MIRA INFORM REPORT
|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRACTORS INDIA PRIVATE LIMITED |
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Registered
Office : |
1, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.06.1995 |
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Com. Reg. No.: |
21-72501 |
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Capital
Investment / Paid-up Capital : |
Rs.45.000
Millions |
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CIN No.: [Company Identification
No.] |
U29150WB1995PTC072501 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT05207G |
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PAN No.: [Permanent Account No.] |
AABCT1656K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Caterpillar products. |
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No. of Employees
: |
600 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4740000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of TIL Limited, India. It is the result of
demerger of dealership business of caterpillar carried out by TIL Limited. There appears an extreme dip in the net profitability during 2012. The
external borrowings tend to increase. However, trade relations are fair. Business is active. Payments are
recorded as slow but correct. 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) |
|
India |
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 |
CARE |
|
Rating |
Long term bank facilities: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
25.03.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term banking facilities: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
25.03.2013 |
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 / Head Office : |
1, |
|
Tel No: |
91-33-66332000 / 2845 / 24694371 / 24693732 |
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Fax No.: |
91-33-24693761/ 24692143 / 3731 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.11, Site No. IV, Sahidabad Industrial Area, Ghaziabad
-201010, Uttar Pradesh, India |
DIRECTORS
As on 30.07.2012
|
Name : |
Mr. Sumit Mazumdar |
|
Designation : |
Managing Director |
|
Address : |
5 A and B, Arjun Enclave, 12 C Judges Court Road, Kolkata-700027, West
Bengal, India |
|
Date of Birth/Age : |
11.02.1948 |
|
Date of Appointment : |
29.07.2010 |
|
PAN No.: |
AEOPM4572K |
|
DIN No.: |
00116654 |
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|
|
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Name : |
Mr. Aloke Banerjee |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 3A, |
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Date of Birth/Age : |
01.12.1954 |
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Date of Appointment : |
29.07.2010 |
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PAN No.: |
AEJPB5533J |
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DIN No.: |
00609491 |
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|
|
|
Name : |
Mr. Venkata Ramana Murthy Garigipati |
|
Designation : |
Whole-time Director |
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Address : |
C-8/8194, Vasant Kunj, New Delhi-110070, India |
|
Date of Birth/Age : |
29.05.1957 |
|
Date of Appointment : |
29.07.2010 |
|
PAN No.: |
AALPG4997K |
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DIN No.: |
02563864 |
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|
|
|
Name : |
Mr. Tridibesh Mukherjee |
|
Designation : |
Director |
|
Address : |
5, C Road, Northern Town,
Jamshedpur-831001, Jharkhand, India |
|
Date of Birth/Age : |
13.10.1942 |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
00004777 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
TIL Limited, India |
|
4499980 |
|
Avijit Mazumdar |
|
10 |
|
Sumit Mazumdar |
|
10 |
|
Total |
|
4500000 |
As on 30.07.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Caterpillar products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot No. Y14, Block-EP, Sector-V, Salt L A K E Electronic Complex, Bidhannagar, Kolkata – 700091, West Bengal, India |
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Pan No.: |
AAEFP3641G |
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Holding Company : |
TIL Limited, India CIN No.: L74999WB1974PLC041725 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Millions |
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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 |
45.000 |
45.000 |
0.106 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1139.700 |
1104.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.051) |
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|
NETWORTH |
1184.700 |
1149.000 |
0.055 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
1542.100 |
1278.200 |
0.000 |
|
|
2] Unsecured Loans |
1213.200 |
560.500 |
0.000 |
|
|
TOTAL BORROWING |
2755.300 |
1838.700 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
43.100 |
42.700 |
0.000 |
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TOTAL |
3983.100 |
3030.400 |
0.055 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1072.700 |
824.300 |
0.000 |
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|
Capital work-in-progress |
0.000 |
7.900 |
0.000 |
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|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
2083.500
|
2335.100 |
0.000 |
|
|
Sundry Debtors |
1611.600
|
1329.900 |
0.000 |
|
|
Cash & Bank Balances |
9.800
|
0.600 |
0.011 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
251.800
|
227.400 |
0.048 |
|
Total
Current Assets |
3956.700
|
3893.000 |
0.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
559.400
|
1221.800 |
|
|
|
Other Current Liabilities |
336.900
|
348.200 |
0.004 |
|
|
Provisions |
150.000
|
124.800 |
0.000 |
|
Total
Current Liabilities |
1046.300
|
1694.800 |
0.004 |
|
|
Net Current Assets |
2910.400
|
2198.200 |
0.055 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3983.100 |
3030.400 |
0.055 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
8635.327 |
0.000 |
|
|
|
Selling Commission Earned |
|
198.420 |
0.000 |
|
|
|
Rental From Machinery |
|
186.398 |
0.000 |
|
|
|
Other Income |
|
29.419 |
0.000 |
|
|
|
TOTAL
(A) |
10399.500 |
9049.564 |
0.000 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
7249.607 |
0.000 |
|
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|
Others Expenses |
|
1143.557 |
0.015 |
|
|
|
TOTAL (B) |
9863.100 |
8393.164 |
0.015 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
536.400 |
656.400 |
(0.015) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
336.500 |
177.033 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
199.900 |
479.367 |
(0.015) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
158.100 |
141.390 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
41.800 |
337.977 |
(0.015) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
6.200 |
147.406 |
0.000 |
|
|
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|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
35.600 |
190.571 |
(0.015) |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(0.051) |
(0.036) |
|
|
|
|
|
|
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|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
190.520 |
(0.051) |
|
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|
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|
Export Earnings |
|
15.085 |
0.000 |
|
|
|
Commission Earnings |
|
175.682 |
0.000 |
|
|
TOTAL EARNINGS |
430.900 |
190.767 |
0.000 |
|
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|
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
Parts and Components |
NA |
1160.969 |
0.000 |
|
|
|
Machines (Trading Items) |
NA |
2198.023 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
3358.992 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
42.35 |
(1.42) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.34
|
2.11
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.91
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.83
|
7.16
|
(25.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.29
|
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.33
|
1.60
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.78
|
2.30
|
14.75 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
GENERAL INFORMATION
Subject is a wholly owned subsidiary of TIL Limited. The Company is in a dealership business of Caterpillar products and its business segments are as follows:
- Construction and Mining Solutions (CMS) - engaged as a dealer for Caterpillar Inc. USA for their earthmoving, construction mining equipments, spares etc. and providing related services in Eastern and Northern India and Bhutan.
- Power Systems Solutions (PSS) - engaged in assembly, supply, erection and commissioning of Generating Sets powered by Caterpillar Engines and dealing in spares and providing related services in Eastern and Northern India and Bhutan.
PERFORMANCE
Tractors India Private Limited, the Wholly Owned Subsidiary Company in India, achieved a turnover including income from operations and Other Income of Rs.10399.500 millions compared to Rs.91110.000 millions in the previous year. The Profit before tax stood at Rs.41.800 millions compared to Rs.338.000 millions in the previous year.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Foreign currency term loans from banks |
1201.200 |
0.000 |
|
Term loans from banks |
0.000 |
560.500 |
|
Other Loans and advances, others |
12.000 |
0.000 |
|
Total |
1213.200 |
560.500 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29150WB1995PTC072501 |
|
Name of the
company |
TRACTORS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Ing Vysya Bank Limited, 4/1,Middleton Street, Sikkim House, Kolkata - 700071, West Bengal, India E-mail: giridharvvrn@ingvysyabank.com |
|
Nature of
instrument creating charge |
Deed of General
Hypothecation. |
|
Date of
instrument Creating the charge |
14.11.2012 |
|
Amount secured by
the charge |
Rs. 90.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest ILC/FLC/LuT :
Commission 50% of bank norms. BG(Sublimit to
ILC/FLC/LuT) : Commission 50% of bank norms. Terms of Repayment ILC : Maximum 180
days. FLC/LuT : Maximum
360 days. BG (Sublimit to
ILC/FLC/LuT) : Maximum period of 3 years including claim period. Margin ILC/FLC/LuT : Nil file and confirm
: Nil Extent and Operation of the charge First pari passu
charge on the entire current assets of the company, both present and future,
along with consortium member banks. Second pari passu
charge on fixed assets of TIL Limited and Tractors India Private Limited
(excluding vehicles and other hypothecated assets), both present and future,
along with other consortium banks. Others Nil |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The entire
current assets of the company, both present and future. All the Fixed assets
of TIL Limited and Tractors India Private Limited (excluding vehicles and
other hypothecated assets), both present and future. |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Office equipment
- Other equipments
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.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
51 |
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.