 17.10.09. The high voltage phenomenon still
continues and evacuation has dropped to 50% compared to the figure of the
previous year.
The matter has been taken up at the highest level in Distribution
Lisencee (WBSEDCL) and also the State Electricity Regulatory Commission (SERC)
and IREDA for corrective measures for removal of barriers. For availing the
benefit of carbon subsidy, verification of VER and CER was completed up to
November 2008. The certificate of VER for 4,124 units already issued by SGS
(UK) and certification of CER for a quantity of 7,785 units is under process.
The quantum of unverified CER as on 31.03.10 is around 7,400 units.
Real Estate
The Hon’ble Supreme Court of India disposed off all the review petitions
for freehold land including that of there Company, requiring the Company to
surrender on sliding scale up to 65% of its land to DDA and permitting 1.5
times of normal FAR on the remaining land, and further clarifying that in case
the surrendered land is used by DDA for any commercial development, DDA shall
pay the Company 50% of the amount received by it. With the judgement in hand,
the Company is in a position to plan commercial development of its property at
Birla Mills,
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2010 (STANDALONE)
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 |
Half Year ended 30.09.2010 |
|
1. Gross sales/income |
2816.320 |
53,067.51 |
|
Less: Inter Segment Revenue |
293.929 |
6,619.17 |
|
Less: Excise Duty |
83.457 |
1,721.90 |
|
a) Net Sales / Income from Operations |
2438.934 |
44,726.44 |
|
b) Other Operating Income |
1.975 |
34.93 |
|
Total Income |
2440.909 |
44,761.37 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(75.320) |
(1,428.24) |
|
(b) Consumption of Raw Materials, comp., services etc. |
1848.945 |
33,070.94 |
|
(c) Power and fuel |
73.736 |
1,449.42 |
|
(d) Purchase of traded goods |
-- |
-- |
|
(e) Employees Cost |
100.311 |
1,962.97 |
|
(f) Other Expenditure |
62.826 |
1,297.29 |
|
Deprecation |
28.330 |
567.78 |
|
Total |
2038.828 |
36,920.16 |
|
Profit From Operations before other Income Interest & Exceptional Items |
402.081 |
7,841.21 |
|
Other Income |
20.595 |
450.43 |
|
Profit before Interest and Exceptional items |
422.676 |
8,291.64 |
|
Interest |
(6.659) |
(140.25) |
|
Profit / (Loss) after interest before Exceptional items |
429.335 |
8,431.89 |
|
Exceptional Items |
- |
-- |
|
Profit before Tax |
429.335 |
8,431.89 |
|
Tax Expense |
|
|
|
- Current tax |
135.000 |
2,600.00 |
|
- Differed tax |
-- |
-- |
|
- Fringe benifit Tax |
-- |
-- |
|
- Income tax for earlier year |
-- |
-- |
|
Net Profit after Tax |
294.335 |
5,831.89 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
127.183 |
1,271.83 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Earning per share
(EPS) |
|
|
|
-Basic |
2.31 |
4.59 |
|
-Diluted |
2.31 |
4.59 |
|
Public Share Holding |
|
|
|
- Number of Shares |
66670640 |
66670640 |
|
- Percentage of shareholding |
52.42 |
52.42 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
187000 |
187000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0.31 |
0.31 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.15 |
0.15 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
60325450 |
60325450 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
99.69 |
99.69 |
|
- Percentage of Share (as a % of the total share capital of the company) |
47.43 |
47.43 |
Form 8:
|
Corporate
identity number of the company |
L35111WB1939PLC009800 |
||||||
|
Name of the
company |
TEXMACO LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Belgharia,
Kolkata - 700056, West |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Current assets
present and future |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Deed of Modification
dated 24.06.2009 executed in favour of ICICI Bank Limited |
||||||
|
Date of
instrument Creating the charge |
24.06.2009 |
||||||
|
Amount secured by
the charge |
Rs. 1350.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of
Repayment - 12 months Margin - Cash
Margin Guarantees covering disputed liabilities - 100% Financial
Guarantees - NIL Performance
Guarantees - NIL Extent and
Operation of the charge - Second Pari Passu charge on the whole of the
Company's stocks of raw materials, goods-in-progress, semi-finished and
finished goods, consumable stores and spares and such other movables,
including book debts, bills, whether documentary or clean, outstanding
monies, receivables both present and future |
||||||
|
Particulars of
the property charged |
Second Pari Passu
charge on the whole of the Company's stocks of raw materials,
goods-in-progress, semi-finished and finished goods, consumable stores and
spare, movables, including book debts, bills, whether documentary or clean,
outstanding monies, receivables both present and future |
||||||
|
Particulars of
the present modification |
Earlier charge on
current assets was created on first pari passu basis in favour of ICICI Bank
Limited. Now, vide Deed of Modification dated 24.06.2009, charge has been
modified to Second Pari Passu charge in favour of ICICI Bank Limited on the
entire current assets of the company both present and future |
Fixed Assets:
- Land (Including Lease Hold)
- Building
- Roads
- Railway Sidings
- Plant and Machinery
- Electrical Machinery
- Office Equipments
- Furniture and Fittings
- Vehicles
AS PER WEBSITE
PRESS NOTE
Texmaco, a leading
engineering Company, turned out excellent results in FY 2010,
notwithstanding an unprecedented global
recession for a greater part of the year. It has reported an appreciable growth
in its profit for the year ended 31.03.2010. While the turn-over was up
marginally by 3% to Rs. 11254.900 millions.
(against Rs.10912.500 millions), Gross Profit (PBDT) jumped by 23% to Rs.
1505.100 millions (against Rs..1227.300 millions) and Profit Before Tax (PBT)
by 25% to Rs. 1386.100 millions. (against Rs.1109.200 millions), in the previous year. The Net Profit rose by 23% to Rs. 930.400 millions (against
Rs.758.400 millions. in the previous year) after providing for a higher tax
liability of Rs. 455.700 millions (against Rs. 350.800 millions in the previous
year). The performance of the Company would have been still better but for the
continuing delay in release of wagon
orders by the Indian Railways for the year 2009-10.
The Directors have
recommended a dividend of ninety percent (90%) on the equity capital of the
Company, (last year 75%), having regard to the improved working results.
The Rolling Stock Division of the Company achieved
a production level of 4110 wagons during 2009-10. The Company hopes to receive
substantial orders shortly against Railway Tenders pending for decision. With
the overall improvement in the economy and huge pent-up demand for wagons, the
Company expects a robust order book in the near future.
Aiming at
diversification, the Company manufactured for the first time, Car Body Shells
for WAG-9 Electric Locomotives for Chittaranjan Locomotive Works..
As a part of new
business arrangement, the Company to start with has signed during the year a
Collaboration Agreement, followed by a Technology Transfer Agreement (TTA) with
United Group Rail, Australia, a leading end-to-end rail technology solutions
provider in the Asia Pacific Region, for special design Double Deck Container
Flat Wagon The Company is in advanced stage of negotiation with United Group
Rail for meeting some of their requirements of Wagons, Bogies and Locomotive
Components, which would be an important export window to Australia.
The Steel Foundry
Division achieved production of 18304 MT during the year, marginally higher
than the previous year, despite a decline in the captive demand of the Wagon
Divn of the company. The Divn has developed High Axle Load (27.5T) Side Frame
and Bolster castings, which are presently undergoing static and dynamic testing
at AAR (Association of American Railroad) approved laboratory in
The procurement plans for various mega Hydel
Power projects are firming up after a rather sluggish spell. The Company
expects to receive good orders during the year for Hydro Mechanical equipment
in view of the thrust of the Govt. of
India to harness Hydro Power potential in right earnest.
The Birla Mill land
matter having been disposed of by the
Hon’ble Supreme Court of India, the Company is in a position to plan commercial
development of its area of the real estate in
The Company has
received approvals in principle from the Stock Exchanges of its restructuring
proposal, and has filed an application before the Hon’ble High Court, Kolkata,
which has directed to convene an Extra-ordinary General Meeting of the
shareholders of the company on 07.07.2010, to obtain share-holders’ approval.
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.