MIRA INFORM REPORT
|
Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
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Name : |
TIL LIMITED |
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Registered
Office : |
1, Taratolla Road, Garden Reach, Kolkata – 700 024, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.05.1974 |
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Com. Reg. No.: |
21-041725 |
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Capital
Investment / Paid-up Capital : |
Rs.100.300 millions |
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CIN No.: [Company Identification
No.] |
L74999WB1974PLC041725 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in manufacturing and marketing of a comprehensive range of
equipment for material handling, lifting, port and road construction
solutions with integrated customer support and after-sale services. |
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No. of Employees
: |
909 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
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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 |
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Maximum Credit Limit : |
USD 10874000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. There seems drastic dip in the profit of the company during 2013.
However, financial position of the company seems to be sound. The rating takes into consideration established record of business
operations supported by technical collaboration with leading international
players and reputed client. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can considered good for normal 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
January 8, 2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
January 8, 2014 |
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
Management non-cooperative
(Tel. No.: 91-33-66332000)
LOCATIONS
|
Registered Office : |
1, Taratolla Road, Garden Reach, Kolkata – 700 024, West Bengal, India
|
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Tel. No.: |
91-33-24693732-36 (5 Lines) 91-33-66332000/ 2845 |
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Fax No.: |
91-33-24692143/ 24693731 |
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E-Mail : |
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Website : |
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Factory 1 : |
Kamarhatty 517, Barrackpore
Trunk Road, Kolkata – 700 058, West Bengal, India |
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Factory 2 : |
Sahibabad Plot No.11, Site-4, Sahibabad Industrial Area, Ghaziabad – 201 010,
Uttar Pradesh, India |
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Factory 3 : |
Kharagpur Changual and Vidyasagar
Industrial Park, District: Paschim Medinipore, West Bengal, India |
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Regional Office : |
Located at: ·
Kolkata ·
Delhi, ·
Mumbai ·
Chennai |
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Component Rebuild Centre: |
Located at: ·
Asansol, West Bengal |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. A. Mazumdar |
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Designation : |
Chairman |
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Address : |
1, Taratolla
Road, Garden Reach, Kolkata – 700 024, West Bengal, India |
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Name : |
Mr. Sumit Mazumder |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
1, Taratolla
Road, Garden Reach, Kolkata – 700 024, West Bengal, India |
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Name : |
Mr. U.V. Rao |
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Designation : |
Former Chief Executive and Managing Director
- L&T Limited |
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Address: |
3294, 12th A Main Street,
HAL-IInd Stage, Bangalore - 560 008, Karnataka, India |
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Name : |
Mr. G. Swarup |
|
Designation : |
Managing Director of Paharpur Cooling Towers
Limited |
|
Address: |
Paharpur Cooling Towers Limited, Paharpur House,
8/1/B, Diamond Harbour Road, Kolkata – 700 027, West Bengal, India |
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Date of Birth/ Age : |
21.11.1956 |
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Qualification : |
BE (Mech.), MBA (Harvard) |
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Experience : |
Mr. G. Swarup is the
Managing Director of Paharpur Cooling Towers Limited, he has done Bachelor of
Engineering, from Jadavpur University, Kolkata (1978) and Master of Business
Administration, Harvard University, USA (1980). Mr. G. Swarup is the
member of the Board of Governors, Indian Institute of Management, Kolkata;
Past member, Planning Commission, Government of Tripura; Convener Eastern
Indian Chapter, Harvard Business School Association; Member Executive Committee,
Federation of Indian Chambers of Commerce and Industry; Past President,
Indian Chamber of Commerce, Kolkata; Past Chairman, The Plastic Export
Promotion Council and Past Member, Society of National Council of Science
Museums, etc. Mr. Swarup has had nearly
three decades of experience in the Industry and Paharpur Cooling Towers
Limited. |
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Date of last appointment : |
29.07.2010 |
|
Chairman / Director of other Companies : |
Director : Chemical and
Metallurgical Design Company Limited Director : Floeter India
Retort Pouches Private Limited Director : Industrial and
Prudential Investment Company Limited Director : KSB Pumps
Limited Director : Paharpur
Cooling Towers Limited Director : Paharpur
Industries Limited Director : Paharpur Pragnya
Realty Private Limited Director : Paharpur
Pragnya Tech Park Private Limited Director : Swadeshi
Polytex Limited Director : Upper Ganges
Sugar and Industries Limited Director : C. D Aviation
(India) Private Limited Director : Garima Private
Limited Director : The Plastics
Export Promotion Council Director : Medica
Synergic Private Limited |
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|
Name : |
Dr. T. Mukherjee |
|
Designation : |
Former Deputy Managing Director of TATA
Steel Limited |
|
Address : |
6A, Road # 10, Circuit House Area (East), Jamshedpur
– 831 001, Jharkhand, India |
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Date of Birth/ Age : |
13.10.1942 |
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Qualification : |
D Met (Sheffield), FR
Engg., FNAE |
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Experience : |
Dr. Tridibesh Mukherjee joined
Tata Steel as a Research and Development Engineer and later rose to occupy
key positions as Executive Director on the Board of Tata Steel in 2000 and
became Dy. Managing Director (Steel) in 2001. He was also a director of Tata
Chemicals for 8 years, till 31.03.09. Dr. Tridibesh Mukherjee
was a Visiting Lecturer at the University of Sheffield in 1980 and in ’81,
when he was a member of the faculty in the post-graduate course on Iron
Making and Steel Making. He received the Bessemer Gold Medal, was elected a
Fellow of the Royal Academy of Engineering and was conferred an honorary
degree of Doctor of Metallurgy by the University of Sheffield. He served a
three year term, between 2005 and 2007, as the Chairman of the Technological
Committee of the International Iron and Steel Institute. Dr. Mukherjee has been
closely associated with the acquisitions of Natsteel Asia, Singapore;
Millennium Steel, Thailand and finally Corus. He held the position of Group
Director (Technology and Integration), responsible for all research,
technology and performance improvement functions, internationally, across the
Tata Steel Group, till his retirement on 31.03. 09. Dr. Mukherjee was the
Chairman of Tata Metaliks, Jamipol, Metaljunction, Hooghly MetCoke and Power
Limited, Sila Eastern, Thailand; Board Member of Tata Yodogawa, Tata
Refractories, Tata Timken and many other companies. He has also been
appointed as a member of Board of Governors, IIT Patna. |
|
Date of last appointment : |
26.07.2011 |
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Chairman / Director of other Companies : |
Director: West Bengal
Industrial Development Corporation Limited Director: Bharat Forge
Limited Director: Nicco
Corporation Limited Director: Rane (Madras)
Limited Director: Tata Advanced
Materials Limited Director: IFB Industries
Limited |
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|
Name : |
Mr. K.B. Saha |
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Designation : |
Nominee of Life Insurance Corporation of
India |
|
Address : |
Life Insurance Corporation of India Executive
Director (HRD/OD/CP), Central Office, HRD Department, YOGAKSHEMA, 5th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India |
KEY EXECUTIVES
|
Name : |
Mr. Sekhar Bhattacharjee |
|
Designation : |
Company Secretary |
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 |
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|
776647 |
7.74 |
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|
2939323 |
29.30 |
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|
3715970 |
37.05 |
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|
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|
1930828 |
19.25 |
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|
1930828 |
19.25 |
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Total
shareholding of Promoter and Promoter Group (A) |
5646798 |
56.30 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
20093 |
0.20 |
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|
1991 |
0.02 |
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|
1609974 |
16.05 |
|
|
268741 |
2.68 |
|
|
1900799 |
18.95 |
|
|
|
|
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|
323119 |
3.22 |
|
|
|
|
|
|
1570793 |
15.66 |
|
|
483811 |
4.82 |
|
|
104945 |
1.05 |
|
|
16611 |
0.17 |
|
|
3130 |
0.03 |
|
|
85204 |
0.85 |
|
|
2482668 |
24.75 |
|
Total
Public shareholding (B) |
4383467 |
43.70 |
|
Total
(A)+(B) |
10030265 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
10030265 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in manufacturing and marketing of a comprehensive range of
equipment for material handling, lifting, port and road construction
solutions with integrated customer support and after-sale services. |
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Products : |
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||||
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||||
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Brand Names : |
·
“CATERPILLAR” ·
“MANITOWOC” ·
“GROVE” ·
“POTAIN” ·
“ASTEC” ·
“TRIMBLE” ·
“SEM” ·
“ALLMAND” ·
“PACECO CORP.” ·
“FAMAK S.A” ·
“MITSUI MIKE” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity* |
Actual Production |
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|
Diesel-Hydraulic/ Electric Cranes
/ |
Nos. |
1414 |
220 |
111 |
|
Diesel Generating Sets -- |
Nos. |
500 |
400 |
-- |
|
Self-Propelled Rubber Tyred
Container Handling Mobile Crane -- |
Nos. |
Not Applicable |
30 |
17 |
Note: * As certified by the Management
GENERAL INFORMATION
|
No. of Employees : |
909 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India ·
State Bank of India, Industrial Finance Branch Kolkata, 11, Dr. U.N.
Brahmachari Street, Kolkata – 700 017, West Bengal, India ·
Axis Bank Limited, Corporate Banking Branch (CBB), 1, Shakespeare
Sarani, AC Market, 3rd Floor, Kolkata – 700 071, West Bengal,
India ·
ING Vysya Bank Limited, 4/1, Middleton Street, Sikkim House, Kolkata –
700 071, West Bengal, India ·
Bank of India (Lead Bank), Kolkata Large Corporate Branch, 5, B.T.M
Sarani, Kolkata – 700 001, West Bengal, India ·
DBS Bank Limited, Kolkata Branch (As Security Agent), 4a, Nandalal
Basu Sarani, Kolkata – 700 071, West Bengal, India ·
Union Bank of India ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
CITI Bank N.A. |
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Facilities : |
Notes: LONG
TERM BORROWINGS Nature
of Security and Terms of repayment for Secured borrowings
SHORT TERM BORROWINGS The above borrowings are
secured by a first pari passu charge on all the current assets of the Company
(namely Stocks, Bills Receivable and Book Debts) and a second pari passu
charge on all movables (excluding such movables as may be agreed by
Consortium Bankers from time to time) fixed assets of the Company, both
present and future and on certain immovable properties of the Company under a
joint deed of hypothecation between the Company and its Consortium Bankers. |
|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskin and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent Park, Building Alpha, 1st Floor,
Block - EP and GP, Sector-V, Salt Lake Electronics Complex, Kolkata – 700
091, West Bengal, India |
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Tel. No.: |
91-33-66121000 |
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Fax No.: |
91-33-66121001 |
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Solicitor and Advocate : |
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|
Name : |
Mr. R.L. Gaggar |
|
Address : |
6, Old Post Office Street, 3rd
Floor, Kolkata – 700 001, West Bengal, India |
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Subsidiaries : |
·
Myanmar
Tractors Limited ·
Tractors
Nepal Private Limited ·
TIL
Overseas Pte. Limited ·
Tractors
India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10030265 |
Equity Shares |
Rs.10/- each |
Rs.100.300
millions |
|
|
|
|
|
Reconciliation
of the number of Equity shares
|
Particulars |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Balance
as at the beginning of the year |
10030265 |
100.300 |
|
Balance
as at the end of the year |
10030265 |
100.300 |
Rights,
Preferences and Restrictions attached to Equity Shares
The Company has one class
of Equity Shares having a par value of Rs.10/- per share. Each shareholder is eligible
for one vote per share held. The Dividend proposed by the Board of Directors is
subject to the approval of the Shareholders in the ensuing Annual General
Meeting, except in case of Interim Dividend. In the event of liquidation, the
Equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
Details
of Shares held by Shareholders holding more than 5% of the aggregate shares in
the Company
|
Name
of Shareholder |
As at 31st
March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
The
Coles Crane Group Limited |
1930828 |
19.25 |
|
Life
Insurance Corporation of India |
1040814 |
10.38 |
|
Avijit
Mazumder |
545301 |
5.44 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.300 |
100.300 |
100.300 |
|
(b) Reserves & Surplus |
2618.100 |
2616.400 |
2123.100 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2718.400 |
2716.700 |
2223.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1100.200 |
781.400 |
39.600 |
|
(b) Deferred tax liabilities (Net) |
82.800 |
59.200 |
25.800 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
30.600 |
22.800 |
14.500 |
|
Total
Non-current Liabilities (3) |
1213.600 |
863.400 |
79.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
971.400 |
355.700 |
387.900 |
|
(b)
Trade payables |
517.200 |
516.200 |
400.700
|
|
(c)
Other current liabilities |
243.600 |
176.900 |
68.200
|
|
(d)
Short-term provisions |
1035.900 |
1070.200 |
1061.100
|
|
Total
Current Liabilities (4) |
2768.100 |
2119.000 |
1917.900 |
|
|
|
|
|
|
TOTAL |
6700.100 |
5699.100 |
4221.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1758.400 |
1596.300 |
908.500 |
|
(ii)
Intangible Assets |
25.700 |
25.100 |
11.000 |
|
(iii)
Capital work-in-progress |
558.300 |
468.900 |
86.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
998.200 |
1038.500 |
1038.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
8.600 |
29.400 |
51.400 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3349.200 |
3158.200 |
2095.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1319.900 |
869.900 |
599.000
|
|
(c)
Trade receivables |
615.300 |
459.400 |
463.900
|
|
(d)
Cash and cash equivalents |
14.400 |
2.700 |
2.400
|
|
(e)
Short-term loans and advances |
1361.000 |
1208.900 |
1060.000 |
|
(f)
Other current assets |
40.300 |
0.000 |
0.000 |
|
Total
Current Assets |
3350.900 |
2540.900 |
2125.300 |
|
|
|
|
|
|
TOTAL |
6700.100 |
5699.100 |
4221.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations (Net) |
2678.900 |
2377.900 |
2065.100 |
|
|
|
Other Income |
49.700 |
491.500 |
180.300 |
|
|
|
TOTAL (A) |
2728.600 |
2869.400 |
2245.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
1559.400 |
1313.200 |
985.100 |
|
|
|
Purchases of
Stock-in-Trade (Traded Goods) |
350.600 |
303.400 |
233.800 |
|
|
|
Changes in Inventories of
Finished Goods, Work-In-Progress and Stock-in-Trade |
(323.400) |
(148.700) |
(82.900) |
|
|
|
Employee benefits expense |
406.300 |
348.600 |
299.600 |
|
|
|
Other Expenses |
407.500 |
382.000 |
322.100 |
|
|
|
TOTAL (B) |
2400.400 |
2198.500 |
1757.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
328.200 |
670.900 |
487.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
180.100 |
47.400 |
26.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
148.100 |
623.500 |
461.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.100 |
48.700 |
41.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
50.000 |
574.800 |
420.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.300 |
45.000 |
108.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
26.700 |
529.800 |
312.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1927.700 |
1485.900 |
1275.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
53.000 |
31.200 |
|
|
|
Proposed Dividend on
Equity Shares |
20.100 |
30.100 |
60.200 |
|
|
|
Tax on Proposed Dividend
on Equity Shares |
3.400 |
4.900 |
9.800 |
|
|
BALANCE CARRIED
TO THE B/S |
1928.900 |
1927.700 |
1485.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB
basis |
11.400 |
48.100 |
11.500 |
|
|
|
Selling Commission (including
Dealer’s profit) |
27.900 |
24.300 |
23.300 |
|
|
|
Technical Fees |
0.000 |
22.300 |
163.000 |
|
|
|
Dividend |
0.000 |
455.600 |
0.000 |
|
|
TOTAL EARNINGS |
39.300 |
550.300 |
197.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials with Components |
852.600 |
746.000 |
500.300 |
|
|
|
Spare Parts (excluding items in
transit at year-end) |
126.000 |
94.100 |
93.600 |
|
|
|
Machines (Trading Items) |
7.800 |
53.200 |
21.600 |
|
|
|
Capital Goods |
30.300 |
88.900 |
0.000 |
|
|
TOTAL IMPORTS |
1016.700 |
982.200 |
615.500 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
2.66 |
52.82 |
31.10 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
440.200 |
660.200 |
767.300 |
|
Total Expenditure |
465.400 |
655.500 |
646.400 |
|
PBIDT (Excl
OI) |
(25.200) |
4.700 |
120.900 |
|
Other Income |
3.100 |
2.800 |
3.000 |
|
Operating
Profit |
(22.100) |
7.500 |
123.900 |
|
Interest |
60.100 |
71.200 |
81.000 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(82.200) |
(63.700) |
42.900 |
|
Depreciation |
27.000 |
28.400 |
28.900 |
|
Profit
Before Tax |
(109.200) |
(92.100) |
14.000 |
|
Tax |
4.500 |
3.700 |
4.800 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(113.700) |
(95.800) |
9.200 |
|
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 |
(113.700) |
(95.800) |
9.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.98
|
18.46 |
13.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87
|
24.17 |
20.34
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97
|
13.71 |
13.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.21 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76
|
0.42 |
0.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.20 |
1.11
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
100.300 |
100.300 |
100.300 |
|
Reserves & Surplus |
2123.100 |
2616.400 |
2618.100 |
|
Net worth |
2223.400 |
2716.700 |
2718.400 |
|
|
|
|
|
|
Long-term borrowings |
39.600 |
781.400 |
1100.200 |
|
Short term borrowings |
387.900 |
355.700 |
971.400 |
|
Total borrowings |
427.500 |
1,137.100 |
2,071.600 |
|
Debt/Equity ratio |
0.192 |
0.419 |
0.762 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations
(Net) |
2065.100 |
2377.900 |
2678.900 |
|
|
|
15.147 |
12.658 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations
(Net) |
2065.100 |
2377.900 |
2678.900 |
|
Profit |
312.000 |
529.800 |
26.700 |
|
|
15.11% |
22.28% |
1.00% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
INDEX OF CHARGES:
|
S. No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10439438 |
11/06/2013 |
107,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B80586589 |
|
2 |
10417033 |
26/03/2013 |
350,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH
KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017,
INDIA |
B72358898 |
|
3 |
10419765 |
27/02/2013 |
150,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL |
B73207789 |
|
4 |
10380851 |
21/09/2012 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
4/1, MIDDLETON STREET,
SIKKIM HOUSE, KOLKATA, WEST BENGAL - 700071, INDIA |
B59802173 |
|
5 |
10369522 |
31/07/2013 * |
4,360,000,000.00 |
BANK OF INDIA (LEAD BANK) |
KOLKATA LARGE CORPORATE BRANCH,
5, B.T.M SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B82964586 |
|
6 |
10340735 |
01/03/2012 |
700,000,000.00 |
DBS BANK LIMITED |
KOLKATA BRANCH (AS
SECURITY AGENT), 4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071,
INDIA |
B34389700 |
|
7 |
10333690 |
26/12/2011 |
580,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL -
700017, INDIA |
B31302763 |
|
8 |
10326155 |
07/12/2011 |
178,000,000.00 |
BANK OF INDIA |
KOLKATA LARGE CORPORATE
BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B28966687 |
|
9 |
10327929 |
16/11/2011 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B29419116 |
|
10 |
10318995 |
30/09/2011 |
400,000,000.00 |
HDFC BANK LIMITED |
CENTRAL PLAZA BRANCH,
2/6, SARAT BOSE ROAD, KOLKATA, WEST BENGAL - 700020, INDIA |
B25797614 |
|
11 |
10307535 |
17/08/2011 |
110,000,000.00 |
ING VYSYA BANK LIMITED |
4/1, MIDDLETON STREET,
SIKKIM HOUSE, KOLKATA, WEST BENGAL - 700071, INDIA |
B21117627 |
|
12 |
10279118 |
31/03/2011 |
100,000,000.00 |
ING VYSYA BANK LIMITED |
4/1, MIDDLETON STREET, SIKKIM
HOUSE, KOLKATA, WEST BENGAL - 700071, INDIA |
B10194181 |
|
13 |
10256960 |
07/12/2010 |
160,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE
(CMC), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL -
700071, INDIA |
B02355543 |
|
14 |
10248628 |
27/02/2013 * |
200,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL -
700071, INDIA |
B73208472 |
|
15 |
10248749 |
23/09/2011 * |
330,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL -
700071, INDIA |
B25217225 |
|
16 |
10240688 |
20/03/2013 * |
305,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
1/1 CAMAC STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B73640872 |
|
17 |
10159595 |
25/03/2009 |
2,350,000,000.00 |
BANK OF INDIA (LEAD BANK) |
KOLKATA CORPORATE BANKING
BRANCH,, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
A61413498 |
|
18 |
10150380 |
10/03/2009 |
200,000,000.00 |
AXIS BANK LIMITED |
KOLKATA MAIN BRANCH, 7,
SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
A59295667 |
|
19 |
10133115 |
10/11/2008 |
134,700,000.00 |
ING VYSYA BANK LIMITED |
4/1 MIDDLETON STREET,
SIKKIM HOUSE, KOLKATA, WEST BENGAL - 700071, INDIA |
A52494283 |
|
20 |
10132387 |
15/10/2008 |
267,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
A52119492 |
|
21 |
10127268 |
15/10/2008 * |
200,000,000.00 |
AXIS BANK LIMITED |
KOLKATA MAIN BRANCH,
7,SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
A50334143 |
|
22 |
80035215 |
01/11/2010 * |
90,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE
(CMC), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST BENGAL |
A98461973 |
|
23 |
80049565 |
27/05/2005 |
294,800,000.00 |
ING VISYA BANK LIMITED |
SIKKIM HOUSE, 4/1 MIDDLETON
STREET, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
|
24 |
80009601 |
13/07/2006 * |
210,000,000.00 |
INDIAN OVERSEAS BANK |
JAWAHARLAL NEHRU ROAD
BRANCH, 35/1 J N ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
|
25 |
80049419 |
21/12/2013 * |
8,321,500,000.00 |
AXIS BANK LIMITED (LEAD
BANK) |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL -
700071, INDIA |
B94907086 |
|
26 |
80011825 |
31/07/2013 * |
2,050,000,000.00 |
BANK OF INDIA (LEAD BANK) |
KOLKATA LARGE CORPORATE
BRANCH, 5, B.T.M SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA |
B82954470 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT
TERM BORROWINGS |
|
|
|
From
Banks |
207.000 |
0.000 |
|
Total
|
207.000 |
0.000 |
CORPORATE INFORMATION
The Company is engaged in
manufacturing and marketing of a comprehensive range of material handling, lifting,
port and road construction solutions with integrated customer support and after
Sales Service. Overall the Company's products and services are termed as
Materials Handling Solutions (MHS). The Company has two manufacturing
facilities - Kamarhatty and Kharagpur in West Bengal. The Company is a public
Limited Company and is listed in Bombay, Calcutta and National Stock Exchange
in India.
PROFILE:
TIL as an organization
stands for Technology, Innovation and Leadership. For more than 68 years, TIL
has been partnering India’s infrastructure build with its extensive range of
high technology equipment, offering superior product support and customized
solutions with the aim of enhancing customer experience. TIL’s portfolio of
brands are built on quality, reliability and productivity.
Complementing its wide
portfolio of industry leading products, the Company offers an array of
innovative and value-added services and solutions contributing to customers’
success. Over the years TIL has evolved as a multi product, customer centric
organization and has alliances with world’s best brands.
Values are the founding
pillars that unite each member of TIL towards the shared goal of creating a
positive difference to the Indian infrastructure industry. The core values of
integrity, transparency, accountability, leadership, teamwork, knowledge and
customer orientation shape their culture and define the character of the
Company.
Footprints
Headquartered in Kolkata,
TIL has four regional offices in Kolkata, Delhi, Mumbai, Chennai with a wide
network of branches and area offices pan India. TIL’s manufacturing locations
are based in Kolkata (Cranes, Reachstackers and Lorry Loaders), Kharagpur (Port
and Road Building equipment) and Sahibabad (Generator Sets). The Company also
has a state-of-the-art Component Rebuild Center at Asansol, West Bengal.
Businesses
Subject has four
subsidiaries viz. Tractors India Private Limited (TIPL), Tractors Nepal Private
Limited (TNPL), TIL Overseas Pte. Limited (TILO) and Myanmar Tractors Limited
(MTL). In India, TIL operates through its Material Handling Solutions division,
Equipment and Project Solutions division and the wholly owned subsidiary -
Tractors India Private Limited (TIPL). TIPL operates as Cat® dealer in North
and East India and Bhutan. Tractors Nepal Private Limited (TNPL) operates for
the Nepal business. TIL Overseas Pte. Limited (TILO) was initially formed to
facilitate transactions for Myanmar Tractors Limited but now it is responsible
for carrying out operations for the Indian customers. Myanmar Tractors Limited
which was initially formed as Cat dealer in Myanmar still exists but has ceased
to operate with effect from 1st July 2011.
Material Handling Solutions
(MHS) division designs,
manufactures and markets a comprehensive range of material handling, lifting
and port equipment solutions with integrated customer support and after-sales
service.
Equipment and Project
Solutions (EPS) division
provides solutions in crushing and screening, hot mix asphalt plant, port and
yard equipment as well as latest tunneling and trenching solutions.
In MHS and EPS business,
partnerships are with - Grove Worldwide, USA, Manitowoc Crane Group, USA,
Paceco Corp, USA (part of Mitsui Engineering and Shipbuilding, Japan),
FAMAK-SA, Poland, Hyster, a part of NACCO Materials Handling Group (NMHG),
Astec, Inc., and Astec Aggregate and Mining Group (AAMG) and Mitsui Miike
Machinery (a part of the Mitsui Group, Japan).
Construction and Mining
Solutions (CMS) and Power Systems Solutions (PSS) divisions operate under TIPL, the wholly
owned subsidiary of TIL. As the exclusive dealer for Caterpillar, TIPL
sells and services an extensive range of Cat equipment for construction
and mining as well as a wide range of Cat engines and generator sets for
continuous and standby power applications in diesel, gas and heavy fuel configurations.
TIPL has also entered into tie ups with SEM for a range of wheel loaders and
with SITECH for the GPS based connected site solutions.
PERFORMANCE
On standalone basis,
turnover including income from operations and other income for the year stood
at Rs.2970.300 millions vis-ŕ-vis Rs.3044.300 millions in the previous year.
Profit before tax stood at Rs.50.000 millions vis-ŕ-vis Rs.574.800 millions in
the previous year, which included corporate income of Rs.478.000 millions.
Tractors India Private
Limited
Tractors India Private
Limited, the Wholly Owned Subsidiary Company in India, achieved a turnover
including income from operations and other income of Rs.8829.800 millions
compared to Rs.10399.600 millions in the previous year. Profit before tax stood
at Rs.40.300 millions compared to Rs.41.800 millions in the previous year.
Myanmar Tractors Limited
During the year, shares of
Myanmar Tractors Limited, Myanmar were transferred within the group companies
consequent to which MTL has ceased to be a direct Subsidiary of the Company.
TIL Overseas Pte. Limited, Singapore now holds 97.5 per cent of the paid up
capital of MTL and the balance 2.5 per cent is held by the Company. However,
MTL remains to be a step down subsidiary of the Company. During the year, MTL
had a non-operating income of Rs.26.100 millions with profit before tax of
Rs.3.700 millions.
TIL Overseas Pte. Limited
TIL Overseas Pte. Limited,
the Wholly Owned Subsidiary Company in Singapore, achieved a turnover including
income from operations and other income of Rs.340.900 millions compared to
Rs.837.000 millions in the previous year and achieved a profit before tax of
Rs.48.900 millions compared to Rs.7.500 millions in the previous year.
Tractors Nepal Private
Limited
Tractors Nepal Private
Limited, the Wholly Owned Subsidiary Company, in Nepal, achieved a turnover
including income from operations and other income of Rs.46.400 millions
compared to previous year of Rs.30.800 millions and earned a profit before tax
of Rs.3.600 millions compared to Rs.6.800 millions in the previous year.
FINANCE
After providing Rs.23.300
millions as Provision for Taxation, Rs.23.500 millions (including Dividend Tax
of Rs.3.400 millions) distributed as Equity Dividend, Rs.1.200 millions has
been carried forward to Balance Sheet. Reserves and Surplus (excluding
Revaluation Reserves) of the Company increased from Rs.2548.700 millions to
Rs.2552.200 millions and the Shareholders’ Fund (excluding Revaluation
Reserves) increased from Rs.2649.300 millions to Rs.2652.500 millions.
MANAGEMENT DISCUSSION and
ANALYSIS
During the course of the Management
Discussion and Analysis in the last 2 years, the Company had mentioned that it
was expecting the investments in the infrastructure space would materialize in
2011-12 and 2012-13. Both the years viz. 2011-12 and 2012-13 have been
extremely challenging as the investments in the infrastructure space were
minimal and as they all know, the GDP growth for 2011-12 was 6.5 per cent and
for 2012-13 it is pegged at 5 per cent; lowest in a decade.
It is now being estimated
that for 2013-14, the GDP growth would be around 6 per cent.
There are concerns that
unless stringent decisions are executed, the GDP growth can possibly go below 5
per cent.
The Company had also
mentioned that a revival was not expected before the 3rd quarter of the fiscal
year of 2012-13 unless the Govt. puts in special focus in implementing major
projects and removes the bottlenecks that would have stimulated growth in the
infrastructure space. However, this situation did not improve and additional
factors like the global recession combined with domestic issues led to an
economic scenario similar to 2011-12. There has been a downturn in the
investments resulting in high domestic interest rates and bottlenecks in
clearance of the projects. In this scenario of uncertainty, India Ratings (a
part of the Fitch Group) has downgraded the outlook of domestic construction
sector to 'Negative'.
In spite of this
uncertainty, the 12th Five Year Plan has set a target of investing
Rs.54630000.000 millions over the next five years out of which 47 per cent is
expected to come from the private sector. In this scenario, the Company expects
that the appropriate measures would be taken to remove the bottlenecks to
enable the economy to recover. With the rolling out of the National
Manufacturing Policy it is expected that the share of manufacturing in their
GDP will rise from 16 per cent to at least 25 – 26 per cent in one decade
Another encouraging move
has been the setting up of the Cabinet Committee on Investment (CCI) to fast
track regulatory clearances for Industry and Infrastructure. CCI so far has
cleared mega projects totaling to Rs.740000.000 millions; these were earlier
stalled because of statutory clearances. More industrial corridors will be set
up and new regulatory bodies for the road sector will be in place to facilitate
faster implementation of road projects.
In view of the foregoing,
there is an indication of revival in the investment climate in the private
sector in general. It is likely that all the economic stimulants will bring in
results only towards the later part of the next fiscal year.
Although the current
financial year 2013-14 would continue to pose many challenges, it is expected
that the investments in the infrastructure space would start during this fiscal
year and would accelerate in 2014-15. The 12th Five Year Plan mantra - “faster,
sustainable, and more inclusive growth”, if implemented successfully and on
time, would bring back the right growth momentum.
The Indian Construction
Equipment industry space where the Company operates is cyclical with long term
demand strongly co-related to the health of the economy and to infrastructure
investments. The industry is particularly focused on construction spending
which in turn is driven by infrastructure investment and urbanization trends.
The share of construction industry as a percentage of GDP has consistently
increased from 5.3 per cent in 2000 to 7.8 per cent in 2010 and is expected to
further increase to 8.6 per cent of GDP.
Despite the short term
concerns, the long term outlook for the Indian Construction Equipment Industry
continues to remain positive and is expected to reach a potential of
Rs.1240100.000 millions. By 2020 with a sale of 3,30,000 units.
Macro - economic stability
would be necessary as a pre-condition for faster economic growth. The growth
revival driven by investment led infrastructure will be dependent on the laser
focused interventions required by the Govt. to ensure achievement of the core
infrastructure investment target set by Planning Commission in 12th Five Year
Plan. While passing through this difficult phase in 2012-13, the Company had
taken various initiatives internally to improve its financial performance.
BUSINESS PERFORMANCE
Material Handling Solutions
(MHS) and Equipment and Project Solutions (EPS)
Material Handling Solutions
division of the Company posted a revenue of Rs.2687.000 millions during the
year 2012-13 vis-ŕ-vis Rs.2444.000 millions in the year 2011-12 thereby
registering a growth of 9.9 per cent in the current year. There has been a rise
of 22.0 per cent in the profits of MHS Division in comparison to the last year.
The reason for this increase in profits has been primarily due to improved
margin and certain austerity measures which have already been instituted with
an aim to reduce cost. The factory at Kamarhatty has also undertaken plans for
reduction in cost of manufacturing through its Accelerated Improvement Program
(AIP).
The order book as on 31st
March 2013 was at Rs.535.000 millions for TIL make Cranes and Reachstackers.
Material Handling Solutions
(MHS)
Against the backdrop of
downturn, MHS division of the Company showed some noteworthy achievements.
·
Total
machine sales volume grew by 12 per cent while the
·
aftermarket
business registered a growth of 15 per cent and crane sales volume grew by 19
per cent.
·
Managed
to register significant growth in the market share of equipment such as Cranes
and Reachstackers.
·
Market
shares of RT Cranes, Truck Cranes registered 81 per cent and 64 per cent
respectively during FY 2012-13.
·
Despite
overall market demand for Reachstacker declining by 35 per cent in 2012-13 the
Company improved its Reachstacker market share to 41 per cent.
Equipment and Project
Solutions (EPS)
The Company posted a
revenue figure of Rs.247.000 millions on a full year commercial operation of FY
2012-13 in EPS business where TIL has made a significant investment of
Rs.1600.000 millions in last 2 years. In the previous year FY 2011-12 EPS had
posted revenue of Rs.113.000 millions for 4 months of operation.
Some achievements for EPS
in 2012-13 have been:
·
Significant
progress in completing the Kharagpur factory construction activity.
·
Streamlining
the business process and organization structure for EPS vertical.
·
Establishing
a clear product plan and securing engineering readiness of major part of their
products including prototyping of several new products.
·
Creating
an effective aftermarket model in this new business ensuring maximum uptime of
the equipment and securing higher customer satisfaction.
·
The
Company’s relationship and engagement with their principal Astec Group is quite
strong and together they are determined to launch and market the balance new
products in the current financial year to be able to cater to wider customer
segments.
·
The
Company also initiated a synergy project between Material Handling Solutions
business and Equipment and Project Solutions business for quick transfer of
knowledge, skill and optimization of cost.
Tractors India Private
Limited (TIPL)
TIPL, a 100 per cent subsidiary
of TIL, concluded its third year as the Dealer for Caterpillar Inc. for their
Construction, Mining and Power System Solutions and associations with SEM and
SITECH. For the year, the total revenue stood at Rs.8823.000 millions with
Construction and Mining accounting for 70.8 per cent of TIPL’s revenue and
Power Systems Solutions accounting for 29.2 per cent of TIPL’s revenue.
Construction sector
encountered severe liquidity crunch being the effect of cost and time overruns
due to delayed execution of ongoing projects. Award of new projects during the
year was much below the planned estimates. Mining equipment demand also
remained subdued throughout 2012-13 with no major project taking off. Iron ore
mining activities nearly came to a standstill with minimal growth initiatives
in the coal sector as well.
In order to gear up for the
challenging period various initiatives were undertaken by the Company to bring
about course correction in Caterpillar businesses of Construction, Mining and
Power Systems Solutions which include sectoral re-organization, austerity
measures, setting up of Project Management Office to initiate cost controls and
bring about an effective governance model with robust review and monitoring
system. In Construction and Mining Solutions division, 1128 units were sold
during the year.
Despite the overall
unsatisfactory performance of the sector, certain pockets of accomplishments
were seen during the year:
·
Accomplishing
substantial growth in 424B Backhoe Loader sales as compared to the previous
year.
·
In
general construction (GCI segment) the Company retained market leadership in
Motor Graders and received substantial orders for mid-size Wheel Loaders.
·
In
mining, breakthrough orders received for 22 Nos. 773 Off-Highway Trucks from BCCL
and introduction of
·
7
Nos. 770 Off-Highway Trucks with a Contract Minin Company.
·
In
rental, a major fleet contract with 32 Nos. construction equipment was executed
through the year for National
·
Highway
Authority of India (NHAI), for its road tunnelling project.
·
The
Company received a prestigious road project contract with an emerging
construction organization in Arunachal Pradesh for fleet order worth Rs.100.000
millions.
The order book as on 31st
March 2013 stood at Rs.705.000 millions in Power Systems Solutions division 442
units were sold during the year. In spite of an overall lower top line with
respect to last fiscal, there have been certain accomplishments in the year:
·
Achievement
of bringing large number of DG set population under AMC – 43 per cent of the
overall DG population.
·
Breakthrough
order in Data Center segments – executed contracts for 12 MW DG sets for TCS
and SIFY with repeat order in the offing.
·
Received
an order worth Rs.150.000 millions in DMRC phase II project.
·
Procured
rental power contracts in Andaman and Nicobar Islands.
·
Received
break through order from DEGRMONT – Delhi Jal Board for Gas Generator set on
sewage gas.
The order book as on 31st
March 2013 stood at Rs.325.000 millions.
OUTLOOK
The outlook of the Company for
2013-14 would have to be considered in conjunction with investments that are
being planned in the current fiscal year, and which appears to becautiously
optimistic although the Government of India has envisaged a total outlay of
Rs.54630000.000 millions in the 12th Five Year Plan in various
sectors where the Company operates. Essential impetus would be rejuvenating the
manufacturing sector. However, it is important to note how much of this outlay
gets translated into investments from where the opportunities could be availed
by the Company.
In the short term, they do
not expect significant improvement in the performance of the Company although
during the 2nd half of the current financial year, there could be some
improvements. However, in the long term, as mentioned earlier, there would be
significant growth in the Company and the Company is geared up to capitalize on
all such future opportunities in the infrastructure segment.
DISCUSSION ON FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
Total income of TIL and
TIPL for the year stands at Rs.11800.000 millions vis-ŕ-vis Rs.13444.000
millions in 2011-12. PBT for the year stands at Rs.90.000 millions compared to
Rs.617.000 millions in the previous year. EBIDTA for the year is Rs.935.000 millions
vis-ŕ-vis Rs.1218.000 millions In 2011-12.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER
2013
(Rs. in Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
||||
|
1 |
Income from Operations |
|
|
|
|
(a) |
Net Sales/Income from Operations |
737.800 |
643.000 |
1802.500 |
|
(b) |
Other Operating Income |
29.500 |
17.200 |
65.200 |
|
|
Total Operating Income |
767.300 |
660.200 |
1867.700 |
|
2 |
Expenditure |
|
|
|
|
a) |
Cost of Materials
Consumed |
360.300 |
345.200 |
1077.900 |
|
b) |
Purchases of
Stock-in-Trade (Traded Goods) |
42.500 |
2.000 |
193.600 |
|
c) |
Changes in Inventories of
Finished Goods, Work-In-Progress and Stock-in-Trade |
(24.000) |
66.800 |
(241.200) |
|
d) |
Employee benefits expense |
114.100 |
113.200 |
340.100 |
|
e) |
Depreciation and
Amortisation Expense |
28.900 |
28.400 |
84.300 |
|
f) |
Other Expenses |
153.500 |
128.300 |
396.900 |
|
|
Total |
675.300 |
683.900 |
1851.600 |
|
3 |
Profit/ (Loss) from Operations before Other Income,
Interest and Exceptional Items (1-2) |
92.000 |
(23.700) |
16.100 |
|
4 |
Other Income (Refer Note 3 below) |
3.000 |
2.800 |
8.900 |
|
5 |
Profit/ (Loss) before Interest and
Exceptional Items (3+4) |
95.000 |
(20.900) |
25.000 |
|
6 |
Finance Costs |
81.000 |
71.200 |
212.300 |
|
7 |
Profit/ (Loss) after Interest but before
Exceptional Items (5-6) |
14.000 |
(92.100) |
(187.300) |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from Ordinary Activities
before tax (7+8) |
14.000 |
(92.100) |
(187.300) |
|
10 |
Tax Expenses |
4.800 |
3.700 |
13.000 |
|
11 |
Net Profit/ (Loss) from Ordinary Activities
after Tax (9-10) |
9.200 |
(95.800) |
(200.300) |
|
12 |
Extraordinary Item (net of tax expenses) |
-- |
-- |
-- |
|
13 |
Net Profit/ (Loss) for the period (11-12) |
9.200 |
(95.800) |
(200.300) |
|
14 |
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
100.300 |
100.300 |
100.300 |
|
15 |
Reserves Excluding Revaluation Reserve (As per Balance Sheet of Previous Accounting
Year) |
-- |
-- |
-- |
|
16 |
Earnings per share (EPS) (?) |
|
|
|
|
a) |
- Basic |
0.92 |
(9.55) |
(19.97) |
|
b) |
- Diluted |
0.92 |
(9.55) |
(19.97) |
|
|
|
|
|
|
|
A) |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
4383467 |
4383467 |
4383467 |
|
|
- Percentage of Shareholding |
43.70% |
43.70% |
43.70% |
|
2 |
Promoters and 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 |
5646798 |
5646798 |
5646798 |
|
|
- 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) |
56.30% |
56.30% |
56.30% |
|
Notes:
1. The above results for the
quarter and nine month ended December 31, 2013, drawn in terms of Clause 41 of the
'Listing Agreement' have been reviewed by the Audit Committee and approved by
the Board of Directors at their meeting held on January 20, 2014 and has been
subject to "Limited Review" by the Statutory Auditors of the Company.
2. The operations of the Company pertains only
to Material Handling Solutions (i.e. manufacturing and marketing of various
Material Handling Equipments namely Mobile Cranes, Port Equipments, Self
Loading Truck Cranes, Road Construction Equipments, etc. and dealing in spares
and providing services to related equipments). The Company has only one
reportable segment as envisaged in Accounting Standard-17 on 'Segment
Reporting', hence information pertaining to segment, as contemplated under
Clause 41 of the Listing Agreement is not applicable for the Company.
3. Previous year's/period's figures have been
rearranged/regrouped wherever necessary, to conform to those of the current
year / period.
FIXED ASSETS:
Tangible Assets
·
Freehold
Land
·
Leasehold
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Vehicles
·
Office
Equipment
Intangible Assets
·
Technical
Know-how
·
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 records 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.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
59 |
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.