|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (w.e.f. 23.11.2012) |
|
|
|
|
Formerly Known
As : |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.12.1998 |
|
|
|
|
Com. Reg. No.: |
08-024588 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.208 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1998PLC024588 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT02428G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT9077B |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the manufacturing, sale and servicing of construction
machineries / equipments including excavators, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20097000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Tata Motor and Hitachi Construction
Machinery Company, Japan. It is an established company having fine track record. Sales and profit of the company has dipped in 2013. However, financial
position of the company is good. The company gets good support from its
subsidiary. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities A+ |
|
Rating Explanation |
Adequate credit quality and average credit
risk |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based facilities A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 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.
LOCATIONS
|
Registered
Office : |
|
|
Tel. No.: |
91-80-25588026/
25583345/ 46/ 53/ 66953301/ 02/ 03/ 04/ 05 |
|
Fax No.: |
91-80-25583343/
66953309/ 25325792 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000
sq. ft |
|
Location : |
Leased |
|
|
|
|
Administrative
Office: |
27th
Floor, Centre I, World Trade Centre, Cuffe Parade, Mumbai – 400 005, |
|
Tel. No.: |
91-22-22160871 |
|
Fax No.: |
91-22-22185747 |
|
|
|
|
Factory 1 : |
K.I.A.D.B., Block No.2, Belur Industrial Estate, Mummigatti, Dharwad – 580 007, |
|
|
|
|
Factory 2 : |
Telcon General Office, C/o. Telco Premises, PO: Telco GM's Post
Office, |
|
|
|
|
Factory 3 : |
Midnapore West, Kharagpur, West |
|
|
|
|
Zonal
Offices : |
Located at : v Ahmedabad v
v
v Bilaspur v
v Chennai v
v Dhanbad v
v
v Guwahati v Hospet v
v Jaipur v
v
v
v
v Pune v
v
v
v Vijaywada v Vizag |
|
|
|
|
Overseas
Office: |
Located at: v
v
v
|
|
|
|
|
Branch Office
: |
Located at: v
v Kolkata v
v Mumbai v
v
|
DIRECTORS
As on 26.07.2013
|
Name : |
Mr. Ranaveer
Sinha |
|
Designation : |
Managing Director
|
|
Address : |
G5, Golmuri Road,
Nildih, PO Golmuri, Jamshedpur – 831 003, Jharkhand, India |
|
Date of
Birth/Age : |
09.07.1954 |
|
Qualification
: |
PGDBM, BE (IIT Kharagpur), MS (Aston University) |
|
Date of
Appointment : |
01.01.2008 |
|
DIN No.: |
00103398 |
|
|
|
|
Name : |
Mr. Kamalesh
Chandra Dewan Wazirchand Mehra |
|
Designation : |
Director |
|
Address : |
Flat # 11, Volkart
House, 63 Westfield Lane, Bhulabai Desai Road, Mumbai – 400 021, Maharashtra,
India |
|
Date of
Birth/Age : |
20.09.1939 |
|
Qualification
: |
Hon. Graduate in
Arts |
|
Date of
Appointment : |
29.09.1999 |
|
DIN No.: |
00005685 |
|
|
|
|
Name : |
Mr. Shoji Iino |
|
Designation : |
Nominee Director |
|
Address : |
4-1-33
Shibasakidai, Abiko-Shi, Chiba 2701176 |
|
Date of
Birth/Age : |
11.07.1957 |
|
Qualification
: |
Graduate in Science and Technology, Waseda University |
|
Date of
Appointment : |
01.04.2011 |
|
DIN No.: |
01680590 |
|
|
|
|
Name : |
Mr. Prakash
Manjanath Telang |
|
Designation : |
Nominee Director |
|
Address : |
Flat # D – 211
Paradise Towers, Plot # 10 Baner Road, Pune – 411 045, Maharashtra, India |
|
Date of
Birth/Age : |
21.06.1947 |
|
Qualification
: |
BE (Mech.), MBA (IIM, Ahmedabad) |
|
Date of
Appointment : |
25.01.2012 |
|
DIN No.: |
00012562 |
|
|
|
|
Name : |
Mr. Hiroaki
Isshiki |
|
Designation : |
Alternate
Director |
|
Address : |
3-13-8 Izumi-Honcho
Komae City, Tokyo – 2010003 |
|
Date of
Birth/Age : |
23.04.1958 |
|
Qualification
: |
Graduate- Foreign Studies, Osaka University |
|
Date of
Appointment : |
27.04.2012 |
|
DIN No.: |
02107087 |
|
|
|
|
Name : |
Motohiro Narao |
|
Designation : |
Nominee Director |
|
Address : |
1-39-7,
Sakashita, Itabashi-ku, Tokyo, Japan |
|
Date of
Birth/Age : |
18.11.1962 |
|
Date of
Appointment : |
27.04.2012 |
|
DIN No.: |
01680806 |
|
|
|
|
Name : |
Hideki Mizumachi |
|
Designation : |
Alternate
Director |
|
Address : |
404, 4-21,
1-Chome, Fujisaki Tsuchiura-shi, Ibaraki-ken, Ibaraki – 3000813, Japan |
|
Date of
Birth/Age : |
01.09.1953 |
|
Date of
Appointment : |
18.10.2006 |
|
DIN No.: |
05305182 |
|
|
|
|
Name : |
Mr. Shyam Mani |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Flat No. 1201,
Tower V, Mahalaxmi, Celesta, Planet Godrej, 30, Keshavrao Khadye Marg, Mumbai
– 400011, India |
|
Date of
Birth/Age : |
01.09.1953 |
|
Date of
Appointment : |
20.07.2012 |
|
DIN No.: |
00273598 |
|
|
|
|
Name : |
Mitsuhiro Tabei |
|
Designation : |
Director
appointed in casual vacancy |
|
Address : |
1001-21-21 B,
Chome Machiya, Arakawa Ku, Tokyo – 1160001, Japan |
|
Date of
Birth/Age : |
01.09.1953 |
|
Date of
Appointment : |
27.04.2012 |
|
DIN No.: |
01680668 |
|
|
|
|
Name : |
Genroku Sugiyama |
|
Designation : |
Nominee Director |
|
Address : |
Room No. 201,
Golmuri Club, Jamshedpur, Jharkhand, India |
|
Date of
Birth/Age : |
S19.02.1956 |
|
Date of
Appointment : |
25.04.2013 |
|
DIN No.: |
06588677 |
KEY EXECUTIVES
|
Name : |
Mr.
Azhagesan Ayyamperumal |
|
Designation : |
Company
Secretary |
|
Address : |
Tulip
002, Rakesh Fantasy garden 118, Kasturinagar, 2nd Main Road, OMBR
Layout, Banaswadi, Bangalore – 560 043, Karnataka, India |
|
Date of Birth
: |
27.09.1963 |
|
Date of
Appointment : |
09.01.2001 |
|
PAN No.: |
AACPA0275H
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.07.2013
|
Names
of Shareholders |
No. of Shares |
|
Tata Motors
Limited |
39749994 |
|
Tata Motors
Limited jointly with C. Ramakrishnan |
1 |
|
Tata Motors
Limited jointly with Hoshang K. Sethna |
1 |
|
Hitachi
Construction Machinery Company Limited |
60008000 |
|
Sheba Properties
Limited, |
250000 |
|
Tata Motors
Limited jointly with Ranaveer Sinha |
1 |
|
Tata Motors
Limited jointly with G. Mani |
1 |
|
Tata Motors
Limited jointly with Manav Kohli |
1 |
|
Tata Motors
Limited jointly with N. Venkatakrishnan |
1 |
|
Green ARM Company
Limited |
8000 |
|
IVRCL Limited |
4800 |
|
Total |
100020800 |
As on 26.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing, sale and servicing of
construction machineries / equipments including excavators, etc. |
||||
|
|
|
||||
|
Products : |
v Hydraulic Excavators v Crawler Cranes v Wheel Loader v Backhoe Loader v Agency Products |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
v
State Bank
of India, Corporate Accounts Group Branch, Express Towers, Nariman Point,
Mumbai – 400 021, Maharashtra, India v
Standard
Chartered Bank, 26-27, v
Bank
of v
Corporation
Bank, v
HDFC
Bank Limited, v
DBS
Bank Limited, Salarpuria Windsor, No.3, v
The
Bank of Tokyo Mitsubishi UFJ Limited, Mumbai Branch, Hoechst House, 15 Floor,
193, Vinay K Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India v
Citibank
N.A., UB City, v
Axis Bank Limited, No.9, v
Standard Chartered Bank, Bangalore Branch, 3rd
Floor, Vaishnavi Serenity, 112, Koramangala Industrial Area, V Block,
Kormangala, Bangalore – 560 095, Karnataka, India v
IDBI Bank Limited v
IndusInd Bank Limited, Du Parc Trinity, West
Wing, I Floor, 17, M.G. Road, Bangalore – 560 001, Karnataka, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi
and Company LLP Chartered
Accountants |
|
Address: |
U B City,
Canberra Block 12th and 13th Floor Vittal Mallya Road Bangalore - 560001, Karnataka, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Collaborators
: |
v
John Deere Industrial Equipment Company, v
|
|
|
|
|
Holding
Company : |
Hitachi Construction Machinery Company Limited |
|
|
|
|
Company with Substantial Interest : |
Tata Motors Limited |
|
|
|
|
Subsidiaries : |
v
Serviplem v
Comoplesa Lebrero S.A., Spain v
North Baryval Special Vehicle, China ('NBSV') -
subsidiary of Serviplem |
|
|
|
|
Associate : |
Telcon Ecoroad Resurfaces Private Limited (TERPL), India CIN No.: U45203KA2003PTC032752 |
|
|
|
|
Fellow Subsidiaries
|
v Hitachi Sumitomo Heavy Industries Construction Crane (shanghai) Company Limited(HSS) v
v
v
Pt. Hitachi Construction Machinery v
v Hitachi Construction Truck Manufacturing Limited(HTM) v Hitachi Construction Machinery Camino Company Limited v
v
Hitachi Construction Machinery (China) ('HCMC') v
Hitachi Construction Machinery (Singapore) Pte.
Ltd. ('HCMS') v Hitachi Kenki
Logistics Techonlogy Company Limited ('HKLT') |
|
|
|
|
Fellow Subsidiaries
TML : |
v Tal Manufacturing Solutions Limited v Tata Technologies Limited v HV Transmissions Limited v Sheeba Properties Limited v Tata Finance Limited v Tata Motors Financial Services Limited v HV Axles Limited v Concorde Motors India Limited v
TML Dirvelines Limited (formerly HV Axles
Limited) ('TDL') |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100020800 |
Equity Shares |
Rs.10/- each |
Rs.1000.208 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100020800 |
Equity Shares |
Rs.10/- each |
Rs.1000.208 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1000.200 |
1000.200 |
1000.000 |
|
(b) Reserves & Surplus |
4024.200 |
4739.100 |
5943.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.200 |
|
Total
Shareholders’ Funds (1) + (2) |
5024.400 |
5739.300 |
6943.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6145.800 |
2937.400 |
2986.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
204.700 |
323.600 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
141.100 |
108.700 |
98.200 |
|
Total Non-current Liabilities (3) |
6286.900 |
3250.800 |
3407.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1539.600 |
2671.300 |
2100.500 |
|
(b) Trade payables |
6885.500 |
6722.900 |
5896.200 |
|
(c) Other current
liabilities |
2830.200 |
3719.100 |
1958.900 |
|
(d) Short-term provisions |
608.100 |
631.000 |
890.700 |
|
Total Current Liabilities (4) |
11863.400 |
13744.300 |
10846.300 |
|
|
|
|
|
|
TOTAL |
23174.700 |
22734.400 |
21197.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9063.900 |
7856.800 |
6740.800 |
|
(ii) Intangible Assets |
812.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
298.900 |
1151.500 |
1341.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1853.400 |
1888.200 |
1788.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1613.000 |
1486.300 |
1112.100 |
|
(e) Other Non-current assets |
120.800 |
144.200 |
23.200 |
|
Total Non-Current Assets |
13762.000 |
12527.000 |
11006.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4708.200 |
6087.800 |
5137.100 |
|
(c) Trade receivables |
2731.000 |
2688.600 |
2757.400 |
|
(d) Cash and cash
equivalents |
427.300 |
23.800 |
788.600 |
|
(e) Short-term loans and
advances |
1546.200 |
1407.200 |
1508.300 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9412.700 |
10207.400 |
10191.400 |
|
|
|
|
|
|
TOTAL |
23174.700 |
22734.400 |
21197.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22423.200 |
27141.900 |
24407.000 |
|
|
|
Other Income |
202.000 |
189.100 |
200.900 |
|
|
|
TOTAL |
22625.200 |
27331.000 |
24607.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
15110.400 |
19572.500 |
15649.700 |
|
|
|
Purchases of stock-in-trade |
1652.200 |
2154.200 |
2464.300 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
243.600 |
(255.500) |
48.000 |
|
|
|
Employee benefit expense |
1458.200 |
1567.000 |
1261.500 |
|
|
|
Other expenses |
3776.700 |
3928.000 |
2962.200 |
|
|
|
TOTAL |
22241.100 |
26966.200 |
22385.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
384.100 |
364.800 |
2222.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
740.400 |
475.400 |
487.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(356.300) |
(110.600) |
1734.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
572.700 |
1119.700 |
379.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(929.000) |
(1230.300) |
1355.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(204.700) |
(118.900) |
403.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(724.300) |
(1111.400) |
952.000 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(72.43) |
(111.14) |
9.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(3.20)
|
(4.07) |
3.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.14)
|
(4.53) |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.42)
|
(6.25) |
7.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
(0.21) |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.53
|
0.98 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.74 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loan from banks |
434.300 |
0.000 |
|
|
|
|
|
Total |
434.000 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10465024 |
22/11/2013 |
630,000,000.00 |
Citi Bank N.A. |
UB City, Canberra Block, #24, Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B91480665 |
|
2 |
10447864 |
18/07/2013 |
550,000,000.00 |
Citi Bank N.A. |
UB City, Canberra Block, #24, Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B84450295 |
|
3 |
10423931 |
09/04/2013 |
550,000,000.00 |
Citi Bank N.A. |
UB City, Canberra Block, #24, Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B74495185 |
|
4 |
10411078 |
08/02/2013 |
500,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA
|
B70538954 |
|
5 |
10411077 |
08/02/2013 |
1,000,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA
|
B70538723 |
|
6 |
10400095 |
14/12/2012 |
560,000,000.00 |
Citi Bank N.A. |
UB City, Canberra Block, #24, Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B66936063 |
|
7 |
10374413 |
17/08/2012 |
485,000,000.00 |
Standard Chartered Bank |
BANGALORE BR, 3RD FLOOR, VAISHNAVI SERENITY, 112, |
B57240012 |
|
8 |
10354110 |
25/04/2012 |
520,000,000.00 |
Citibank N.A. |
3rd floor, Canberra Block, UB City, #24, Vittal Mallya Road,
Bangalore, Karnataka - 560001, INDIA |
B39105713 |
|
9 |
10317377 |
22/09/2011 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
22,GROUND FLOOR,ING VYSYA HOUSE, M.G.ROAD, BANGALORE, Karnataka -
560001, INDIA |
B25202474 |
|
10 |
10286907 |
01/05/2011 |
480,000,000.00 |
Citibank N.A |
UB City, Canberra Block, #24 Vittal Mallya Road, Bangalore, Karnataka - 560001, INDIA |
B12898326 |
|
11 |
10277889 |
22/03/2011 |
900,000,000.00 |
Standard Chartered Bank |
Raheja Towers, 26/27 M.G.Road, Bangalore, Karnata |
B09797424 |
|
12 |
10238099 |
06/07/2010 |
922,000,000.00 |
DBS Bank Limited |
SALAPURIA WINDSOR, NO. 3, (OLD NO. 10), ULSOOR RO |
A91690800 |
|
13 |
10206277 |
10/12/2009 |
750,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A77669547 |
|
14 |
10150578 |
20/10/2011 * |
2,900,000,000.00 |
THE BANK OF TOKYO MITSUBISHI UFJ LTD |
MUMBAI BRANCH HOECHST HOUSE, 15TH & 16TH FLOOR, 193, VINAY K SHAH MARG,
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B33157454 |
|
15 |
80048612 |
25/07/2013 * |
1,000,000,000.00 |
Standard Chartered Bank |
No. 112, Serenity, Koramangala Industrial Area,Koramangala, 5th Block,
Bangalore, Karnataka - 560095, INDIA |
B81625451 |
|
16 |
80050721 |
23/01/2009 * |
1,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A56761174 |
|
17 |
80064880 |
30/07/1999 |
2,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, 20th FLOOR, EXPRESS TOW |
- |
* Date of charge modification
CORPORATE INFORMATION
Subject (formerly Telco
Construction Equipment Company Limited) is a public company domiciled in India
and incorporated under the provisions of the Companies Act, 1956. The Company
is engaged in the manufacturing, sale and servicing of construction machineries
/ equipments including excavators, etc.
INDUSTRY OVERVIEW
The country’s
economic growth continued to stumble this year as well with the GDP growth
falling from 6.2% in FY 2011-12 to an estimated 5% in FY 2012-13. Also the year
was marked by near stagnant industrial production, continued decline in credit
growth and reduced investment inflows. The conscious effort by the Government
of India (GoI) to contain the high fiscal deficit by cutting planned
expenditure added to the woes. Mining output declined by 2.5% against a decline
of 1.9% in the previous year. The slowdown that was witnessed across the globe
and more particularly in China impacted the world CE markets. All these factors
coupled with contraction of demand in the CE industry, resulted in the negative
growth in certain products.
EXPORTS
The Company tied
up with Hitachi Construction Machinery Middle East Corporation FZE (HMEC) and
Tata International Limited (TIL), in order to expand its export business in
Middle East and certain pockets of Africa. It is also proposed to enter into a
dealership agreement with both these companies for setting up support
infrastructure in some territories.
OUTLOOK
The Government of
India had as per budget estimated the country’s GDP growth for the year 2013-14
in the range of 6.1-6.7%. However, several analysts deem this optimistic in the
light of severe headwinds faced by the economy and adverse global conditions in
the initial few months of the year. The budget sought to inject more funds into
the Rural and Urban infra sectors, provide infrastructure companies with better
access to funds, encourage investment with incentives through issue of bonds
and access to foreign borrowings. In the budget, planned expenditure for the
year has been increased by 29% over previous year in the run up to the
elections. Also a fast track award target for Road Construction, development of
the Freight corridor networks, increased support to the agricultural sector,
and the thrust for rural and urban infrastructure should help the industry
especially with the demand for smaller Excavators and Wheeled Products . After
a subdued growth in 2010-11 and de-growth in the following years, the Mining
sector is likely to revive. Also, this should be bolstered by the cyclical
demand in the sector by way of replacement of aged mining machinery. The new
demand would however depend largely on expediting the considerable backlog of
project clearances.
FINANCE
During the year 2012-13, the interest rates
continued moving higher due to periodic hikes in policy rates by RBI and
constant inflationary pressure on the economy. The Government has also
restrained its public spending for projects. Despite the impacts on liquidity,
the Company was successful in entering in to trade advance arrangements with
its financiers, whereby the collection against month-end dispatches were
received in the same month of dispatch. Curtailing the operations in view of
slowdown and aligned procurements helped in reduction of inventories. The strain
on cash flow from operations had also affected the planned capital expenditure,
requiring pull-back of projects of low priority and incurrence of only
committed spends, which helped in containing the borrowings. The Company’s
focused efforts towards reductionin collection cycle of the receivables had
also helped in controlling its working capital.
ASSOCIATES AND SUBSIDIARIES
Serviplem S. A. U,
a subsidiary of the Company in Spain, is in the business of manufacturing
Concrete Transit Mixers, Dry Bulk Tanks and Batch Plants under the brand name
‘Baryval. Comoplesa Lebrero, S. A. U, another subsidiary, is in the business of
design, engineering, manufacture and sale of Soil and Asphalt Compactors.
During the year, Spain continued to reel under economic recession. Various
strategies were deployed to relook at the operations in Spain to enable the
subsidiaries to sustain themselves. Further, a statement under section 212 (1)
(e) of the Companies Act, 1956 is furnished in the Annexure to this report.
Telcon Ecoroad
Resurfaces Private Limited (TERPL), an associate company is in the business of
promoting Hot-in-place (HIR) technology and related consultancy activities.
Consequent to the demerger of its road laying business to the Company in 2011,
TERPL has now restricted its activities only to consultancy services as above
for the country’s road projects to be executed by the Company. Continuing its
active engagement with NHAI, state governments and large BOT road operators, it
is likely to secure for the Company a project with a leading BOT operator near
Chennai. This will be executed in the current financial year.
FIXED ASSETS
v Buildings
v
v Leasehold Improvements
v Plant, Machinery and Equipment
v Furniture, Fixtures and Office Appliances
v Vehicles and Transport
v Technical
Knowhow
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.61.62 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.