MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TVS SRICHAKRA LIMITED |
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|
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Registered
Office : |
TVS Building, 7-B, West Veli Street, Madurai – 625001,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.06.1982 |
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Com. Reg. No.: |
18-009414 |
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Capital
Investment / Paid-up Capital : |
Rs.76.570 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25111TN1982PLC009414 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIS00086C |
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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
: |
Manufacturer and Seller Two Wheeler, Three Wheeler,
Industrial, Agricultural and Farm Tyres as well as knobs for direct
application. |
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|
No. of Employees
: |
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6820000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Shakti Murthy |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-44-452-2532116 |
|
Date : |
13.03.2014 |
LOCATIONS
|
Registered Office : |
TVS Building, 7-B, West Veli Street, Madurai – 625001, Tamilnadu, India |
|
Tel. No.: |
91-452-2420461/
462/ 464/ 465 |
|
Fax No.: |
91-452-2420266 |
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E-Mail : |
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Website : |
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Administrative
Office : |
10,
Jawahar Road, Madurai – 625002, Tamilnadu, India |
|
Tel. No.: |
91-452-2420461 (8 lines) |
|
Fax No.: |
91-452-2420266 |
|
E-Mail : |
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Factory 1 : |
Vellaripatti
Village, Melur Taluk, District Madurai – 625122, Tamilnadu, India |
|
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Factory 2 : |
Narasingampatti
Village, Therkutheru, Melur Taluk, District Madurai – 625122, Tamilnadu,
India |
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|
Factory 3 : |
Plot No. 7, Sector 1, Integrated Industrial Estate, Sidcul, Pant Nagar, Rudrapur, Tehsil-Kichha, District Udham Singh Nagar - 263153, Uttrakhand, India. |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. S. Narayanan |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. R. Naresh |
|
Designation : |
Executive Vice Chairman |
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|
Name : |
Ms. Shobhana Ramachandhran |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. M. S. Viraraghavan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. N. H.
Atthreya |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sitaram Rao
Valluri |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P.
Vijayaraghavan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. H. Janardana
Iyer |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit
Committee : |
Mr. M. S. Viraraghavan Chairman Mr. N. H.
Atthreya Mr. Sitaram Rao
Valluri Mr. P.
Vijayaraghavan Mr. H. Janardana
Iyer |
|
|
|
|
Shareholders/Investors
Committee |
Mr. S. Narayanan Chairman Mr. Shobhana
Ramachandran Mr. P. Vijayaraghavan |
|
|
|
|
Name : |
Mr. L.R.
Subramanian |
|
Designation : |
Company Secretary
|
|
|
|
|
Name : |
Mr. Shankara |
|
Designation : |
Assistant General Manager |
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|
|
|
Name : |
Mr. Shakti Murthy |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
553810 |
7.23 |
|
|
2994544 |
39.11 |
|
|
3548354 |
46.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3548354 |
46.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
650 |
0.01 |
|
|
4571 |
0.06 |
|
|
94 |
0.00 |
|
|
1400 |
0.02 |
|
|
6715 |
0.09 |
|
|
|
|
|
|
580801 |
7.59 |
|
|
|
|
|
|
2743731 |
35.83 |
|
|
750573 |
9.80 |
|
|
26876 |
0.35 |
|
|
26171 |
0.34 |
|
|
705 |
0.01 |
|
|
4101981 |
53.57 |
|
Total Public shareholding (B) |
4108696 |
53.66 |
|
Total (A)+(B) |
7657050 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7657050 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller Two Wheeler, Three Wheeler,
Industrial, Agricultural and Farm Tyres as well as knobs for direct
application. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Automotive Tyres |
Nos (‘000) |
33000 |
32953 |
15728 |
|
Automotive Tubes |
Nos (‘000) |
33000 |
30850 |
17345 |
GENERAL INFORMATION
|
No. of Employees : |
(Approximately) |
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|
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Bankers : |
· State Bank of India, West Veli Street, Madurai – 625001, Tamilnadu, India · DBS Bank Limited, 806, Anna Salai, Chennai – 600002, Tamilnadu, India · The Karur Vysya Bank Limited, No.159, South Masi Street, Madurai – 625001, Tamilnadu, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS Details of Security for Secured Loans a) Term Loan
availed from State Bank of India is secured by hypothecation of Specified
movable Plant and Machinery located at Company’s Plant at Vellaripatti
Village including 1 No.1250 KW Wind Electric Generator located at Vadavalli
Village, Palladum Taluk, Coimbatore District. Further the Term Loan from
State Bank of India is secured by equitable mortgage by deposit of title
deeds of 1.90 acres of land in Survey No.519/1B2, located at Narasingampatti
Village, Madurai and lease hold land located at Pant Nagar, Rudrapur,
Uttrakhand. b) Term Loan
from Karur Vyasa Bank Limited, is secured by hypothecation of Specific Plant
and Machinery located at Company’s Plant at Vellaripatti Village, Madurai. c) Term Loan
from Sundaram Finance Limited, is secured by hypothecation of Specific Plant
and Machinery located at Pant Nagar, Rudrapur, Uttrakhand as well as Specific
Plant and Machinery located at Vellaripatti Village, Madurai. d) Term Loan
from DBS Bank is secured by hypothecation of Specific Plant and Machinery
located at Madurai as well as specified immovable properties located at
Madurai. SHORT TERM
BORROWINGS Working Capital facilities
availed from State Bank of India are secured by a first charge by way of
hypothecation of Stock of Raw Materials, Stores, Work in Progress, Finished
goods and Book Debts. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and
Srinivasan Chartered
Accountants |
|
Address : |
New No. 250, P T Rajan Road, Madurai – 625014 Tamilnadu,
India |
|
|
|
|
Subsidiaries : |
·
TVS Srichakra Investments Limited ·
TVS Europe Distribution Limited |
|
|
|
|
Associates : |
·
T V Sundram Iyengar and Sons Limited ·
TVS Telecom Components Limited ·
ZF Electronics TVS ( ·
Van Leeuwen Tyres and Wheels B.V., |
|
|
|
|
Enterprises with common Key management personnel |
·
Sundaram Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7657050 |
Equity Shares |
Rs.10/- each |
Rs.76.570
Millions |
|
|
|
|
|
|
Particulars |
Equity Shares |
|
|
|
No. of Shares |
Rs. In Millions |
|
|
|
|
|
Shares outstanding at the beginning of the
year |
7657050 |
76.570 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
7657050 |
76.570 |
Other Information
Equity Shareholders holding more than 5% of the
total Share capital of the Company
|
Capital of the Company |
31.03.2013 |
|
T V Sundram Iyengar and Sons Limited |
27.73% |
|
Sundaram Industries Limited |
9.79% |
Rights, preferences and restrictions attached to
shares –
Equity shares - The
Company has one class of equity share having a par value of Rs. 10/- each. 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. Each
shareholder also has a residual interest in the assets of the Company in
proportion to their shareholding.
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 |
76.570 |
76.570 |
76.570 |
|
(b) Reserves & Surplus |
1628.764 |
1339.178 |
1061.799 |
|
(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) |
1705.334 |
1415.748 |
1138.369 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1070.540 |
1345.176 |
760.860 |
|
(b) Deferred tax liabilities (Net) |
227.783 |
129.742 |
99.742 |
|
(c) Other long term
liabilities |
286.510 |
127.418 |
121.442 |
|
(d) long-term
provisions |
22.675 |
14.843 |
12.611 |
|
Total Non-current
Liabilities (3) |
1607.508 |
1617.179 |
994.655 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1152.922 |
1685.143 |
1506.695 |
|
(b) Trade
payables |
3177.826 |
2430.198 |
2096.031 |
|
(c) Other
current liabilities |
158.599 |
372.567 |
296.260 |
|
(d) Short-term
provisions |
385.246 |
411.790 |
452.365 |
|
Total Current
Liabilities (4) |
4874.593 |
4899.698 |
4351.351 |
|
|
|
|
|
|
TOTAL |
8187.435 |
7932.625 |
6484.375 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1825.944 |
1736.844 |
1540.762 |
|
(ii)
Intangible Assets |
28.204 |
34.140 |
4.804 |
|
(iii)
Capital work-in-progress |
295.850 |
216.315 |
103.921 |
|
(iv)
Intangible assets under development |
14.303 |
0.000 |
0.000 |
|
(b) Non-current Investments |
192.818 |
198.176 |
26.104 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
499.278 |
369.499 |
66.795 |
|
(e) Other
Non-current assets |
81.619 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2938.016 |
2554.974 |
1742.386 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2531.714 |
3003.317 |
2643.349 |
|
(c) Trade
receivables |
1864.312 |
1895.532 |
1739.406 |
|
(d) Cash
and cash equivalents |
448.876 |
56.132 |
51.325 |
|
(e)
Short-term loans and advances |
404.517 |
422.670 |
307.909 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5249.419 |
5377.651 |
4741.989 |
|
|
|
|
|
|
TOTAL |
8187.435 |
7932.625 |
6484.375 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14761.035 |
14033.234 |
10908.924 |
|
|
|
Other Income |
437.878 |
59.720 |
63.651 |
|
|
|
TOTAL (A) |
15198.913 |
14092.954 |
10972.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9717.081 |
9672.159 |
7548.519 |
|
|
|
Purchases of Stock-in-Trade |
16.619 |
4.086 |
7.732 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
376.771 |
(240.659) |
(651.130) |
|
|
|
Employees benefits expense |
1129.965 |
962.402 |
855.387 |
|
|
|
Other expenses |
2671.736 |
2386.192 |
2163.827 |
|
|
|
TOTAL (B) |
13912.172 |
12784.180 |
9924.335 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1286.741 |
1308.774 |
1048.240 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
571.863 |
553.310 |
318.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
714.878 |
755.464 |
729.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
242.199 |
207.946 |
158.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
472.679 |
547.518 |
571.688 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.905 |
150.000 |
180.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
356.774 |
397.518 |
391.688 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1099.081 |
861.702 |
621.623 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
36.000 |
40.000 |
40.000 |
|
|
|
Proposed Dividend |
57.428 |
103.370 |
95.712 |
|
|
|
Tax on Distribution of Dividend |
9.760 |
16.769 |
15.897 |
|
|
BALANCE CARRIED
TO THE B/S |
1352.667 |
1099.081 |
861.702 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B value of goods exported |
1969.496 |
1700.640 |
1160.548 |
|
|
|
Interest |
4.250 |
2.589 |
0.000 |
|
|
TOTAL EARNINGS |
1973.746 |
1703.229 |
1160.548 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2875.190 |
3564.417 |
1769.469 |
|
|
|
Spares |
1.902 |
0.000 |
0.549 |
|
|
|
Capital Goods |
51.666 |
14.079 |
78.650 |
|
|
TOTAL IMPORTS |
2928.758 |
3578.496 |
1848.668 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
46.59 |
51.92 |
51.15 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3824.300 |
4141.700 |
4176.100 |
|
Total Expenditure |
3583.100 |
3860.000 |
3868.700 |
|
PBIDT (Excl OI) |
241.200 |
281.700 |
307.400 |
|
Other Income |
47.300 |
17.000 |
(13.900) |
|
Operating Profit |
288.500 |
298.700 |
293.500 |
|
Interest |
124.400 |
116.000 |
113.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
164.100 |
182.700 |
179.700 |
|
Depreciation |
61.300 |
61.100 |
56.000 |
|
Profit Before Tax |
102.800 |
121.600 |
123.700 |
|
Tax |
32.900 |
38.900 |
18.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
69.900 |
82.700 |
105.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
69.900 |
82.700 |
105.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.35 |
2.82 |
3.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.20 |
3.90 |
5.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.15 |
7.28 |
9.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.39 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.30 |
2.14 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.10 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
76.570 |
76.570 |
76.570 |
|
Reserves & Surplus |
1061.799 |
1339.178 |
1628.764 |
|
Net
worth |
1138.369 |
1415.748 |
1705.334 |
|
|
|
|
|
|
long-term borrowings |
760.860 |
1345.176 |
1070.540 |
|
Short term borrowings |
1506.695 |
1685.143 |
1152.922 |
|
Total
borrowings |
2267.555 |
3030.319 |
2223.462 |
|
Debt/Equity
ratio |
1.992 |
2.140 |
1.304 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10908.924 |
14033.234 |
14761.035 |
|
|
|
28.640 |
5.186 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10908.924 |
14033.234 |
14761.035 |
|
Profit |
391.688 |
397.518 |
356.774 |
|
|
3.59% |
2.83% |
2.42% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10419483 |
26/03/2013 |
738,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
B73096141 |
|
2 |
10276620 |
16/03/2011 |
240,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SOUTH MASI STREET BRANCH, NO.159 SOUTH MASI STREET, MADURAI - 625001, TAMILNADU, INDIA |
B09504010 |
|
3 |
10244244 |
27/09/2010 |
30,044,408.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A96598008 |
|
4 |
10236958 |
23/06/2010 |
47,457,394.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A91100404 |
|
5 |
10212458 |
25/03/2010 |
36,083,340.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A83241273 |
|
6 |
10204057 |
26/02/2010 |
30,840,186.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A80063357 |
|
7 |
10203605 |
16/02/2010 |
29,214,841.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A79896858 |
|
8 |
10195937 |
30/12/2009 |
66,707,450.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A77288140 |
|
9 |
90299796 |
02/08/1988 |
2,800,000.00 |
STATE BANK OF INDIA |
WEST VELI STREET, MADURAI - 625001, TAMILNADU, INDIA |
- |
|
10 |
90287155 |
24/05/2013 * |
5,096,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 6A WEST VELI STREET, MADURAI - 625001, TAMILNADU, INDIA |
B77669729 |
|
11 |
90299426 |
21/09/1983 |
2,400,000.00 |
STATE BANK OF INDIA |
WEST VELI STREET, MADURAI - 625001, TAMILNADU, INDIA |
- |
|
12 |
90299392 |
18/03/1983 |
2,400,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPOTN OF INDIA LIMITED |
163;BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ALALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
DOMESTIC
Indian Economy grew by 5% during 2012-13 as against the growth of 6.2% recorded the previous year. This is believed to be the lowest growth rate in the last decade. Economic Survey of India has painted an optimistic picture of Indian economy for the year 2012-14 stating that the “down-turn” is more of less over and projected a GDP Growth of 6.1% to 6.7%.
GLOBAL
Growth in Global economy has almost dropped to 3% during 2012-13. During the year 2013-14 also, uncertainty across the regions – from the post-election “fiscal debacle” question in the United States to the Chinese leadership transition and reforms in the Euro area – will continue to have global impacts in sluggish trade. Across the advanced economies, the outlook predicts 1.2% growth in 2013 as against 1.1% in 2012. This slight in United States market is expected to fall from 2.2% in 2012 to 1.6% in 2013.
BUSINESS OUTLOOK AND
OVERVIEW
ORIGINAL EQUIPMENT
MANUFACTURERS (OEMS)
The overall outlook for the year is not upbeat and is at 4% for the year 2013-14. The company with its presence in Honda Motorcycle and Scooter India Private Limited, is confident of a growth higher than the industry growth. The growth is expected to be around 18% in the year 2013-14.
AFTER MARKET
The year is likely to be highly competitive and the company is geared up to meet the challenges through launch of numerous new products during the first half of 2013-14. This will help them to achieve the growth of minimum 10% over the previous year.
OPERATION REVIEW
MANUFACTURING
Continuous improvements are implemented to improve manufacturing quality and productivity in many of the manufacturing areas.
COST MANAGEMENT
Value engineering, reducing process scrap and operational efficiency projects are being pursued with the help of outside consultants.
INFORMATION
TECHNOLOGY
The company has successfully implemented SAP ERP system and the initial teething problems have been sorted out. Stabilization is taking place in all the processes which will lead to overall efficiency improvement.
FINANCIAL /
OPERATIONAL PERFORMANCE
The operations of the company relate to the manufacture and sale of rubber products such as tyres, tubes and flaps.
The volatile price of natural rubber, their major raw material, has impacted the performance of the Company. This has forced the company to effect price corrections in the market.
Despite this, the Company has achieved the sales turnover of Rs. 15190.000 Millions, which is a landmark achievement. This reflects a sales growth of 8%.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Estimated amount
of contracts remaining to be executed on capital account |
105.705 |
242.368 |
|
b) On Letters of Credit opened by Company’s
Bankers |
380.139 |
915.253 |
|
c) Excise Duty under Dispute |
20.213 |
18.867 |
|
d) Sales Tax under Dispute |
1.312 |
1.612 |
|
e) Customs duty on goods lying at Bonded
Warehouse |
14.560 |
57.962 |
|
f) Guarantee given to bank for loan taken by
a subsidiary (GBP 610000) |
0.000 |
49.264 |
FINANCIAL RESULTS
STANDALONE (UNAUDITED) FOR THE QUARTER ENDED 31.12.2013
PART I
(Rs. In Millions)
|
PARTICULARS |
Standalone |
|||
|
Quarter ended |
Nine Months |
|||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income
from Operations |
|
|
|
|
(a) |
Net Sales / Income from operations (net of
excise duty) |
4161.136 |
4128.498 |
12100.869 |
|
(b) |
Other operating income |
14.911 |
13.157 |
41.146 |
|
|
Total
income from operations (net) |
4176.047 |
4141.655 |
12142.015 |
|
2 |
Expenses |
|
|
|
|
(a) |
Cost of materials consumed |
2744.710 |
2741.002 |
7988.051 |
|
(b) |
Purchases of stock-in-trade |
9.759 |
4.060 |
30.952 |
|
(c) |
Changes in inventores of finished goods,
work-in-progress and stock-in-trade |
11.995 |
26.632 |
65.651 |
|
(d) |
Employee benefits expense |
325.268 |
307.299 |
936.029 |
|
(e) |
Depreciation and amortisation expense |
56.009 |
61.142 |
178.409 |
|
(f) |
Other expenses (any item exceeding 10% of
the total expenses relating to continuing operations to be shown separately) |
776.959 |
781.003 |
2291.125 |
|
|
Total
expenses |
3924.700 |
3921.138 |
11490.217 |
|
3 |
Profit / (Loss) from operations before
other income, finance costs and exceptional items (1-2) |
251.347 |
220.517 |
651.798 |
|
4 |
Other Income |
(13.873) |
17.032 |
50.474 |
|
5 |
Profit / (Loss) from ordinary activities
before finance costs and exceptional items (3+4) |
237.474 |
237.549 |
702.272 |
|
6 |
Financial costs |
113.811 |
115.986 |
354.237 |
|
7 |
Profit / (Loss) from ordinary activities after
finance costs but before exceptional items (5-6) |
1236.663 |
121.563 |
348.035 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from ordinary activities
before tax (7+8) |
1236.663 |
121.563 |
348.035 |
|
10 |
Tax Expense |
18.690 |
38.900 |
90.489 |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
104.973 |
82.663 |
257.546 |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11+12) |
104.973 |
82.663 |
257.546 |
|
14 |
Share of Profit / (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority interest |
-- |
-- |
-- |
|
16 |
Net Profit / (Loss) after taxes, minority
interest and share of profit / (loss) of associates (13+14+15) |
104.973 |
82.663 |
257.546 |
|
17 |
Paid-up equity share capital (Face value
of Rs.10/- each) |
76.570 |
76.570 |
76.570 |
|
18 |
Reserves excluding Revaluation Reserves as
per Balance Sheet of Previous Accounting Year |
|
|
|
|
19 i |
Earnings per Share (before extraordinary items) (of Rs.10/- each) (not annualised) |
13.71 |
10.80 |
33.64 |
|
ii |
Earnings per Share (after extraordinary items) (of Rs.10/- each) (not annualised) |
13.71 |
10.80 |
33.64 |
|
PART - II |
|||||
|
|
PARTICULARS |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
4108696 |
4158696 |
4108696 |
|
|
b. |
Percentage of shareholding |
53.66% |
54.31% |
53.66% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
3548354 |
3498354 |
3548354 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
46.34% |
45.69% |
46.34% |
|
Particulars |
3 months ended 31.12.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1) Presently, the Company operates only in one segment.
2) The above Unaudited Financial Results were reviewed by the Audit Committee, approved by the Board of Directors on 10th February, 2014 and a limited review of the same has been carried out by the Statutory Auditors of the Company
3) Figures for the corresponding previous period have been recast / regrouped, wherever necessary, to make them comparable
FIXED ASSETS
Tangible Assets
·
Land – Leasehold
·
Land – Freehold
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Other (Electrical)
Intangible Assets
·
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.