MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Tinna Rubber and Infrastructure Limited
|
|
|
|
|
Formerly Known
As : |
Tinna Overseas Limited
|
|
|
|
|
Registered
Office : |
Tinna House, No. 6, Sultanpur, Mandi Road, Mehrauli, New Delhi -
110030 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.03.1987 |
|
|
|
|
Com. Reg. No.: |
55-027186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 85.370
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909DL1987PLC027186 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Crumb Rubber Modifier (CRM), Crumb Rubber Modified Bitumen
(CRMB), Polymer Modified Bitumen (PMB), and Bitumen Emulsion. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1688000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are decent. Business is active. Payment terms are
usually correct and as per commitments. 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 22, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
August 22, 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.
INFORMATION DENIED BY
|
Name : |
Mr. Ravi Chhabra |
|
Designation : |
Finance Head |
|
Contact No.: |
91-11-26800233 |
|
Date : |
18.05.2013 |
LOCATIONS
|
Registered Office : |
Tinna House, No.
6, Sultanpur, Mandi Road, Mehrauli, New Delhi – 110030, India |
|
Tel. No.: |
91-11-32959600/ 26800233/ 0416 |
|
Fax No.: |
91-11-26807073 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plants : |
Located
at: 1. Refinery Road, Village Rajapur, Panipat – 321003, Haryana, India 2. Phase I, IOCL Panipat Refinery, Panipat - 132140, Haryana, India 3. Gat No 113/ 2 and 114/2, Village Pali, Taluka Wada, District Thane - 421303, Maharashtra, India 4. IOCL, Mathura Oil Refinery, Mathura – 281006, Uttar Pradesh, India 5. Plot No. 2693, 2694, 2696 & 2697, Mauza-Dighasipur, PO Chakdwipa, District Purba Medinipore - 721666, West Bengal, India 6. Plot No. 42-43, Manali, Oil Refinery Road, Ernavoor, Chennai – 600057, Tamilnadu, India 7. MRPL, Mangalore Refinery, Kuthethoor Bala Post Via Katipalla, Mangalore
- 575 026, Karnataka, India 8. Village No. 17, Chithur Natham Village, Gummidipundi Taluk, Thiruvallur District,
Tamilnadu, India 9. Survey No. 166/ 3 and 4, Village Naroli, Silvassa UT of Dadra Nagar Haveli, Silvassa – 396235, India 10. Haldia Refinery, IOCL Campus, Purba Medinipore, Haldia – 721606, West Bengal, India 11.
Village-Mavza,
Rampur Jattan, Near IIT College of Engineering, Kalamb, Sirmour - -173033, Himachal Pradesh, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Bhupinder Kumar Sekhri |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Kapil Sekhri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Kohli |
|
Designation : |
Director |
|
|
|
|
Name : |
CA Bishnu Agarwalla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Maneesh Mansingka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kulbir Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Chhabra |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. Choudhary
Runveer Krishanan |
|
Designation : |
Company Secretary
and Compliance Officer |
|
|
|
|
BOARD COMMITTEES |
|
|
|
|
|
Audit Committee : |
Ř
CA Bishnu Agarwalla - Chairman Ř
Vivek Kohli – Member Ř Maneesh Mansingka - Member |
|
|
|
|
Remuneration Committee : |
Ř
Maneesh Mansingka - Chairman Ř
CA Bishnu Agarwalla – Member Ř Kulbir Singh – Member |
|
|
|
|
Shareholders'/Investors'
/ Grievances Committee : |
Ř
Kulbir Singh - Chairman Ř
CA Bishnu Agarwalla – Member Ř Maneesh Mansingka – Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6109760 |
72.00 |
|
|
6109760 |
72.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6109760 |
72.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17800 |
0.21 |
|
|
28200 |
0.33 |
|
|
46000 |
0.54 |
|
|
|
|
|
|
456280 |
5.38 |
|
|
|
|
|
|
1839210 |
21.67 |
|
|
34700 |
0.41 |
|
|
34700 |
0.41 |
|
|
2330190 |
27.46 |
|
Total Public shareholding (B) |
2376190 |
28.00 |
|
Total (A)+(B) |
8485950 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8485950 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Crumb Rubber Modifier (CRM), Crumb Rubber Modified
Bitumen (CRMB), Polymer Modified Bitumen (PMB), and Bitumen Emulsion. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production (Qty.) |
|
Bitumen Modifier |
MT |
30000 |
16094 |
|
Modified Bitumen |
MT |
30000 |
15359 |
|
Site Mixing Units |
MT |
96000 |
17996 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Ř Syndicate Bank Ř HDFC Bank
Limited Ř Axis Bank
Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Rawla and Company Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8564750 |
Equity Shares |
Rs. 10/- each |
Rs. 85.647
Millions |
|
|
Less : Calls in arrears |
|
Rs. 0.277
Million |
|
|
Total |
|
Rs. 85.370 Millions |
a) The Company has
only one class of equity shares having a par value of Rs. 10/-. Each holder of
Equity share is entitled to one vote per share.
b) The company’s
public issue of 2163600 equity shares of Rs. 10/- each for cash at a premium of Rs. 85/- per share aggregating to Rs. 205.542 Millions and firm allotment of 150000 equity shares of Rs. 10/- each for cash at a premium of Rs. 100/- per share aggregating to Rs. 16.500 Millions to NRI's/OCB's opened
for subscription on 20th March, 1995 was oversubscribed. Allotment was made on
23rd May, 1995 and allotment money / final call was made on 27.05.95. Amount of
Rs. 2.494 Millions receivable on account of calls in arrears have been
apportioned between share capital (Rs. 0.277
Million) and share premium account (Rs. 2.217 Millions) in the ratio of one to
eight.
c) Calls in
arrears from 554 shareholders and their amounts are subject to reconciliation
and confirmation, however, no interest has been provided thereon.
d) Reconciliation of the number of shares
|
Equity shares as on 31.03.2011 |
8,564,750 |
|
Add: Equity shares issued/ subscribed during the year |
-- |
|
Less: Reduction in equity shares |
-- |
|
Equity shares as on 31.03.2012 |
8,564,750 |
e) List of Shareholders who holds more than 5% holding
|
Equity Shares |
No
of shares (% to total capital) |
|
Puja Sekhri |
1749160 (20.42%) |
|
Shobha Sekhri |
1636343 (19.11%) |
|
Aarti Sekhri |
1510947 (17.64%) |
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 |
85.370 |
85.370 |
85.370 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
336.656 |
288.263 |
281.607 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
422.026 |
373.633 |
366.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
114.253 |
120.534 |
131.310 |
|
|
2] Unsecured Loans |
44.721 |
2.500 |
5.000 |
|
|
TOTAL BORROWING |
158.974 |
123.034 |
136.310 |
|
|
DEFERRED TAX LIABILITIES |
19.952 |
24.471 |
17.525 |
|
|
|
|
|
|
|
|
TOTAL |
600.952 |
521.138 |
520.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
199.829 |
214.006 |
179.443 |
|
|
Capital work-in-progress |
82.330 |
12.432 |
27.243 |
|
|
|
|
|
|
|
|
INVESTMENT |
59.596 |
86.804 |
134.798 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
64.001
|
86.590 |
37.127 |
|
|
Sundry Debtors |
157.258
|
116.272 |
197.244 |
|
|
Cash & Bank Balances |
18.337
|
13.377 |
12.655 |
|
|
Other Current Assets |
52.403
|
46.007 |
37.248 |
|
|
Loans & Advances |
66.704
|
31.055 |
23.757 |
|
Total
Current Assets |
358.703
|
293.301 |
308.031 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.991
|
38.187 |
89.257 |
|
|
Other Current Liabilities |
52.312
|
38.018 |
26.461 |
|
|
Provisions |
16.203
|
9.200 |
12.985 |
|
Total
Current Liabilities |
99.506
|
85.405 |
128.703 |
|
|
Net Current Assets |
259.197
|
207.896 |
179.328 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
600.952 |
521.138 |
520.812 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations |
1055.990 |
1172.771 |
1571.350 |
|
|
|
Other Income |
5.847 |
6.775 |
10.615 |
|
|
|
TOTAL (A) |
1061.837 |
1179.546 |
1581.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
794.978 |
672.058 |
|
|
|
|
Purchases stock-in-trade |
24.712 |
297.605 |
|
|
|
|
Changes in inventories of finished goods and work-in-Progress |
11.144 |
(20.974) |
|
|
|
|
Employee benefits expenses |
67.335 |
58.662 |
|
|
|
|
Other expenses |
103.440 |
121.322 |
|
|
|
|
Exceptional Items |
(47.377) |
0.000 |
|
|
|
|
TOTAL (B) |
954.232 |
1128.673 |
1508.748 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
107.605 |
50.873 |
73.217 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.287 |
22.176 |
17.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.318 |
28.697 |
55.953 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.035 |
11.379 |
9.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
74.283 |
17.318 |
46.115 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.119 |
10.763 |
12.554 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
62.164 |
6.555 |
33.561 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.28 |
0.77 |
3.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
290.400 |
138.700 |
255.500 |
|
Total Expenditure |
271.300 |
141.800 |
222.000 |
|
PBIDT (Excl
OI) |
19.100 |
(3.100) |
33.600 |
|
Other Income |
1.300 |
1.500 |
0.500 |
|
Operating
Profit |
20.400 |
(1.600) |
34.100 |
|
Interest |
5.600 |
6.400 |
11.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
14.800 |
(8.000) |
22.300 |
|
Depreciation |
4.500 |
4.600 |
6.100 |
|
Profit
Before Tax |
10.300 |
(12.600) |
16.100 |
|
Tax |
5.500 |
(4.800) |
8.100 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
4.800 |
(7.800) |
8.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4.800 |
(7.800) |
8.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.85
|
0.56 |
2.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.03
|
1.48 |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.30
|
3.41 |
9.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.05 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.38
|
0.33 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60
|
3.43 |
2.39 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
No |
|
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 |
No |
|
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) |
|
|
Loans and advances |
|
|
|
From related parties |
44.721 |
0.000 |
|
From others |
0.000 |
2.500 |
|
Total |
44.721 |
2.500 |
|
Note: i) The Company
is having Cash Credit limit of Rs. 110.000 Millions from Syndicate bank
payable on demand and secured by stock and book debts of the Company both present
and future and are collaterlly secured by all the Fixed Assets of the
company. The cash credit limit is further secured by the personal guarantee
of Sh. Bhupinder Kumar Sekhri (Director), Sh. Kapil Sekhri (Director) and Sh.
Gaurav Sekhri (Relative of Director) b) The Cash
Credit limit is further secured by the personal guarantee of Sh. Bhupinder
Kumar (Director), Sh. Kapil Sekhri (Director) and Sh. Gaurav Sekhri (Relative
of director) ii) Unsecured loans are repayable on demand. |
||
PROFILE OF COMPANY
The company was
incorporated on 4th March 1987. The Company is primarily engaged in the
business of manufacturing of Crumb Rubber Modifier (CRM), Crumb Rubber Modfied
Bitumen (CRMB), Polymer Modifed Bitumen (PMB), and Bitumen Emulsion. The
products are primarily used for making / repair of road.
REVIEW OF OPERATIONS
During the year, the Company achieved total income to the tune of Rs. 1061.837 Millions as against Rs. 1179.546 Millions in the previous year. This year the Company earned a PAT of Rs. 62.165 Millions as against a profit of Rs. 6.555 Millions in the previous year.
During the year, in the bitumen division the Company did a business of Rs. 1054.330 Millions as against a business of Rs. 907.094 Millions in the previous year. In this division, during the year the Company earned a profit of Rs. 104.050 Millions as against a profit of Rs. 111.473 Millions in the previous year.
Company has discontinued trading of Soya DOC and now entirely focussing on Crumb Rubber, Bituminous and infrastructure related products. Company started trading of construction chemicals and achieved turnover of Rs. 2.423 Millions. Site mixing business has grown as expected and its share in total sales has increased.
Due to moderate increase in Sales price and better cost control and utilisation of resources, Company has achieved better profit at Rs. 26.905 Millions (before exceptional gain) as compare to Rs. 17.319 Millions. The Company lays strong emphasis on utilization of modern technology for qualitative services and business efficiency geared towards complete customer satisfaction and achieving milestones. This is reflective in company’s plans to add state of the art crumbing units at its various locations.
Over a period of 4 years Company had invested about 80 lacs at Tuljapur (Maharashtra) on jatropha plantation and other allied related assets including irrigation pipeline, temporary shed and preoperative expense. The concept of jatropha could not deliver as per expectation to most of the investors and we also were facing the same situation of non-viability of cultivating Jatropha. To save on further loss and to channelize management attention to more productive purpose, Company decided to surrender the lease and discontinue this activity.
The company’s operating business are organized and managed separately according to the nature of products, with each segment representing a strategic business unit that offers different products. The identified segments are bitumen division, trading in construction chemicals, agricultural activity division and warehousing and infrastructure.
MANAGEMENT DISCUSSION and ANALYSIS REPORT
The Management of Tinna Overseas Limited is pleased to present its analysis report covering segment - wise performance and outlook. The report contains expectations of the Company’s businesses based on current environment. Many unforeseen and uncontrollable external factors could alter these expectations.
BUSINESS
ORGANISATION/ REVIEW
The Company was incorporated on 4th March, 1987. The Company was initially engaged in the manufacturing and exports of leather footwear and related products.
Presently, the Company is mainly focusing on bitumen related activities wherein the Company finds a great potential. Due to moderate increase in Sales price and better cost control and utilisation of resources, Company has achieved better profit at Rs. 26.905 Millions (before exceptional gain) as compare to Rs. 17.319 Millions. The Company lays strong emphasis on utilization of modern technology for qualitative services and business efficiency geared towards complete customer satisfaction and achieving milestones. This is reflective in company’s plans to add state of the art crumbing units at its various locations.
During the year, the Company achieved total income to the tune of Rs. 1061.837 Millions as against Rs. 1179.546 Millions in the previous year. This year the Company earned a PAT of Rs. 62.165 Millions as against a profit of Rs. 6.555 Millions in the previous year.
Company has discontinued trading of Soya DOC and now entirely focussing on Crumb Rubber, Bituminous and infrastructure related products. Company started trading of construction chemicals and achieved turnover of Rs. 2.423 Millions. Site mixing business has grown as expected and its share in total sales has increased. Over a period of 4 years Company had invested about Rs. 8.000 Millions at Tuljapur (Maharashtra) on jatropha plantation and other allied related assets including irrigation pipeline, temporary shed and preoperative expense. The concept of jatropha could not deliver as per expectation to most of the investors and we also were facing the same situation of non-viability of cultivating Jatropha. To save on further loss and to channelize management attention to more productive purpose, Company decided to surrender the lease and discontinue this activity.
The company’s operating business are organized and managed separately according to the nature of products, with each segment representing a strategic business unit that offers different products. The identified segments are bitumen division, trading in construction chemicals, agricultural activity division and warehousing and infrastructure.
Although company has performed better than last year yet these are inadequate and company is making efforts to improve by adding new products and by backward integration. Better utilization of existing assets expected to give improvements in results. Emulsion Bitumen plant has started working during the year and has contributed turnover of Rs. 40.200 Millions (Approx.). The Company has also set up Crumb Rubber plant at Panipat to be made from Scrap Tyres. Similar plats are being set up in South (At Taluka Gummidipundi District Thiruvallur (Tamilnadu), Western India at Wada, District Thane (Maharashtra) and Haldia (West Bengal) with total expected investment of Rs. 217.000 Millions.
The Management
is looking forward to capitalize this Opportunity.
INDUSTRY STRUCTURE AND DEVELOPMENT
BITUMEN MODIFIER AND RELATED PRODUCTS
The Company’s recently developed Bitumen Modifier, trade named “TBM SUPER” which substantially improves the vital properties of Bitumen and in turn quality and life of roads as evidenced by various laboratory reports, as mentioned in the Directors’ Report, after being test launched/ successful test tracks being undertaken by them at various places, has a great potential in the coming times. Further, the Govt. has also made special stress on Infrastructure Sector for the coming years.
OUTLOOK
The Govt is giving continuous thrust on Infrastructure
Sector with special stress on Road development. The Govt spending on
infrastructure development is expected to increase the demand of bitumen
modifier and modified bitumen and other related products. In view of the same,
the long term look of bitumen modifier/modified bitumen and other products of
the Company remains positive.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2012
(Rs.
in Millions)
|
Particular |
Quarter Ended |
9 Months Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
253.246 |
139.174 |
680.096 |
|
Other Operating Income |
2.284 |
0.482 |
4.449 |
|
Total Income from
operations (net) |
255.530 |
139.656 |
684.545 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of raw material |
164.904 |
108.742 |
499.216 |
|
(b) Purchase of stock in trade |
-- |
-- |
6.600 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
8.422 |
(12.745) |
(10.750) |
|
(d) Employee benefit expenses |
22.427 |
21.695 |
64.527 |
|
(e) Depreciation and amortization expenses |
6.143 |
4.571 |
15.240 |
|
(f) Other Expenses |
26.202 |
24.046 |
75.384 |
|
Total Expenses |
228.098 |
146.309 |
650.217 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
27.432 |
(7.653) |
34.328 |
|
Other Income |
0.477 |
1.458 |
3.269 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
27.908 |
(6.195) |
37.596 |
|
Finance costs |
11.798 |
6.382 |
23.785 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
16.110 |
(12.577) |
13.811 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
16.110 |
(12.577) |
13.811 |
|
Tax Expenses |
8.090 |
(4.787) |
8.759 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
8.020 |
(7.790) |
5.052 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
8.020 |
(7.790) |
5.052 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
85.382 |
85.370 |
85.382 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
0.94 |
(0.91) |
0.59 |
|
- Diluted |
0.94 |
(0.91) |
0.59 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
|
|
|
|
- Diluted |
0.94 |
(0.91) |
0.59 |
|
|
0.94 |
(0.91) |
0.59 |
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of Shares |
2454990 |
2454990 |
2454990 |
|
Percentage of Shareholding |
28.66% |
28.66% |
28.66% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
6109760 |
6109760 |
6109760 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
71.34% |
71.34% |
71.34% |
Notes:
1.
The above results were reviewed and recommended by
the Audit Committee and approved by the Board of Directors at their meeting
held on 31.01.2013. the Statutory Auditors of the company have carried out a
limited review of the same.
2.
Status of Investor’s complaint for the quarter
ended 31.12.2012
|
Investor
complaints (Nos.) |
Pending as on 01.10.2012 |
Received during the quarter |
Disposed of during the quarter |
Remaining unresolved as at 31.12.2012 |
|
|
1 |
11 |
12 |
0 |
1.
The Company has provided depreciation on rates as
per Schedule XIV of the Companies Act on Written Down Value Method (WDV) in
respect of new plant for manufacture of Crumb Rubber at Panipat and continues to
provided depreciation on Straight Line Method in respect of other units.
2.
Figures of the previous periods have been regrouped
wherever necessary. In conformity with the revised Schedule VI of the Companies
Act.
3.
The name of the company have been changed from
Tinna Overseas Limited to Tinna Rubber and Infrastructure Limited vide fresh
certificate of Incorporation consequent upon change of name dated 19.12.2012
issued by Registrar of Companies, National Capital Territory of Delhi and
Haryana.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Income Tax Matters, Pending decision on various appeals made by the
Company and by the Department (excluding interest) |
7.350 |
7.350 |
|
Value Added Tax Matter under dispute |
0.670 |
0.859 |
|
Compensation claimed filed by Ex-Directors / Ex-Employees under
dispute |
13.334 |
12.084 |
|
Other matters under dispute |
1.777 |
1.777 |
|
Guarantees: |
|
|
|
Bank Guarantees in
normal course of business activity (Margin money held in form of FDR Rs.
10.853 Millions) (Previous Year Rs. 10.000 Millions) |
83.472 |
89.473 |
|
Others money for
which company is contingently liable: |
0.055 |
0.055 |
FIXED ASSETS:
Tangible Assets
Ř
Land
Ř Building
Ř Plant &
Equipment
Ř Electric Fittings
Ř Generator
Ř Furniture and
Fixtures
Ř Vehicles
Ř Office Equipments
Ř Computer
Agricultural Division Assets
Intangible Assets:
Ř Goodwill
Ř 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. 54.04 |
|
|
1 |
Rs. 83.61 |
|
Euro |
1 |
Rs. 70.68 |
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 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.