MIRA INFORM REPORT
|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.11.1962 |
|
|
|
|
Com. Reg. No.: |
11-012528 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.401.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT10815A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3198F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 19000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Part of ‘TATA GROUP’. It is a well-established and reputed company having a good track
record. The company has strong parentage and investment portfolio which
provide strong financial flexibility. The company has acquire premium exporter of leather products and has
reputed international client which enhance the good business. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experience promoters, the company can be considered for
normal business dealings at usual trade terms and condition. |
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 |
Issuer Rating = IrA+ |
|
Rating Explanation |
Carry average credit risk |
|
Date |
July, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66652200-10 |
|
Fax No.: |
Not Available |
|
E-Mail : |
ajay.ponkse@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in |
|
Website : |
|
|
|
|
|
Corporate
Support Services: |
Sterling Centre, 3rd Floor, |
|
Tel. No.: |
91-22-66652299 |
|
Fax No.: |
91-22-66612836 / 37 |
|
|
|
|
Representative
Office : |
Tata Centre, 43, Chowringhee
Road, Kolkata, West Bengal, India |
|
|
|
|
Factory 1 /
Leather and Leather Products Business Unit: |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077,
|
|
Tel. No.: |
91-44-66362500 / 10 |
|
Fax No.: |
91-44-66362522 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Industrial Area, Agra Mumbai Road, Dewas - 455001, Madhya Pradesh,
India |
|
Tel. No.: |
91-7272-258900 / 04 / 425500 |
|
Fax No. ( |
91-7272-258150 / 258271 |
|
Fax No. (LFB Marketing) : |
91-7272-258914 |
|
Fax No. (LGB Marketing) : |
91-7272-258574 |
|
Fax No. (Ladies FW Plant) :
|
91-7272-400161 |
|
|
|
|
Engineering
Business Unit: |
Located
at
|
|
|
|
|
Overseas
Offices: |
Located at
|
DIRECTORS
As on 20.09.2012
|
Name : |
Mr. Balasubramanian Muthuraman |
|
Designation : |
Chairman |
|
Address : |
111/A, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1944 |
|
Qualification : |
B.Tech (IIT), MBA (XLRI) |
|
Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00004757 |
|
|
|
|
Name : |
Mr. Homiar Sorabji Vachha |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
23.04.1942 |
|
Qualification : |
MA, Phd (Economics) |
|
Date of Appointment : |
28.11.2003 |
|
DIN No.: |
00016610 |
|
|
|
|
Name : |
Mr. Piyush G. Mankad |
|
Designation : |
Director |
|
Address : |
P-161, ATS Greens Village, Sector 93-A, Expressway Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.11.1941 |
|
Qualification : |
MA, IAS (Retd) |
|
Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00005001 |
|
|
|
|
Name : |
Mr. Arun Kumar Vora |
|
Designation : |
Director |
|
Address : |
S-2, 3rd Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
14.08.1941 |
|
Qualification : |
BE (Mechanical), PG Industrial engineering (UK) |
|
Date of Appointment : |
04.09.2006 |
|
DIN No.: |
00191774 |
|
|
|
|
Name : |
Mr. Raman Dhawan |
|
Designation : |
Director |
|
Address : |
28A, 3rd Street, Houghton, Johannesburg, South Africa |
|
Date of Birth/Age : |
07.11.1948 |
|
|
FCA (India), FCMA (UK) |
|
Date of Appointment : |
04.12.2001 |
|
DIN No.: |
00265526 |
|
|
|
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Managing Director |
|
Address : |
Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Qualification : |
Graduate from Sussex (UK) |
|
Date of Appointment : |
12.08.2010 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr. Ramakrishnan Mukundan |
|
Designation : |
Director |
|
Address : |
9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1966 |
|
Qualification : |
BE (Electrical), MBA |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
00778253 |
|
|
|
|
Name : |
Mr. Ravindra Narayan Pisharody |
|
Designation : |
Director |
|
Address : |
Hill Park Building No.-1, Flat No. 9, 2nd Floor, AG Bell Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1955 |
|
Qualification : |
B.Tech (Electronics IIT), PGDM IIM) |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
01875848 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay
Murlidhar Ponkshe |
|
Designation : |
Company Secretary
|
|
Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
20.07.2007 |
|
PAN No.: |
AAEPP6047Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors Limited |
|
50000 |
|
Tata Chemicals Limited |
|
48000 |
|
Voltas Limited |
|
10000 |
|
Tata Refractories Limited |
|
1870 |
|
Tata Sons Limited |
|
167400 |
|
Tata Industries Limited |
|
17122 |
|
Trent Limited |
|
3000 |
|
Tayo Rolls Limited |
|
2000 |
|
Ewart Investments Limited |
|
25000 |
|
Tifco Holdings Limited |
|
8000 |
|
Tata Steel Limited |
|
9480 |
|
Shapoor Pallonji Mistry |
|
200 |
|
Cyrus Pallonji Mistry |
|
200 |
|
Sheba Properties Limited |
|
19350 |
|
Af-Taab Investment Company Limited |
|
24000 |
|
Simone Naval Tata |
|
112 |
|
Kalimati Investment Company Limited |
|
15266 |
|
Total |
|
401000 |
As on 20.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.87 |
|
Others |
0.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of Leather and Leather Products,
Trading in Commodities and Footwear Retail. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Finished Leather |
Million sq. ft. |
78 |
57 |
67 |
|
Leather Garments |
Numbers |
200,000 |
200,000 |
106,386 |
|
Shoe Uppers |
Pairs |
2,100,000 |
2,100,000 |
1,447,489 |
|
Leather Footwear |
Pairs |
4,200,000 |
1,860,000 |
1,062,136 |
Notes:
(i) As certified
by the Management and relied upon by the Auditors being technical matters.
(ii) Actual production of shoe uppers includes production for
consumption in leather footwear.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4th Floor, Nariman Branch, 224-C, Mittal Court, 4th Floor, Nariman Point, Mumbai-400021, Maharashtra, India · State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutions : |
Housing Development Finance Corporation Limited, Ramon
House, H T Parekh Marge, 169, Backbay Reclamation ,Churchgate, Mumbai -
400020, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
Tata Sons Limited |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Other related parties
where transactions have taken place during the year : |
Promoter holding more than 20% Tata Sons Limited (upto August 31, 2010) |
|
|
|
|
Joint Venture |
· Tata International DLT Private Limited · Drive India Enterprise Solutions Limited (Upto September 30, 2011) · Tata Precision Industries (India) Limited |
|
|
|
|
Fellow Subsidiaries |
|
|
|
|
|
Associates |
Tata Ceramics Limited (w.e.f. September 12, 2011) |
CAPITAL STRUCTURE
As on 20.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.1000/- each |
Rs.700.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
Rs.1000/-
each |
Rs.401.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
401.000 |
200.000 |
|
(b) Reserves & Surplus |
|
4565.579 |
2380.272 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4966.579 |
2580.272 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2950.184 |
2715.625 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
139.030 |
21.162 |
|
(d) long-term
provisions |
|
55.054 |
57.684 |
|
Total Non-current
Liabilities (3) |
|
3144.268 |
2794.471 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
3132.172 |
2748.500 |
|
(b) Trade
payables |
|
1707.333 |
1536.275 |
|
(c) Other
current liabilities |
|
476.632 |
452.403 |
|
(d) Short-term
provisions |
|
1207.653 |
1154.087 |
|
Total Current
Liabilities (4) |
|
6523.790 |
5891.265 |
|
|
|
|
|
|
TOTAL |
|
14634.637 |
11266.008 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1239.114 |
1116.336 |
|
(ii)
Intangible Assets |
|
15.044 |
20.748 |
|
(iii)
Capital work-in-progress |
|
141.978 |
13.434 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
5267.432 |
5164.224 |
|
(c) Deferred tax assets (net) |
|
7.467 |
30.163 |
|
(d) Long-term Loan and Advances |
|
1449.222 |
1319.794 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
8120.257 |
7664.699 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
2071.092 |
50.427 |
|
(b)
Inventories |
|
2003.286 |
1722.973 |
|
(c) Trade receivables |
|
1406.882 |
1116.923 |
|
(d) Cash
and cash equivalents |
|
319.152 |
58.719 |
|
(e)
Short-term loans and advances |
|
642.160 |
652.109 |
|
(f) Other
current assets |
|
71.808 |
0.158 |
|
Total
Current Assets |
|
6514.380 |
3601.309 |
|
|
|
|
|
|
TOTAL |
|
14634.637 |
11266.008 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
200.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3158.100 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3358.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1924.446 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1924.446 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5282.546 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
715.296 |
|
|
Capital work-in-progress |
|
|
352.315 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2366.137 |
|
|
DEFERRED TAX ASSETS |
|
|
28.087 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1521.484
|
|
|
Sundry Debtors |
|
|
874.918
|
|
|
Cash & Bank Balances |
|
|
99.193
|
|
|
Other Current Assets |
|
|
0.158
|
|
|
Loans & Advances |
|
|
1828.338
|
|
Total
Current Assets |
|
|
4324.091
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
844.014
|
|
|
Other Current Liabilities |
|
|
410.143
|
|
|
Provisions |
|
|
1249.223
|
|
Total
Current Liabilities |
|
|
2503.380
|
|
|
Net Current Assets |
|
|
1820.711
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5282.546 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9937.155 |
8640.210 |
6943.287 |
|
|
|
Other Income |
252.332 |
213.756 |
404.964 |
|
|
|
TOTAL (A) |
10189.487 |
8853.966 |
7348.251 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3919.240 |
|
|
|
|
|
Purchases of stock-in-trade |
3237.432 |
3273.189 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(12.355) |
(181.389) |
6864.332 |
|
|
|
Employee benefit expense |
676.635 |
555.684 |
|
|
|
|
Other expenses |
2753.545 |
2242.822 |
|
|
|
|
Exceptional items |
(1373.897) |
253.100 |
|
|
|
|
TOTAL (B) |
9200.600 |
9158.827 |
6864.332 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
988.887 |
(304.861) |
483.919 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
402.055 |
241.307 |
129.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
586.832 |
(546.168) |
354.090 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
181.630 |
159.897 |
124.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
405.202 |
(706.065) |
229.964 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.492 |
(3.424) |
93.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
383.710 |
(702.641) |
136.181 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1297.551 |
2000.192 |
1897.163 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
4.000 |
|
|
|
Dividends proposed to be distributed to equity
Shareholders |
20.606 |
0.000 |
25.000 |
|
|
|
Tax on Dividend |
3.343 |
0.000 |
4.152 |
|
|
|
Debenture redemption reserve |
163.333 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1493.979 |
1297.551 |
2000.192 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
6704.396 |
6605.452 |
5483.325 |
|
|
|
Charges Recovered |
0.00 |
13.745 |
4.083 |
|
|
|
Interest |
1.246 |
1.886 |
0.774 |
|
|
|
Dividends |
0.000 |
67.070 |
160.854 |
|
|
|
Others |
0.000 |
233.635 |
175.211 |
|
|
TOTAL EARNINGS |
6705.642 |
6921.788 |
5824.247 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1257.632 |
792.865 |
677.619 |
|
|
|
Components, Stores and Spare Parts |
130.915 |
125.492 |
101.778 |
|
|
|
Capital Goods |
34.620 |
93.298 |
155.389 |
|
|
|
Trading Goods |
624.134 |
541.106 |
352.977 |
|
|
TOTAL IMPORTS |
2047.301 |
1552.761 |
1287.763 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1081.00 |
(2002.00) |
681.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.77
|
(7.94) |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.08
|
(8.17) |
3.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
(11.65) |
4.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.27) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22
|
2.12 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
0.61 |
1.73 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from Block A, Shivsagar Estate, Dr. Annie Besant Road,
Worli, Mumbai – 400 018, Maharashtra, India to present address w.e.f. 11.04.2013
CORPORATE INFORMATION
Subject was incorporated on 30th November 1962 as the international business gateway of the Tata Group of Companies. It has since evolved into an international entity with a global reach. Its main lines of businesses are manufacture and sale of Leather and Leather Products, trading in Commodities and Footwear Retail.
GLOBAL OUTLOOK IN
SELECT GEOGRAPHIES
The World economy is expected to grow by 3.5% in 2012 as indicated by the IMF’s latest World Economic Outlook (WEO), Jul’12. The IMF expects emerging economies to grow by 5.6% year-on-year while advanced economies are expected to grow by 1.4% year-on-year in 2012. Of the advanced economies, there has been some improvement in economic activity in the US and reduction in stress in the global financial markets due to large scale liquidity infusion by the ECB (European Commercial Bank) in Euro area. However, this recovery is very fragile and ongoing debt problems in Spain indicate that Euro area sovereign debt problem would continue to weigh on global economy. The IMF has recently created a ‘Global Firewall’ to prevent the world economy from another financial crisis. The group of G-20 member nations (Advanced and Emerging) pledged about $ 430 billion to the fund. This fund would be utilised for all its member countries, mainly troubled Eurozone nations like Spain and Italy, but unless Europe takes major reforms to deal with the debt crisis, growth recovery in this area is unlikely.
A fragile recovery in the US and the Euro area affected growth in EDEs (Emerging and Developing Economies) as EDEs slowed down in 2011. Considering BRICS nations, growth in China slowed down to 8.1% in Q1 2012, a fifth consecutive quarterly decline. India’s GDP also slowed down to 5.3% in Q4 2011-12 from 6.1% in Q3 2011-12 and is expected to grow by modest 6.9% in FY 2011-12. Brazil witnessed a sharp slowdown in growth as it eased from 6.7% in Q3 2011 to 5.0% in Q4 2011 and further to 0.8% in Q1 2012. Growth had been relatively modest in Russia and South Africa. Headline inflation in most of the economies softened giving some room for the central banks to ease monetary policy. But elevated crude oil prices due to geo-political tensions remain the biggest threat to oil consuming economies.
Overall growth in all major economies in 2012 is expected to slow down as the demand from advanced economies like US and Europe would continue to remain sluggish. However, EDEs (especially developing Asia) would continue to grow, albeit slowly and support the world economy.
OPERATING PERFORMANCE
The year 2011-12 continued to be a year full of challenges and opportunities for the Company. While on the one hand, the Company on a stand-alone achieved an operating revenue of Rs.9930.000 Millions (previous year : Rs.8460.000 Millions) registering a growth of 15%, the margins continued to be under pressure, resulting in the Company incurring a loss from operations.
This was primarily due to the following major factors –
- Losses on new businesses entered by the Company in the recent past
- Continued recessionary trends in the overseas markets in which the Company operates Given below is a detailed analysis of the operations of the Company during 2011-12 -
AMALGAMATIONS
Pursuant the Scheme of Amalgamation (the Scheme) of Graziella Shoes Limited (GSL) a wholly owned subsidiary of the Company, with the Company as sanctioned by the Hon’ble High Court of Bombay vide its Order dated December 16, 2011 and Hon’ble High Court of Madras vide its Order dated February 06, 2012, the entire business and all the assets and liabilities of GSL were transferred to and vested in the Company, from April 1, 2011 (the appointed date)
The accounting for amalgamation was done as per the purchase method as modified under the Scheme and approved by the Hon’ble High courts and the same has been given effect to in the financial statements as under: The scheme became effective on March 13, 2012.
The accounting for amalgamation was done as per the purchase method as modified under the Scheme and approved by the Hon’ble High courts and the same has been given effect to in the financial statements as under:
i) All assets and liabilities of GSL as at 1 April, 2011 have been recorded by the Company at their respective fair value.
ii) The investment by the Company in the shares of GSL has been cancelled.
iii) The inter company balances has been cancelled.
iv) The Company credited to the General reserve account Rs. 165.46 lacs being excess of net assets taken __over (at fair value) over the cost of investment in GSL. GSL was engaged in the business of manufacture of footwear.
As per the Scheme of Amalgamation the above amount credited to the General reserve of Rs. 165.46 shall not be utilised for the purpose of declaring dividend.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Non-convertible debentures others |
2450.000 |
2450.000 |
|
Short-term
borrowings |
|
0 |
|
Loan repay on
demand form others |
0.000 |
400.000 |
|
Other loans and advances |
714.797 |
234.734 |
|
Total |
3164.797 |
3084.734 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10410416 |
13/03/2013 |
1,728,000,000.00 |
ICICI BANK LIMITED |
9 RAFFLES PLACE, # 50-01, REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE |
B70296835 |
|
2 |
10310769 |
13/01/2012 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, VADODARA, GUJARAT - |
B30233704 |
|
3 |
10278701 |
18/04/2011 * |
250,000,000.00 |
FIRSTRAND BANK LIMITED |
5TH FLOOR, MISTRY BHAWAN, 122 DINSHA VACHHA ROAD,, |
B10474450 |
|
4 |
10250870 |
08/12/2010 * |
192,600,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.155, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B02395317 |
|
5 |
90241691 |
16/12/2005 |
4,500,000,000.00 |
ICICI BANK LIMITED |
ICICI TOWERS BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
6 |
80055797 |
28/04/2011 * |
5,100,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, BALLARD ESTATE, J N HEREDIA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
B12936837 |
|
7 |
90240961 |
20/10/2005 * |
3,020,000,000.00 |
STATE BANK OF INDIA` |
OVERSEAS BR.; WORLD TRADE CENTRE POST BOX NO 16094, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
90282277 |
05/08/2000 |
9,000,000.00 |
STANDARD CHARTERED BANK |
58; ARMENIAN STREET, CHENNAI, TAMIL NADU - 600001, INDIA |
- |
|
9 |
90282216 |
22/07/2004 * |
20,000,000.00 |
STANDARD CHARTERED BANK |
19; RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Lease hold
Land
- Building,
Roads
- Plant and
Machinery
- Computers
- Furniture and
Fixtures
- Office and
other equipments
- Electrical
installation
- Air
Conditioner
- Refrigerator
- Vehicles and
transport
- 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.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.