MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNDARAM INDUSTRIES LIMITED |
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Registered
Office : |
“TVS Building”, 7-B, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.05.1943 |
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Com. Reg. No.: |
18-002656 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.200 millions |
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CIN No.: [Company Identification
No.] |
U65991TN1943PLC002656 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03253F/ MRIS00569C/ CHES18228A/ MRIS01659A/ CHES09228C/ CHES08904A
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PAN No.: [Permanent Account No.] |
AABCS53220H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Trading of Industrial Tyres and Retreading of used Tyres. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6480000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term: “AA” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
November, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
November, 2013 |
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 PARTED BY
|
Name : |
Mr. Venkataraman |
|
Designation : |
Finance Department |
|
Contact No.: |
91-452-4348888 |
|
Date : |
09.07.2014 |
LOCATIONS
|
Registered Office : |
“TVS Building”, 7-B, West Veli Street, Madurai – 625001, Tamilnadu, India |
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Tel. No.: |
91-452-2332055 |
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Fax No.: |
91-452-2338743 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory 1 and Central Marketing Office : |
Rubber Factory, Usilampati Road, Kochadai, Madurai – 625016, Tamilnadu, India |
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Tel. No.: |
91-452-2381531 |
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Fax No.: |
91-452-2381240 |
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Email : |
sirf.exorts@tvsrubber.com |
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Factory 2 : |
Plot No.11, Sector-3, IMT – Mamesar, District Gurgaon – 122050, Haryana, India |
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Tel. No.: |
91-124-2215129/ 4388848 |
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Fax No.: |
91-124-4388846 |
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Chennai Marketing
Office : |
5th Floor, Sudarshan Building, 14, Whites Road, Chennai – 600014, Tamilnadu, India |
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Tel. No.: |
91-44-28526007-9 |
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Fax No.: |
91-44-28522992 |
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Overseas Address : |
Adel International Inc., 15035, |
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Tel. No.: |
001-239-593-5113 |
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Fax No.: |
001-239-593-5114 |
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Email : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Krishna Ramesh |
|
Designation : |
Director |
|
Address : |
Lakshmi Building, Usilampatti Road, Kochadai, Madurai – 625016,
Tamilnadu, India |
|
Date of Birth/Age : |
17.02.1939 |
|
Date of Appointment : |
14.06.1972 |
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DIN No.: |
00556922 |
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Name : |
Mr. Santhanam Ram |
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Designation : |
Director |
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Address : |
29, Prithvi Avenue, Abiramapuram IV Street, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
27.04.1940 |
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Date of Appointment : |
14.06.1972 |
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DIN No.: |
00018309 |
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Name : |
Mr. Santhanam Viji |
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Designation : |
Director |
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Address : |
No.33, Poes Garden, Chennai – 600086, Tamilnadu, India |
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Date of Birth/Age : |
07.06.1946 |
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Date of Appointment : |
30.11.1978 |
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DIN No.: |
00139043 |
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Name : |
Mr. Srinath R. Rajam |
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Designation : |
Director |
|
Address : |
TVS House, No. 20, Cenotaph II Lane, Chennai – 600028, Tamilnadu, India |
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Date of Birth/Age : |
30.01.1957 |
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Date of Appointment : |
16.03.1983 |
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DIN No.: |
00054758 |
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Name : |
Mr. Ramchandran Naresh |
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Designation : |
Managing Director |
|
Address : |
TVS Building, West Vali Street, Madurai – 625001, Tamilnadu, India |
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Date of Birth/Age : |
28.02.1957 |
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Date of Appointment : |
16.03.1983 |
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PAN No.: |
AAFPN2485B |
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DIN No.: |
00273609 |
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|
|
Name : |
Mr. Gopal Srinvasan |
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Designation : |
Director |
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Address : |
Westside House, No.2, Adyar Club Gate Road, Chennai – 600028, Tamilnadu, India |
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Date of Birth/Age : |
04.08.1958 |
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Date of Appointment : |
15.09.1984 |
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DIN No.: |
00177699 |
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Name : |
Ms. Shobhana Ramachandhran |
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Designation : |
Director |
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Address : |
No.16, Jawahar Road, Chokkikulam, Madurai – 625002, Tamilnadu, India |
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Date of Birth/Age : |
30.01.1960 |
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Date of Appointment : |
14.12.1988 |
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DIN No.: |
00273837 |
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Name : |
Mr. Ramachandhran Haresh |
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Designation : |
Director |
|
Address : |
TVS Building, 7-B, West Vali Street, Madurai – 625001, Tamilnadu, India |
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Date of Birth/Age : |
29.11.1954 |
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Date of Appointment : |
05.03.1991 |
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DIN No.: |
00363096 |
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Name : |
Ms. Pritha Ratnam Muthana |
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Designation : |
Managing Director |
|
Address : |
No.20, Cenotaph II Lane, Chennai – 600018, Tamilnadu, India |
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Date of Birth/Age : |
29.10.1955 |
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Date of Appointment : |
09.06.1995 |
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PAN No.: |
AADPM4347B |
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DIN No.: |
00404186 |
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|
Name : |
Mr. Nicholas Sundaram Sridharan |
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Designation : |
Director |
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Address : |
Kadalagam Bunglow, Valmiki Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India |
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Date of Birth/Age : |
29.11.1957 |
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Date of Appointment : |
30.06.1998 |
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DIN No.: |
01331433 |
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Name : |
Mr. Krishna Mahesh |
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Designation : |
Director |
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Address : |
New No. 81 (Old No.39), First Main Road, Raja Annamalaipuram, Chennai
– 600028, Tamilnadu, India |
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Date of Birth/Age : |
20.10.1974 |
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Date of Appointment : |
15.06.2013 |
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DIN No. : |
00420048 |
KEY EXECUTIVES
|
Name : |
Mr. Kunissery Subramania Viswanathan |
|
Designation : |
Company Secretary |
|
Address : |
Plot No.3, Srinivasa Nagar, Narmada Street, Athikulam, Madurai – 625
007, Tamilnadu, India |
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Date of Birth/Age : |
06.02.1949 |
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Date of Appointment : |
01.07.1991 |
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PAN No.: |
AAGPV5263J |
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|
Name : |
Mr. Venkataraman |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
59.29 |
|
Directors or relatives of Directors |
40.71 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Trading of Industrial Tyres and Retreading of used Tyres. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· USA Germany France Italy |
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Imports : |
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Products : |
Raw Materials and Machinery |
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Countries : |
· Korea Japan |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production/ Purchase |
|
|
|
|
|
Mechanical Rubber Products |
Nos. |
168147000 |
|
Retread/ Repair Materials |
MT |
3063.22 |
|
Solid Industrial Tyres |
MT |
4030.60 |
|
Traded Goods |
Nos. |
123750 |
|
Devulcanised Rubber Compound |
MT |
3584.83 |
|
Rubber Compound |
MT |
1778.52 |
|
Particulars |
Unit |
Installed Capacity |
|
|
|
|
|
Camelback/Cold
Curing Materials |
MT |
2200 |
|
Mechanical
Rubber Products including Rubber to Metal Bonded Items and Curing Envelopes
& Bladders |
MT |
4200 |
|
Solid Industrial Tyre |
MT |
4800 |
|
Devulcanised
Rubber Compound |
MT |
3600 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
· State Bank of India, Commercial Branch, No.6/A, West Veli Street, Madurai – 625001, Tamilnadu, India · Canara Bank, E. T.T. Section; 51; Stock Exchange Towers, Ist Cross, J. C. Road, Bangalore - 560027, Karnataka, India Small Industries Development Bank of India, 10/10, Madan
Mohan Malviya Marg, Lucknow - 226001, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
New No:4 (23), C.P. Ramasamy Road, Alwarpet, Chennai, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS8812J |
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Holding Company: |
TV Sundram Iyengar and Sons Limited, INDIA CIN No.: U34101TN1929PLC002973 |
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Subsidiaries : |
· Sundaram Lanka Tyres Limited Pusam Rubber Products Limited CIN No.: U25199TN2013PLC089848 |
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|
Fellow Subsidiaries
: |
· Southern Roadways Limited CIN No.: U60221TN1946PLC002582 Lucas-TVS Limited CIN No.: U35999TN1961PLC004678 Sundaram Auto Components Limited CIN No.: U29249TN1992PLC051417 Sundaram Clayton Limited CIN No.: L35999TN1962PLC004792 TVS Motor Company Limited CIN No.: L35921TN1992PLC022845 TVS Interconnect Systems Limited CIN No.: U72300TN1997PLC039110 TVS Dynamic Global Freight Services Limited ** CIN No.: U63010TN2007PLC064282 TVS Logistics Services Limited ** CIN No.: U63011TN2004PLC054655 TVS Commutation Solutions Limited ** CIN No.: U60200TN2008PLC068631 TVS Automobile Solutions Limited CIN No.: U34100TN2009PLC071439 Sundaram Textiles Limited CIN No.: U17111TN1960PLC004340 The Associated Auto Parts Limited CIN No.: U51220MH1944PLC004124 TVS Autoserve GMBH Germany ** TVS Automotive Solutions Limited |
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Associates : |
· Firestone TVS Private Limited CIN No.: U29299TN2008PTC065920 TVS Novotema Elastomeric Engineered Products Private
Limited CIN No.: U34300TN2007PTC065714 Bridgestone India Automotive Products Private Limited
(formerly Bridgestone TVS India P Limited ) *** CIN No.: U74999TN2008PTC069492 |
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Other Related
Parties : |
TVS Srichakra Limited CIN No.: L25111TN1982PLC009414 |
NOTE
** Ceased to be fellow subsidiaries with effect from 11.05.2012. Transactions upto 10.05.2012 disclosed
*** Ceased to be an associate with effect from 01.07.201. Transactions upto 30.06.2012 disclosed
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
252000 |
Equity Shares |
Rs.100/- each |
Rs.25.200 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
25.200 |
25.200 |
25.200 |
|
(b) Reserves & Surplus |
1595.379 |
1312.361 |
1223.831 |
|
(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) |
1620.579 |
1337.561 |
1249.031 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
71.465 |
130.546 |
94.959 |
|
(b) Deferred tax liabilities (Net) |
29.000 |
32.700 |
33.700 |
|
(c) Other long term liabilities |
18.807 |
15.811 |
12.613 |
|
(d) long-term provisions |
10.658 |
6.489 |
8.765 |
|
Total Non-current Liabilities (3) |
129.930 |
185.546 |
150.037 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
333.844 |
302.910 |
323.804 |
|
(b) Trade payables |
373.935 |
502.745 |
428.822 |
|
(c) Other current
liabilities |
204.569 |
209.393 |
184.860 |
|
(d) Short-term provisions |
132.706 |
124.172 |
91.546 |
|
Total Current Liabilities (4) |
1045.054 |
1139.220 |
1029.032 |
|
|
|
|
|
|
TOTAL |
2795.563 |
2662.327 |
2428.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
533.452 |
464.774 |
469.464 |
|
(ii) Intangible Assets |
2.821 |
5.602 |
8.381 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
8.620 |
13.331 |
9.140 |
|
(b) Non-current Investments |
631.040 |
652.082 |
652.082 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
179.827 |
162.854 |
141.060 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1355.760 |
1298.643 |
1280.127 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
158.365 |
30.104 |
21.097 |
|
(b) Inventories |
439.493 |
434.552 |
425.486 |
|
(c) Trade receivables |
663.986 |
688.386 |
546.751 |
|
(d) Cash and cash
equivalents |
95.439 |
116.595 |
73.389 |
|
(e) Short-term loans and
advances |
69.567 |
82.600 |
67.647 |
|
(f) Other current assets |
12.953 |
11.447 |
13.603 |
|
Total Current Assets |
1439.803 |
1363.684 |
1147.973 |
|
|
|
|
|
|
TOTAL |
2795.563 |
2662.327 |
2428.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3750.135 |
3747.551 |
3124.547 |
|
|
|
Other Income |
611.228 |
181.962 |
155.795 |
|
|
|
TOTAL (A) |
4361.363 |
3929.513 |
3280.342 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1831.656 |
2116.959 |
1836.318 |
|
|
|
Purchases of stock-in-trade |
390.545 |
242.006 |
6.921 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
2.900 |
(69.084) |
(15.420) |
|
|
|
Employee benefit expense |
587.229 |
553.733 |
487.215 |
|
|
|
Other expenses |
718.387 |
641.823 |
590.483 |
|
|
|
TOTAL (B) |
3530.717 |
3485.437 |
2905.517 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
830.646 |
444.076 |
374.825 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.462 |
75.438 |
52.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
773.184 |
368.638 |
321.904 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.953 |
87.737 |
76.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
683.231 |
280.901 |
245.521 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
97.545 |
40.074 |
29.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
585.686 |
240.827 |
216.236 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
984.727 |
921.197 |
859.106 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
25.000 |
22.000 |
|
|
|
Interim Dividend |
|
96.516 |
90.216 |
|
|
|
Proposed Interim Dividend |
|
14.112 |
16.380 |
|
|
|
Proposed Dividend |
361.668 |
20.412 |
6.804 |
|
|
|
Tax on Interim Dividend |
|
15.657 |
14.984 |
|
|
|
Tax on Proposed Interim Dividend |
|
2.289 |
2.657 |
|
|
|
Tax on Proposed Dividend |
|
3.311 |
1.104 |
|
|
BALANCE CARRIED
TO THE B/S |
1208.745 |
984.727 |
921.197 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. Value) |
939.67 |
863.431 |
359.400 |
|
|
|
Interest from Subsidiary |
1.740 |
0.670 |
NA |
|
|
TOTAL EARNINGS |
941.41 |
864.101 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
517.742 |
611.620 |
444.769 |
|
|
|
Traded Goods |
348.275 |
200.388 |
0.000 |
|
|
|
Components and Spares Parts |
0.672 |
1.435 |
0.276 |
|
|
|
Capital Goods |
10.801 |
18.883 |
41.084 |
|
|
TOTAL IMPORTS |
877.490 |
832.326 |
486.129 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2324.15 |
955.66 |
858.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.43 |
6.13 |
6.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.22 |
7.50 |
7.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.69 |
14.07 |
13.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25 |
0.32 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.20 |
1.12 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
25.200 |
25.200 |
25.200 |
|
Reserves & Surplus |
1223.831 |
1312.361 |
1595.379 |
|
Net
worth |
1249.031 |
1337.561 |
1620.579 |
|
|
|
|
|
|
long-term borrowings |
94.959 |
130.546 |
71.465 |
|
Short term borrowings |
323.804 |
302.910 |
333.844 |
|
Total
borrowings |
418.763 |
433.456 |
405.309 |
|
Debt/Equity
ratio |
0.335 |
0.324 |
0.250 |
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 |
3124.547 |
3747.551 |
3750.135 |
|
|
|
19.939 |
0.069 |
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 |
3124.547 |
3747.551 |
3750.135 |
|
Profit |
216.236 |
240.827 |
585.686 |
|
|
6.92% |
6.43% |
15.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
10315740 |
19/10/2011 |
10,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SOUTH MASI STREET BRANCH, NO.159 SOUTH MASI STREET, MADURAI, TAMILNADU - 625001, INDIA |
B24586117 |
|
2 |
10307493 |
02/09/2011 |
40,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SOUTH MASI STREET BRANCH, NO.159 SOUTH MASI STREET, MAUDRAI, TAMILNADU - 625001, INDIA |
B21087259 |
|
3 |
10257307 |
10/12/2010 |
80,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SOUTH MASI STREET BRANCH, NO.159 SOUTH MASI STREET, MADURAI, TAMILNADU - 625001, INDIA |
B02479236 |
|
4 |
10222309 |
28/04/2010 |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A87341400 |
|
5 |
90297887 |
20/10/2004 * |
803,910.00 |
FORD INDIA LIMITED |
S. P. KOIL POST, CHENGALPATTU, KANCHEEPURAM, TAMILNADU, INDIA |
- |
|
6 |
90288771 |
09/06/2014 * |
787,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 6A WEST VELI STREET, MADURAI, TAMILNADU - 625001, INDIA |
C08508863 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Public deposits |
11.742 |
20.603 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
19.788 |
0.000 |
|
Rupee term loans from banks |
0.000 |
15.000 |
|
Foreign currency term loans from banks |
0.000 |
14.299 |
|
Total |
31.530 |
49.902 |
PERFORMANCE AND
PROSPECTS RUBBER DIVISION:
The turnover of the Division for the year was Rs.1537.300 Millions as compared to Rs.1694.700 Millions during 2011-12. The lower sales during the year were mainly due to the general recession in both automotive and industrial segments and the delay in the maturity of defence business. However, there was a growth of about 22% in the Export sales during the year. In order to enhance quality, Barwell Preformer with `Vibrocool was installed and commissioned during the year. The price of Raw Materials was volatile during the first half of the year and in general was less than the preceding financial year. The Division was able to recover a portion of the Raw Material cost increase due from the customers. The power situation during most part of the year was unstable with lot of unscheduled power cuts, increase in power tariff and increase in the cost of diesel. To overcome the same and also to have a stabilized power supply during the coming years, 7 Nos. of Wind Electric Generators were bought and commissioned during the year. The Division has received the following Awards from the customers during the year: Toyoto Kirloskar Achieving Targets in category of Motor Private Limited Quality Brakes India Limited. Best Efforts in PPM Reduction - Best Effort in Rubber and Plastic Category - Best Efforts in Kanban Implementation Tata Tayo Radiators Best Supplier Award (4th time in a row) Taco Hendrikson - Best Supplier for quality Wheels India Limited. - Best Supplier in Rubber category Rane Madras Limited. - Best Supplier Award in Rubber category
TYRE SOLUTIONS
DIVISION:
The Division has achieved a turnover of Rs. 1166.200 Millions during the year 2012-13 as against Rs.1170.700 Millions in 2011-12. The turnover reflects the combined Sales figures of the Retreading Division Rs.10,707 lacs (Rs.1003.800 Millions) and the Rubber Resources Division Rs.95.500 Millions (Rs.166.900 Millions). Outlook for Retread business for the year 2013-14 is positive. The sales in the Rubber Resources Division has been stagnant in the first quarter due to the slow down in the economy.
SOLID TYRE DIVISION:
The Solid Tyre business recorded a growth of 13% during the year 2012-13. The turnover for the year 2012-13 was Rs.979.700 Millions (which includes the Trading turnover of Rs.359.900 Millions from the Srilankan subsidiary) as against Rs. 828.800 Millions (which includes the Trading turnover of Rs.204.800 Millions from the Srilankan subsidiary) in 2011-12.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) On Guarantees executed by Company's Bankers |
28.402 |
38.023 |
|
b) On Letters of Credit Opened by Company's Bankers |
81.432 |
117.122 |
|
c) Claims against the Company not acknowledged as debts |
11.320 |
11.864 |
|
d) Estimated
amount of contracts remaining to be executed on Capital Account. |
7.935 |
14.877 |
|
e) Customs Duty on the stock at Bonded Warehouse |
7.459 |
11.454 |
|
f) Disputed Taxes contested in appeals |
|
|
|
- Sales Tax * |
100.128 |
99.477 |
|
- Excise duty |
18.814 |
18.814 |
|
- Service Tax |
9.390 |
6.958 |
|
NOTE * Tamil Nadu Government has issued a G.O. cancelling an earlier
G.O. which had granted the company exemption from sales tax on export sale of
bus bodies through chassis manufacturers. The Commercial Tax Department has
issued a consequential notice for the recovery of sales tax refund of Rs 9.03
Crores. The company is advised that the action of the Government is not
sustainable. The company has obtained a stay of the order from The Hon'ble
Madras High Court. |
||
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor Vehicles
Office
Equipment
Other
Equipments
Intangible Assets
· Computer Software
Know-How
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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.