MIRA
INFORM REPORT
REVISED REPORT
|
Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TIL LIMITED |
|
|
|
|
Registered
Office : |
1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
10.05.1974 |
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|
|
|
Com. Reg. No.: |
21-41725 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999WB1974PLC041725 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in manufacturing and marketing of a
comprehensive range of material handling, lifting, port and road construction
solutions with integrated customer support and after Sales Service. |
|
|
|
|
No. of Employees
: |
909 (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 11000000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track
record. Everthough the company has seen an increase in the sales turnover,
there appears a drastic dip in its net profitability, whereas the financial
and liquidity position seems to be sound and healthy during 2013. The rating also take into consideration the working capital intensive
nature of business and intensive competition in the industry. However, trade relations are fair. Business is active. Payment terms
are reported as regular. In view of long standing experience of the promoters and established
track record, the company can be considered normal for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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 |
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 Bank 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 Office : |
1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal, India |
|
Tel. No.: |
91-33-24693732-36 (5 Lines)/66332000/2845 |
|
Fax No.: |
91-33-24692143/24693731 |
|
E-Mail : |
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|
Website : |
|
|
|
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|
Plant 1 : |
Kamarhatty – 517, B.T. Road, Kolkata 700 058, West
Bengal, India |
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|
|
|
Plant 2 : |
Sahibabad – Plot No.11, Site-4, Sahibabad Industrial
Area, Ghaziabad 201 010, Uttar Pradesh, India |
|
|
|
|
Plant 3 : |
Kharagpur – Changual and Vidyasagar Industrial Park,
District: Paschim Medinipore, West Bengal, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. A. Mazumdar |
|
Designation : |
Chairman |
|
Address : |
1, Taratolla Road, Garden Reach, Kolkata – 700024, West
Bengal, India |
|
|
|
|
Name : |
Mr. Sumit Mazumder |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal, India |
|
|
|
|
Name : |
Mr. R. L. Gaggar |
|
Designation : |
Independent Non Executive Director |
|
Address : |
6, Old Post Office Street,
3rd Floor, Kolkata - 700001, West Bengal, India |
|
|
|
|
Name : |
Mr. U. V. Rao |
|
Designation : |
Independent Non Executive Director |
|
Address : |
3294, 12th A Main Street
HAL-IInd Stage, Bangalore – 560008, Karnataka, India |
|
|
|
|
Name : |
Mr. G. Swarup |
|
Designation : |
Independent Non Executive Director |
|
Address : |
Paharpur Cooling Towers Limited, Paharpur House, 8/1/B,
Diamond Harbour Road |
|
|
|
|
Name : |
Dr. T. Mukherjee |
|
Designation : |
Independent Non Executive Director |
|
Address : |
6A, Road # 10, Circuit House Area (East), Jamshedpur 831001,
Jharkhand, India |
|
|
|
|
Name : |
Mr. K. B. Saha |
|
Designation : |
Director – Nominee of LIC |
|
Address : |
Life Insurance Corporation of India, Executive Director (HRD/OD/CP),
Central Office, HRD Department, Yogakshema, 5th Floor, Nariman Point, Mumbai
400021, Maharashtra, India |
KEY EXECUTIVES
|
Name : |
Mr. Sekhar Bhattacharjee |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
776647 |
7.74 |
|
|
2939323 |
29.30 |
|
|
3715970 |
37.05 |
|
|
|
|
|
|
1930828 |
19.25 |
|
|
1930828 |
19.25 |
|
Total
shareholding of Promoter and Promoter Group (A) |
5646798 |
56.30 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
20093 |
0.20 |
|
|
1991 |
0.02 |
|
|
1635947 |
16.31 |
|
|
268741 |
2.68 |
|
|
1926772 |
19.21 |
|
|
|
|
|
|
322741 |
3.22 |
|
|
|
|
|
|
1549581 |
15.45 |
|
|
483811 |
4.82 |
|
|
100562 |
1.00 |
|
|
9244 |
0.09 |
|
|
3130 |
0.03 |
|
|
88188 |
0.88 |
|
|
2456695 |
24.49 |
|
Total
Public shareholding (B) |
4383467 |
43.70 |
|
Total
(A)+(B) |
10030265 |
100.00 |
|
(C) 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) |
10030265 |
0.00 |
%2016-Nov-2013_files/image002.gif){kind=small}
(1) Indian%2016-Nov-2013_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%2016-Nov-2013_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and marketing of a
comprehensive range of material handling, lifting, port and road construction
solutions with integrated customer support and after Sales Service. |
GENERAL INFORMATION
|
No. of Employees : |
909 (Approximately) |
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Bankers : |
·
Bank of India ·
Union Bank of India ·
ING Vysya Bank Limited ·
State Bank of Bikaner and Jaipur ·
State Bank of India ·
State Bank of Hyderabad ·
Axis Bank Limited ·
Citi Bank N.A. ·
HDFC Bank Limited ·
DBS Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Notes: Long Term
Borrowings
Short Term
Borrowings : Nature of Security for Short Term
Borrowings - Cash Credit / Working Capital Demand Loans/ Buyers' Credit : Cash
Credit/Working Capital/Buyers' Credit facilities from Consortium Bankers are
secured by first pari-passu charge by way of hypothecation on all the Current
Assets of the Company (namely Stocks, Bills Receivables and Book Debts etc.)
both present and future, excluding such movables as may be permissible by the
said bankers from time to time and a second pari passu charge on Fixed Assets
of the Company both movable and immovable, present and future, ranking after
the mortgage and/or charge created and/or to be created by the Company over
such Fixed Assets in favour of its term lenders/ prior charge holders for
securing their respective Term Loan/Credit facilities and also secured by a
second pari-passu charge on all movable and certain immovable properties of
the Company's holding company-TIL Limited. Further for these facilities a
Corporate Guarantee has been provided to the Consortium Bankers by TIL
Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskin and Sells Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Myanmar Tractors Limited ·
Tractors Nepal Private Limited ·
TIL Overseas Pte. Limited ·
Tractors India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10030265 |
Equity Shares |
Rs. 10/- each |
Rs.100.300 Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Balance
as at the beginning of the year |
10030265 |
100.300 |
|
Balance as at the end of the year |
10030265 |
100.300 |
- Rights,
Preferences and Restrictions attached to Equity Shares
The Company has one class of Equity
Shares having a par value of Rs. 10/- per share. Each shareholder is eligible
for one vote per share held. The Dividend proposed by the Board of Directors is
subject to the approval of the Shareholders in the ensuing Annual General
Meeting, except in case of Interim Dividend. In the event of liquidation, the
Equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
- Details of equity
shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
The
Coles Crane Group Limited |
1930828 |
19.25% |
|
Life
Insurance Corporation of India |
1040814 |
10.38% |
|
Mr. Avijit Mazumder |
545301 |
5.44% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.300 |
100.300 |
100.300 |
|
(b) Reserves & Surplus |
2618.100 |
2616.400 |
2123.100 |
|
(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) |
2718.400 |
2716.700 |
2223.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1100.200 |
781.400 |
39.600 |
|
(b) Deferred tax liabilities (Net) |
82.800 |
59.200 |
25.800 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
30.600 |
22.800 |
14.500 |
|
Total Non-current Liabilities (3) |
1213.600 |
863.400 |
79.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
971.400 |
355.700 |
387.900 |
|
(b) Trade payables |
517.200 |
516.200 |
400.700 |
|
(c) Other current
liabilities |
243.600 |
176.900 |
68.200 |
|
(d) Short-term provisions |
1035.900 |
1070.200 |
1061.100 |
|
Total Current Liabilities (4) |
2768.100 |
2119.000 |
1917.900 |
|
|
|
|
|
|
TOTAL |
6700.100 |
5699.100 |
4221.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1758.400 |
1596.300 |
908.500 |
|
(ii) Intangible Assets |
25.700 |
25.100 |
11.000 |
|
(iii) Capital
work-in-progress |
558.300 |
468.900 |
86.400 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
998.200 |
1038.500 |
1038.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.600 |
29.400 |
51.400 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3349.200 |
3158.200 |
2095.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1319.900 |
869.900 |
599.000 |
|
(c) Trade receivables |
615.300 |
459.400 |
463.900 |
|
(d) Cash and cash
equivalents |
14.400 |
2.700 |
2.400 |
|
(e) Short-term loans and
advances |
1361.000 |
1208.900 |
1060.000 |
|
(f) Other current assets |
40.300 |
0.000 |
0.000 |
|
Total Current Assets |
3350.900 |
2540.900 |
2125.300 |
|
|
|
|
|
|
TOTAL |
6700.100 |
5699.100 |
4221.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2678.900 |
2377.900 |
2065.100 |
|
|
|
Other Income |
49.700 |
491.500 |
180.300 |
|
|
|
TOTAL (A) |
2728.600 |
2869.400 |
2245.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1559.400 |
1313.200 |
985.100 |
|
|
|
Purchases
of Stock-In-Trade (Traded Goods) |
350.600 |
303.400 |
233.800 |
|
|
|
Changes
in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade) |
(323.400) |
(148.700) |
(82.900) |
|
|
|
Employee benefits expense |
406.300 |
348.600 |
299.600 |
|
|
|
Other Expenses |
407.500 |
382.000 |
322.100 |
|
|
|
TOTAL (B) |
2400.400 |
2198.500 |
1757.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
328.200 |
670.900 |
487.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
180.100 |
47.400 |
26.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
148.100 |
623.500 |
461.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.100 |
48.700 |
41.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.000 |
574.800 |
420.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.300 |
45.000 |
108.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26.700 |
529.800 |
312.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1927.700 |
1485.900 |
1275.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
53.000 |
31.200 |
|
|
|
Proposed
Dividend on Equity Shares |
20.100 |
30.100 |
60.200 |
|
|
|
Tax
on Dividend |
3.400 |
4.900 |
9.800 |
|
|
BALANCE CARRIED
TO THE B/S |
1928.900 |
1927.700 |
1485.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11.400 |
48.100 |
11.500 |
|
|
|
Selling Commission (including
Dealer's profit) |
27.900 |
24.300 |
23.300 |
|
|
|
Technical Fees |
0.000 |
22.300 |
163.000 |
|
|
|
Dividend |
0.000 |
455.600 |
0.000 |
|
|
TOTAL EARNINGS |
39.300 |
550.300 |
197.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
500.300 |
|
|
|
Stores & Spares |
1243.400 |
1171.600 |
93.600 |
|
|
|
Machines ( Trading Items ) |
674.100 |
1250.400 |
21.600 |
|
|
|
Capital Goods |
13.700 |
1.400 |
0.000 |
|
|
TOTAL IMPORTS |
1931.200 |
2423.400 |
615.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.66 |
52.82 |
31.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.97 |
18.46 |
13.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.86 |
24.17 |
20.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97 |
13.80 |
13.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.21 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
0.42 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.20 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Others |
0.000 |
1.600 |
|
Short Term
Borrowings |
|
|
|
From Banks |
207.000 |
0.000 |
|
Total |
207.000 |
1.600 |
CORPORATE
INFORMATION
The
Company is engaged in manufacturing and marketing of a comprehensive range of
material handling, lifting, port and road construction solutions with integrated
customer support and after Sales Service. Overall the Company's products and
services are termed as Materials Handling Solutions (MHS). The Company has two
manufacturing facilities - Kamarhatty and Kharagpur in West Bengal. The Company
is a public Limited Company and is listed in Bombay, Calcutta and National
Stock Exchange in India.
PERFORMANCE
The consolidated turnover of the Company’s Group including
income from operations and other income during the year ended 31st March 2013
stood at Rs.12139.300 Millions. compared to Rs.14144.400 Millions. in the
previous year. Profit before tax for the Group was Rs.81.700 Millions. compared
to Rs.239.300 Millions. in the previous year.
On standalone basis, turnover including income from
operations and other income for the year under review stood at Rs.2970.300
Millions. vis-ŕ-vis Rs.3044.300 Millions. in the previous year. Profit before
tax stood at Rs.50.000 Millions. vis-ŕ-vis Rs.574.800 Millions. in the previous
year, which included corporate income of Rs.478.000 Millions.
Tractors
India Private Limited
Tractors
India Private Limited, the Wholly Owned Subsidiary Company in India, achieved a
turnover including income from operations and other income of Rs.8829.800
Millions. Compared to Rs.10399.600 Millions. in the previous year. Profit
before tax stood at Rs.40.300 Millions. Compared to Rs.41.800 Millions. In the
previous year.
Myanmar
Tractors Limited
During
the year, shares of Myanmar Tractors Limited, Myanmar were transferred within
the group companies’ consequent to which MTL has ceased to be a direct
Subsidiary of the Company. TIL Overseas Pte. Limited, Singapore now holds 97.5
per cent of the paid up capital of MTL and the balance 2.5 per cent is held by
the Company. However, MTL remains to be a step down subsidiary of the Company.
During the year under review, MTL had a non-operating income of Rs.26.100
Millions. with profit before tax of Rs.
0.37 Millions.
TIL
Overseas Pte. Limited
TIL
Overseas Pte. Limited, the Wholly Owned Subsidiary Company in Singapore,
achieved a turnover including income from operations and other income of
Rs. 340.900 Millions. compared to
Rs.837.000 Millions. in the previous year and achieved a profit before tax of
Rs.48.900 Millions. compared to Rs.0.750 Millions. In the previous year.
Tractors
Nepal Private Limited
Tractors
Nepal Private Limited, the Wholly Owned Subsidiary Company, in Nepal, achieved
a turnover including income from operations and other income of Rs.46.400
Millions. Compared to previous year of Rs.30.800 Millions and earned a profit
before tax of Rs.3.600 Millions. compared to Rs.6.800 Millions. in the previous
year.
MANAGEMENT DISCUSSION AND ANALYSIS
During
the course of the Management Discussion and Analysis in the last 2 years, the
Company had mentioned that it was expecting the investments in the
infrastructure space would materialize in 2011-12 and 2012-13. Both the years
viz. 2011-12 and 2012-13 have been extremely challenging as the investments in
the infrastructure space were minimal and as we all know, the GDP growth for
2011-12 was 6.5 per cent and for 2012-13 it is pegged at 5 per cent; lowest in
a decade.
BUSINESS
PERFORMANCE
Material
Handling Solutions (MHS) and Equipment & Project
Solutions
(EPS)
Material
Handling Solutions division of the Company posted a revenue of Rs. 2687.000 Millions. during the year 2012-13
vis-ŕ-visRs. 2444.000 Millions. in the
year 2011-12 thereby registering a growth of 9.9 per cent in the current year.
There has been a rise of 22.0 per cent in the profits of MHS Division in
comparison to the last year. The reason for this increase in profits has been
primarily due to improved margin and certain austerity measures which have
already been instituted with an aim to reduce cost. The factory at Kamarhatty
has also undertaken plans for reduction in cost of manufacturing through its
Accelerated Improvement Program (AIP).
The
order book as on 31st March 2013 was at Rs.
535.000 Millions. For TIL make Cranes & Reachstackers.
Material
Handling Solutions (MHS)
Against
the backdrop of downturn, MHS division of the Company showed some noteworthy
achievements.
·
Total machine sales volume grew by 12
per cent while the aftermarket business registered a growth of 15 per cent and
crane sales volume grew by 19 per cent.
·
Managed to register significant
growth in the market share of equipment such as Cranes and Reachstackers.
·
Market shares of RT Cranes, Truck
Cranes registered 81 per cent and 64 per cent respectively during FY 2012-13.
·
Despite overall market demand for
Reachstacker declining by 35 per cent in 2012-13 the Company improved its
Reachstacker market share to 41 per cent.
Equipment
& Project Solutions (EPS)
The
Company posted a revenue figure of Rs.247.000 Millions. On a full year
commercial operation of FY 2012-13 in EPS business where TIL has made a
significant investment of Rs.1600.000 Millions. in last 2 years. In the
previous year FY 2011-12 EPS had posted revenue of Rs.13.000 Millions. for 4
months of operation.
Some
achievements for EPS in 2012-13 have been:
·
Significant progress in completing
the Kharagpur factory construction activity.
·
Streamlining the business process and
organization structure for EPS vertical.
·
Establishing a clear product plan and
securing engineering readiness of major part of their products including
prototyping of several new products.
·
Creating an effective aftermarket
model in this new business ensuring maximum uptime of the equipment and
securing higher customer satisfaction.
·
The Company’s relationship and
engagement with their principal Astec Group is quite strong and together we are
determined to launch and market the balance new products in the current
financial year to be able to cater to wider customer segments.
·
The Company also initiated a synergy
project between Material Handling Solutions business and Equipment &
Project Solutions business for quick transfer of knowledge, skill and
optimization of cost.
Tractors
India Private Limited (TIPL)
TIPL,
a 100 per cent subsidiary of TIL, concluded its third year as the Dealer for
Caterpillar Inc. for their Construction, Mining and Power System Solutions and
associations with SEM and SITECH. For the year under review, the total revenue
stood at Rs.8823.000 Millions. with Construction and Mining accounting for 70.8
per cent of TIPL’s revenue and Power Systems Solutions accounting for 29.2 per
cent of TIPL’s revenue.
Construction
sector encountered severe liquidity crunch being the effect of cost and time overruns
due to delayed execution of ongoing projects. Award of new projects during the
year was much below the planned estimates. Mining equipment demand also
remained subdued throughout 2012-13 with no major project taking off. Iron ore
mining activities nearly came to a standstill with minimal growth initiatives
in the coal sector as well.
In
order to gear up for the challenging period various initiatives were undertaken
by the Company to bring about their se correction in Caterpillar businesses of
Construction, Mining and Power Systems Solutions which include sectorial
re-organization, austerity measures, setting up of Project Management Office to
initiate cost controls and bring about an effective governance model with
robust review and monitoring system. In Construction & Mining Solutions
division, 1128 units were sold during the year.
Despite
the overall unsatisfactory performance of the sector, certain pockets of
accomplishments were seen during the year:
·
Accomplishing substantial growth in
424B Backhoe Loader sales as compared to the previous year.
·
In general construction (GCI segment)
the Company retained market leadership in Motor Graders and received
substantial orders for mid-size Wheel Loaders.
·
In mining, breakthrough orders
received for 22 Nos. 773 Off-Highway Trucks from BCCL and introduction of 7
Nos. 770 Off-Highway Trucks with a Contract Mining Company.
·
In rental, a major fleet contract
with 32 Nos. construction equipment was executed through the year for National
Highway Authority of India (NHAI), for its road tunneling project.
·
The Company received a prestigious
road project contract with an emerging construction organization in Arunachal
Pradesh for fleet order worth Rs.100.000 Millions.
The
order book as on 31st March 2013 stood at Rs.705.000 Millions.
In
Power Systems Solutions division 442 units were sold during the year under
review. In spite of an overall lower top line with respect to last fiscal,
there have been certain accomplishments in the year:
·
Achievement of bringing large number
of DG set population under AMC – 43 per cent of the overall DG population.
·
Breakthrough order in Data Center
segments – executed
·
contracts for 12 MW DG sets for TCS
and SIFY with repeat order in the offing.
·
Received an order worth Rs.150.000
Millions. in DMRC phase II project.
·
Procured rental power contracts in
Andaman & Nicobar Islands.
·
Received break through order from
DEGRMONT – Delhi Jal
Board
for Gas Generator set on sewage gas. The order book as on 31st March 2013 stood
at Rs.325.000 Millions.
OUTLOOK
The
outlook of the Company for 2013-14 would have to be considered in conjunction
with investments that are being planned in the current fiscal year, and which
appears to be cautiously optimistic although the Govt. of India has envisaged total
outlay of Rs. 54630000.000 Millions. In
the 12th Five Year Plan in various sectors where the Company operates.
Essential impetus would be rejuvenating the manufacturing sector. However, it
is important to note how much of this outlay gets translated into investments
from where the opportunities could be availed by the Company.
In
the short term, we do not expect significant improvement in the performance of
the Company although during the 2nd half of the current financial year, there
could be some improvements. However, in the long term, as mentioned earlier,
there would be significant growth in the Company and the Company is geared up
to capitalize on all such future opportunities in the infrastructure segment.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10439438
|
11/06/2013
|
107,500,000.00
|
HDFC
BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B80586589
|
|
2 |
10417033
|
26/03/2013
|
350,000,000.00
|
STATE
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH
KOLKATA, 11, Dr. U.N. BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, |
B72358898
|
|
3 |
10419765
|
27/02/2013
|
150,000,000.00
|
AXIS
BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal -
700071, INDIA |
B73207789
|
|
4 |
10380851
|
21/09/2012
|
150,000,000.00
|
ING
VYSYA BANK LIMITED |
4/1,MIDDLETON STREET, SIKKIM
HOUSE, KOLKATA, West Bengal - 700071, INDIA |
B59802173
|
|
5 |
10369522
|
31/07/2013
* |
4,360,000,000.00
|
BANK
OF INDIA (LEAD BANK) |
KOLKATA LARGE CORPORATE BRANCH,
5, B.T.M SARANI, KOLKATA, West Bengal - 700001, INDIA |
B82964586
|
|
6 |
10340735
|
01/03/2012
|
700,000,000.00
|
DBS
BANK LIMITED |
KOLKATA BRANCH (AS SECURITY
AGENT), 4A, NANDALAL BASU SARANI, KOLKATA, West Bengal - 700071, INDIA |
B34389700
|
|
7 |
10333690
|
26/12/2011
|
580,000,000.00
|
STATE
BANK OF INDIA |
Industrial Finance Branch,
Kolkata, 11, Dr. U. N. Brahmachari Street, Kolkata, West Bengal - 700017,
INDIA |
B31302763
|
|
8 |
10326155
|
07/12/2011
|
178,000,000.00
|
BANK
OF INDIA |
KOLKATA LARGE CORPORATE
BRANCH, 5, B.T.M. SARANI, KOLKATA, West Bengal - 700001, INDIA |
B28966687
|
|
9 |
10327929
|
16/11/2011
|
200,000,000.00
|
HDFC
BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT
MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA |
B29419116
|
|
10 |
10318822
|
01/11/2011
|
110,000,000.00
|
STATE
BANK OF HYDERABAD |
COMMERCIAL BRANCH, 83, TOPSIA
ROAD, KOLKATA, West |
B25735218
|
|
11 |
10318995
|
30/09/2011
|
400,000,000.00
|
HDFC
BANK LIMITED |
Central Plaza branch, 2/6
Sarat Bose Road, Kolkata, West Bengal - 700020, INDIA |
B25797614
|
|
12 |
10307535
|
17/08/2011
|
110,000,000.00
|
ING
VYSYA BANK LIMITED |
4/1,MIDDLETON STREET,, SIKKIM
HOUSE,, KOLKATA, West Bengal - 700071, INDIA |
B21117627
|
|
13 |
10279118
|
31/03/2011
|
100,000,000.00
|
ING
VYSYA BANK LIMITED |
4/1, MIDDLETON STREET,, SIKKIM
HOUSE,, KOLKATA, West Bengal - 700071, INDIA |
B10194181
|
|
14 |
10256960
|
07/12/2010
|
160,000,000.00
|
AXIS
BANK LIMITED |
CREDIT MANAGEMENT CENTRE
(CMC), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal -
700071, INDIA |
B02355543
|
|
15 |
10248628
|
27/02/2013
* |
200,000,000.00
|
AXIS
BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal -
700071, INDIA |
B73208472
|
|
16 |
10248749
|
23/09/2011
* |
330,000,000.00
|
AXIS
BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal-
700071, INDIA |
B25217225
|
|
17 |
10240688
|
20/03/2013
* |
305,000,000.00
|
UNION
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 1/1
CAMAC STREET, KOLKATA, West Bengal - 700016, INDIA |
B73640872
|
|
18 |
10159595
|
25/03/2009
|
2,350,000,000.00
|
BANK
OF INDIA (LEAD BANK) |
KOLKATA CORPORATE BANKING
BRANCH,, 5, B.T. M. SARANI, 2ND FLOOR,, KOLKATA, West Bengal - 700001, INDIA |
A61413498
|
|
19 |
10150380
|
10/03/2009
|
200,000,000.00
|
Axis
Bank LIMITED. |
Kolkata Main Branch, 7,
Shakespeare Sarani, Kolkata, West Bengal - 700071, INDIA |
A59295667
|
|
20 |
10133115
|
10/11/2008
|
134,700,000.00
|
ING VYSYA
BANK LIMITED |
4/1 MIDDLETON STREET, SIKKIM
HOUSE, KOLKATA, West Bengal - 700071, INDIA |
A52494283
|
|
21 |
10132387
|
15/10/2008
|
267,300,000.00
|
STATE
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 11,
DR. U. N. BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, INDIA |
A52119492
|
|
22 |
10127268
|
15/10/2008
* |
200,000,000.00
|
Axis
Bank LIMITED |
Kolkata Main Branch,
7,Shakespeare Sarani, Kolkata, West Bengal - 700001, INDIA |
A50334143
|
|
23 |
80035215
|
01/11/2010
* |
90,000,000.00
|
AXIS
BANK LIMITED |
CREDIT MANAGEMENT CENTRE
(CMC), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal -
700071, INDIA |
A98461973
|
|
24 |
80049565
|
27/05/2005
|
294,800,000.00
|
ING
VISYA BANK LIMITED |
SIKKIM HOUSE, 4/1 MIDDLETON
STREET, KOLKATA, West Bengal - 700071, INDIA |
- |
|
25 |
80009601
|
13/07/2006
* |
210,000,000.00
|
INDIAN
OVERSEAS BANK |
JAWAHARLAL NEHRU ROAD BRANCH, 35/1
J N ROAD, KOLKATA, West Bengal - 700071, INDIA |
- |
|
26 |
80049419
|
30/08/2013
* |
7,971,500,000.00
|
AXIS
BANK LIMITED (LEAD BANK) |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal - 700071,
INDIA |
B84188291
|
|
27 |
80011825
|
31/07/2013
* |
2,050,000,000.00
|
BANK
OF INDIA (LEAD BANK) |
KOLKATA LARGE CORPORATE
BRANCH, 5, B.T.M SARANI, KOLKATA, West Bengal - 700001, INDIA |
B82954470
|
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
643.000 |
421.700 |
1064.700 |
|
b) Other operating income |
17.200 |
18.500 |
35.700 |
|
Total
income from Operations(net) |
660.200 |
440.200 |
1100.400 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
345.200 |
372.400 |
717.600 |
|
b) Purchases of stock in trade |
2.000 |
149.100 |
151.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
66.800 |
(284.000) |
(217.200) |
|
d) Employees benefit expenses |
113.200 |
112.800 |
226.000 |
|
e) Depreciation and amortization expenses |
28.400 |
27.000 |
55.400 |
|
f) Other expenditure |
128.300 |
115.100 |
243.400 |
|
Total expenses |
683.900 |
254.900 |
1176.300 |
|
3. Profit from operations before other income and
financial costs |
(23.700) |
(52.200) |
(75.900) |
|
4. Other income |
2.800 |
3.100 |
5.900 |
|
5. Profit from ordinary activities before finance costs |
(20.900) |
(49.100) |
(70.000) |
|
6. Finance costs |
71.200 |
60.100 |
131.300 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(92.100) |
(109.200) |
(201.300) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(92.100) |
(113.700) |
(209.500) |
|
10.Tax expenses |
3.700 |
4.500 |
8.200 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(95.800) |
(113.700) |
(209.500) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(95.800) |
(113.700) |
(209.500) |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
100.300 |
100.300 |
100.300 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic |
(9.55) |
(11.34) |
(20.89) |
|
(b) Diluted |
(9.55) |
(11.34) |
(20.89) |
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4383467 |
4383467 |
4383467 |
|
- Percentage of shareholding |
43.70% |
43.70% |
43.70% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
5646798 |
5646798 |
5646798 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
56.30% |
56.30% |
56.30% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
Nil |
||
|
Disposed of during the quarter |
Nil |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1.
Statement of Assets and Liabilities
|
SOURCES OF FUNDS |
|
|
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
100.300 |
|
(b) Reserves & Surplus |
|
|
2408.500 |
|
|
|
|
|
|
(2)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1065.200 |
|
(b) Deferred tax liabilities (Net) |
|
|
91.000 |
|
(c) long-term provisions |
|
|
43.700 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1458.600 |
|
(b) Trade payables |
|
|
550.800 |
|
(c) Other current
liabilities |
|
|
304.200 |
|
(d) Short-term provisions |
|
|
997.700 |
|
|
|
|
|
|
TOTAL |
|
|
7020.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1876.100 |
|
(ii) Intangible Assets |
|
|
22.300 |
|
(iii) Capital
work-in-progress |
|
|
448.700 |
|
(b) Non-current Investments |
|
|
998.200 |
|
(c) Long-term Loan and Advances |
|
|
25.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) ) Inventories |
|
|
1786.100 |
|
(b) Trade receivables |
|
|
475.000 |
|
(c) Cash and cash
equivalents |
|
|
5.100 |
|
(d) Short-term loans and
advances |
|
|
1383.500 |
|
(e) Other current assets |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
7020.000 |
2. The above results for the quarter and six month ended 30th September,
2013, drawn in terms of Clause 41 of the 'Listing Agreement' have been reviewed
by the Audit Committee and approved by the Board of Directors at their meeting
held on 5th November, 2013 at Kolkata and has been subjected to "Limited
Review" by the Statutory Auditors of the Company.
3. The operations of the Company pertains only to Material Handling
Solutions (i.e. manufacturing and marketing of various Material Handling
Equipments namely Mobile Cranes, Port Equipment’s, Self Loading Truck Cranes,
Road Construction Equipments, etc. and dealing in spares and providing services
to related equipments). The Company has only one reportable segment as
envisaged in Accounting Standard-17 on 'Segment Reporting', hence information
pertaining to segment, as contemplated under Clause 41 of the Listing Agreement
is not applicable for the Company.
4. Previous year's/period's figures have been rearranged/regrouped wherever
necessary, to conform to those of the current year / period.
Fixed Assets:
·
Freehold Land
·
Leasehold Land Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
III.
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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.