MIRA INFORM REPORT
|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRACTORS AND FARM EQUIPMENT LIMITED |
|
|
|
|
Registered
Office : |
861, Anna Salai, Chennai – 600002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.11.1960 |
|
|
|
|
Com. Reg. No.: |
18-004337 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.120.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29129TN1960PLC004337 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00112A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2761Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Tractors, Injection Moulded
Plastic Components. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 111800000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established tractor major incorporated in Chennai, India.
It is the third largest tractor manufacturer in the world and the second
largest in India by volumes, with an approximate 25% market share of the
Indian tractor industry. The company possesses a pretty good financial position marked by
healthy networth and strong liquidity position along with a decent profit
margin reported during 2013. The directors of the subject are reported as well experienced and
knowledgeable businessmen. Trade relations are fair. Business is active. Payment terms are reported
as regular and as per commitments. In view of highly experienced and resourceful promoter group, the
subject can be considered for good 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Letter of Credit : “A1+” |
|
Rating Explanation |
Strongest degree of safety it carry lowest credit risk. |
|
Date |
09.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit : “AA+” |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
09.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Chandra Mohan |
|
Designation : |
Vice President |
|
Contact No.: |
91-44-66919010 |
|
Date : |
22.02.2014 |
LOCATIONS
|
Registered Office : |
861, Anna Salai, Chennai – 600002, |
|
Tel. No.: |
91-44-28228782/ 28008782/ 28279073 / 66919001 |
|
Fax No.: |
91-44-28260224 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
35, |
|
Tel. No.: |
91-44-28279073/
66919000 |
|
Fax No.: |
91-44-28260224/
21111111 |
|
E-Mail : |
|
|
Area : |
10,000
sq. ft. |
|
Location : |
Leased |
|
|
|
|
Management
Development Consultancy Centre: |
105, Dr.
Radhakrishnan Salai, Mylapore, Chennai – 600004, |
|
Tel. No.: |
91-44-28476872 |
|
Fax No.: |
91-44-28472572 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-44-25375861/ 25371535/ 25375862/ 25375867/ 25375355 |
|
Fax No.: |
91-44-25372478/ 25375865 |
|
|
|
|
Factory 2 : |
10/205,
Kalladaipatti, P O – 624201, Dindigul District, |
|
Tel. No.: |
91-4543-254602-04/254476 |
|
Fax No.: |
91-4543-54515 |
|
|
|
|
Factory 3 : |
Plot
No.1, KIADB Industrial Area, Doddaballapur, District Bangalore – 561203, |
|
Tel. No.: |
91-8119-223560 |
|
|
|
|
Factory 4 : |
Mandideep, Bhopal, Madhya Pradesh, India |
|
|
|
|
Factory 5 : |
Alwar, Rajasthan, India |
|
|
|
|
Factory 6 : |
Parwanoo, Himachal Pradesh, India |
DIRECTORS
As on 27.08.2013
|
Name : |
Mr. Srinivasan Natesan |
|
Designation : |
Director |
|
Address : |
T-19, |
|
Date of Birth/Age : |
27.07.1931 |
|
Qualification: |
MBA |
|
Date of Appointment : |
22.02.1995 |
|
DIN No.: |
00004195 |
|
|
|
|
Name : |
Mr.
Ramesh Chander Banka |
|
Designation : |
Whole Time Director |
|
Address : |
New No.6 Old No.14, 1st Avenue, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India |
|
Date of Birth/Age : |
15.10.1934 |
|
Qualification: |
MBA |
|
Date of Appointment : |
06.08.1999 |
|
DIN No.: |
00036997 |
|
|
|
|
Name : |
Ms.
Mallika Srinivasan |
|
Designation : |
Director |
|
Address : |
West
Side House, 2, |
|
Date of Birth/Age : |
19.11.1959 |
|
Qualification: |
MBA |
|
Date of Appointment : |
27.12.1994 |
|
PAN No.: |
AALPS2708J |
|
DIN No.: |
00037022 |
|
|
|
|
Name : |
Mr. Majundar Laxman Satyanarainrao |
|
Designation : |
Director |
|
Address : |
7/1, |
|
Date of Birth/Age : |
19.02.1932 |
|
Date of Appointment : |
22.02.1995 |
|
DIN No.: |
00208969 |
|
|
|
|
Name : |
Mr. Gary Lee Collar |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
4177, Tamil Lane, Central Point, Orgon 97052 |
|
Date of Birth/Age : |
06.08.1956 |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
05283713 |
|
|
|
|
Name : |
Mr. Pillapakam Bahukudumbi Sampath |
|
Designation : |
Additional director |
|
Address : |
31/1, Bhagirathi Ammal Street, T.Nagar, Chennai – 600017, Tamilnadu,
India |
|
Date of Birth/Age : |
11.10.1944 |
|
Date of Appointment : |
28.08.2013 |
|
DIN No. : |
00037043 |
|
|
|
|
Name : |
Ved Prakash Ahuja |
|
Designation : |
Additional Director |
|
Address : |
Kaasgraben-7 1190 Vienna Vienna |
|
Date of Birth/Age : |
03.06.1933 |
|
Date of Appointment : |
28.08.2013 |
|
DIN No. : |
00036914 |
|
|
|
|
Name : |
Mr. Chittranjan Dua |
|
Designation : |
Additional Director |
|
Address : |
88, Sunder Nagar, New Delhi – 110003, India |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
28.08.2013 |
|
DIN No. : |
00036080 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Mohan |
|
Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Simpson and Company Limited, |
|
9148918 |
|
A. Krishnamoorthy |
|
60 |
|
S. Ramanujachari and Amalgamations Private Limited, India |
|
120 |
|
Associates Printers ( |
|
600 |
|
Agco Limited, |
|
2850000 |
|
Mallika Srinivasan |
|
140 |
|
S. Ramanujachari |
|
2 |
|
Lakshmi Venu |
|
5 |
|
Sudarshan Venu |
|
5 |
|
Shriram Murali |
|
150 |
|
Total |
|
12000000 |
As on 27.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
23.75 |
|
Bodies corporate |
76.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Tractors, Injection Moulded
Plastic Components. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
·
Central Bank of · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
8th Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding Company: |
Simpson and Company Limited, India U65991TN1925PLC002345 |
|
|
|
|
Ultimate Holding
Company: |
Amalgamations Private Limited, India U35999TN1938PTC000019 |
|
|
|
|
Subsidiary Company: |
· Alpump Limited CIN No.: U27209TN1976PLC007164 · TAFE Tractors Changshu Company Limited · Southern Tree Farms Limited CIN No.: U01132TN1986PLC013469 · TAFE Access Limited CIN No.: U15499TN1992PLC023544 · TAFE International Traktör Ve · TAFE Motors and Tractors Limited CIN No.: U29211TN2005PLC055476 · TAFE Reach Limited CIN No.: U50300TN2003PLC051918 · TAFE USA Inc · Tal Precision Parts Limited CIN No.: U34300TN2003PLC051919 |
|
|
|
|
Associate: |
· Amalgamations Valeo Clutch Private Limited CIN No.: U29130TN1997PTC037909 · Amco Saft India Limited CIN No.: U85110KA1996PLC021517 · Kuduma Fasteners Private Limited CIN No.: U28991KA1984PTC006227 · Stanadyne Amalgamations Private Limited CIN No.: U34107TN2001PTC047925 · Stanes Amalgamated Estates Limited CIN No.: L01132TZ1946PLC000180 · The United Nilgiri Tea Estates Company Limited CIN No.: L01132TZ1922PLC000234 |
|
|
|
|
Fellow Subsidiary
Company: |
· India Pistons Limited CIN No.: U35999TN1949PLC000951 · Wheel and Precision Forgings India Limited CIN No.: U28910TN1951PLC003308 · Bimetal Bearings Limited CIN No.: L29130TN1961PLC004466 · Bbl Daido Private Limited CIN No.: U34300TN2001PTC048109 · Addison and Company Limited CIN No.: U28939TN1914PLC000008 · Addisons Paints and Chemicals Limited CIN No.: U24222TN1948PLC000025 · Addisons Paints and Chemicals Limited CIN No.: U24222TN1948PLC000025 · Amalgamations Repco Limited CIN No.: U35999TN1967PLC005566 · Amco Batteries Limited CIN No.: U31400TN1955PLC080755 · Associated Printers (Madras) Private Limited CIN No.: U22110TN1950PTC000036 · George Oakes Limited CIN No.: U50300TN1956PLC000758 · Higginbothams Private Limited CIN No.: U52396TN1950PTC000871 · India Pistons Limited CIN No.: U35999TN1949PLC000951 · IP Rings Limited CIN No.: L28920TN1991PLC020232 · L.M.Van Moppes Diamond Tools India Private Limited CIN No.: U28930TN1962PTC004872 · Shardlow India Limited CIN No.: U35990TN1960PLC004235 · Simpson and General Finance Company Limited CIN No.: U65190TN1938PLC002355 · Speed-A-Way Private Limited CIN No.: U51909TN1938PTC002347 · Sri Rama Vilas Service Limited CIN No.: U29214TN1938PLC002346 · Stanes Motors South India Limited CIN No.: U50101TZ1930PLC000171 · T Stanes and Company Limited CIN No.: L02421TZ1910PLC000221 · The Madras Advertising Company Private Limited CIN No.: U74300TN1954PTC001514 · Wallace Cartwright and Company Limited · IPL Engine Components Private Limited CIN No.: U29253TN2010PTC077285 |
|
|
|
|
Other Related
Party: |
Agco Holdings BV |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
2000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
120.000 |
120.000 |
|
(b) Reserves & Surplus |
|
27,829.913 |
22,485.685 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
27,949.913 |
22,605.685 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
104.332 |
244.192 |
|
(b) Deferred tax liabilities (Net) |
|
159.000 |
77.000 |
|
(c) Other long term
liabilities |
|
339.607 |
310.120 |
|
(d) long-term
provisions |
|
100.385 |
181.905 |
|
Total Non-current
Liabilities (3) |
|
703.324 |
813.217 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
7,734.054 |
7,810.628 |
|
(c) Other
current liabilities |
|
1,667.946 |
954.927 |
|
(d) Short-term
provisions |
|
473.232 |
491.441 |
|
Total Current
Liabilities (4) |
|
9,875.232 |
9,256.996 |
|
|
|
|
|
|
TOTAL |
|
38,528.469 |
32,675.898 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
3,471.105 |
2,791.319 |
|
(ii)
Intangible Assets |
|
48.333 |
0.000 |
|
(iii)
Capital work-in-progress |
|
17.309 |
41.623 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
13,890.004 |
4,548.177 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
739.929 |
776.486 |
|
(e) Other Non-current
assets |
|
20.000 |
20.000 |
|
Total Non-Current
Assets |
|
18,186.680 |
8,177.605 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
3,279.571 |
6,444.927 |
|
(b)
Inventories |
|
3,553.467 |
3,555.300 |
|
(c) Trade
receivables |
|
6,025.070 |
6,112.697 |
|
(d) Cash
and cash equivalents |
|
4,084.396 |
4,354.884 |
|
(e)
Short-term loans and advances |
|
1,491.579 |
1,203.382 |
|
(f) Other
current assets |
|
1,907.706 |
2,827.103 |
|
Total
Current Assets |
|
20,341.789 |
24,498.293 |
|
|
|
|
|
|
TOTAL |
|
38,528.469 |
32,675.898 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
120.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
16945.487 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
17065.487 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
252.593 |
|
|
TOTAL BORROWING |
|
|
252.593 |
|
|
DEFERRED TAX LIABILITIES |
|
|
159.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17477.080 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2369.787 |
|
|
Capital work-in-progress |
|
|
173.043 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
9614.576 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2776.443
|
|
|
Sundry Debtors |
|
|
3680.970
|
|
|
Cash & Bank Balances |
|
|
3624.734
|
|
|
Other Current Assets |
|
|
180.604
|
|
|
Loans & Advances |
|
|
2933.603
|
|
Total
Current Assets |
|
|
13196.354
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
6615.166
|
|
|
Other Current Liabilities |
|
|
924.671
|
|
|
Provisions |
|
|
336.843
|
|
Total
Current Liabilities |
|
|
7876.680
|
|
|
Net Current Assets |
|
|
5319.674
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17477.080 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
51320.282 |
51871.187 |
38186.162 |
|
|
|
Other Income |
2242.193 |
2019.091 |
1540.123 |
|
|
|
TOTAL (A) |
53562.475 |
53890.278 |
39726.285 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
34014.010 |
36024.762 |
25165.194 |
|
|
|
Purchases of stock-in-trade |
1840.412 |
1547.710 |
1322.138 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(243.396) |
(654.315) |
(203.179) |
|
|
|
Employee benefit expense |
2584.730 |
2135.188 |
1946.837 |
|
|
|
Other expenses |
7031.363 |
6286.703 |
5035.302 |
|
|
|
TOTAL (B) |
45227.119 |
45340.048 |
33266.292 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8335.356 |
8550.230 |
6459.993 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.210 |
46.759 |
56.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8267.146 |
8503.471 |
6403.795 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
315.693 |
275.284 |
249.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7951.453 |
8228.187 |
6154.502 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2179.200 |
2369.160 |
1844.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5772.253 |
5859.027 |
4310.502 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Manufactured Goods |
|
|
6581.434 |
|
|
|
Traded Goods |
|
|
854.211 |
|
|
TOTAL EARNINGS |
8940.407 |
11387.040 |
7435.645 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1271.141 |
1031.924 |
1000.230 |
|
|
|
Stores & Spares |
120.683 |
129.170 |
183.979 |
|
|
|
Capital Goods |
236.529 |
400.636 |
143.533 |
|
|
TOTAL IMPORTS |
1628.353 |
1561.730 |
1327.742 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
481.02 |
488.25 |
205.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.78
|
10.85 |
10.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.49
|
15.86 |
16.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.30
|
29.30 |
39.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.36 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.65 |
1.68 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
120.000 |
120.000 |
|
Reserves & Surplus |
22485.685 |
27829.913 |
|
Net
worth |
22,605.685 |
27,949.913 |
|
|
|
|
|
long-term borrowings |
244.192 |
104.332 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
244.192 |
104.332 |
|
Debt/Equity
ratio |
0.011 |
0.004 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
38186.162 |
51871.187 |
51320.282 |
|
|
|
35.838 |
(1.062) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
38186.162 |
51871.187 |
51320.282 |
|
Profit |
4310.502 |
5859.027 |
5772.253 |
|
|
11.29% |
11.30% |
11.25% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10132202 |
28/07/2009 * |
1,600,000,000.00 |
CENTRAL BANK OF INDIA AND STATE BANK OF INDIA |
CENTRAL BANK OF
INDIA, 803 ANNA SALAI, STATE BANK |
A67861005 |
|
2 |
90298139 |
17/06/1994 |
50,000,000.00 |
THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMITED |
JEHANGIR WADIA BUILDING, 51; MAHATMA GANDHI MARG; FORT, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
3 |
90295654 |
02/03/1971 |
42,800,000.00 |
THE CENTRAL BANK OF INDIA |
158, MOUNT ROAD, MADRAS - 600002, TAMILNADU, INDIA |
- |
|
4 |
90295628 |
01/03/2004 * |
3,500,000.00 |
CENTRAL BANK OF INDIA |
ADDISON BUILDING BR., 803; ANNA SALAI, MADRAS - 600002, TAMILNADU, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from directors |
104.332 |
244.192 |
|
Total |
104.332 |
244.192 |
GENERAL INFORMATION
ABOUT COMPANY
The Company, subsidiary of Simpson and Company Limited (Ultimate Holding Company is Amalgamations Private Limited) was established in 1960 having its registered office at Chennai. The company is engaged in the business of manufacture and sale of tractors, injection moulded plastic components at its plants located in the states of Tamilnadu and Karnataka and batteries at its plants located in the state of Tamilnadu.
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
PRESS RELEASES
TRACTOR
MAKER TAFE REVENUE GROWS 30%, TO ADD CAPACITY
APRIL 03 2012
Tractors and Farm Equipment Limited (Tafe),
maker of Eicher and Massey Ferguson tractors, on Tuesday reported a 30.4%
growth in consolidated revenue to Rs.80200.000 Millions for the year ended
March, overcoming sluggish growth in the industry.
Tafe’s growth was fuelled by new products,
which have contributed nearly 68% of total sales over the last three years,
said Mallika Srinivasan, chairman of the family-owned tractor business.
“The less-than-50 HP (horse power) segment
will grow more strongly and the contributing factor has been that the new
products have had an excellent customer response,” said Srinivasan, whose
company rolled out around 148,100 tractors in 2011-12.
Chennai-based Tafe plans to maintain sales momentum
by investing Rs.1000.000 Millions in a factory in Madurai, Tamil Nadu, to bring
out an additional 60,000 units, taking its overall capacity to around 240,000.
Tafe is pinning its hopes on the increasing
need for farm mechanisation, given the prevalence of government programmes like
the Mahatma Gandhi National Rural Employment Guarantee Scheme that has lured
farm labourers away from the field by guaranteeing 100 days of employment in a
year.
“My outlook is cautiously optimistic. I’m
cautious about the short-term industry growth and optimistic because of the
structural changes in the market like NREGS, which favours mechanisation,” said
the 51-year-old Srinivasan.
Industry figures have shown little promise
since November, as overall sales contracted by 8.2% in February, according to
Tafe. After growth rates of 20% in 2010-11 and 32% the year before, failed
monsoons, falling food prices, higher interest rates and input cost pressures
have considerably reduced farm incomes in India, contributing to a slump in the
sale of tractors. Growth in tractor sales slowed to 11.4% in 2011-12 from about
24% in the year before.
Tafe has managed to buck this trend. “We have
managed to mitigate the input cost pressure by maintaining volumes,” said
Srinivasan.
Market leader Mahindra and Mahindra Limited
saw sales drop by 7.6% in January and 20% in February, compared to the same
months last year.
But even with the recent disappointing
numbers, analysts say the industry has shown an improvement on a year-on-year
basis.
“Though there has been a decline in demand in
the last few months, the overall tractor demand has grown on an annual basis,”
said Pawan Agarwal, senior director at rating agency Crisil Ltd. “Long-term
factors that remain positive influencers for tractor demand include shortage of
labour leading to increased mechanization and expansion in the scope of tractor
application for non-farm activities like haulage.”
But another analyst pegs industry growth for
fiscal 2012-13 at less than 7-8%. “For FY13, the growth will be at a slow pace
given that factors like agriculture, food prices and farm spending will not go
up significantly,” said Umesh Karne, an analyst with Brics Securities Limited.
Tafe, which is eyeing a turnover of $2 billion
(around Rs 100000.000 Millions) in 2011-13, looks to beat the 8-10% growth
forecast for the industry.
Exports, which contribute about 14% of the
tractor-maker’s total sales, increased 28.2% over the previous year to nearly
20,400 units, moving past the industry performance of 12.8%.
The company also looks to expand its range of
products in the 85-105 HP segment—as most of the demand is overseas—all
conforming to the emission norms prescribed in Europe and North America, by
early next year.
Tafe will also start production of the
Centurion tractors, a 50-125 HP tractor being jointly developed with the
US-based AGCO Corp., by mid-2013.
Tafe will also sell small application-oriented
tractors in the sub-20 HP segment for use in orchards, sugarcane farms and the
such, along with Rajkot-based Captain Tractors Private Limited. It hopes to tap
the needs of small farms that the company foresees having a requirement of
12,000 such tractors a year.
At least 60% of the country’s farms span less
than one hectare each, according to a Tafe spokesperson.
THERE IS AN
NEED FOR REFORMS IN MANUFACTURING: MALLIKA SRINIVASAN, CHAIRMAN, TRACTORS AND
FARM EQUIPMENT
DEC 4, 2013
India's manufacturing sector has stagnated to about 14.6% of gross domestic product, with the country's share in global manufacturing at just 1.8%. This calls for an need for reforms in the sector besides leveraging inherent strengths, says Mallika Srinivasan, chairman, Tractors and Farm Equipment. In an interview with Lijee Philip, she spells out the challenges as well as opportunities for the sector.
What are the ways to
stimulate or revive manufacturing in India?
The malaise of slow growth in the manufacturing sector (a drop of 1.2 % in the first quarter and a 2.1% growth in the second quarter of the current fiscal) is not short term. Our reform process has not taken adequate steps to liberalise markets for labour. Inadequacy of infrastructure and energy, land acquisition and raw material supply issues are bottlenecks. The delay in introduction of the goods and services tax has further contributed to the slow growth.
While there is an urgent need for reforms, we have a number of strengths that can be built upon to stimulate growth. For one, Indian products are increasingly well accepted in international markets. Further, Indian engineering has gained depth over the past decade, and our brands are changing market dynamics in developed and developing markets. India is emerging as a best-cost manufacturing hub for a wide range of products. We are confident, in a number of industry sectors, of competing with China by offering an optimal quality cost mix.
Our demographic advantage can pay rich dividends only if the manufacturing sector grows. Manufacturing alone can provide employment to both the skilled and unskilled workforce, given that 10 million people will join the workforce each year.
With imports having grown in the past few years, is there nothing left to manufacture? The manufacturing sector contributes only about 26.3% of India's imports with gold, silver, precious stones and fuel contributing a significantly larger 56.1% of total imports. In fact, the growth rate of the import of these items is in the 40% to 60% band and hence, has a very large impact on the growth rate of total imports. Therefore it would be incorrect to say that there is nothing left to manufacture as all that the country needs is being imported.
Should Indian
companies look at more exports and add value to their products so that manufacturing
can be enhanced?
India is the largest producer of tractors in the world and our products are well accepted internationally for their performance, price and quality. In a number of sectors, India enjoys and can look forward to a competitive advantage in the global context. All such opportunities need to be leveraged.
What are the
challenges to the manufacturing sector's revival?
The challenge and opportunity for the manufacturing sector in India would be to build scale through investments in the relevant product and process technology. In TAFE, we have capitalised on our significant domestic volumes and our special expertise of operating in the sub-100 HP segment. We have built on this strength to build scale and bring out an accepted product range in over 80 countries.
How has your group
improved manufacturing efficiencies in the past three years?
We have invested significantly in developing our long-term relationships with our supply chain by opening out new markets for them through our collaborators, enhancing their volumes and thereby de-risking their operations in a cyclical market such as ours. This in turn has had a positive effect on our operations.
PADMA SHRI FOR
SAKAL MEDIA GROUP CHAIRMAN, TAFE CHAIRMAN
JAN 25, 2014
NEW DELHI: Industrialists Pratap Govindrao Pawar and Mallika Srinivasan are among the five chosen for Padma Shri awards from trade and industry category this year.
Dalit entrepreneurs Ravi Kumar Narra and Rajesh Saraiya and Indian-American businessman Ashok Kumar Mago are the other three recipients.
Pawar, who is the Chairman of Sakal Media Group, has also been the former President of the Indian Newspaper Society, New Delhi.
He is also Chairman of Ajay Metachem group of Industries and a Director on Boards of various Indian-listed firms like Bharat Forge, Kirloskar Oil Engines, Finolex Cables, Force Motors among others.
Srinivasan -- the Chairman and CEO of Chennai-based USD 1.6 billion TAFE (Tractors and Farm Equipment Ltd) -- is the wife of TVS Motor company Chairman Venu Srinivasan.
Mago, Chairman and CEO of Dallas (US)-based business and investment consulting company Mago and Associates, has helped raise millions of dollars for Dallas Asian organisations.
He is also a recipient of the 2010 Pravasi Bharatiya Samman for his efforts in working towards bringing businesses in India and the US closer.
Narra, a dalit entrepreneur, is the President of Andhra Pradesh chapter of industry body Dalit India Chamber of Commerce and Industry.
Saraiya runs Steel Mont Trading, a multinational firm dealing in metals.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.