MIRA
INFORM REPORT
|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL TRACTORS LIMITED |
|
|
|
|
Formerly Known
As : |
INTERNATIONAL TRACTORS AND FARM EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
283, Sonalika House, AGCR Enclave, Karkardooma, Delhi – 110092 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.10.1995 |
|
|
|
|
Com. Reg. No.: |
55-073245 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.55.213 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995PLC073245 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDI00124F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2272H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tractors and Parts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 40480000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Overall financials of the company appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
ICRA |
|
Rating |
AA: Fund Based Limits (CC/BPLC) |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
17, July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+: Non Fund Based Limits (LC/BG) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
17, 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 : |
283, Sonalika House, AGCR Enclave, Karkardooma, Delhi – 110092, India |
|
Tel. No.: |
91-11-45192200/ 22373785 |
|
Fax No.: |
91-11-22370492/ 22377472 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Village Chak Gujran, P.O. Piplanwala Jalandhar Road, Hoshiarpur - 146022, Punjab, India |
|
Tel. No.: |
91-1882-302220/ 221/ 223 |
|
Fax No.: |
91-1882-302222 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Pankaj Plaza -1, Plot No. 2, Karkardooma Community Centre, Commercial Complex, New Delhi – 110092, India |
|
Tel. No.: |
91-11-22373785/ 89/ 91 |
|
Fax No.: |
91-11-22377472/ 0492 |
|
|
|
|
Factory : |
Located at: ·
Hoshiarpur, Punjab, India |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Laxman Dass Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
283, Sonalika House, AGCR Enclave, Delhi - 110092, India |
|
Date of Birth/Age : |
05.11.1930 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AAFPM2407C |
|
DIN No.: |
00296922 |
|
|
|
|
Name : |
Mr. Amrit Sagar Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Sonalika Estate, D.C. Road, Hoshiarpur - 146001, Punjab, India |
|
Date of Birth/Age : |
03.08.1953 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AASPM1102D |
|
DIN No.: |
00307471 |
|
|
|
|
Name : |
Mr. Deepak Mittal |
|
Designation : |
Managing Director |
|
Address : |
Sonalika Estate, |
|
Date of Birth/Age : |
23.03.1960 |
|
Date of Appointment : |
17.10.1995 |
|
PAN No.: |
AARPM7571R |
|
DIN No.: |
00307448 |
|
|
|
|
Name : |
Mr. Raman Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Sonalika Estate, D.C.Road, Hoshiarpur - 146001, Punjab, India |
|
Date of Birth/Age : |
29.11.1984 |
|
Date of Appointment : |
22.12.2008 |
|
DIN No.: |
00298756 |
|
|
|
|
Name : |
Mr. Sushant Sagar Mittal |
|
Designation : |
Director |
|
Address : |
Sonalika Estate, D.C.Road, Hoshiarpur 146001, |
|
Date of Birth/Age : |
18.08.1987 |
|
Date of Appointment : |
22.12.2008 |
|
DIN No.: |
00307274 |
|
|
|
|
Name : |
Mr. Pranab Ghosal |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.1, Building No.3, Atur Park, Koregaon Roadm Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.05.2008 |
|
DIN No.: |
03099685 |
|
|
|
|
Name : |
Eiichi Ozaki |
|
Designation : |
Nominee Director |
|
Address : |
1-15, Senriokanaya Suita City, Osaka Prefecture – 5650812, Japan |
|
Date of Birth/Age : |
01.11.1959 |
|
Date of Appointment : |
17.12.2009 |
|
DIN No.: |
02886199 |
|
|
|
|
Name : |
Mr. Siddharth Pradip Kothari |
|
Designation : |
Nominee Director |
|
Address : |
6/601 Panchsheel C Road, Churchgate, Mumbai – 400020, Maharashtra,
India |
|
Date of Birth/Age : |
24.04.1976 |
|
Date of Appointment : |
19.03.2013 |
|
DIN No.: |
02594732 |
|
|
|
|
Name : |
Kazunori Ajiki |
|
Designation : |
Alternate Director |
|
Address : |
2-47-301, Honjyoutyou, Kouyouen, Nishinomiya City, Hyogo Prefecture
6620015 |
|
Date of Birth/Age : |
15.03.1971 |
|
Date of Appointment : |
06.12.2012 |
|
DIN No.: |
03259412 |
|
|
|
|
Name : |
Mr. Neeraj Mohan |
|
Designation : |
Alternate Director |
|
Address : |
House No 467, Sector-7, Pushp Vihar, New Delhi – 110017, India |
|
Date of Birth/Age : |
03.07.1972 |
|
Date of Appointment : |
20.12.2012 |
|
DIN No.: |
05117389 |
|
|
|
|
Name : |
Mr. Mathew Cyriac |
|
Designation : |
Nominee Director |
|
Address : |
1908, 19th Floor, B.B. Nakashe Marg, Imperial North Tower, Tardeo,
Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1969 |
|
Date of Appointment : |
18.12.2012 |
|
DIN No.: |
01903606 |
KEY EXECUTIVES
|
Name : |
Mr. Priya Tosh Sood |
|
Designation : |
Company Secretary |
|
Address : |
# 322, Lane No.2, Tagore Nagar, Hoshiarpur, |
|
Date of Birth/Age : |
01.02.1963 |
|
Date of Appointment : |
01.10.2001 |
|
PAN No.: |
AEZPS2323F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Laxman Dass Mittal |
|
1311486 |
|
Amrit Sagar Mittal |
|
1210677 |
|
Deepak Mittal |
|
1450286 |
|
Raj Rani Mittal |
|
2900 |
|
Sangeeta Mittal |
|
70100 |
|
Neeru Mittal |
|
70100 |
|
Sushant Sagar Mittal |
|
149800 |
|
Geetika Mittal |
|
50000 |
|
Sagarika Mittal |
|
200 |
|
Rahul Mittal |
|
60000 |
|
Raman Mittal |
|
149500 |
|
Sonali Mittal |
|
10000 |
|
Yanmar Asia (Singapore) Corporation Private Limited, Singapore |
|
696172 |
|
JM Financial Trustee Company Private Limited, India |
|
290071 |
|
|
|
|
|
Total |
|
5521292 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.61 |
|
Bodies corporate |
|
5.25 |
|
Directors or relatives of directors |
|
82.14 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tractors and Parts. |
|
|
|
|
Brand Names : |
SONALIKA |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Export Import Bank of India, Floor – 21, Centre 1, World Trade Centre, Cuff Parade, Mumbai – 400 005, Maharashtra, India · Oriental Bank of Commerce, Roshan Road, Hoshiarpur - 146001, Punjab, India · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
Golf View, Corporate Tower-B, Sector-42, Sector Road,Gurgaon-122002, Haryana, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Joint Venture : |
· Renault Agriculture · Sonalika International, Mauritius |
|
|
|
|
Associates : |
Magma ITL Finance Limited |
|
|
|
|
Companies/Concerns
controlled by Key Management Personnel / and their relatives : |
· A.D. Softweb Pvt Limited · R.S. Infra Promoters Private Limited · A.D. Trading Private Limited · R.S. Softweb Private Limited · Adinath Motors Private Limited · Sonalika Infrastructure Limited · Agriculture Industries · Sonalika Agriculture Industries · ALD Info Technologies Private Limited · Sonalika Agro Industries Corporation · AL Softweb Private Limited · Sonalika Agriculture Automation Private Limited · A.P Engineering · Sunshine Components Private Limited · Aroma Infrabuild Private Limited · Sonalika Auto Components Private Limited · Auto Industries · Sonalika Auto Agriculture Private Limited · Casting Corporation of India · Sonalika Capital Limited · DA Technologies Private Limited · Sona Communications Private Limited · DL Technologies Private Limited · Sonalika Developers Limited · Golden Farming Private Limited · Sonalika Farm Equipment Private Limited · Indian Tractors and Components Limited · Sonalika Promoters and Developers Limited · International Autotrac Finance Limited · Sonalika Private Limited · International Engineers Sona Auto Agro Tractors and Components Private Limited · International Softweb Limited · VVN Trading Private Limited · Lloyd Housing Private Limited · Sona Golden Greens Private Limited · Lloyd Real Estate Private Limited · Sona Infosystems Private Limited · International Cars and Motors Limited (ICML) · Sona Softweb Private Limited · Precision Gauges and Tools Private Limited · L.D Infotech (Private) Limited · R.G Technologies Private Limited · Forest Peace Developers Private Limited · Forest Greens Developers Private Limited · Forest Bliss Developers Private Limited · Jagdambay Furnaces Private Limited · Classic Vehicles and Components Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5521292 |
Equity Shares |
Rs.10/- each |
Rs.55.213 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
55.213 |
55.213 |
|
(b) Reserves & Surplus |
|
10066.451 |
7555.238 |
|
(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) |
|
10121.664 |
7610.451 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
40.271 |
57.114 |
|
(b) Deferred tax liabilities (Net) |
|
125.357 |
128.205 |
|
(c) Other long term liabilities |
|
4.311 |
5.691 |
|
(d) long-term provisions |
|
80.414 |
63.125 |
|
Total Non-current
Liabilities (3) |
|
250.353 |
254.135 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
461.797 |
1452.054 |
|
(b) Trade payables |
|
1998.182 |
2141.603 |
|
(c) Other current liabilities |
|
435.409 |
433.204 |
|
(d) Short-term provisions |
|
68.809 |
51.899 |
|
Total Current
Liabilities (4) |
|
2964.197 |
4078.760 |
|
|
|
|
|
|
TOTAL |
|
13336.214 |
11943.346 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1750.663 |
1720.950 |
|
(ii) Intangible Assets |
|
6.857 |
5.415 |
|
(iii) Capital work-in-progress |
|
184.840 |
13.986 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
117.000 |
2015.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
663.676 |
466.977 |
|
(e) Other Non-current assets |
|
132.478 |
406.392 |
|
Total Non-Current
Assets |
|
2855.514 |
4628.720 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
3322.282 |
927.355 |
|
(b) Inventories |
|
3080.516 |
2730.174 |
|
(c) Trade receivables |
|
2702.530 |
2899.319 |
|
(d) Cash and cash equivalents |
|
920.917 |
343.092 |
|
(e) Short-term loans and advances |
|
443.992 |
409.461 |
|
(f) Other current assets |
|
10.463 |
5.225 |
|
Total Current
Assets |
|
10480.700 |
7314.626 |
|
|
|
|
|
|
TOTAL |
|
13336.214 |
11943.346 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
55.213 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6703.028 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6758.241 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
178.700 |
|
|
TOTAL BORROWING |
|
|
178.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
160.182 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7097.123 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1794.704 |
|
|
Capital work-in-progress |
|
|
38.225 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
759.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2260.204
|
|
|
Sundry Debtors |
|
|
1915.387
|
|
|
Cash & Bank Balances |
|
|
2521.092
|
|
|
Other Current Assets |
|
|
28.833
|
|
|
Loans & Advances |
|
|
672.172
|
|
Total
Current Assets |
|
|
7397.688
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2045.785
|
|
|
Other Current Liabilities |
|
|
489.140
|
|
|
Provisions |
|
|
357.569
|
|
Total
Current Liabilities |
|
|
2892.494
|
|
|
Net Current Assets |
|
|
4505.194
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7097.123 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22516.311 |
19313.994 |
14797.311 |
|
|
|
Other Income |
388.881 |
145.451 |
188.689 |
|
|
|
TOTAL (A) |
22905.192 |
19459.445 |
14986.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
15546.961 |
13217.058 |
|
|
|
|
Purchases of stock-in-trade |
92.794 |
54.243 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(259.692) |
(331.262) |
|
|
|
|
Employee benefit expense |
1083.471 |
927.849 |
|
|
|
|
Other expenses |
1965.924 |
1715.582 |
|
|
|
|
TOTAL (B) |
18429.458 |
15583.470 |
11873.319 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4475.734 |
3875.975 |
3112.681 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
80.210 |
53.481 |
32.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4395.524 |
3822.494 |
3080.455 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
211.668 |
257.512 |
315.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4183.856 |
3564.982 |
2764.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1223.454 |
1108.195 |
912.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2960.402 |
2456.787 |
1852.546 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5383.100 |
4785.800 |
3391.682 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
250.000 |
197.199 |
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
2.801 |
|
|
|
Interim Dividend |
386.500 |
1380.300 |
220.852 |
|
|
|
Tax on Dividend |
62.700 |
229.300 |
37.534 |
|
|
BALANCE CARRIED
TO THE B/S |
7594.302 |
5383.000 |
4785.842 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2864.000 |
2145.000 |
1138.767 |
|
|
TOTAL EARNINGS |
2864.000 |
2145.000 |
1138.767 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
536.18 |
536.18 |
331.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.92 |
12.63 |
12.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.58 |
18.46 |
18.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.10 |
37.87 |
30.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.47 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.20 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54 |
1.79 |
2.56 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ITA 1189/2009
COMMISSIONER OF INCOME TAX (LTU) ..... Appellant
Through: Ms. Prem Lata Bansal, Advocate
versus
INTERNATIONAL TRACTORS LIMITED ..... Respondent
Through:Ms. Anshul Sharma, Advocate
CORAM:
HON'BLE MR. JUSTICE BADAR DURREZ AHMED
HON'BLE MR. JUSTICE MANMOHAN SINGH
O R D E R
20.04.2010
C.M. No. 16110/2009(delay)
For the reasons stated in the application, the delay in re-filing the appeal is condoned.
Application stands disposed of.
ITA 1189/2009
Admit.
The following substantial questions of law arise for the consideration of this Court:-
1. Whether the Income Tax Appellate Tribunal was correct in law in holding that there was no failure on the part of the assessee to disclose truly and fully all material facts and in thereby concluding that the reopening of th assessment was not justified in view of the proviso to section 147 of the Income Tax Act, 1961?
2. Whether the Income Tax Appellate Tribunal was correct in law in holding that for the purpose of deduction under section 80-IA of the Income Tax Act, 1961, the assessee should be a small scale undertaking on the last date of the previous year relating to the initial/first assessment year and that the said requirement need not be satisfied in subsequent years?
Paper books be filed by the appellant within three months as per rules.
List along with ITA No. 1082/2006.
BADAR DURREZ AHMED,J
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Deposits from shareholders |
40.271 |
57.114 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
3.877 |
52.046 |
|
|
|
|
|
Total |
44.148 |
109.160 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90048843 |
08/06/2005 * |
40,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ROSHAN ROAD, , HOSHIARPUR, PUNJAB 144001, INDIA |
- |
|
2 |
90047763 |
21/01/2000 |
41,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E - BLOCK, CONNAUGHT PALCE, NEW DELHI, DELHI, INDIA |
- |
|
3 |
90047300 |
09/07/2012 * |
560,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ROSHAN ROAD, HOSHIARPUR, PUNJAB - 146001, INDIA |
B44337715 |
Note: * Date of charge modification
PERFORMANCE OF THE
COMPANY DURING THE YEAR
In the FY 2011-2012, the Tractor Industry witnessed a positive growth and in the same period total 604211 units of tractor were sold as against 543463 units in the last year posting an increase of 11%.
In this scenario, the Company has achieved a total turnover of Rs. 22520.000 Millions as compared to Rs. 19310.000 Millions in the last year ie., increase by 17%.
The Company has sold 47245 units of tractors (last year 44591 units of tractors) resulting into growth of 6%. The Company is doing hard to achieve the new milestones in the coming future.
The Book value of its equity share has increased from Rs. 1378/- to Rs. 1833/- ie., a growth of about 33%.
The Earnings Per Share (EPS), both Basic and Diluted, has increased from Rs. 445/- to Rs. 536/- ie., growth of 21%.
CONTINGENT
LIABILITIES
a) Claims against the Company not acknowledged as debts:
i. Sales-tax demands Rs. Nil (Previous year Rs. 3.663 Millions).
ii. Excise duty demands/show-cause notices of Rs. 275.504 Millions (Previous Year Rs. 194.868 Millions). Against this, the Company has deposited Rs.0.250 Million (Previous year Rs. 0.250 Million) under protest.
iii. Income-tax demands Rs.575.775 Millions (Previous Year Rs. 575.803 Millions). The above amount does not include interest from the date of demand till date.
iv. Service-tax demands Rs.11.808 Millions (Previous Year Rs. 10.792 Millions).
v. Recovery claims lodged by various parties -Rs 91.906 Millions (Previous Year Rs. 83.167 Millions).
vi. Demand under Tamil Nadu Local Area Act Rs. 6.387 Millions (Previous Year Rs.6.387 Millions)
vii. Demand of Rs.5.341 Millions (Previous Year Rs.5.341 Millions) from Punjab State Power Corporation Limited for extra electricity load. Deposit under protest is Rs.2.671 Millions (Previous Year Rs. 2.671 Millions)
viii. Liability for non-submission of C-Forms Rs. 12.772 Millions (Previous Year Rs. 3.926 Millions)
b) Outstanding commitments under Letters of Credit established by the Company- Rs. 62.366 Millions (Previous Year Rs. 171.821 Millions).
c) Guarantees given by the Company to various banks under preferred financial agreements in respect of financing facility provided to its dealers and stockists or loans sanctioned are Rs 197.500 Millions (Previous Year Rs 165.200 Millions).
d) Guarantees given in favour of President of India against tenders for sale of tractors are Rs. 20.261 Millions (Previous Year Rs. 3.059 Millions).
e) Bills Discounted from banks in respect of which the realization from the parties are pending, outstanding at the year end Rs 131.297 Millions (Previous Year Rs.212.268 Millions).
f) Estimated value of contracts on capital account, excluding capital advances, remaining to be executed and not provided for, amount to Rs. 81.082 Millions (Previous Year Rs. 23.073 Millions).
The amounts shown in the item (a) represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.
The amounts shown in items (c) and (d) represent guarantees given in the normal course of the Company’s operations and are not expected to result in any loss to the Company on the basis of the beneficiaries fulfilling their ordinary commercial obligations.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Brands
· Trade Marks
· Computer 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.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
63 |
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.