|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAL MANUFACTURING SOLUTIONS LIMITED (w.e.f. 30.01.2002) |
|
|
|
|
Formerly Known
As : |
TELCO AUTOMATION LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.03.2000 |
|
|
|
|
Com. Reg. No.: |
11-130290 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.650.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29100PN2000PLC130290 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT1342E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of capital goods (including
parts thereof) and services in respect thereof. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3386000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of ‘TATA Motors Limited’. It is an established company having satisfactory track record. Company has incurred loss from its operation in 2013. However,
liquidity position seems to be strong as there appears no external borrowings
by the company. Company also receives financial support from its holding company. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. In view of strong holding, the company can be considered 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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
September 25, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
September 25, 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 DENIED BY
|
Name : |
Mr. Ajay Mahajan |
|
Designation : |
Divisional Manager |
|
Date : |
27.12.2013 |
LOCATIONS
|
Registered Office/ Corporate Office/ Facory 1 : |
PDO Building, Tata Motors Campus, Chinchwad, Pune – 411033,
Maharashtra, India |
|
Tel. No.: |
91-20-66135509/ 5550/ 5510 |
|
Fax No.: |
91-20-66136318/ 66135404 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Aerospace Division, Sector-3, |
|
|
|
|
Regional Office
(South) : |
Tata Motor Office, 7th floor, Kasi Arcade, 116, |
|
Tel. No.: |
91-44-28153815 |
|
|
|
|
Regional Office (North) : |
Tata Motor Office, No.1, Ghazipur Industrial Area, Patpargani, |
|
Tel. No.: |
91-11-22232033 |
DIRECTORS
As on: 06.07.2013
|
Name : |
Mr. |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
A-3, Pallonji Mansion, 43, Cuffe Parade, Near President Hotel, Colaba,
Mumbai - 400 005, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1944 |
|
Qualification : |
Bachelor of
Technology from IIT, Kharagpur and a Masters in Science from the |
|
Date of Appointment : |
17.05.2007 |
|
DIN No. : |
00016184 |
|
|
|
|
Name : |
Mr. Rameshwar Singh Thakur |
|
Designation : |
Director |
|
Address : |
Flat No.205, |
|
Date of Birth/Age : |
06.09.1948 |
|
Qualification : |
Bachelor in
Mechanical Engineering and a MBA from XLRI. |
|
Date of Appointment : |
17.07.2006 |
|
DIN No. : |
00020126 |
|
|
|
|
Name : |
Mr. Satish Bhaskar Pradhan |
|
Designation : |
Director |
|
Address : |
Flat No.173, Apsara Housing Society, NCPA Complex, Nariman Point,
Mumbai - 400 021, |
|
Date of Birth/Age : |
04.01.1955 |
|
Qualification : |
Masters in
History from |
|
Date of Appointment : |
08.08.2001 |
|
DIN No. : |
00175969 |
|
|
|
|
Name : |
Mr. Niranjan Shankar Kulkarni |
|
Designation : |
Director |
|
Address : |
221, Falcons Crest, Tata Colony, |
|
Date of Birth/Age : |
25.06.1956 |
|
Qualification : |
Mechanical
Engineer from |
|
Date of Appointment : |
24.07.2009 |
|
DIN No. : |
02667029 |
|
|
|
|
Name : |
Mr. Satish Balkrishna Borwankar |
|
Designation : |
Additional Director |
|
Address : |
Fl N. 22, Viola S No. 118/3-5, Warje, Near Cipla Hospital, Kothrud,
Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1952 |
|
Date of Appointment : |
06.07.2013 |
|
DIN No. : |
01793948 |
|
|
|
|
Name : |
Mr. Arvind Mathew |
|
Designation : |
Director |
|
Address : |
4 Kapaleeswar Nagar, 9th Cross Street, Neelankarai, Chennai – 600041,
Tamilnadu, India |
|
Date of Birth/Age : |
06.01.1960 |
|
Date of Appointment : |
06.07.2013 |
|
DIN No. : |
01377003 |
|
|
|
|
Name : |
Mr. Rajesh Gobindram Khatri |
|
Designation : |
Whole-Time Director |
|
Address : |
Frangipani, 5 B.J. Road, Sadhu Vaswani Chowk, Behind Hotel Woodland,
Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1962 |
|
Qualification : |
B.E. in Production Engineering. |
|
Date of Appointment : |
06.07.2013 |
|
PAN No.: |
AAFPK1960N |
|
DIN No. : |
03620093 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Mahajan |
|
Designation : |
Divisional Manager |
|
|
|
|
Name : |
Ms. Kavita Sethi Jain |
|
Designation : |
Secretary |
|
Address : |
J-703, |
|
Date of Birth/Age : |
06.04.1970 |
|
Date of Appointment : |
15.04.2008 |
|
PAN No.: |
ALOPS1417J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 06.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors Limited, |
|
64999930 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, India jointly with Sethna K Hoshang |
|
10 |
|
Tata Motors Limited, |
|
20 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, India jointly with Patel Vispi |
|
10 |
|
Tata Motors Limited, India jointly with Pisharody Ravindra |
|
10 |
|
|
|
|
|
Total |
|
65000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 06.07.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of capital goods (including
parts thereof) and services in respect thereof. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
· State Bank of India Industrial Finance Branch, "Tara Chambers" 2nd floor, Pune-Mumbai Highway, Near Mari Aai Police Chowky Wakdewadi, Pune - 411003, Maharashtra, India · Union Bank of India, Kasarwadi Branch, Pune - 411034, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, DR. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Holding Company : |
Tata Motors Limited CIN No.:L28920MH1945PLC004520 |
|
|
|
|
Fellow Subsidiary
Company : |
· TML Drivelines Limited CIN No.: U34100MH2000PLC124874 · Tata Marcopolo Motors Limited CIN No.:U34101MH2006PLC164771 · Tata Technologies Limited CIN No.:U72200PN1994PLC013313 · Tata Motors (SA) (PTY) Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
650.000 |
650.000 |
650.000 |
|
(b) Reserves & Surplus |
196.735 |
417.150 |
349.593 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
846.735 |
1067.150 |
999.593 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
17.256 |
23.800 |
365.534 |
|
(d) long-term provisions |
103.826 |
64.133 |
58.401 |
|
Total Non-current Liabilities
(3) |
121.082 |
87.933 |
423.935 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
134.308 |
266.677 |
|
(b) Trade payables |
375.969 |
482.048 |
502.267 |
|
(c) Other current liabilities |
1177.149 |
784.811 |
610.729 |
|
(d) Short-term provisions |
21.811 |
61.018 |
87.896 |
|
Total Current
Liabilities (4) |
1574.929 |
1462.185 |
1467.569 |
|
|
|
|
|
|
TOTAL |
2542.746 |
2617.268 |
2891.097 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
289.608 |
323.574 |
322.474 |
|
(ii) Intangible Assets |
19.518 |
11.673 |
23.521 |
|
(iii) Capital work-in-progress |
223.793 |
326.607 |
921.234 |
|
(iv) Intangible assets under development |
0.000 |
6.689 |
3.692 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
133.960 |
146.901 |
180.092 |
|
(e) Other Non-current assets |
3.500 |
19.015 |
49.127 |
|
Total Non-Current
Assets |
670.379 |
834.459 |
1500.140 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
428.061 |
467.810 |
313.436 |
|
(c) Trade receivables |
456.996 |
561.021 |
550.787 |
|
(d) Cash and cash equivalents |
48.408 |
74.685 |
20.474 |
|
(e) Short-term loans and advances |
605.112 |
135.608 |
48.929 |
|
(f) Other current assets |
333.790 |
543.685 |
457.331 |
|
Total Current
Assets |
1872.367 |
1782.809 |
1390.957 |
|
|
|
|
|
|
TOTAL |
2542.746 |
2617.268 |
2891.097 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1751.457 |
2188.563 |
2157.151 |
|
|
|
Other Income |
234.526 |
433.158 |
342.715 |
|
|
|
TOTAL (A) |
1985.983 |
2621.721 |
2499.866 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1209.263 |
1665.921 |
1494.662 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
3.429 |
(93.071) |
(24.980) |
|
|
|
Employee benefit expense |
550.577 |
479.554 |
423.318 |
|
|
|
Other expenses |
390.089 |
348.942 |
379.360 |
|
|
|
Expenditure on production, transportation and other expenditure pertaining to E and P activities |
0.000 |
0.000 |
(28.688) |
|
|
|
TOTAL (B) |
2153.358 |
2401.346 |
2243.672 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(167.375) |
220.375 |
256.194 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.998 |
44.647 |
26.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(171.373) |
175.728 |
229.799 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.604 |
44.833 |
44.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(219.977) |
180.895 |
185.146 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.437 |
25.566 |
38.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(220.414) |
105.329 |
147.046 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
417.150 |
349.593 |
259.205 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
32.500 |
48.750 |
|
|
|
Tax on Dividend |
0.000 |
5.272 |
7.908 |
|
|
BALANCE CARRIED
TO THE B/S |
196.736 |
417.150 |
349.593 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
87.743 |
65.158 |
71.714 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(3.39) |
1.62 |
2.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.10) |
4.02
|
5.88
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.56) |
8.27
|
8.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.49) |
7.90
|
9.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.26) |
0.17
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.13
|
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.22
|
0.95
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS OVERVIEW
The business environment in which the company operates went through a challenging time in FY 12- 13. Unfavorable macro-economic factors like high inflation and high interest rates which persisted throughout the year, decelerated the investment opportunities. Key economic indices like GDP and IIP declined to two year lows. On an overall basis, the capital goods industry showed negative growth during FY 12-13. The enquiry pipeline declined significantly during this period. The decline was evident in most of the industry / sectors which TAL serves and was more pronounced in the automotive segment.
In order to de risk its growth; the Company has taken various steps to increase the spread of its products and solutions offerings to sectors other than automotive. This has reduced the Company s dependency on the automotive segment to some extent. The Company has focused on new customers and players viz: in aerospace, earth moving and construction, railways and other allied engineering sectors. TAL s knowledge and capabilities in precision engineering, machining, fabrication and integration of complex and heavy equipment systems is being leveraged to secure business from these sectors.
Due to the change in design from "Hybrid Titanium Floor Beams" to "Advanced Composite Floor Beams (ACFB)" by Boeing for their 787 Dreamliner Program, modified contract agreement was signed with Boeing during FY-2012. Accordingly, to meet the modified requirement, new set of facilities have been created at Nagpur and project activities are being progressed in line with the mutually agreed project schedule. The Company is also exploring business opportunities with other international aerospace OEMs such as Airbus, Pratt and Whitney, Rolls Royce etc.
OPERATIONS
To overcome the challenges posed by the difficult economic and business environment, the Company undertook focused efforts to improve the operational efficiency. The initiatives include fixed and variable cost reduction, inventory control, reduction in outstanding and organization restructuring based on lean principles. SQCDPME has been institutionalized and greater thrust has been brought on project management to improve turnaround time. Due to the improvement in the quality of its financials, the company has been able to maintain CRISIL rating at A+ (long term) and A1 (short term).
In machine tools, the Company sold 133 standard machining centers in the FY 2012-13 and launched four new Vertical Machining Centers (VMCs) and two new Horizontal Machining Centers (HMCs). New customers from the Power sector have been added. The Company bagged major paint shop orders from M/s Emerson Electric and M/s John Deere for powder coating plants. The Company supported Tata Motors by completing a significant portion of the revamping of Jamshedpur PT-CED plant in the month of March 2013. An order of special significance was the Surface Launcher project which was awarded by Research and Development Labs of DRDO. The Robotics, Jigs and Fixtures (RJF) business continued to grow and expand its product and customer portfolio. In the railways and metro coaches segment, the RJF-BU booked major orders from M/s Alstom and M/s Texmaco. Large and long term aerospace tooling orders from Tata Lockheed Martin and Alenia were successfully completed during the current financial year. A special highlight was the export order secured from M/s JCB, UK for turnkey supply of fixtures. To undertake the production of new advanced composite floor beams (ACFB) for Boeing 787 Dreamliner, TAL and Boeing have been working together to build-up the manufacturing facilities and factory set-up as per the new engineering and technological requirements. The special processes have been NADCAP approved and the manufacturing facility has been qualified to manufacture aerospace components. The Company has already commenced the production and supply of metal fittings for the initial sets of floor beams being produced by Boeing at their development center (ADC). Manufacturing of composite pre-production manufacturing (PPM) beams has started, after the successful qualification of composite facility by Boeing. The manufacture and supply of the complete floor beams are expected to commence during the later part of the FY 13-14.
In the last TBEM assessment, TAL has been awarded Serious Adoption award for a band jump and the score increase in Category 5 (Workforce) has been maximum at 12% rise over last year’s score.
PERFORMANCE
Due to severe economic recession as well as deferment of many project orders by the customers, the total annual income of the Company for 2012-13 was Rs 1986.000 Millions, a decline of 25% as compared to the previous year. The significant decline in volumes as well as pressure on profit margin has affected the profitability of the Company. The profitability was also severely affected due to onetime provisions, lower other income and cost over runs in respect of certain contracts. During the FY 2012-13, the company suffered a major loss of Rs.220.000 Millions. The Company has reported loss after a gap of 8 years.
During the year, the Company has achieved an order booking (excluding excise duty) of over Rs.1707.000 Millions, showing a decrease of 30% over the previous year.
OUTLOOK
While the economic situation and growth projections continue to be grim, the Company is undertaking an overhaul of its operation structure to reduce the cost base and widen its service offerings by leveraging its capabilities to offer Integrated Manufacturing Solutions. The Company, so far has been marketing and selling its products in a discrete manner, with sales focus on equipment/hardware sales. Based on an intensive strategic analysis and evaluation, the Company sees an opportunity to transform itself into an Integrated Manufacturing Solutions provider.
The Company will continue to actively pursue the serious enquiries received for paint shops, conveyor systems, robotic welding cells and fixtures in automotive, construction and farm equipment sectors.
Tipper hydraulics business will be augmented by the addition of new front end kits to the product portfolio, and also by increasing retail business through SPD. The Company will fully support TML by aligning the new TAL products with TML s new tipper model range. In order to harness the business opportunities of growing aerospace market, Company has vigorously pursued and is at an advanced stage of negotiations with several OEMs. To take-up the manufacture of these work packages, a new generic facility is being created. The additional growth avenues identified in the aerospace flying parts, associated tooling market, low cost robotics and automated storage and retrieval systems (ASRS) will be vigorously pursued to offset the slowdown in other key customer/industry segments.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10177946 |
17/09/2009 |
540,000,000.00 |
State Bank of India Industrial Finance Branch |
"TARA CHAMBERS"2ND FLOOR, PUNE-MUMBAI HIGHWAY, NEAR MARI AAI POLICE CHOWKY WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
A70540620 |
|
2 |
10159428 |
09/08/2011 * |
20,000,000.00 |
UNION BANK OF INDIA LIMITED |
KASARWADI BRANCH, KASARWADI, PUNE, MAHARASHTRA - 411034, INDIA |
B18895474 |
|
3 |
80037157 |
01/06/2011 * |
280,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B14870216 |
|
4 |
90143173 |
30/06/2009 * |
165,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
A66272667 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
v
v Plant and Machinery
v Office Equipment
v Furniture and Fixtures
v Vehicles
Intangible Assets
v Software
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, India Prisons Service, Interpol, etc.
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.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.