MIRA
INFORM REPORT
|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRACTORS AND FARM EQUIPMENT LIMITED |
|
|
|
|
Registered
Office : |
861, Anna Salai, Chennai – 600 002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
|
|
|
|
Date of
Incorporation : |
28.11.1960 |
|
|
|
|
Com. Reg. No.: |
18-004337 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.120.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29129TN1960PLC004337 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00112A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2761Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
and Marketing of a range of Tractors, Plastic Injection Moulds, Batteries,
Trailers, Implements and Accessories. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 68000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed engineering company of Amalgamation Group,
a well-known industrial house of The
company can be considered normal for business dealings at usual trade terms
and conditions. The
Profit and Loss Account of the company for the year 2012 is available and
Balance Sheet is not Available. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LETTER OF CREDIT : A1+ |
|
Rating Explanation |
Strongest degree of safety it carry lowest
credit risk |
|
Date |
09.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
CASH CREDIT : AA+ |
|
Rating Explanation |
High degree of safety it carry very low
credit risk |
|
Date |
09.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
861, Anna Salai, Chennai – 600 002, |
|
Tel. No.: |
91-44-28228782/ 28008782/ 28279073 / 66919001 |
|
Fax No.: |
91-44-28260224 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
35, |
|
Tel. No.: |
91-44-28279073 |
|
Fax No.: |
91-44-28260224/
21111111 |
|
E-Mail : |
|
|
Area : |
10,000
sq. ft. |
|
Location : |
Leased |
|
|
|
|
Management
Development Consultancy Centre: |
105,
Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, |
|
Tel. No.: |
91-44-28476872 |
|
Fax No.: |
91-44-28472572 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-44-25375861/ 25371535/ 25375862/ 25375867/ 25375355 |
|
Fax No.: |
91-44-25372478/ 25375865 |
|
|
|
|
Factory 2 : |
10/205,
Kalladaipatti, P O – 624201, Dindigul District, |
|
Tel. No.: |
91-4543-254602-04/254476 |
|
Fax No.: |
91-4543-54515 |
|
|
|
|
Factory 3 : |
Plot
No.1, KIADB Industrial Area, Doddaballapur – 561 203, District – |
|
Tel. No.: |
91-8119-223560 |
|
|
|
|
Factory 4 : |
Mandideep, Bhopal, Madhya Pradesh, India |
|
|
|
|
Factory 5 : |
Alwar, Rajasthan, India |
|
|
|
|
Factory 6 : |
Parwanoo, Himachal Pradesh, India |
DIRECTORS
As on 08.08.2012
|
Name : |
Mr.
Srinivasan Natesan |
|
Designation : |
Director |
|
Address : |
T19,
|
|
Date of Birth/Age : |
27.07.1931 |
|
Date of Appointment : |
22.02.1995 |
|
Din No.: |
00004195 |
|
|
|
|
Name : |
Mrs.
Mallika Srinivasan |
|
Designation : |
Director |
|
Address : |
West
Side House, 2, |
|
Date of Birth/Age : |
19.11.1959 |
|
Date of Appointment : |
27.12.1994 |
|
Din No.: |
00037022 |
|
|
|
|
Name : |
Mr.
Ramesh Chander Banka |
|
Designation : |
Whole
Time Director |
|
Address : |
New
No.6 Old No.14, |
|
Date of Birth/Age : |
15.10.1934 |
|
Date of Appointment : |
06.08.1999 |
|
DIN No.: |
00036997 |
|
|
|
|
Name : |
Mr. Majundar Laxman Satyanarainrao |
|
Designation : |
Director |
|
Address : |
7/1, |
|
Date of Birth/Age : |
19.02.1932 |
|
Date of Appointment : |
22.02.1995 |
|
DIN No.: |
00208969 |
|
|
|
|
Name : |
Mr. Gary Lee Collar |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
4177 Tamil Lane, Central Point, Orgon 97052 |
|
Date of Birth/Age : |
06.08.1956 |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
05283713 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2012
|
Names of Shareholders |
No. of Shares |
|
Simpson and Company Limited, |
9148918 |
|
A. Krishnamoorthy |
60 |
|
S. Ramanujachari and Amalgamations Private Limited |
120 |
|
Associates Printers ( |
600 |
|
Agco Limited, |
2850000 |
|
Mallika Srinivasan |
140 |
|
S. Ramanujachari |
2 |
|
Lakshmi Venu |
5 |
|
Sudarshan Venu |
5 |
|
Master Shriram Murali |
150 |
|
Total |
12000000 |
As on 08.08.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
23.75 |
|
Bodies
corporate |
76.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of a range of Tractors, Plastic Injection Moulds, Batteries,
Trailers, Implements and Accessories. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
v
Central Bank of v
State Bank of v
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
ICICI Bank v
Standard Chartered Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price
Waterhouse and Company Chartered
Accountants |
|
Address : |
32, |
|
|
|
|
Holding Company : |
Simpson and
Company Limited CIN No.: U65991TN1925PLC002345 |
|
|
|
|
Ultimate Holding Company : |
Amalgamations
Private Limited CIN No.: U35999TN1938PTC000019 |
|
|
|
|
Associates : |
A G C O
Corporation Amalgamations
Valeo Clutch Private Limited CIN No.: U29130TN1997PTC037909 Amco Saft India
Limited CIN No.: U85110KA1996PLC021517 Kuduma Fasteners
Private Limited CIN No.: U28991KA1984PTC006227 Stanadyne
Amalgamations Private Limited CIN No.: U34107TN2001PTC047925 The United
Nilgiri Tea Estates Company Limited CIN No.: L01132TZ1922PLC000234 |
|
|
|
|
Subsidiaries : |
Alpump Limited CIN No.: U27209TN1976PLC007164 Southern Tree
Farms Limited CIN No.: U01132TN1986PLC013469 TAFE Access
Limited CIN No.: U15499TN1992PLC023544 TAFE Motors and
Tractors Limited CIN No.: U29211TN2005PLC055476 TAFE Reach
Limited CIN No.: U50300TN2003PLC051918 TAL Precision
Parts Limited CIN No.: U34300TN2003PLC051919 TAFE USA Inc TAFE
International Traktor VeTarim Ekipmani Sanayi Ve Ticaret Limited, Sirketi |
|
|
|
|
Fellow Subsidiary Company : |
Addison and
Company Limited CIN No.: U28939TN1914PLC000008 CIN No.: U24222TN1948PLC000025 Amalgamations
Repco Limited CIN No.: U35999TN1967PLC005566 Amco Batteries
Limited CIN No.: U31400TN1955PLC080755 Associated
Printers ( CIN No.: U22110TN1950PTC000036 George Oakes Limited CIN No.: U50300TN1956PLC000758 Higginbothams
Private Limited CIN No.: U52396TN1950PTC000871 India Pistons
Limited CIN No.: U35999TN1949PLC000951 IP Rings Limited CIN No.: L28920TN1991PLC020232 L. M. Van Moppes
Diamond Tools India Private Limited CIN No.: U28930TN1962PTC004872 Simpson And
General Finance Company Limited CIN No.: U65190TN1938PLC002355 Speed-A-Way
Private Limited CIN No.: U51909TN1938PTC002347 Sri Rama Vilas
Service Limited CIN No.: U29214TN1938PLC002346 Stanes
Amalgamated Estates Limited CIN No.: L01132TZ1946PLC000180 Stanes Motors
South India Limited CIN No.: U50101TZ1930PLC000171 T Stanes And
Company Limited CIN No.: L02421TZ1910PLC000221 The Madras
Advertising Company Private Limited CIN No.: U74300TN1954PTC001514 Wallace
Cartwright and Company Limited, Wheel And
Precision Forgings India Limited CIN No.: U28910TN1951PLC003308 Shardlow India
Limited CIN No.: U35990TN1960PLC004235 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
2000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
Millions |
|
|
|
|
|
NOTE:
Of the above 10000000 Equity Shares were allotted as fully paid-up by way
of Bonus Shares by Capitalization of General Reserve 9149100 Equity Shares are held
by Simpson and Company Limited, the Holding company and its nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
120.000 |
120.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
16945.487 |
12914.243 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
17065.487 |
13034.243 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
482.841 |
|
|
2] Unsecured Loans |
|
252.593 |
171.023 |
|
|
TOTAL BORROWING |
|
252.593 |
653.864 |
|
|
DEFERRED TAX LIABILITIES |
|
159.000 |
170.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17477.080 |
13858.107 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2369.787 |
2411.041 |
|
|
Capital work-in-progress |
|
173.043 |
17.811 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
9614.576 |
6688.163 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2776.443
|
2107.468
|
|
|
Sundry Debtors |
|
3680.970
|
2979.463
|
|
|
Cash & Bank Balances |
|
3624.734
|
4206.397
|
|
|
Other Current Assets |
|
180.604
|
189.822
|
|
|
Loans & Advances |
|
2933.603
|
1837.070
|
|
Total
Current Assets |
|
13196.354
|
11320.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
6615.166
|
5315.236
|
|
|
Other Current Liabilities |
|
924.671
|
951.481
|
|
|
Provisions |
|
336.843
|
312.411
|
|
Total
Current Liabilities |
|
7876.680
|
6579.128
|
|
|
Net Current Assets |
|
5319.674
|
4741.092
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17477.080 |
13858.107 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
51871.187 |
38186.162 |
29626.489 |
|
|
|
Other Income |
2019.091 |
1540.123 |
1037.238 |
|
|
|
TOTAL
(A) |
53890.278 |
39726.285 |
30663.727 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
36024.762 |
25165.194 |
|
|
|
|
Purchases of stock-in-trade |
1547.710 |
1322.138 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(654.315) |
(203.179) |
|
|
|
|
Employee benefit expense |
2135.188 |
1946.837 |
|
|
|
|
Other expenses |
6286.700 |
5035.302 |
|
|
|
|
TOTAL (B) |
45340.045 |
33266.292 |
25278.842 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8550.233 |
6459.993 |
5384.885 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.759 |
56.198 |
105.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8503.474 |
6403.795 |
5279.116 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
275.284 |
249.293 |
238.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
8228.190 |
6154.502 |
5041.108 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2369.160 |
1844.000 |
1656.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5859.030 |
4310.502 |
3385.108 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3136.167 |
1104.923 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
2279.258 |
2280.185 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3136.167 |
1104.923 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Manufactured Goods |
11387.040 |
6581.434 |
3454.580 |
|
|
|
Traded Goods |
|
854.211 |
967.394 |
|
|
TOTAL EARNINGS |
11387.040 |
7435.645 |
4421.974 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1031.924 |
1000.230 |
397.725 |
|
|
|
Stores & Spares |
129.170 |
183.979 |
16.874 |
|
|
|
Capital Goods |
400.636 |
143.533 |
65.490 |
|
|
|
Trading Goods |
0.000 |
0.000 |
291.755 |
|
|
TOTAL IMPORTS |
1561.730 |
1327.742 |
771.844 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
488.25 |
205.26 |
282.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.87
|
10.85
|
11.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.86
|
16.12
|
17.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
39.54
|
36.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.36
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
0.01
|
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.68
|
1.72 |
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 |
Yes |
|
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
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Public Deposits Unsecured |
0.000 |
0.000 |
|
Fixed Deposits Unsecured |
252.593 |
171.023 |
|
|
|
|
|
Total |
252.593 |
171.023 |
|
NOTE: 1. Fixed
deposits repayable within one year 58.755 Millions 2. Deposits held
by Directors 229.943 Millions |
||
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10132202 |
28/07/2009 * |
1,600,000,000.00 |
CENTRAL BANK OF INDIA AND STATE BANK OF
INDIA |
Central Bank of India, 803 Anna Salai,
State Bank of India, Corp. Accts. Gr
Br. Greams Rd, Chennai, Tamil Nadu - 600002, INDIA |
A67861005 |
|
2 |
90298139 |
17/06/1994 |
50,000,000.00 |
THE CENTRAL BANK EXECUTOR AND TRUSTEE CO.;
LTD. |
Jehangir Wadia Building, 51; Mahatma
Gandhi Marg; Fort, Bombay, maharashtra
- 400023, India |
- |
|
3 |
90295654 |
02/03/1971 |
42,800,000.00 |
THE CENTRAL BANK OF INDIA |
158, MOUNT ROAD, MADRAS, Tamil Nadu -
600002, INDIA |
- |
|
4 |
90295628 |
01/03/2004 * |
3,500,000.00 |
CENTRAL BANK OF INDIA |
ADDISON BUILDING BR., 803; ANNA SALAI,
MADRAS, Ta |
- |
*
Date of charge modification
TRACTORS
The Company sold
during the year 77,351 tractors, a 21.11 percent growth over the previous years
63,867. The Company maintained its position as the country’s largest exporter
of tractors for the second year in succession. The outlook for 2011-12 appears
promising with a good growth in agricultural credit, strong crop prices and an
overall agricultural growth of 8 to 9 percent in the country. Demand patterns
in the first quarter have reflected the above and the company is investing
strongly in further development of the supply chain and manufacturing capacity.
Export demand is expected to grow robustly with Tafes traditional markets
showing strong growth trends augmented by the demand from Agcos distribution
channels. However, inflation pressure appears to be unavoidable with fuel price
rises and input costs.
ENGINEERING PLASTICS
This Division has reported
an increase in sales of 37 percent and won Best Vendor awards from Toyota
Kirloskar Motors and GE Healthcare. Its ability to develop new products and
maintain high quality standards have been its strengths which is reflected in
the growing customer base in the auto segement.
POWER SOURCE
This Division,
engaged in the manufacture and sale of batteries, has recorded a sales growth
of 15.5 percent. High cost of electric power and unpredictability in lead
prices have been areas of concern.
FIXED ASSETS
v
v Building
v Plant and Machinery
v Furniture, Fixture and Equipments etc.
v
Vehicles
HISTORY:
The
Amalgamations Group entered the tractor business in 1960. Simpson and Company
was already making Perkins Diesel Engines and the founder Chairman, Mr.
Anantharamakrishnan's own great interest in agriculture and the Green
Revolution in the making, made the group grab the opportunity to make tractors
when it presented itself.
Standard
Motor Products of India Limited had been assembling Massey
On
December 15th 1960 our founder Chairman, announced at a press conference at
Chennai, his plans to manufacture tractors and implements at Simpson's
Industrial Estate in collaboration with Massey Ferguson of Toronto. At that
time, the estimated demand for tractors in
COMPANY PROFILE:
Subject
is a US$ 1 Billion tractor major incorporated in 1960 at Chennai in
A
member of the Amalgamations Group of Chennai, this company has four plants in
Apart
from being among the top three tractor manufacturers in the world, Subject is
also involved in making diesel engines, gears, panel instruments, engineering
plastics, hydraulic pumps, plantations and passenger car distribution through
other divisions and wholly owned subsidiaries.
Subject
Motors and Tractors Limited is a wholly owned subsidiary of company, which was
set up in 2005 when TAFE acquired Eicher tractors, the Eicher engines plant at
Alwar and the Eicher transmissions plant at Parwanoo. The company manufactures
the Eicher brand of tractors at its plant near
SUBSIDIARIES
TAFE Access Limited
TAFE
Access Limited is a wholly owned subsidiary of TAFE involved in the manufacture
and marketing of hydraulic pumps and cylinders and panel instruments to
discerning customers both in
Tafe Reach Limited
Tafe
Reach Limited is a vehicle franchise which distributes Tata motor vehicles in
Chennai, Cuddalore and Erode.
Southern Tree Farms Limited
Southern
Tree Farms Limited is a wholly owned subsidiary that grows quality teas in the
Nilgiris and markets them to discerning customers in
Kuduma Fasteners Private
Limited
Kuduma
Fasteners Private Limited was acquired in 2006 and is located at
Alpump limited
Alpump
limited was acquired by TAFE in 2005. At its plant at Perungudi near Chennai,
it produces a range of oil and water pump assemblies and related components.
Besides Water Pumps and Oil Pumps, Alpump also supplies Original Equipment and
machined castings including Wheel cylinders. Alpump has its own foundry with
6000 tonnes per annum capacity to make Grey Iron, S G Iron and Malleable Iron
castings with Automated Sand Plant and Simultaneous Jolt Squeeze and Shell
Moulding machines. Alpump is certified for ISO/TS 16949: 2002 and ISO 9001:
2000 by Underwriters Laboratories Inc.,
PRESS RELEASE
TRACTOR MAKER TAFE REVENUE GROWS 30%, TO ADD CAPACITY
APRIL 03 2012
Tractors and Farm Equipment Limited (Tafe),
maker of Eicher and Massey Ferguson tractors, on Tuesday reported a 30.4%
growth in consolidated revenue to Rs.80200.000 Millions for the year ended
March, overcoming sluggish growth in the industry.
Tafe’s growth was fuelled by new products,
which have contributed nearly 68% of total sales over the last three years,
said Mallika Srinivasan, chairman of the family-owned tractor business.
“The less-than-50 HP (horse power) segment
will grow more strongly and the contributing factor has been that the new
products have had an excellent customer response,” said Srinivasan, whose
company rolled out around 148,100 tractors in 2011-12.
Chennai-based Tafe plans to maintain sales
momentum by investing Rs.1000.000 Millions in a factory in Madurai, Tamil Nadu,
to bring out an additional 60,000 units, taking its overall capacity to around
240,000.
Tafe is pinning its hopes on the increasing
need for farm mechanisation, given the prevalence of government programmes like
the Mahatma Gandhi National Rural Employment Guarantee Scheme that has lured
farm labourers away from the field by guaranteeing 100 days of employment in a
year.
“My outlook is cautiously optimistic. I’m
cautious about the short-term industry growth and optimistic because of the
structural changes in the market like NREGS, which favours mechanisation,” said
the 51-year-old Srinivasan.
Industry figures have shown little promise
since November, as overall sales contracted by 8.2% in February, according to
Tafe. After growth rates of 20% in 2010-11 and 32% the year before, failed
monsoons, falling food prices, higher interest rates and input cost pressures
have considerably reduced farm incomes in India, contributing to a slump in the
sale of tractors. Growth in tractor sales slowed to 11.4% in 2011-12 from about
24% in the year before.
Tafe has managed to buck this trend. “We have
managed to mitigate the input cost pressure by maintaining volumes,” said
Srinivasan.
Market leader Mahindra and Mahindra Limited
saw sales drop by 7.6% in January and 20% in February, compared to the same
months last year.
But even with the recent disappointing
numbers, analysts say the industry has shown an improvement on a year-on-year
basis.
“Though there has been a decline in demand in
the last few months, the overall tractor demand has grown on an annual basis,”
said Pawan Agarwal, senior director at rating agency Crisil Ltd. “Long-term
factors that remain positive influencers for tractor demand include shortage of
labour leading to increased mechanization and expansion in the scope of tractor
application for non-farm activities like haulage.”
But another analyst pegs industry growth for
fiscal 2012-13 at less than 7-8%. “For FY13, the growth will be at a slow pace
given that factors like agriculture, food prices and farm spending will not go
up significantly,” said Umesh Karne, an analyst with Brics Securities Ltd.
Tafe, which is eyeing a turnover of $2 billion
(around Rs 10,000 crore) in 2011-13, looks to beat the 8-10% growth forecast
for the industry.
Exports, which contribute about 14% of the
tractor-maker’s total sales, increased 28.2% over the previous year to nearly
20,400 units, moving past the industry performance of 12.8%.
The company also looks to expand its range of
products in the 85-105 HP segment—as most of the demand is overseas—all
conforming to the emission norms prescribed in Europe and North America, by
early next year.
Tafe will also start production of the
Centurion tractors, a 50-125 HP tractor being jointly developed with the
US-based AGCO Corp., by mid-2013.
Tafe will also sell small application-oriented
tractors in the sub-20 HP segment for use in orchards, sugarcane farms and the
such, along with Rajkot-based Captain Tractors Private Limited. It hopes to tap
the needs of small farms that the company foresees having a requirement of
12,000 such tractors a year.
At least 60% of the country’s farms span less
than one hectare each, according to a Tafe spokesperson.
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.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs. 88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.