MIRA
INFORM REPORT
|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
L AND T CONSTRUCTION EQUIPMENT LIMITED [w.e.f.01.05.2013] |
|
|
|
|
Formerly Known
As : |
L AND T KOMATSU LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.07.1997 |
|
|
|
|
Com. Reg. No.: |
11-109700 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1200.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH1997PLC109700 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL4175C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Earth Moving Equipments. |
|
|
|
|
No. of Employees
: |
698 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 12700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Larsen and Toubro Limited and Komatsu
Asia Pacific Pte. Limited [KAP]. There appears sharp dip in the profit margin
during 2012. However, financial position of the company is good. Trade
relations are decent. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper / Short term Debt Programme
: A1+ (Withdrawn) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-67053285 / 91-80-40401700]
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22618181/ 22685656/ 67525656/ 67525617 |
|
Fax No.: |
91-22-22618181/ 22620223/ 22685893/ 67525858 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.07.2012
|
Name : |
Mr. Jagdish Pandurang Nayak |
|
Designation : |
Director |
|
Address : |
Gilder House, 2nd Floor, 67-F, Bhulabhai Desai Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1943 |
|
Qualification : |
BE (Mech), PGD
IN Prod Engg |
|
Date of Appointment : |
29.07.1997 |
|
DIN No.: |
00001644 |
|
|
|
|
Name : |
Mr. Raghavan Sadagopan |
|
Designation : |
Director |
|
Address : |
Flat No.302, Emerald Green Apartments, 108, 6th Main, 8th
Cross, Malleswaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
25.03.1946 |
|
Qualification : |
LME, AMIE, M.A. |
|
Date of Appointment : |
12.05.2006 |
|
DIN No.: |
00002647 |
|
|
|
|
Name : |
Susumu Ueno |
|
Designation : |
Director |
|
Address : |
Flat No. 2-B, Block-4, Rani Meyammai Towers, MRC Nagar, Raja
Annamalapuram, Chennai – 600028, Tamilnadu, India |
|
Date of Birth/Age : |
20.10.1958 |
|
Qualification : |
Tohoku
University, Japan – Economic Graduate |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
01172696 |
|
|
|
|
Name : |
Tetsuji Ohashi |
|
Designation : |
Director |
|
Address : |
2-9-5 Akazutsumi Setagaya- KU, Tokyo - 1560044, Japan |
|
Date of Birth/Age : |
23.03.1954 |
|
Qualification : |
Tokyo University
- Engineering |
|
Date of Appointment : |
28.03.2008 |
|
DIN No.: |
02104881 |
|
|
|
|
Name : |
Mr. Sunil Kumar Mittra |
|
Designation : |
Director |
|
Address : |
A003/A004, Victorian Haven, 139/27, Patel Rama Reddy Road, Domlur
Layout, Bangalore – 560071, Karnataka, India |
|
Date of Birth/Age : |
01.10.1949 |
|
Qualification : |
B.SC ENGG
(MECH), PG-SQC |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
02347945 |
|
|
|
|
Name : |
Koji Yamada |
|
Designation : |
Director |
|
Address : |
4-6-8-3304 Konan, Minato-Ku, Tokyo - 1080075 |
|
Date of Birth/Age : |
21.06.1954 |
|
Qualification : |
Waseda University
- Law Graduate |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
02555994 |
KEY EXECUTIVES
|
Name : |
Naveenan Ramamurthy |
|
Designation : |
Secretary |
|
Address : |
798E, Panneerselvam Road, KK Nagar, Chennai – 600078, Tamilnadu, India
|
|
Date of Birth/Age : |
22.12.1955 |
|
Date of Appointment : |
29.09.2008 |
|
PAN No.: |
AABPN1192K |
|
|
|
|
Name : |
Mr. Gopal Subramaniam |
|
Designation : |
Manager |
|
Address : |
B1, 202 Terra Green Leaf Apartment, 13th Cross, 6th
Main, Malleshwaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
02.11.1955 |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
ABPPG1406L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2012
|
Names of Shareholders |
No. of Shares |
|
Larsen and Toubro
Limited, India |
59999699 |
|
Komatsu Asia and Pacific Pte Limited, Singapore |
59999700 |
|
J. P. Nayak and Larsen and Toubro Limited, India |
100 |
|
S. Raghavan and Larsen and Toubro Limited, India |
100 |
|
S. K. Mittra and Larsen and Toubro Limited, India |
100 |
|
K. Venkataramanan and Larsen and Toubro Limited, India |
1 |
|
Tetsuji Ohashi and Komatsu Asia and Pacific Pte Limited, India |
100 |
|
Koji Yamada and Komatsu Asia and Pacific Pte Limited, India |
100 |
|
Susumu Ueno and Komatsu Asia and Pacific Pte Limited, India |
100 |
|
|
|
|
Total |
120000000 |
AS ON 30.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Earth Moving Equipments. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
/ Installed Capacity |
Actual
Production |
|
Earth Moving Machinery including Self Propelled Bull Dozers, Angle
Dozers, Graders Levellers, Scrappers, Mechanical Shovels, Excavators Shovel,
Loaders Tamping Machines and Road Rollers. |
Nos. |
5000 |
3232 |
|
Hydraulic and Pneumatic Equipment |
Nos. |
52100 |
7877 |
GENERAL INFORMATION
|
Suppliers : |
v Sunservices
Forklift Parts Private Limited v Crystal Aqua
Purity Systems v Hyloc
Hydrotechnic Private Limited v Vrushaba
Engineers Tool Aids Private Limited v Associated
Commercial Enterprises v Klipco Private
Limited v Malnad Alloy
Castings Private Limited v Polartech India
Private Limited v Vipra Machine
Tools Private Limited v Aim Industries v Excelsior
Enterprises v Elegant Metal
Finishers v Fluid Controls
and Systems v Global Fab v HI-Tech Tools
and Energy Products v Industrial
Rubber Works v Indy Rubber
Industry v P.V. Engineering
Works v Prasun Tools v Prabhava
Engineering v Sree Ganesh
Chemicals v Sunil Industries |
|
|
|
|
No. of Employees : |
698 (Approximately) |
|
|
|
|
Bankers : |
v The Bank of Tokyo-Mitsubishi UFJ Limited,
Venkataramana Centre, 6th Floor, 563/2, Anna Salai, Teynampet, Chennai -
600018, Tamilnadu, India v BNP Paribas, 20 Collyer Quay, #01-01 Tung
Centre, Singapore - 049319, v BNP Paribas, Landmark Building, 3rd Floor,
21/15, M. G. Road, Bangalore - 560001, Karnataka, India v Corporation Bank, Industrial Finance
Branch, No.1, Queen's Road, Bangalore - 560001, Karnataka, India v The Hongkong and Shanghai Banking
Corporation Limited, 7, M.G. Road, Bangalore, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, Block A-4, III Floor, 602, Anna Salai, Chennai
– 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS2512D |
|
|
|
|
Joint
venture : |
v Larsen and
Toubro Limited [L99999MH1946PLC004768] v Komatsu Asia
Pacific Pte. Limited (KAP) |
|
|
|
|
Holding
Company of KAP : |
Komatsu Limited |
|
|
|
|
Subsidiaries
of Komatsu Limited : |
v Komatsu
Engineering Corporation v Komatsu
Logistics Corporation v Komatsu Shantui
Construction Machinery Company Limited v Komatsu Hanomag
Aktiengesellschaft v PT Komatsu
Undercarriage, Indonesia v PT Komatsu
Indonesia TBK v PT Hanken
Indonesia |
|
|
|
|
Subsidiaries
/ Associates of L and T Limited : |
v Tractor
Engineers Limited [U28920MH1952PLC008893] v Audco India
Limited [U74999MH1961PLC012188] v Larsen and
Toubro Infotech Limited [U72900MH1996PLC104693] v L and T-Finance
Limited v L and T Plastics
Machinery Limited v L and T General
Insurance Company Limited [U66030MH2007PLC177117] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1200.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1200.000 |
1200.000 |
|
(b) Reserves & Surplus |
|
1983.063 |
1936.658 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3183.063 |
3136.658 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
49.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
54.917 |
66.386 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
66.044 |
58.862 |
|
Total Non-current
Liabilities (3) |
|
169.961 |
125.248 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
290.452 |
0.000 |
|
(b) Trade
payables |
|
2135.836 |
2405.736 |
|
(c)
Other current liabilities |
|
517.182 |
434.990 |
|
(d) Short-term
provisions |
|
46.391 |
637.665 |
|
Total Current
Liabilities (4) |
|
2989.861 |
3478.391 |
|
|
|
|
|
|
TOTAL |
|
6342.885 |
6740.297 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
937.384 |
967.870 |
|
(ii)
Intangible Assets |
|
9.817 |
10.475 |
|
(iii)
Capital work-in-progress |
|
49.809 |
9.447 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4.749 |
1.797 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1001.759 |
989.589 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2244.981 |
2156.596 |
|
(c)
Trade receivables |
|
2590.518 |
2523.946 |
|
(d) Cash
and cash equivalents |
|
13.635 |
254.122 |
|
(e)
Short-term loans and advances |
|
491.992 |
816.044 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
5341.126 |
5750.708 |
|
|
|
|
|
|
TOTAL |
|
6342.885 |
6740.297 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1200.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1636.478 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2836.478 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
131.350 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
131.350 |
|
|
DEFERRED TAX LIABILITIES |
|
|
69.635 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3037.463 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
968.793 |
|
|
Capital work-in-progress |
|
|
61.329 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
3.122 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2450.297
|
|
|
Sundry Debtors |
|
|
1839.987
|
|
|
Cash & Bank Balances |
|
|
313.102
|
|
|
Other Current Assets |
|
|
0.008
|
|
|
Loans & Advances |
|
|
736.114
|
|
Total
Current Assets |
|
|
5339.508 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2497.456
|
|
|
Other Current Liabilities |
|
|
99.087
|
|
|
Provisions |
|
|
738.746
|
|
Total
Current Liabilities |
|
|
3335.289 |
|
|
Net Current Assets |
|
|
2004.219
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3037.463 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14614.907 |
13516.381 |
11101.413 |
|
|
|
Other income |
77.023 |
52.769 |
139.018 |
|
|
|
TOTAL (A) |
14691.930 |
13569.150 |
11240.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
11684.410 |
9874.956 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(28.927) |
116.741 |
|
|
|
|
Employee benefit expense |
557.386 |
431.760 |
|
|
|
|
Other expenses |
2306.867 |
2121.744 |
|
|
|
|
TOTAL (B) |
14519.736 |
12545.201 |
10052.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.194 |
1023.949 |
1187.762 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.531 |
27.280 |
99.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.663 |
996.669 |
1088.398 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
78.640 |
75.652 |
74.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.023 |
921.017 |
1014.255 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.001 |
314.010 |
358.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.022 |
607.007 |
655.446 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1601.911 |
1362.431 |
1108.363 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
0.000 |
60.700 |
65.545 |
|
|
|
Proposed Dividend |
0.000 |
264.000 |
288.000 |
|
|
|
Additional Tax on Dividend |
0.000 |
42.827 |
47.833 |
|
|
BALANCE CARRIED
TO THE B/S |
1647.933 |
1601.911 |
1362.431 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
2.765 |
0.445 |
39.449 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
100.316 |
245.426 |
90.294 |
|
|
|
Components |
6572.565 |
5018.795 |
3954.875 |
|
|
|
Spares |
17.147 |
29.180 |
25.286 |
|
|
|
Capital goods |
38.773 |
11.571 |
0.751 |
|
|
TOTAL IMPORTS |
6728.801 |
5304.972 |
4071.206 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.38 |
5.06 |
5.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.31
|
4.47 |
5.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
6.81 |
9.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
|
13.68 |
16.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.29 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.00 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.65 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
65.675 |
NA |
|
|
|
|
|
|
Sr. No. |
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 |
Yes |
|
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 |
No |
|
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
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Term loans from bank |
49.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
290.452 |
0.000 |
|
Total |
339.452 |
0.000 |
PERFORMANCE:
During the year ended 31st March 2012, the company has
achieved sales of 3468 units Hydraulic Excavators against 3242 units sold in
the previous year, recording growth of 7%. There was a shift in the market
segment from Premium to Non-premium with more offering form new entrants, the
Company with 28% market share by value was major player. The company faced
several challenges during the financial year, in the area of material cost.
Material cost has gone up due to increase in the prices of commodities and
stronger YEN. Even though Selling prices were increased by almost 3%, the same
was not enough to pass through all cost increases. However, due to excellent
efforts by the company s Sole Selling Agents (L & T) the company is able to
secure premium in all product categories. The company focused on reduction of
working capital through Inventory rationalization, better credit terms etc.,
which resulted in lower borrowing and lower interest cost. The company has
mitigated risk of volatile YEN through increased hedging and forward cover. In
spite of adverse factors as above the company is able to achieve Gross revenue
of Rs. 16149.000 Millions and PAT of Rs. 46.000 Millions.
AWARDS AND
RECOGNITIONS
The company has won several awards during the year, Platinum
Award for Excellence in Quality Systems was conferred by FICCI, Strong
Commitment to Excel as per business excellence model presented by CII. 2nd Best
prize in IMTMA - Siemens National Productivity Championship Awards, 2nd Prize
in Quality Circle completion conducted by CII - Karnataka Chapter are some of
the milestones achieved in the year. Mr. H Rajanna one of the employee received
Prime ministers Shram Vir Award during the year. These awards to LTK and its
personnel reflect bench mark processes established at LTK in its journey of
Pursuing Excellence.
FIXED ASSETS:
v Land
v Buildings
v Plant and equipment
v Furniture and fixtures
v Vehicles
v Office equipment
v Computer software
v Know-how
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. 61.12 |
|
|
1 |
Rs. 92.97 |
|
Euro |
1 |
Rs. 80.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.