MIRA INFORM REPORT
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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA MOTORS LIMITED |
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Registered
Office : |
Bombay House, 24, Homi Mody Street, Mumbai 400 001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.09.1945 |
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Com. Reg. No.: |
11-004520 |
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Capital Investment
/ Paid-up Capital : |
Rs. 6437.800 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1945PLC004520 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of automobile consisting of all types of commercial and passenger
vehicles including financing of the vehicles sold by the company. |
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No. of Employees
: |
66593 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 550000000 |
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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 India’s largest automobile company and market leader in the
domestic commercial vehicles industry and one of the top five manufacturers of
passenger vehicles in India. It is well – established and reputed company having fine track record. The rating reflects long and established track record of TML’s as the
largest Indian automobile Original Equipment Manufacturer supported by its
well – diversified product portfolio across categories, widespread
geographical presence aided by a strong sales and distribution network. Rating also takes into consideration company’s strong financial base
marked by adequate liquidity profile and promoters extensive experience in
auto mobile industry. Trade relations are reported as autompbile trustworthy. Business is
active. Payments are reported to be regular and as per commitment. In view of established market position back by experienced management team,
the company can be 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = A4+ |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
20 November, 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 (91-22-67577200)
LOCATIONS
|
Registered Office : |
Bombay House, 24, Homi Mody Street, Mumbai 400 001, Maharashtra, India
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Tel. No.: |
91-22-66658282 |
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Fax No.: |
91- 22-66657799 |
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E-Mail : |
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Website : |
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Factory : |
Located At:
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DIRECTORS
As on 31.03.2014
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Name : |
Mr. Cyrus P Mistry |
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Designation : |
Non-Executive Director And Chairman |
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Name : |
Mr. Ravi Kant |
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Designation : |
Non-Executive Director And Vice Chairman |
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Name : |
Mr. N N Wadia |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Dr. R A Mashelkar |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. S Bhargava |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. N Munjee |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. V K Jairath |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Ms. Falguni Nayar |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Dr. Ralf Speth |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Karl Slym |
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Designation : |
Managing Director |
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Name : |
Mr. Ravindra Pisharody |
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Designation : |
Executive Director (Commerical Vehicles) |
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Name : |
Mr. Satish B Borwankar |
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Designation : |
Executive Director (Quality) |
KEY EXECUTIVES
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Name : |
Mr. H K Sethna |
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Designation : |
Company Secretary |
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Name : |
Mr. Ratan N Tata |
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Designation : |
Chairman Emeritus |
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Name : |
Mr Ravindra Pisharody |
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Designation : |
Executive Director (Commercial Vehicles) |
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Name : |
Mr. Satish Borwankar |
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Designation : |
Executive Director (Quality) |
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Name : |
Mr. C Ramakrishnan |
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Designation : |
President and Chief Financial Officer |
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Name : |
Dr. Timothy Leverton |
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Designation : |
President and Head, Advanced and Product Engineering |
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Name : |
Mr. Ranjit Yadav |
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Designation : |
President (Passenger Vehicle Business Unit) |
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Name : |
Mr. Prasann Chobe |
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Designation : |
Senior Vice President (Head Mfg Operations, CVBU) |
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Name : |
Mr. Girish Wagh |
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Designation : |
Senior Vice President (Product Planning & Program Management, PVBU) |
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Name : |
Mr. R Ramakrishnan |
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Designation : |
Senior Vice President (Commercial,CVBU) |
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Name : |
Mr. Abhijit Gajendragadkar |
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Designation : |
Senior Vice President (Business Planning & Controlling) |
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Name : |
Mr. Gajendra Chandel |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr. Nagesh Pinge |
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Designation : |
Vice President (Internal Audit) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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|
937781325 |
43.52 |
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|
1774880 |
0.08 |
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|
1774880 |
0.08 |
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|
939556205 |
43.60 |
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Total shareholding
of Promoter and Promoter Group (A) |
939556205 |
43.60 |
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(B) Public
Shareholding |
||
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|
46280943 |
2.15 |
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|
1149643 |
0.05 |
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|
2038825 |
0.09 |
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241053291 |
11.19 |
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|
713953653 |
33.13 |
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|
11651595 |
0.54 |
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|
11018391 |
0.51 |
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|
632213 |
0.03 |
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|
991 |
0.00 |
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|
1016127950 |
47.15 |
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|
11124284 |
0.52 |
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|
159590947 |
7.41 |
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|
8328893 |
0.39 |
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|
20310293 |
0.94 |
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|
10455726 |
0.49 |
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|
5593589 |
0.26 |
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|
3689429 |
0.17 |
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|
490 |
0.00 |
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|
571059 |
0.03 |
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|
199354417 |
9.25 |
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Total Public
shareholding (B) |
1215482367 |
56.40 |
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Total (A)+(B) |
2155038572 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
581674550 |
0.00 |
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|
581674550 |
0.00 |
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Total (A)+(B)+(C) |
2736713122 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of automobile consisting of all types of commercial and passenger
vehicles including financing of the vehicles sold by the company. |
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Products : |
Not Available |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
66593(Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Note: Nature of security
(on loans including interest accrued thereon) During the year 2009-10, the Company issued 2% secured non-convertible credit enhanced rupee debentures in four tranches, having tenor up to seven years, aggregating Rs42000.000 Millions on a private placement basis. These are secured by a second charge in favour of Vijaya Bank, Debenture Trustee and first ranking pari passu charge in favour of State Bank of India as security trustee on behalf of the guarantors, by way of English mortgage of the Company’s lands, freehold and leasehold, together with all buildings, constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune Districtand plant and machinery and other movable assets situated at Pantnagar in the State of Uttarakhand and at Jamshedpur in the state of Jharkhand. As at March 31, 2014, the outstanding is Rs. 12500.000 Millions. Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to Rs.2000.000 Millionsand 10.25% Coupon, Non-Convertible Debentures amounting to Rs.5000.000 crores are secured by a pari passu charge by way of an English mortgage of the Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat. Buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets = except cash and bank balances, loans and advances of the Company both present and future. The term loan is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2034, along with simple interest at the rate of 0.10 % p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat. Information
regarding short-term borrowings Loans, cash credits, overdrafts and buyers line of credit from banks and Foreign Currency Non Repatriable Borrowings (FCNR(B)) are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins & Sells LLP Chartered Accountant |
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Address : |
Indiabulls Finance Centre, Tower3, 27th -32nd
Floor, Senapati Bapat Marg, Elphinstone Road, (West), Mumbai – 400013,
Maharashtra, India |
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Tel. No.: |
91-22-61854000 |
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Fax No.: |
91-22-6185450/4601 |
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Joint Ventures: |
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Subsidiaries: |
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Associates |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450,00,00,000 |
Ordinary shares |
Rs.2/- each |
Rs.9000.000 Millions |
|
100,00,00,000 |
Ordinary shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
30,00,00,000 |
Convertible Cumulative Preference Share |
Rs.100/- each |
Rs. 30000.000 Millions |
|
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Total |
|
Rs. 39000.000 Millions |
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
273,71,97,592 |
Ordinary shares |
Rs.2/- each |
Rs.5474.400 Millions |
|
48,22,06,515 |
Ordinary shares |
Rs.2/- each |
Rs.964.400 Millions |
|
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Total |
|
Rs. 6438.800 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
273,67,13,122 |
Ordinary shares |
Rs.2/- each |
Rs.5473.400 Millions |
|
48,19,66,945 |
Ordinary shares |
Rs.2/- each |
Rs.964.000 Millions |
|
Add: |
Call Unpaid-Ordinary Share |
|
Rs.(0.100) Million |
|
Add: |
Paid Up |
|
Rs. 6437.300 Millions |
|
Add: |
Forfeited shares- Ordinary shares |
|
Rs. 0.500 Million |
|
|
|
|
|
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Total |
|
Rs. 6437.800 Millions |
MOVEMENT OF NUMBER OF SHARES AND SHARE CAPITAL:
|
No. of Shares |
Type |
Amount |
|
270,81,56,151 |
Ordinary shares |
Rs.5416.300 Millions |
|
7,405 |
Shares issued out of held in abeyance |
- |
|
2,85,49,566 |
Shares issued through conversion of Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) |
Rs.57.100 Million |
|
|
Total |
Rs. 5473.400 Millions |
|
|
|
|
|
48,19,59,620 |
Ordinary shares |
Rs. 964.000 Millions |
|
7,325 |
Add: Shares issued out of held in abeyance |
|
|
|
Total |
Rs. 964.000
Millions |
RIGHTS, PREFERENCES
AND RESTRICTIONS ATTACHED TO SHARES:
- Ordinary shares and ‘A’ Ordinary shares both of Rs.2 each:
- The Company has two classes of shares – the Ordinary shares and the ‘A’ Ordinary shares both of `2 each (together referred to as shares). In respect of every Ordinary share (whether fully or partly paid), voting rights shall be in the same proportion as the capital paid up on such Ordinary share bears to the total paid up Ordinary share capital of the Company. In case of every ‘A’ Ordinary share, if any resolution is put to vote on a poll or by postal ballot at any general meeting of shareholders, the holder shall be entitled to one vote for every ten ‘A’ Ordinary shares held as per the terms of its issue and if a resolution is put to vote on a show of hands, the holder of ‘A’ Ordinary shares shall be entitled to the same number of votes as available to holders of Ordinary shares.
- The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. Further, the Board of Directors may also announce an interim dividend. The holders of ‘A’ Ordinary shares shall be entitled to receive dividend for each financial year at five percentage point more than the aggregate rate of dividend declared on Ordinary shares for that financial year.
- In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings.
- American Depositary Shares (ADSs) and Global Depositary Shares (GDSs)
- Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of `2 each. A holder of ADS and GDS is not entitled to attend or vote at shareholders meetings. An ADS holder is entitled to issue voting instructions to the Depositary with respect to the Ordinary shares represented by ADSs only in accordance with the provisions of the Company’s ADS deposit agreement and Indian Law. The depositary for the ADSs and GDSs shall exercise voting rights in respect of the deposited shares by issue of an appropriate proxy or power of attorney in terms of the respective deposit agreements.
- Shares issued upon conversion of ADSs and GDSs will rank pari passu with existing Ordinary shares of `2 each in all respects, including entitlement of the dividend declared.
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 |
6437.800 |
6380.700 |
6347.500 |
|
(b) Reserves & Surplus |
185328.700 |
184967.700 |
187329.100 |
|
(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) |
191766.500 |
191348.400 |
193676.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
97464.500 |
80517.800 |
80045.000 |
|
(b) Deferred tax liabilities (Net) |
431.100 |
19639.100 |
21054.100 |
|
(c) Other long term
liabilities |
11554.800 |
12384.400 |
19596.300 |
|
(d) long-term
provisions |
8152.000 |
6911.900 |
6855.600 |
|
Total Non-current
Liabilities (3) |
117602.400 |
119453.200 |
127551.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings)p |
47690.800 |
62169.100 |
30071.300 |
|
(b) Trade
payables |
96723.600 |
84550.200 |
87055.300 |
|
(c) Other
current liabilities |
24631.800 |
49231.000 |
74709.500 |
|
(d) Short-term
provisions |
18929.100 |
15095.800 |
29545.600 |
|
Total Current
Liabilities (4) |
187975.300 |
211046.100 |
221381.700 |
|
|
|
|
|
|
TOTAL |
497344.200 |
521847.700 |
542609.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
121335.000 |
122877.100 |
117464.700 |
|
(ii)
Intangible Assets |
31070.700 |
31680.300 |
32730.500 |
|
(iii)
Capital work-in-progress |
17168.500 |
15078.400 |
19103.000 |
|
(iv)
Intangible assets under development |
46382.200 |
32449.600 |
21263.700 |
|
(b) Non-current Investments |
183575.700 |
181717.100 |
179032.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29183.000 |
35752.400 |
34881.100 |
|
(e) Other
Non-current assets |
1238.500 |
943.200 |
1004.200 |
|
Total Non-Current
Assets |
429953.600 |
420498.100 |
405480.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1008.500 |
17626.800 |
25902.600 |
|
(b)
Inventories |
38625.300 |
44550.300 |
45882.300 |
|
(c) Trade
receivables |
12167.000 |
18180.400 |
27083.200 |
|
(d) Cash
and cash equivalents |
2261.500 |
4628.600 |
18409.600 |
|
(e)
Short-term loans and advances |
12237.700 |
15320.900 |
18717.400 |
|
(f) Other
current assets |
1090.600 |
1042.600 |
1134.100 |
|
Total
Current Assets |
67390.600 |
101349.600 |
137129.200 |
|
|
|
|
|
|
TOTAL |
497344.200 |
521847.700 |
542609.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
342881.100 |
447657.200 |
543065.600 |
|
|
|
Other Income |
38330.300 |
20882.000 |
5740.800 |
|
|
|
TOTAL (A) |
381211.400 |
468539.200 |
548806.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
204928.700 |
272442.800 |
338948.200 |
|
|
|
Purchases of Stock-in-Trade |
50498.200 |
58644.500 |
64339.500 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
3717.200 |
(1436.000) |
(6238.400) |
|
|
|
Employees benefits expense |
28776.900 |
28370.000 |
26914.500 |
|
|
|
Product Development Expenses |
4287.400 |
4257.600 |
2342.500 |
|
|
|
Expenditure Transferred to
Capital and Other |
(10091.100) |
(9538.000) |
(9071.300) |
|
|
|
Exceptional Item |
5398.600 |
4162.000 |
5852.400 |
|
|
|
Other expenses |
69875.300 |
77833.200 |
84055.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23820.200 |
33803.100 |
41663.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13375.200 |
13877.600 |
12186.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10445.000 |
19925.500 |
29477.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20703.000 |
18176.200 |
16067.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(10258.000) |
1749.300 |
13410.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(13603.200) |
(1268.800) |
988.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3345.200 |
3018.100 |
12422.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13427.900 |
16639.100 |
20789.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
334.500 |
-998.200 |
1950.000 |
|
|
|
Dividend |
6662.700 |
7227.500 |
14622.400 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9775.900 |
13427.900 |
16639.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
35082.600 |
34190.500 |
35982.200 |
|
|
|
Rent Income |
41.000 |
73.000 |
67.500 |
|
|
|
Interest and Dividend |
13858.900 |
14305.800 |
462.300 |
|
|
|
Sale Services |
752.900 |
275.700 |
250.500 |
|
|
|
Profit on sale of Investment |
19661.200 |
0.000 |
0.000 |
|
|
|
Commission |
20.700 |
13.300 |
7.000 |
|
|
TOTAL
EARNINGS |
69417.300 |
885.355 |
36769.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10496.500 |
10570.300 |
13646.900 |
|
|
|
Machinery spares parts |
354.600 |
606.600 |
573.100 |
|
|
|
Vehicles |
2740.300 |
4569.800 |
5255.100 |
|
|
|
Other |
356.800 |
383.200 |
154.700 |
|
|
|
Capital Goods |
2643.700 |
2753.400 |
3624.800 |
|
|
TOTAL IMPORTS |
16591.900 |
18883.300 |
23254.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.13 |
1.03 |
4.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.98 |
0.67 |
2.29 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.95 |
7.55 |
7.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.10) |
0.60 |
4.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.01 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
0.75 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.36 |
0.48 |
0.62 |
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 |
6347.500 |
6380.700 |
6437.800 |
|
Reserves & Surplus |
187329.100 |
184967.700 |
185328.700 |
|
Net worth |
193676.600 |
191348.400 |
191766.500 |
|
|
|
|
|
|
long-term borrowings |
80045.000 |
80517.800 |
97464.500 |
|
Short term borrowings |
30071.300 |
62169.100 |
47690.800 |
|
Total borrowings |
110116.300 |
142686.900 |
145155.300 |
|
Debt/Equity ratio |
0.569 |
0.746 |
0.757 |
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 |
543065.600 |
447657.200 |
342881.100 |
|
|
|
(17.568) |
(23.405) |
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 |
543065.600 |
447657.200 |
342881.100 |
|
Profit |
12422.300 |
3018.100 |
3345.200 |
|
|
2.29% |
0.67% |
0.98% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particular |
As
on 31.03.2014 (Rs.
in Millions) |
As
on 31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Foreign Currency Convertible |
0.000 |
4022.500 |
|
Privately placed Non-Convertible Debentures |
33000.000 |
25000.000 |
|
Term loans from
Banks |
|
|
|
External Commercial Borrowings - USD 500 million |
29950.000 |
27142.600 |
|
Buyers’ line of credit |
9460.800 |
373.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From banks |
20000.000 |
4000.000 |
|
Loans and advances from subsidiaries and associates |
310.000 |
3506.000 |
|
Commercial paper [maximum balance outstanding during the year Rs. 37150.000 Millions |
7934.400 |
19865.600 |
|
Total |
100655.200 |
83909.700 |
|
|
|
|
Litigation Details:
HIGH COURT OF
BOMBAY
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
APPL/3/2014 |
Failing Date:- |
03.01.2014 |
|
|||
|
Main Matter |
|||||||
|
Lodging No. : |
ARBPL/1156/2011 |
|
|
Reg. No.:- |
ARBP/955/2011 |
|
|
|
Petitioner:- |
GUJRAT URJA VIKAS NIGAM LTD. AND 6 ORS |
Respondent:- |
TATA MOTORS LIMITED |
||||
|
Petn.Adv:- |
MDP AND PARTNERS (13989) |
|
|||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
APPEALS |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
APPEALS FOR ADMISSION – FRESH (OROGINAL SIDE MATTERS) |
||||
|
Last Date:- |
05.02.2014 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.J.VAZIFDAR HON’BLE SHRI JUSTICE B.P. COLABAWALLA |
||||||
|
|
|
||||||
|
Act. : |
Arbitration and conciliation Act 1996 |
Under Section: 34 |
|||||
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OVERVIEW:
India’s GDP growth continues to remain weak, at 4.7% in FY 2013-14
(advance estimates) after growing at 4.5% in FY 2012-13. Industrial activity
continues to remain weak. Index of Industrial production (IIP) was negative at
0.1% during FY 2013-14. The stagnation in the industrial activity was
broad-based. While mining output registered a negative of 1.1%, manufacturing
output registered a negative of 0.7% during the same period. FY 2013-14
witnessed a decline in investments in new projects in line with slowdown in
overall growth.
Growth rate in
GDP:
On the back of tight monetary policy, limited Fiscal spending, rising
Inflation and slowing investments, over the previous year, FY 2013- 14 saw many
of the same challenges continuing into the year. FY 2013-14 was marked by the
challenge to the Government to contain the fiscal deficit, and the Government
expenditure on infrastructure and other key sectors suffered. Current account
deficit was brought in control.
As a result, the domestic auto industry saw decline after a long time.
With the continued high interest rates and inflation, households were forced to
spend more on essentials and discretionary spend reduced, leading to deferring
of purchase decisions. The consistent stagnation of the industrial growth
mainly in the areas of mining and quarrying, manufacturing and infrastructure adversely
impacted the domestic auto industry.
On the global economy front, it was still a struggle, with the Euro zone
in recession for much of 2013. However, in the developed world which had
started as an uneven and patchy, recovery began to strengthen. The US economy,
despite having to cope with feuding over its budget, seems to have sped up. It
has been creating jobs and its housing market and stock indicator have moved up
sharply. By the end of the year 2013, the UK had become, on some counts the fastest
growing large developed economy. UK labor market conditions improved as
employment increased. Rising consumer and business confidence helped to
underpin stronger retail sales and investment spending, while the recovery in
house prices helped shore up household wealth. This was led by higher
consumption, in turn leading to fears of overheating in the housing market.
Germany had a solid year, reducing unemployment and boosting living
standards. However, across the Mediterranean the pattern was more disappointing,
with Italy, Spain, Portugal and Greece all enduring a year of rising
unemployment. Europe and the euro are not out of trouble, but the acute phase
of their difficulties may be past. However, there is still a long way to go:
deflation risks remain, the sovereign and banking crisis is not fully resolved,
and there is a considerable gulf in performance between the core and the
periphery.
The structural shift from the developed world towards the emerging world
continued but at a slightly slower pace than before. Industrial activity picked
up pace throughout the year, supporting continued employment growth. With asset
prices buoyant and confidence returning, the pillars of support for consumer
spending fell back into place during 2013. In the emerging markets due to
announcement by the US Federal Reserve in May, that it would soon begin
reducing its monthly asset purchases (so-called “tapering”), caused currencies
to depreciate, stock markets to fall and borrowing costs to rise. Countries
with large current account and fiscal deficits were worst affected. Growth in China was at 7.5% and Africa,
encouragingly, grew by more than 5%.
TATA MOTORS
BUSINESS:
Consequent to the macro economic factors as explained above, the Indian
automobile industry posted a decline of 9.3% in FY 2013-14, as compared to 1.1%
growth in the last fiscal. The commercial vehicles declined by 22.4% (last year
growth of 1.7%) and passenger vehicles declined by 4.7% (last year growth of
0.9%).
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Commercial
Vehicles:
The demand for Commercial vehicles remained depressed throughout the
year. For FY 2013-14 the Commercial vehicle industry volumes at 698,907 reflect
a decline of 22.4% over FY 2012-13. The Medium and Heavy Commercial Vehicles
(M&HCV) segment recorded a further negative of 25.2% on the back of 23.3%
decline in the last fiscal. The ban on mining, fleet underutilization, fall in
resale value and low economic activities contributed to the fall. However, over
the last few months, the decline has slowed down and volumes have stabilized
through efforts taken by the Government to revive the sector by 4% reduction in
excise duty, partial lifting of mining bans and increase in freight rates,
indicating that the economy may be nearing the end of the down-cycle. While the
M&HCV segment had declined in the last fiscal, the contraction of the Light
Commercial Vehicles (LCV) segment by 21.2% is more significant because it was
the growth driver in the past, growing by 17.9% in the last fiscal. The fall in
this segment has been led by the drop in the Small Commercial Vehicle (SCV)
volumes where fund availability is the most critical element. The high default
rates in loans coupled with early delinquencies prompted the financiers to
tighten lending norms, reduce the Loan-to-value (LTV) ratio and go into a
collection mode impacting the SCV segment quite sharply.
Even under these difficult conditions, the Company has been able to gain
market share in the critical M&HCV segment. The Company has been focusing
intensely on market and customer activities to stimulate the buying sentiments.
Activities included the Prima Truck Racing Championship event in March, 2014
the first of its kind initiative in the Indian trucking history. The Prima LX
series of trucks – a combination of economy &technology - were launched in
FY2013- 14 which included – 2523T, 3123T, 4028S (Single reduction and Hub
reduction) and 4928S (Single reduction and Hub reduction), 4923.S LX, Prima 4938
Tractor, 3138K Tipper, LPT 3723 - India’s first 5 axle truck and LPK 3118, and
Prima LX series of Tippers – 2523K, 3123K, 2528K & 3128K. One of the
successful marketing initiatives was the Power of Five campaign for M&HCV
trucks which was conducted across various locations across the country to
counter competition. The campaign focuses on five advantages of the Company’s
vehicles – 1) Better KMPL, 2) Best Vehicle Uptime 3) Highest Resale Value, 4)
Best in class four year warranty, 5) Lowest maintenance cost and five powerful
offerings – i) Triple benefit insurance, ii) Increased Oil change interval,
iii) 4 Year AMC, iv) Tata Alert, v) Fleetman. The bus segment also witnessed
growthin market share for the Company, due to intensive sales efforts coupled
with launch of buses with mechanical FIP, introduction of Starbus Ultra in
Stage carriage, marketing initiatives such as ‘Humare Bus Ki Baat Hain’ and
‘Dream it to win it’ program. The warranty for M&HCV buses and trucks were
increased to three years and four years respectively symbolizing improvement in
quality. The Tata Alert service, to return a vehicle back on road within 48
hours, has been expanded across all national highways. The Company registered a
decline in the market share of LCV segment due to the sharp fall in volumes of
the high share SCV segment. The newly launched Ultra trucks have started to
receive good response from the market. There have been various other
initiatives such as the Freedom campaign and Triumph through trials campaign of
back-to back and standalone fuel trials to establish the superior fuel
efficiency of vehicles. The Company tied up with various PCGs (Public sector,
Co-operative & Gramin banks) and has brought out several lucrative
financing schemes to ease the financing situation. The Company also launched a
major initiative called, ‘Saathi’, a Parts retailers’ customer referral program
for entire SCV range, to leverage their customer base. Some of launches this
year were the Ace, Magic DICOR and facelifts.
PASSENGER VEHICLES:
The Passenger Vehicle Industry contracted for the first time in the last
five years, in FY 2013-14 with decline of 4.7%. The last such instance was
during the economic slowdown of FY 2008-09 when it remained close to flat at
negative 0.5%. The decline in sales volumes is seen across segments, but sedans
bore the biggest brunt. Hatchbacks and UV’s continue to be the volume segments.
The high growth in UV segment last year, with the onset of Soft Roaders could
not be repeated this year. The premium and luxury vehicles segment however has
seen a growth even in an otherwise declining year.
INDEX OF CHARGES
|
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
CHARGE ID |
|
1 |
10219310 |
27/03/2012 * |
7,000,000,000.00 |
VIJAYA BANK |
Merchant Banking Division, Head Office,, 41/2, M. |
1 |
|
2 |
10173404 |
18/06/2014 * |
21,900,000,000.00 |
State Bank Of India |
State Bank Bhavan,, Madame Cama Road, Nariman PoiNt, Mumbai, Maharashtra - 400021, India |
2 |
|
3 |
10170584 |
28/03/2013 * |
42,000,000,000.00 |
VIJAYA BANK |
Merchant Banking Division, Head Office,, 41/2, M. G. Road, Bangalore, Karnataka - 560001, India |
3 |
|
4 |
10103711 |
30/01/2008 |
12,000,000,000.00 |
CENTRAL BANK OF INDIA |
Debenture Trustee Section, Central Bank (MMO) Building Mumbai, |
4 |
|
5 |
90232212 |
22/03/2002 |
278,985,000.00 |
IDBI BANK LTD. |
Mumbai, Mumbai, Maharashtra - 400005, India |
5 |
|
6 |
90230998 |
25/05/2000 * |
3,000,000,000.00 |
CENTRAL BANK OF INDIA |
Jehangir Wadia Building, M. G. Road; Fort, Mumbai |
6 |
|
7 |
90230950 |
30/08/2006 * |
37,000,000,000.00 |
STATE BANK OF INDIA |
Corporate Account Group-Central Branch, 20th Floor, Express Towers, Nariman Point, Mumbai, Maharashtra - 400021, India |
7 |
|
8 |
90229254 |
26/06/2012 * |
140,000,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group Branch- Central, 3rd Floor |
8 |
|
9 |
90232005 |
22/01/1997 |
1,261,200,000.00 |
STATE BANK OF INDIA |
Nariman Point, Mumbai, Maharashtra - 400021, India |
9 |
|
10 |
90230805 |
15/02/1995 * |
940,000,000.00 |
CENTRAL BANK OF INDIA |
Chandermukhi, Nariman Point, Mumbai, Maharashtra |
10 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Office Equipment
- Computers
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
|
Particulars |
Three months ended |
Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
86578.500 |
76128.900 |
162707.400 |
|
|
(b) Other Operating Income |
917.700 |
918.700 |
1836.400 |
|
|
Total income from operations (net) |
87496.200 |
77047.600 |
164543.800 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
52973.600 |
51050.100 |
104023.700 |
|
|
(b) Purchases of stock-in trade |
14749.400 |
11382.500 |
26131.900 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(1282.800) |
(5418.000) |
(6700.800) |
|
|
(d) Employee benefits expense |
7510.000 |
7395.500 |
14905.500 |
|
|
(e) Depreciation and Amortization Expenses |
6134.700 |
5408.200 |
11542.000 |
|
|
(f) Other Expenses |
18239.900 |
17345.000 |
35584.900 |
|
|
(g) Product Development |
1199.200 |
796.000 |
1995.200 |
|
|
(h) Amount Capitalized |
(3246.900) |
(2522.100) |
(5769.000) |
|
|
Total expenses |
96277.100 |
85437.200 |
181714.300 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
(8780.900) |
(8389.600) |
(17170.500) |
|
4 |
Other Income |
1427.100 |
15971.900 |
17399.000 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
(7353.800) |
7582.300) |
228.500 |
|
6 |
Finance Costs |
3448.200 |
3398.000 |
6846.200 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
(10802.000) |
4184.300 |
(6617.700) |
|
8 |
Exceptional items |
271.700 |
247.800 |
519.500 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(11073.700) |
3936.500 |
(7137.200) |
|
10 |
Tax expenses |
7382.600 |
0.000 |
7382.600 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(18456.300) |
3936.500 |
(14519.800) |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(18456.300) |
3936.500 |
(14519.800) |
|
14 |
Share of profit' (loss) of associates |
|
|
|
|
15 |
Minority Interest |
|
|
|
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
|
|
|
|
17 |
Paid up equity share capital (Face Value of Rs 2/-each) |
6437.800 |
6437.800 |
6437.800 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
|
|
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized): |
|
|
|
|
|
(a) Basic |
(5.73) |
1.21 |
(4.51) |
|
|
(b) Diluted |
(5.73) |
1.21 |
(4.51) |
|
|
‘A’ Ordinary Share |
|
|
|
|
|
(a) Basic |
(5.73) |
1.21 |
(4.51) |
|
|
(b) Diluted |
(5.73) |
1.21 |
(4.51) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
1215482367 |
1215482372 |
1215482367 |
|
|
- Percentage of shareholding |
44.42% |
44.42% |
44.42% |
|
2 |
Promoters and Promoter group shareholding |
479488358 |
478738359 |
479788358 |
|
|
a) Pledged / Encumbered |
99.49 |
99.33 |
99.49 |
|
|
- Number of shares |
61400000 |
76400000 |
61400000 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
6.54 |
8.13 |
6.54 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
2.24 |
2.79 |
2.24 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
878156205 |
863156205 |
878156205 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
93.46 |
91.87 |
93.46 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
32.09 |
31.54 |
32.09 |
|
|
B. b) Non Encumbered |
|
|
|
|
|
- Number of shares |
2478587 |
3228587 |
2478587 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
0.51 |
0.67 |
0.51 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
6 |
|
|
|
|
Received during the quarter |
9 |
|
|
|
|
Disposed off during the quarter |
11 |
|
|
|
|
Remaining unresolved at the end of the quarter |
4 |
|
|
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
6437.800 |
|
|
b) Reserves & Surplus |
171658.900 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
178096.700 |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
98092.800 |
|
|
(b) Other long term liabilities |
11835.500 |
|
|
fc) Long term provisions |
15320.500 |
|
|
Sub Total- Non Current Liabilities |
125248.800 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
72372.100 |
|
|
(b) Trade Payables |
88137.900 |
|
|
(c) Other current liabilities |
29527.400 |
|
|
(d) Short term provisions |
11762.800 |
|
|
Sub Total- Current Liabilities |
201800.200 |
|
|
TOTAL-EQUITY AND LIABILITIES |
505145.700 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
222605.400 |
|
|
(b) Long term loans and advances |
23305.300 |
|
|
(c)Non-Current Investment |
167738.900 |
|
|
(d)Other Non-current Assets |
1604.100 |
|
|
Sub-Total- Noncurrent assets |
415253.700 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
10003.600 |
|
|
b) Inventories |
47540.000 |
|
|
c) Trade Receivables |
13403.500 |
|
|
d) Cash and cash equivalents |
3326.500 |
|
|
(e) Short term loans and advances |
14062.300 |
|
|
(f) Other current assets |
1556.100 |
|
|
Sub-Total- current assets |
89892.000 |
|
|
TOTAL ASSETS |
505145.700 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
74 |
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.