MIRA
INFORM REPORT
|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNDARAM INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
“TVS Building”, 7-B, West Veli Street, Madurai – 625 001 Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.05.1943 |
|
|
|
|
Com. Reg. No.: |
18-002656 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.25.200 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991TN1943PTC002656 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03253F/ MRIS00569C/ CHES18228A/ MRIS01659A/ CHES09228C/ CHES08904A
|
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS53220H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of parts and accessories for motor vehicles and their engines. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5350000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of “T V Sundaram Iyengar and Sons Limited”. It is a well established and reputed company having a good track record. Financially company performance seems to be strong. Performance capability is high. The liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term: AA |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of obligation
it carry very low credit risk. |
|
Date |
December, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
“TVS Building”, 7-B, West Veli Street, Madurai – 625 001 Tamilnadu, India |
|
Tel. No.: |
91-452-2332055 |
|
Fax No.: |
91-452-2338743 |
|
E-Mail : |
|
|
|
|
|
Factory 1 and Central Marketing Office : |
Rubber Factory, Usilampati Road, Kochadai, Madurai – 625 016, Tamilnadu, India |
|
Tel. No.: |
91-452-2381531 |
|
Fax No.: |
91-452-2381240 |
|
Email : |
sirf.exorts@tvsrubber.com |
|
|
|
|
Factory 2 : |
Plot No.11, Sector-3, IMT – Mamesar, District Gurgaon – 122 050, Haryana, India |
|
Tel. No.: |
91-124-2215129/ 4388848 |
|
Fax No.: |
91-124-4388846 |
|
|
|
|
Chennai Marketing
Office : |
5th Floor, Sudarshan Building, 14, Whites Road, Chennai – 600 014, Tamilnadu, India |
|
Tel. No.: |
91-44-28526007-9 |
|
Fax No.: |
91-44-28522992 |
|
|
|
|
Overseas Address : |
Adel International Inc., 15035, |
|
Tel. No.: |
001-239-593-5113 |
|
Fax No.: |
001-239-593-5114 |
|
Email : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Santhanam Ram |
|
Designation : |
Director |
|
Address : |
29, Prithvi Avenue, Abiramapuram IV Street, Chennai – 600 018, Tamilnadu, India |
|
Date of Birth/Age : |
27.04.1940 |
|
Date of Appointment : |
14.06.1972 |
|
Din No.: |
00018309 |
|
|
|
|
Name : |
Mr. Krishna Mahesh |
|
Designation : |
Director |
|
Address : |
No.39, I Main Road, Raja Ahnamalaipuram, Chennai – 600 018, Tamilnadu, India |
|
Date of Birth/Age : |
11.10.1943 |
|
Date of Appointment : |
30.11.1978 |
|
Din No.: |
00051438 |
|
|
|
|
Name : |
Mr. Srinath R. Rajam |
|
Designation : |
Director |
|
Address : |
TVS House, No. 20, Cenotaph II Lane, Chennai – 600 028, Tamilnadu, India |
|
Date of Birth/Age : |
30.01.1957 |
|
Date of Appointment : |
16.03.1983 |
|
Din No.: |
00054758 |
|
|
|
|
Name : |
Mr. Santhanam Viji |
|
Designation : |
Director |
|
Address : |
No.33, Poes Garden, Chennai – 600 086, Tamilnadu, India |
|
Date of Birth/Age : |
07.06.1946 |
|
Date of Appointment : |
30.11.1978 |
|
Din No.: |
00139043 |
|
|
|
|
Name : |
Mr. Gopal Srinvasan |
|
Designation : |
Director |
|
Address : |
Westside House, No.2, Adyar Club Gate Road, Chennai – 600 028, Tamilnadu, India |
|
Date of Birth/Age : |
04.08.1958 |
|
Date of Appointment : |
15.09.1984 |
|
Din No.: |
00177699 |
|
|
|
|
Name : |
Mr. Ramchandran Naresh |
|
Designation : |
Managing Director |
|
Address : |
TVS Building, West Vali Street, Madurai – 625 001, Tamilnadu, India |
|
Date of Birth/Age : |
28.02.1957 |
|
Date of Appointment : |
16.03.1983 |
|
Din No.: |
00273609 |
|
|
|
|
Name : |
Ms. Shobhana Ramachandhran |
|
Designation : |
Director |
|
Address : |
No.16, Jawahar Road, Chokkikulam, Madurai – 625 002, Tamilnadu, India |
|
Date of Birth/Age : |
30.01.1960 |
|
Date of Appointment : |
14.12.1988 |
|
Din No.: |
00273837 |
|
|
|
|
Name : |
Mr. Ramachandhran Haresh |
|
Designation : |
Director |
|
Address : |
TVS House, 7-B, West Vali Street, Madurai – 600 001, Tamilnadu, India |
|
Date of Birth/Age : |
29.11.1954 |
|
Date of Appointment : |
05.03.1991 |
|
Din No.: |
00363096 |
|
|
|
|
Name : |
Ms. Pritha Ratnam Muthana |
|
Designation : |
Managing Director |
|
Address : |
No.20, Cenotaph II Lane, Chennai – 600 018, Tamilnadu, India |
|
Date of Birth/Age : |
29.10.1955 |
|
Date of Appointment : |
09.06.1995 |
|
Din No.: |
00404186 |
|
|
|
|
Name : |
Mr. Krishna Ramesh |
|
Designation : |
Director |
|
Address : |
Lakshmi Building, Usilampatti Road, Kochadai, Madurai – 625 016, Tamilnadu, India |
|
Date of Birth/Age : |
17.02.1939 |
|
Date of Appointment : |
14.06.1972 |
|
Din No.: |
00556922 |
|
|
|
|
Name : |
Mr. Nicholas Sundaram Sridharan |
|
Designation : |
Director |
|
Address : |
Kadalagam Bunglow, Valmiki Nagar, Thiruvanmiyur, Chennai – 600 041, Tamilnadu, India |
|
Date of Birth/Age : |
29.11.1957 |
|
Date of Appointment : |
30.06.1998 |
|
Din No.: |
01331433 |
KEY EXECUTIVES
|
Name : |
Mr. Kunissery Subramania Viswanathan |
|
Designation : |
Company Secretary |
|
Address : |
Plot No.3, Srinivasa Nagar, Narmada Street, Athikulam, Madurai – 625 007, Tamilnadu, India |
|
Date of Birth/Age : |
06.02.1949 |
|
Date of Appointment : |
01.07.1991 |
|
PAN No.: |
AAGPV5263J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
Note:
Shareholding details file attached.
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
59.29 |
|
Directors
or relatives of directors |
|
40.71 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of parts and accessories for motor vehicles and their engines. |
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|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production/ Purchase |
|
|
|
|
|
Mechanical Rubber Products |
Nos. |
168147000 |
|
Retread/ Repair Materials |
MT |
3063.22 |
|
Solid Industrial Tyres |
MT |
4030.60 |
|
Traded Goods |
Nos. |
123750 |
|
Devulcanised Rubber Compound |
MT |
3584.83 |
|
Rubber Compound |
MT |
1778.52 |
|
Particulars |
Unit |
Installed Capacity |
|
|
|
|
|
Camelback/Cold
Curing Materials |
MT |
2200 |
|
Mechanical Rubber
Products including Rubber to Metal Bonded Items and Curing Envelopes &
Bladders |
MT |
4200 |
|
Solid Industrial Tyre |
MT |
4800 |
|
Devulcanised
Rubber Compound |
MT |
3600 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India, Commercial Branch, No.6/A, West Veli Street, Madurai – 625 001, Tamilnadu, India · Canara Bank, Grand Central, 118-B, West Perumal Mainstry Street, Madurai – 625 001, Tamilnadu, India · The Karur Vysya Bank Limited, South Masi Street Branch, No.159, south Masi Street, Madurai – 625 001, Tamilnadu, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
New No:4 (23), C.P. Ramasamy Road, Alwarpet, Chennai, Tamilnadu, India |
|
PAN No.: |
AAAFS8812J |
|
|
|
|
Holding Company : |
·
T.V. Sundaram Iyengar and Sons Limited, India
(CIN No.: U34101TN1929PLC002973) |
|
|
|
|
Subsidiary : |
· Sundaram Lanka Tyres Limited |
|
|
|
|
Fellow Subsidiaries
: |
·
Southern Roadways Limited ·
Lucas-TVS Limited ·
Sundaram Auto Components Limited ·
Sundaram Clayton Limited ·
TVS Motor Company Limited ·
TVS Interconnect Systems Limited ·
TVS Dynamic Global Freight Services Limited ·
TVS Logistics Services Limited ·
TVS Automotive Europe Limited, UK ·
TVS Commutation Solutions Limited ·
TVS Automotive Solutions Limited ·
The Associated Auto Parts Limited |
|
|
|
|
Associates : |
· Firestone TVS Private Limited · TVS Novotema Elastoneric Engineered Products Private Limited · Bridgestone TVS India Private Limited |
|
|
|
|
Enterprises with
Common Key Management Personnel: |
·
TVS Srichakra Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
252000 |
Equity Shares |
Rs.100/- each |
Rs.25.200 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.200 |
25.200 |
25.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1312.361 |
1223.831 |
1139.740 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1337.561 |
1249.031 |
1164.940 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
397.853 |
370.222 |
246.911 |
|
|
2] Unsecured Loans |
35.603 |
48.541 |
15.882 |
|
|
TOTAL BORROWING |
433.456 |
418.763 |
262.793 |
|
|
DEFERRED TAX LIABILITIES |
32.700 |
33.700 |
33.700 |
|
|
|
|
|
|
|
|
TOTAL |
1803.717 |
1701.494 |
1461.433 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
470.376 |
477.845 |
406.375 |
|
|
Capital work-in-progress |
13.331 |
9.140 |
6.134 |
|
|
|
|
|
|
|
|
INVESTMENT |
682.186 |
673.179 |
684.494 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
434.552
|
425.486
|
306.284
|
|
|
Sundry Debtors |
688.386
|
546.751
|
445.513
|
|
|
Cash & Bank Balances |
116.595
|
73.389
|
66.436
|
|
|
Other Current Assets |
11.447
|
13.603
|
0.000
|
|
|
Loans & Advances |
245.454
|
208.707
|
192.710
|
|
Total
Current Assets |
1496.434
|
1267.936
|
1010.943
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
502.745
|
428.822
|
551.742
|
|
|
Other Current Liabilities |
225.204
|
197.473
|
0.000
|
|
|
Provisions |
130.661
|
100.311
|
94.771
|
|
Total
Current Liabilities |
858.610
|
726.606
|
646.513
|
|
|
Net Current Assets |
637.824
|
541.330
|
364.430
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1803.717 |
1701.494 |
1461.433 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3747.551 |
3124.547 |
2449.620 |
|
|
|
Other Income |
175.942 |
155.795 |
828.140 |
|
|
|
TOTAL (A) |
3923.493 |
3280.342 |
3277.760 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2116.959 |
|
2307.016 |
|
|
|
Purchases of stock-in-trade |
242.006 |
6.921 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(69.084) |
(15.420) |
|
|
|
|
Employee benefit expense |
538.136 |
487.215 |
|
|
|
|
Other expenses |
651.400 |
590.483 |
|
|
|
|
TOTAL (B) |
3479.417 |
2905.517 |
2307.016 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
444.076 |
374.825 |
970.744 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
75.438 |
52.921 |
37.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
368.638 |
321.904 |
933.361 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.737 |
76.383 |
67.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
280.901 |
245.521 |
865.835 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.074 |
29.285 |
34.953 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
240.827 |
216.236 |
830.882 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
921.197 |
859.106 |
274.091 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
25.000 |
22.000 |
84.000 |
|
|
|
Interim Dividend |
96.516 |
90.216 |
64.260 |
|
|
|
Proposed Interim Dividend |
14.112 |
16.380 |
68.292 |
|
|
|
Proposed Dividend |
20.412 |
6.804 |
6.048 |
|
|
|
Tax on Interim Dividend |
15.657 |
14.984 |
10.921 |
|
|
|
Tax on Proposed Interim Dividend |
2.289 |
2.657 |
11.342 |
|
|
|
Tax on Proposed Dividend |
3.311 |
1.104 |
1.004 |
|
|
BALANCE CARRIED
TO THE B/S |
984.727 |
921.197 |
859.106 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. Value) |
863.431 |
359.400 |
298.772 |
|
|
TOTAL EXPORTS |
863.431 |
359.400 |
298.772 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
611.620 |
444.769 |
243.571 |
|
|
|
Traded Goods |
200.388 |
0.000 |
0.000 |
|
|
|
Components and Spares Parts |
1.435 |
0.276 |
0.334 |
|
|
|
Capital Goods |
18.883 |
41.084 |
7.569 |
|
|
TOTAL IMPORTS |
832.326 |
486.129 |
251.474 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
955.66 |
858.08 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.14 |
6.59
|
25.35
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.50 |
7.86
|
35.35
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.28 |
14.06
|
61.09
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20
|
0.74
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
0.34
|
0.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.75
|
1.56
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Public deposits |
20.603 |
20.919 |
|
SHORT-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
15.000 |
27.622 |
|
Total
|
35.603 |
48.541 |
PERFORMANCE AND PROSPECTS
RUBBER DIVISION:
The turnover of
the Division for the year was Rs.1694.700 millions as compared to Rs.1540.100
millions in 2010-11. Turnover from the automotive segment grew by 11% during
the year. Industrial and export segments registered a growth of 32% and 24%
respectively over the previous year. To meet the increasing market demands,
investment in injection and vaccum moulding machines were made and commissioned
during the year. As the demand for the defence requirements are on the
increase, additional capacities were built by way of high tonnage presses. The
prices of raw materials witnessed high volatility during the year, and in
general, it was higher than in the preceding financial year. Though the
Division was able to recover a portion of the increase from its customers, it
had an impact on the margins of the Division. The year witnessed unstable power
situation and increasing fuel cost. To address the same a 1010 KVA generator
was installed in the Division. Necessary care and measures were taken to keep
the cost in check. Rubber Division was given the Best Supplier Award for the
third time in succession by Tata Toyo Radiators Limited, Pune for the supply of
Radiator Packing. The Division also received the Best Supplier Award for the
second time in succession from Rane Madras Limited. The Division has received
Certificate of Performance for best efforts in DOL implementation from Brakes
India Limited.
TYRE SOLUTIONS DIVISION:
The Division has
achieved a turnover of Rs.1172.865 millions during the year 2011-12 as against
Rs.1018.007 millions in 2010-11. The Turnover reflects the combined Sales
figures of the Retreading Division Rs.1005.961 millions (Rs.870.316 millions)
and the Rubber Resources Division Rs.166.904 millions (Rs.147.691 millions).
The Retread business has registered a good growth in the first quarter of
2012-13 and the outlook is positive. The sales in the Rubber Resources Division
has been stagnant in the first quarter due to the slow down in the economy.
SOLID TYRE DIVISION:
The Solid Tyre
business recorded a growth of 22% during the year 2011-12. The turnover for the
year 2011-12 was Rs.808.650 millions (which includes the Trading turnover of Rs.2047.94
from the Srilankan Subsidiary) as against 475.591 millions in 2010-11. The
outlook for the year 2012-13 is positive.
SUBSIDIARY COMPANY
The Sri Lankan
subsidiary Sundaram Lanka Tyres Limited achieved a Turnover of Rs.237.397
millions during the year 2011-12. The outlook for the year 2012-13 is positive.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In
Millions) |
|
|
a) On Guarantees executed by Company's Bankers |
38.023 |
36.517 |
|
b) On Letters of Credit Opened by Company's Bankers |
117.122 |
127.961 |
|
c) Claims against the Company not acknowledged as debts |
11.864 |
3.976 |
|
d) Estimated
amount of contracts remaining to be executed on Capital Account. |
14.877 |
35.621 |
|
e) Customs Duty on the stock at Bonded Warehouse |
11.454 |
8.834 |
|
f) Disputed Taxes contested in appeals |
|
|
|
- Sales Tax * |
99.477 |
94.136 |
|
- Excise duty |
18.814 |
28.360 |
|
- Service Tax |
6.958 |
22.480 |
|
* Tamilnadu Government
has issued a G.O. cancelling an earlier G.O. which had granted the company
exemption from sales tax on export sale of bus bodies through chassis
manufacturers. The Commercial Tax Department has issued a consequential
notice for the recovery of sales tax refund of Rs.90.300 millions. The
company is advised that the action of the Government is not sustainable. The
company has obtained a stay of the order from The Hon'ble Madras High Court. |
||
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U65991TN1943PLC002656 |
|
Name of the company |
SUNDARAM INDUSTRIES LIMITED |
|
Address of the registered office or of the
principal place of business in |
“TVS Building”, 7-B, West Veli Street, Madurai – 625 001 Tamilnadu, India E-Mail: silcs@silcorporate.in |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90288771 |
|
Type of charge |
Book Debts Movable Property (not being pledge) |
|
Particular of charge holder |
State Bank of India, Commercial Branch, No.6/A, West Veli Street, Madurai – 625 001, Tamilnadu, India E-Mail: prabhakaran.r@sbi.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
1. Supplemental Agreement of Loan for
increase in the Overall Limit - Form C 1-A 2. Supplemental Agreement of Hypothecation
of Goods and Assets for increase in the Overall Limit -Form C 2.A 3. Letter Regarding the grant of
Individual Limit within the Overall Limit - Form C 5 |
|
Date of instrument Creating the charge |
27.08.2012 |
|
Amount secured by the charge |
Rs.724.000 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Terms of Repayment: CC (Hypothecation)/ EPC/ FBD (Non LC)/ LC
(WC)/ BG (WC)/ Forward Contract Credit Exposure - Repayable on Demand. The
Limits are valid upto 19.3.2013 Margin: 1.RM/FG/SIP - 30% 2.Stores/Spares/Consumables/Receivables -
50% 3.LC / BG (WC) - 5% Others: 1. Cover period for Book Debts /
Receivables - 90 days 2. 100% one way interchangeability from
NFBWC to FBWC limits has been permitted 3. 100% two way interchangeability between
LC and BG limits has been permitted. |
|
Short particulars of the property charged |
As per particulars furnished in attachment
to Field No 13 (d) and 15 |
|
Date of latest modification prior to the
present modification |
01.03.2011 |
|
Particulars of the present
modification |
The Overall Limit is increased from
Rs.514.500 millions Rs.724.000 millions. Extension of Hypothecation as FIRST CHARGE of the entire current
assets of the Company as security for
the increased Overall Limit of Rs.724.000 millions, together with interest,
commission, cost, charges and other expenses which may accrue and/or be
debited to the Company's accounts from time to time. All other terms and
conditions remain unaltered. |
FIXED ASSETS:
· Land – Freehold and Leasehold
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
·
Office Equipment
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.