MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TVS MOTOR COMPANY LIMITED |
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Registered
Office : |
No. 29, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.06.1992 |
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Com. Reg. No.: |
18-022845 |
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Capital
Investment / Paid-up Capital : |
Rs.475.087 Millions |
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CIN No.: [Company Identification
No.] |
L35921TN1992PLC022845 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET09554G |
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PAN No.: [Permanent Account No.] |
AAACS7032B |
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Legal Form : |
Public limited
liability company. Company’s shares are listed on Stock Exchange. |
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Line of Business
: |
Manufacturing of Motorcycles and Mopeds. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 56600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Rating also takes into consideration long track record of operation of
company, with an established presence in two wheeler industry. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = AA - |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
14.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
14.04.2014 |
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
31-03-2014.
INFORMATION DENIED BY
Management non- co-operative
Tel No.: 91 - 44 - 28272233
LOCATIONS
|
Registered Office : |
No. 29, Haddows Road, Madras – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28272233 |
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Fax No.: |
91-44-28257121 |
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E-Mail : |
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Website : |
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Head Office : |
Mittal Court, ‘B’ Wing, 1st Floor, 224, Nariman
Point, Mumbai – 400 021 |
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Regional
Office: |
· Block No. 1, Rajendra Bhawan, Rajendra Place, District Centre, New Delhi – 110 008 · FMC Fortuna, 5th Floor, 234/3A, AJC Bose Road, Kolkata – 700 020, West Bengal ·
3rd Floor, D’ Monte Building, No. 32,
D’ Monte Colony, TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu |
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|
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Factory 1 : |
Post Box No. 4, Harita, Hosur - 635 109, Tamilnadu, India |
|
Tel. No.: |
91-4344-276780 |
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Fax No.: |
91-4344-276016 / 276878 |
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E-Mail : |
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Factory 2 : |
Post Box No. 1, Byathahalli Village, Kadakola Post, Mysore
- 571311, Karnataka |
|
Tel. No.: |
91-821-2596560 / 2596561 |
|
Fax No.: |
91-821-2596550 / 2596530 / 2596533 |
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E-Mail : |
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Factory 3 : |
Bhatian Village, Nalagarh Post and Taluk Solan District – 174 101, India |
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Tel. No.: |
91-1795-220494 / 220493 |
|
Fax No.: |
91-1795-220496 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Chairman and
Managing Director |
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|
|
|
Name : |
Mr. Sudarshan Venu |
|
Designation : |
Whole - Time Director |
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|
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|
Name : |
Mr. Hemant Krishan Singh |
|
Designation : |
Director |
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|
Name : |
Mr. H. Lakshmanan |
|
Designation : |
Director |
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|
Name : |
Mr. T. Kannan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. C. R. Dua |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K S Bajpai |
|
Designation : |
Director |
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|
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|
Name : |
Mr. R Ramakrishnan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Prince Asirvatham |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. S. Srinivasan |
|
Designation : |
Company Secretary |
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|
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|
Audit
Committee : |
· Mr. T. Kannan - Chairman ·
Mr. C. R. Dua ·
Mr. R. Ramakrishnan ·
Mr. Prince Asirvatham |
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|
|
|
Corporate Social Responsibility Committee
: |
Mr. Venu
Srinivasan – Chairman Mr. Prince
Asirvatham Mr. H. Lakshmanan |
|
|
|
|
Name : |
Mr. K N Radhakrishnan |
|
Designation : |
President and Chief Executive Officer |
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|
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|
Name : |
Mr. S G Murali |
|
Designation : |
Senior Vice President – Finnace |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
272682786 |
57.40 |
|
|
272682786 |
57.40 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
272682786 |
57.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
49928753 |
10.51 |
|
|
128880 |
0.03 |
|
|
18713368 |
3.94 |
|
|
41674065 |
8.77 |
|
|
110445066 |
23.25 |
|
|
|
|
|
|
24650538 |
5.19 |
|
|
|
|
|
|
51470660 |
10.83 |
|
|
8766225 |
1.85 |
|
|
7071839 |
1.49 |
|
|
2288953 |
0.48 |
|
|
136 |
0.00 |
|
|
4780466 |
1.01 |
|
|
2284 |
0.00 |
|
|
91959262 |
19.36 |
|
Total Public
shareholding (B) |
202404328 |
42.60 |
|
Total (A)+(B) |
475087114 |
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) |
475087114 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Motorcycles and Mopeds. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees
: |
Not Divulged |
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Bankers : |
· State Bank of India Corporate Accounts Group Branch, Greams Road, Chennai 600 006, Tamilnadu, India · State Bank of Mysore Industrial Finance Branch, Midford Garden Road, Bangalore - 560 001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
Chennai, India |
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Cost Auditors : |
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|
Name : |
A. N. Raman |
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Address : |
Chennai, India |
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|
|
|
Associates: |
·
Emerald
Haven Realty Limited, Chennai (Formerly Known as Green Earth Homes Limited) ·
Green
Infra Wind Energy Theni Limited, Chennai (Formerly Known as TVS Wind Energy
Limited) ·
Sundaram
Engineering Products Services Limited, Chennai |
|
|
|
|
Holding company : |
Sundaram – Clayton Limited, Chennai |
|
|
|
|
Ultimate Holding company : |
T V Sundram Iyengar And Sons Limited, Madurai |
|
|
|
|
Associates/Subsidiaries : |
· Sundaram Auto Components Limited, Chennai · TVS Motor Company (Europe) B.V, Amsterdam · TVS Motor (Singapore) Pte. Limited, Singapore · PT. TVS Motor Company Indonesia, Jakarta · Green Infra BTV Limited, Chennai (Formerly known as TVS Energy Limited) · TVS Housing Limited, Chennai · Green Infra Wind Power Theni Limited, Chennai (Formerly known as TVS Wind Power Limited) · Green Infra Wind Energy Theni Limited, Chennai (Formerly known as TVS Wind Energy Limited) · Sundaram Business Development Consulting (Shanghai) Co. Ltd, Shanghai · Sundaram Investment Limited, Chennai · TVS Capital Funds Limited, Chennai · TVS Electronics Limited, Chennai · Uthiram Rubber Products Limited, Madurai · Prime Property Holdings Limited, Chennai · TVS-E Access (India) Limited, Chennai · TVS Training and Services Limited, Chennai · NCR Auto cars Limited, New Delhi · Southern Roadways Limited, Madurai · Sundaram Industries Limited, Madurai · The Associated Auto Parts Limited, Mumbai · TVS Interconnect Systems Limited, Madurai · Lucas-TVS Limited, Chennai · Sundaram Textiles Limited, Madurai · TVS Automobile Solutions Limited, Madurai · Sundaram Lanka Tyres Limited, Colombo · NSM Holdings Limited, Madurai · SNS Warranty Solutions Limited, Madurai · NK Telecom Products Limited, Madurai · NK Tele Systems Limited, Madurai · Lucas Indian Service Limited, Chennai · TVS Automotive Systems Limited, Chennai · Rajgarhia Automobile Solution Limited, Kolkata · Pusam Rubber Products Limited, Madurai · Sundaram-Clayton (USA) Limited, USA · Essex Automobile Solutions Limited, Gujarat · Gallant E-Access Private Limited, Delhi · TVS Insurance Broking Limited, Chennai (Previously known as Navratna Insurance Broking Limited) · Focuz Automobile Services Limited, Ernakulam · GS Automotive Service Equipments (Chennai) Private Limited, Madurai · TVS All Car Services Private Limited, Madurai (Previously known as SANRAV · Automobile Solutions (Chennai) Private Limited) · Sundaram Engineering Products Services Limited, Chennai |
|
|
|
|
Enterprise Over Which Key Management Personnel and His Relative Have
Significant Influence: |
·
Harita –NTI Limited, Chennai |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475087114 |
Equity Shares |
Rs.1/- each |
Rs.475.100
Millions |
|
|
|
|
|
Shares held by
holding / ultimate holding / subsidiaries / associates of holding company at
the end of the year
|
Name of shareholder |
As at 31-03-2014 |
|
|
No. of shares held |
% of holding |
|
|
Sundaram-Clayton Limited, Chennai (Holding Company) |
27,26,82,786 |
57.40 |
Shareholders holding
more than five percent at the end of the year
|
Name of shareholder |
As at 31-03-2014 No. of shares held |
|
Reliance Capital Trustee Company Limited, Mumbai |
4,11,98,970 |
|
Life Insurance Corporation of India, Mumbai |
1,84,40,769 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
475.100 |
475.100 |
475.100 |
|
(b) Reserves & Surplus |
13677.700 |
11771.600 |
6747.300 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3)
Minority Interest |
0.000 |
0.000 |
59.600 |
|
Total Shareholders’ Funds (1) + (2) + (3) |
14152.800 |
12246.700 |
7282.000 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
4424.100 |
4941.400 |
8744.600 |
|
(b) Deferred tax liabilities (Net) |
1246.800 |
931.200 |
550.600 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
531.700 |
487.900 |
534.500 |
|
Total Non-current
Liabilities (4) |
6202.600 |
6360.500 |
9829.700 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
334.700 |
517.200 |
2708.200 |
|
(b) Trade
payables |
9989.100 |
8085.800 |
7622.900 |
|
(c)
Other current liabilities |
4288.200 |
3567.800 |
5124.300 |
|
(d) Short-term
provisions |
679.600 |
578.000 |
598.500 |
|
Total Current
Liabilities (5) |
15291.600 |
12748.800 |
16053.900 |
|
|
|
|
|
|
TOTAL |
35647.000 |
31356.000 |
33165.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11059.400 |
10068.500 |
14662.700 |
|
(ii)
Intangible Assets |
197.700 |
46.300 |
59.500 |
|
(iii)
Capital work-in-progress |
480.800 |
360.900 |
1857.200 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8959.200 |
8688.400 |
3184.300 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
862.700 |
733.500 |
287.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
21559.800 |
19897.600 |
20050.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5481.500 |
5096.600 |
6813.800 |
|
(c)
Trade receivables |
3341.200 |
3168.500 |
2232.900 |
|
(d) Cash
and cash equivalents |
825.700 |
174.500 |
1374.800 |
|
(e)
Short-term loans and advances |
3643.100 |
2489.500 |
1667.100 |
|
(f)
Other current assets |
795.700 |
529.300 |
1026.300 |
|
Total
Current Assets |
14087.200 |
11458.400 |
13114.900 |
|
|
|
|
|
|
TOTAL |
35647.000 |
31356.000 |
33165.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
79618.500 |
71692.500 |
74351.600 |
|
|
|
Other Income |
302.100 |
238.400 |
144.000 |
|
|
|
TOTAL (A) |
79920.600 |
71930.900 |
74495.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
54188.200 |
48995.600 |
52224.000 |
|
|
|
Purchases of Stock-in-Trade |
2443.500 |
2679.400 |
2039.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
96.500 |
327.000 |
(238.000) |
|
|
|
Employees benefits expense |
4761.100 |
4071.300 |
4304.600 |
|
|
|
Other expenses |
13348.200 |
11528.900 |
11430.500 |
|
|
|
TOTAL (B) |
74837.500 |
67602.200 |
69760.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5083.100 |
4328.700 |
4735.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.000 |
480.400 |
882.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4829.100 |
3848.300 |
3852.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1316.500 |
1304.100 |
1582.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
3512.600 |
2544.200 |
2269.600 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS [Gain/Loss] |
(28.100) |
(916.300) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXTRAORDINARY ITEMS AND TAX |
3484.500 |
1627.900 |
2269.600 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS – INSURANCE RECORVERY |
40.900 |
7.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3525.400 |
1635.800 |
2269.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
909.100 |
475.600 |
946.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2616.300 |
1160.200 |
1323.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17664.400 |
11869.800 |
11301.900 |
|
|
TOTAL EARNINGS |
17664.400 |
11869.800 |
11301.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
486.600 |
418.500 |
635.200 |
|
|
|
Stores & Spares |
6864.400 |
4992.100 |
5728.900 |
|
|
|
Capital Goods |
270.700 |
143.800 |
324.800 |
|
|
TOTAL IMPORTS |
7621.700 |
5554.400 |
6688.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.51 |
2.44 |
5.24 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
22960.000 |
|
Total Expenditure |
|
|
|
21742.400 |
|
PBIDT (Excl OI) |
|
|
|
1217.600 |
|
Other Income |
|
|
|
182.700 |
|
Operating Profit |
|
|
|
1400.300 |
|
Interest |
|
|
|
59.500 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
1340.800 |
|
Depreciation |
|
|
|
335.700 |
|
Profit Before Tax |
|
|
|
1005.100 |
|
Tax |
|
|
|
281.900 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
723.200 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
723.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.27 |
1.61 |
1.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.43 |
2.28 |
3.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.45 |
7.33 |
8.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.13 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34 |
0.45 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.90 |
0.82 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
475.100 |
475.100 |
475.100 |
|
Reserves & Surplus |
6747.300 |
11771.600 |
13677.700 |
|
Minority interest |
59.600 |
0.000 |
0.000 |
|
Net worth |
7282.000 |
12246.700 |
14152.800 |
|
|
|
|
|
|
long-term borrowings |
8744.600 |
4941.400 |
4424.100 |
|
Short term borrowings |
2708.200 |
517.200 |
334.700 |
|
Total borrowings |
11452.800 |
5458.600 |
4758.800 |
|
Debt/Equity ratio |
1.573 |
0.446 |
0.336 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
74351.600 |
71692.500 |
79618.500 |
|
|
|
(3.576) |
11.056 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
74351.600 |
71692.500 |
79618.500 |
|
Profit |
1323.300 |
1160.200 |
2616.300 |
|
|
1.78% |
1.62% |
3.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS:
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
APPLICATION |
|
Case No.: |
5529 |
|
Year : |
2009 |
|
Petitioner : |
M/S.
BAJAJ AUTO LIMITED |
|
Respondent : |
M/S. TVS MOTOR
COMPANY LTD |
|
Pet's Advocate : |
M/S. A.A. MOHAN |
|
Res's Advocate : |
M/S.T.K.BHASKAR |
|
Category : |
NO CATEGORY
MENTIONED |
|
|
Last Listed on: No
Date Mentioned |
Case Updated on: Oct 28 2009
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
22632.100 |
||
|
|
(b)Other Operating Income |
421.800 |
||
|
|
Total Income
From Operations (Net) |
23053.900 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
16127.500 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
515.500 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
123.800 |
|
|
|
(d) |
Employees benefits expense |
1402.000 |
|
|
|
(e) |
Depreciation and amortization expense |
335.700 |
|
|
|
(f ) |
Other expenses |
3573.600 |
|
|
|
|
TOTAL (B) |
22078.100 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
975.800 |
||
|
4 |
Other Income |
88.800 |
||
|
5 |
profit before interest and exceptional items(3+4) |
1064.600 |
||
|
6 |
Interest |
59.500 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
1005.100 |
||
|
8 |
Exceptional Items |
0.000 |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
1005.100 |
||
|
10 |
Tax Expenses |
281.900 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
723.200 |
||
|
12 |
Extra Ordinary Items |
0.000 |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
723.200 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
475.100 |
||
|
15 |
Reserves excluding revaluation reserves |
0.000 |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
1.52 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
1.52 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
202404328 |
||
|
|
Percentage of Shareholding |
42.60 |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
--- |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
--- |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
--- |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
272682786 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
57.40 |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
NIL |
||
|
|
Received during the quarter |
7 |
||
|
|
Disposed off during the quarter |
7 |
||
|
|
Remaining unresolved at the end of the quarter |
NIL |
||
|
Notes: |
|
1 The operations of the Company relate to only one segment viz.,
automotive vehicles and parts. 2 Other Operating Income includes foreign exchange gain (net) of Rs.
93.900 Millions relatable to export and import operations of the Company. 3 During the quarter ended 30th June 2014, the Company has invested Rs
250.000 Millions in 2,50,00,000 Non-Cumulative Redeemable Preference Shares
of Rs.10 each in TVS Motor Services Limited, Chennai. 4 During the quarter ended 30th June 2014, in accordance with Part A of
Schedule II to the Companies Act 2013, the Management based on Chartered
Engineer’s technical evaluation, has reassessed the remaining useful life of
assets with effect from 1st April 2014. As a result of the above,
depreciation is higher by Rs.7.100 Millions for the quarter ended 30th June
2014. For assets that had completed their useful life as on 1st April 2014,
the net residual value of Rs.27.400 Millions has been adjusted to Reserves. 5 The figures for preceding 3 months ended 31st March 2014 are the
balancing figures between the audited figures in respect of the full previous
financial year and the published year to date figures up to the third quarter
of the previous financial year. 6 Figures for the previous periods have been regrouped, wherever
necessary, to conform to the current period's classification. 7 The above unaudited financial results were reviewed and recommended
by the audit committee and approved by the board of directors at their
meeting held on 24th July 2014 and limited review of the same has been carried out by
the statutory auditors of the Company. |
1. COMPANY PERFORMANCE
Despite a challenging macro-economic environment and intense Competitive landscape, the Company sold 1.990 Millions two Wheelers in line with last year. Motorcycle sales increased by 4% and scooters by 6%. Moped sales marginally declined mainly due to poor monsoon and decline of two wheeler sales in Tamilnadu. Three-wheeler sales of the Company increased by 63% in 2013-14. Sale of spare parts grew by 18%. TVS Jupiter, the newly launched scooter bagged seven awards acclaiming its superiority over competitive products. The Company's total revenue including other income increased to Rs. 79920.600 Millions in the current year from Rs.71930.900 Millions in the previous year. Profit before tax and exceptional items (PBT) for the year 2013-14 significantly increased to Rs.3512.600 Millions compared to Rs.2544.200 Millions of the previous year. Similarly Profit after tax (PAT) for the year 2013-14 increased to Rs.2616.300 Millions from Rs.1160.200 Millions of the previous year, after taking into account the extra-ordinary and exceptional items.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
Two wheeler industry continued to grow below the long term trend. The industry recovered marginally to 7% in 2013-14 from a low growth of 2% in 2012-13. Macro-economic environment continued to remain weak. Depressed economic sentiments coupled with high price levels and poor income growth continued to affect the industry. Industry sales of two wheelers (Domestic plus Export) Motorcycles continued with the low growth phase of last year and grew at 4% (124.6 lakh numbers) from a low of 0.1% (119.5 lakh numbers) in 2012-13. Propelled by new launches and favourable customer preferences, growth in scooters was high at 23% (36.9 lakh numbers) from 14% (30.14 lakh numbers). Scooters as a category continued to gain share from motorcycles in the total two wheeler industry. Mopeds declined by 8% over last year. Industry sales of three wheelers (Domestic plus Export)
The petrol passenger three wheeler industry (3 plus 1 segment) increased by 5% during 2013-14 to 4.55 lakh units. This was mainly due to 17% increase in exports (from 3.00 lakhs in 2012-13 to 3.51 lakhs in 2013-14). Domestic sales declined by 23% (from 1.35 lakhs in 2012-13 to 1.04 lakhs in 2013-14) as new permits were not released by the State Governments.
BUSINESS OUTLOOK AND OVERVIEW
Low growth of GDP is expected to continue. Uncertain monsoon is an added concern. Inflation and consumer sentiments do not induce great confidence either. Added to this, geo-political uncertainty in parts of Asia and Europe may affect commodity prices. Consequently the Company expects modest growth for the two wheeler industry during the year 2014-15.
OPERATIONS REVIEW
Total Quality Management (TQM)
In continuation of the TQM journey so far, the Company continues to spread this message across the organization. In line with continuous improvement, more than 150 employees have been certified for TQM problem solving process. This helped to complete 310 projects during the last year. During 2013-14, while Total Employee Involvement (TEI) was at 100%, more than 1450 projects were implemented across Quality, Cost and Delivery by Quality Control Circle teams. Quality of suggestions improved by 25% over the last year and overall implemented suggestions stood at 60 per employee. These achievements were recognized by INSSAN (Indian National Suggestion Scheme Association) and awarded "Excellence in Suggestion Scheme" at national level in this segment.
Cost Management
Total cost management is a continuous journey and the
Company manages the same through deployment of costs to users. The Company will
continue to pursue value engineering and alternate sourcing to reduce material
costs during this year.
Research and Development
The Company's strong Research and Development (R&D) team is continuously working towards design and development. Of exciting new products for our customers. Aided by modern CAD / CAE resources and state-of-art facilities for engine and vehicle design, development and testing, Noise, Vibration and Harshness (NVH) measurements, R&D constantly develops new and innovative features. R&D team is also working on the development of fuel-efficient and environment friendly technologies. The Company also collaborates with leading research laboratories and educational institutions for developing future technologies. In 2013-14, the R&D team delivered a new Scooter 'TVS Jupiter' with stunning style, class leading mileage and many First in class features. TVS Jupiter has become the 'Most Awarded' scooter, recognised as "class leading" by all major auto magazines. Further, the R&D team has successfully delivered a motorcycle specifically tailored for African market. The R&D team has so far published 86 technical papers in national and international conferences. Information Technology the Company has been using ERP for integrating its various business processes within the Company and its business partners. The Company continued to implement several Projects in supply chain to improve its efficiency and transparency. Data acquisition systems have been provided in the shop floor to improve overall equipment effectiveness. A digital framework for measuring customer satisfaction and related actions to improve the customer satisfaction have been implemented. As part of continuous improvement and to enhance information security, periodical audits are conducted by experts and control measures are taken. During the year, the Company enhanced the scope of ISO 27001:2005 certification and got it re-certified. Business continuity plan for major business critical applications has been implemented.
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Sales tax deferral loan form Karnataka Government |
2330.300 |
2393.600 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Repayable on demand from banks |
305.900 |
310.800 |
|
|
|
|
|
Total |
2636.200 |
2704.400 |
|
Details of
securities created for loans availed: First charge by way of hypothecation and / or pledge of current assets viz., stocks of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivable, book debts and all other movable assets located in all plants. Short term
borrowings from banks of a subsidiary include: a) A loan of Rs.10.500 Millions in IDR and Rs.377.600 Millions in USD obtained from a bank, secured by a letter of comfort issued by a bank in India. b) A loan of Rs.48.100 Millions in IDR and Rs.127.300 Millions in USD obtained from another bank, collateralized by the subsidiary's inventory and trade account receivables. |
||
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10168064 |
01/10/2010 * |
3,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NO. 64 GREAMS ROAD, CHENNAI - 600006, TAMIL NADU, INDIA |
A95479143 |
|
2 |
10149778 |
08/12/2009 * |
1,563,000,000.00 |
STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU LIMITED |
19-A ,MARSHALLS ROAD,, EGMORE,, MADRAS - 600008, TAMIL NADU, INDIA |
A75480814 |
|
3 |
10069592 |
21/03/2012 * |
4,785,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR,
SIGAPI ACHI BUILDING,, 18/ |
B37157278 |
FIXED ASSETS:
·
Freehold Land
·
Buildings
·
Plant and Equipments
·
Office Equipment
·
Vehicles
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 judgment 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.60.44 |
|
UK Pound |
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.