MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
L&T CONSTRUCTION EQUIPMENT LIMITED (w.e.f. 01.05.2013) |
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|
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Formerly Known
As : |
L&T-KOMATSU LIMITED |
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Registered
Office : |
L&T House, Ballard Estate, Mumbai - 400001, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.07.1997 |
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Com. Reg. No.: |
11-109700 |
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Capital Investment
/ Paid-up Capital : |
Rs.1200.000 Millions |
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CIN No.: [Company Identification
No.] |
U29119MH1997PLC109700 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture of construction equipment and
hydraulic components. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba ((48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Larsen and Toubro Limited”. It is an established company having a satisfactory track. The company has incurred a loss from its operation during 2013. However, the company get good financial and managerial support from
its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-22618181
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-6177 4200 / 22618181 / 67525656 |
|
Fax No.: |
91-22-67525858 |
|
E-Mail : |
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|
Website : |
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Located At: ·
Asia ·
Africa ·
Oceania · Europe |
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Branches: |
Located At: · BhopaL ·
Coimbatore ·
Bhubaneswar ·
Vadodara ·
Jaipur ·
Jamshedpur ·
Kochi ·
Lucknow · Delhi |
DIRECTORS
AS ON 30.08.2013
|
Name : |
Jagdish Pandurang Nayak |
|
Designation : |
Director |
|
Address : |
Gilder house, 2nd floor, 67F, Bhulabhai Desai Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1943 |
|
Date of Appointment : |
29.07.1997 |
|
DIN No. : |
00001644 |
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|
Name : |
Raghavan Sadagopan |
|
Designation : |
Director |
|
Address : |
Flat No.302, Emerald Green Apartments, 108 6th Main 8th
Cross, Malleshwaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
25.03.1946 |
|
Date of Appointment : |
12.05.2006 |
|
Date of cessation: |
19.06.2014 |
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DIN No. : |
00002647 |
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|
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|
Name : |
Subramanian Ramakrishnan Subramanian |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
4G, K G Srivatsava Gardens, 9, South Avenue Road, Srinagar Colony,
Saidapet, Chennai – 600015, Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1954 |
|
Date of Appointment : |
15.04.2013 |
|
DIN No. : |
03278824 |
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|
Name : |
Chidambar Vinayak Alavandi |
|
Designation : |
Director |
|
Address : |
No. 64, 12th Cross 2nd Main Virupakshapura, M V
Layout, Kodigehalli, Bangalore – 560097, Karnataka, India |
|
Date of Birth/Age : |
21.07.1952 |
|
Date of Appointment : |
15.04.2013 |
|
DIN No. : |
06525043 |
KEY EXECUTIVES
|
Name : |
Ramamurthy Naveenan |
|
Designation : |
Secretary |
|
Address : |
798 E, Panneerselvam Road, KK Nagar, Chennai – 600078, Tamilnadu,
India |
|
Date of Birth/Age : |
22.12.1955 |
|
PAN No. : |
AABPN1192K |
|
Date of Appointment : |
29.09.2008 |
|
|
|
|
Name : |
D. Keshava Kumar |
|
Designation : |
Manager |
|
Address : |
No. 1160, 21st Cross, 18th Main, HBR Layout, 5th
Block, 1st Stage, Bangalore – 560043, Karnataka, India |
|
Date of Birth/Age : |
13.12.1957 |
|
PAN No. : |
AAVPK2124L |
|
Date of Appointment : |
16.04.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
119999399 |
|
Jagdish Pandurang Nayak Jointly with Larsen and Toubro Limited |
|
100 |
|
Krishna Murthi Venkataramanan Jointly with Larsen and Toubro Limited |
|
1 |
|
Sadagopan Raghavan Jointly with Larsen and Toubro Limited |
|
100 |
|
Narayanaswamy Hariharan Jointly with Larsen and Toubro Limited |
|
100 |
|
Chidambar Vinayak Alavandi Jointly with Larsen and Toubro Limited |
|
100 |
|
Prasad Vishnu Shanbhag Jointly with Larsen and Toubro Limited |
|
100 |
|
Subramanian Ramakrishnan Subramanian Jointly with Larsen and Toubro
Limited |
|
100 |
|
|
|
|
|
Total |
|
120000000 |
AS ON 30.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of construction equipment and
hydraulic components. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
BNP Paribas, Landmark Building, 3rd Floor, ·
21/15, M. G. Road, Bangalore - 560001, Karnataka,
India ·
The Thonkong and Shanghai Banking Corporation
Limited, 7, M.G. Road, Bangalore, Karnataka, India ·
State Bank of India, Corporate Accounts Group
Branch, Nariman Point, Mumbai – 400002, Maharashtra, India |
|
|
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Shar P and Tannan Chartered Accountants |
|
Address : |
Parsn Manere,
Block A-4, III Floor, 602 Anna Salai, Chennai -600006, Tamilnadu, India |
|
PAN No.: |
AAAFS2512D |
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|
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Holding
Company : |
Larsen and Toubro Limited [L99999MH1946PLC004768] |
|
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Holding
Company of KAP : |
Komatsu Limited |
|
|
|
|
Others
: |
·
L&T Cutting Tools Limited
[U28920MH1952PLC008893] ·
L&T Valves Limited
[U74999MH1961PLC012188] ·
Larsen and Toubro Infotech Limited
[U72900MH1996PLC104693] ·
L&T General Insurance Company
Limited [U66030MH2007PLC177117] ·
Komatsu Limited ·
Komatsu Logistics Corporation ·
Komatsu Shantui Construction
Machinery Company Limited ·
PT Komatsu Undercarriage, Indonesia ·
PT Komatsu Indonesia ·
Komatsu India Private Limited
[U29244TN2005PTC058357] ·
Komatsu Industries Corporation ·
L & T Finance Limited
[U65990MH1994PLC083147] ·
Rishi Consfab Private Limited
[U28112MH2008PTC178448] ·
EWAC Alloys Limited
[U74999MH1962PLC012315] |
|
|
|
|
Joint
Venture : |
·
Komatsu Asia Pacific Pte. Limited
(KAP) ·
Larsen & Toubro Limited (L&T) |
|
|
|
|
Subsidiaries
of Komatsu Limited : |
·
Komatsu Engineering Corporation ·
Komatsu Logistics Corporation ·
Komatsu Shantui Construction Machinery
Company Limited ·
Komatsu Hanomag Aktiengesellschaft ·
PT Komatsu Undercarriage, Indonesia ·
PT Komatsu Indonesia TBK ·
Komastu India Private Limited |
|
|
|
|
Subsidiaries
/ Associates of L&T Limited : |
·
Tractor Engineers Limited ·
Audco India Limited ·
L&T Infotech Limited ·
L&T-Finance Limited ·
L&T Plastics Machinery Limited ·
Rishi Consfab Private Limited ·
EWAC Alloys Limited ·
L&T General Insurance Company
Limited |
CAPITAL STRUCTURE
AS ON 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
|
|
|
|
|
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 |
1,200.000 |
1,200.000 |
1,200.000 |
|
(b) Reserves & Surplus |
1,954.408 |
1,983.063 |
1,936.658 |
|
(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) |
3,154.408 |
3,183.063 |
3,136.658 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
162.855 |
49.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
54.243 |
54.917 |
66.386 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
73.760 |
66.044 |
58.862 |
|
Total
Non-current Liabilities (3) |
290.858 |
169.961 |
125.248 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
290.452 |
0.000 |
|
(b) Trade payables |
1,541.104 |
2,135.836 |
2,405.736 |
|
(c) Other current liabilities |
281.933 |
517.182 |
434.990 |
|
(d) Short-term provisions |
15.423 |
46.391 |
637.666 |
|
Total
Current Liabilities (4) |
1,838.460 |
2,989.861 |
3,478.392 |
|
|
|
|
|
|
TOTAL |
5,283.726 |
6,342.885 |
6,740.298 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
975.075 |
937.384 |
967.870 |
|
(ii) Intangible Assets |
14.152 |
9.817 |
10.476 |
|
(iii) Capital work-in-progress |
0.000 |
49.809 |
9.447 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.414 |
4.749 |
1.797 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
989.641 |
1,001.759 |
989.590 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,663.259 |
2,244.982 |
2,156.595 |
|
(c) Trade receivables |
1,837.969 |
2,590.517 |
2,523.946 |
|
(d) Cash and cash equivalents |
304.241 |
13.635 |
254.122 |
|
(e) Short-term loans and
advances |
488.616 |
491.992 |
816.045 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4,294.085 |
5,341.126 |
5,750.708 |
|
|
|
|
|
|
TOTAL |
5,283.726 |
6,342.885 |
6,740.298 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
11,888.874 |
14,614.907 |
13,516.382 |
|
|
Other Income |
123.425 |
77.023 |
52.769 |
|
|
TOTAL
|
12,012.299 |
14,691.930 |
13,569.151 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9,499.293 |
11,684.410 |
9,874.956 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
94.369 |
(28.927) |
116.741 |
|
|
Employees benefits expense |
512.305 |
557.386 |
431.760 |
|
|
Other expenses |
1,813.862 |
2,306.866 |
2,121.744 |
|
|
TOTAL
|
11,919.829 |
14,519.735 |
12,545.201 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
92.470 |
172.195 |
1,023.950 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
32.062 |
27.531 |
27.280 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
60.408 |
144.664 |
996.670 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
88.013 |
78.640 |
75.652 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(27.605) |
66.024 |
921.018 |
|
|
|
|
|
|
|
Less |
TAX |
0.667 |
20.002 |
314.011 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(28.272) |
46.022 |
607.007 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1,647.932 |
1,601.910 |
1,362.431 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
60.701 |
|
|
Dividend |
0.000 |
0.000 |
264.000 |
|
|
Tax on Dividend |
0.000 |
0.000 |
42.827 |
|
|
Total
|
0.000 |
0.000 |
367.528 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1,619.660 |
1,647.932 |
1,601.910 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.514 |
2.765 |
0.445 |
|
|
TOTAL
EARNINGS |
0.514 |
2.765 |
0.445 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
150.497 |
100.316 |
245.426 |
|
|
Components and Stores parts |
4,825.324 |
6,589.712 |
5,047.975 |
|
|
Capital Goods |
22.485 |
38.773 |
11.571 |
|
|
TOTAL
IMPORTS |
4,998.306 |
6,728.801 |
5,304.972 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.24) |
0.38 |
5.06 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.24) |
0.31 |
4.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.23) |
0.45 |
6.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.52) |
1.05 |
13.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.02 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.05 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34 |
1.79 |
1.65 |
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 |
1,200.000 |
1,200.000 |
1,200.000 |
|
Reserves & Surplus |
1,936.658 |
1,983.063 |
1,954.408 |
|
Net
worth |
3,136.658 |
3,183.063 |
3,154.408 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
49.000 |
162.855 |
|
Short term borrowings |
0.000 |
290.452 |
0.000 |
|
Total
borrowings |
0.000 |
339.452 |
162.855 |
|
Debt/Equity
ratio |
0.000 |
0.107 |
0.052 |
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) |
|
Revenue from operations |
13,516.382 |
14,614.907 |
11,888.874 |
|
|
|
8.127 |
(18.652) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
13,516.382 |
14,614.907 |
11,888.874 |
|
Profit/(Loss) After Tax |
607.007 |
46.022 |
(28.272) |
|
|
4.49% |
0.31% |
(0.24%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
NA |
0.000 |
65.675 |
|
|
|
|
|
|
Total |
NA |
0.000 |
65.675 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
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 |
No |
FINANCIAL PERFORMANCE:
The financial year
2012-13 was difficult year with Indian GDP missing growth target, policy
paralysis and global economic uncertainties having impact on JPY/INR rates. LTK
was able to achieve sales of 2686 units of hydraulic excavators against 3468
units sold in the previous year, which was in line with market drop. As a
result of drop in sales volume and adverse currency impact, the company
incurred a loss of Rs. 28.3 Mns. against a profit of Rs. 46.0 Mns. in previous
year. Cost increase pass through was difficult during the year as new entrants
continued to pursue market share by offering discounts to customers. In spite
of such competitive conditions, the company was able to increase the selling
prices by average 3% during the financial year. The company also focused on reduction
of working capital through inventory rationalisation, better credit terms etc.
which resulted in lower borrowings and reduction in borrowing costs.
INDEX OF CHARGES : NO CHARGES EXIST FOR
COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
162.855 |
49.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
290.452 |
|
|
|
|
|
Total |
162.855 |
339.452 |
|
(A) Term
loan from bank - External commercial borrowings Note: Out of the
total sanction of USD 3,000,000 the Company had availed loan in foreign
currency amounting to USD 1,000,000 during the previous year. The balance
sanctioned amount of USD 2,000,000 has been availed during the year and has
immediately been swapped to Indian Rupees to cover foreign exchange risk. (B) Term
loan from bank - External commercial borrowings Note: Out of the
total sanction of USD 3,000,000 the Company had availed loan in foreign
currency amounting to USD 1,000,000 during the previous year. The balance
sanctioned amount of USD 2,000,000 has been availed during the year and has
immediately been swapped to Indian Rupees to cover foreign exchange risk. |
||
FIXED ASSETS
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
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 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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.