MIRA INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRF LIMITED |
|
|
|
|
Registered
Office : |
11, Station Road, Burmamines, Jamshedpur – 831007, Jharkhand |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.11.1962 |
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Com. Reg. No.: |
03-000700 |
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Capital
Investment / Paid-up Capital : |
Rs.110.044 Millions |
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|
|
|
CIN No.: [Company
Identification No.] |
L74210JH1962PLC000700 |
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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
: |
Subject
undertakes turnkey projects of material handling for the infrastructure
sector such as power and steel plants, cement, ports, fertilizers and mining
and also engaged in production of such material handling equipments. |
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|
|
|
No. of Employees
: |
1400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 3900000 |
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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 a part of “Tata Group Company”. It is an established
company having fine track. The company possesses an adequate financial profile marked by decent networth
base. Moreover, the management has reported a deterioration in its financial
risk profile an account of high average collection period, volatility in
input prices and intense competition along with a loss recorded in the FY
2013. The ratings also take into consideration the substantial exposure in
the subsidiaries and associate companies. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of strong group support and reputed clientele, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.12.2013 |
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 DENIED
Management Non Co-operative (91-33-44033522)
LOCATIONS
|
Registered Office/Factory : |
11, |
|
Tel No : |
91-657-2345727 / 3046326 |
|
Fax No : |
91-657-2345732 |
|
E-Mail : |
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|
Website : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sudhir L. Deoras |
|
Designation : |
Managing Director |
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|
Name : |
Mr. B. D. Bodhanwala |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Ram Prit Singh |
|
Designation : |
Director |
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|
Name : |
Mr. Ranaveer Sinha |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R. V. Raghavan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Dipankar Chatterji |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hemant C. Kharkar |
|
Designation : |
Chief Operating Officer |
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|
|
|
Name : |
Mr. P. K. Tibdewal |
|
Designation : |
Vice President (Product Business) |
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|
|
|
Name : |
Mr. Ranjit Sanyal |
|
Designation : |
Chief, Projects |
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|
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|
Name : |
Mr. Ashish Banerjee |
|
Designation : |
Chief, BMHE |
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|
|
|
Name : |
Mr. S. Brahma |
|
Designation : |
Chief, Finance & Accounts |
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|
|
|
Name : |
Mr. Tarun Kr. Srivastava |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
3774974 |
34.30 |
|
|
3774974 |
34.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3774974 |
34.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
359308 |
3.27 |
|
|
2840 |
0.03 |
|
|
3984 |
0.04 |
|
|
585000 |
5.32 |
|
|
585000 |
5.32 |
|
|
951132 |
8.64 |
|
|
|
|
|
|
1105065 |
10.04 |
|
|
|
|
|
|
4449082 |
40.43 |
|
|
724125 |
6.58 |
|
|
34 |
0.00 |
|
|
34 |
0.00 |
|
|
6278306 |
57.05 |
|
Total Public shareholding (B) |
7229438 |
65.70 |
|
Total (A)+(B) |
11004412 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11004412 |
0.00 |
(1)
Indian
BUSINESS DETAILS
|
Line of Business : |
Subject
undertakes turnkey projects of material handling for the infrastructure
sector such as power and steel plants, cement, ports, fertilizers and mining
and also engaged in production of such material handling equipments. |
GENERAL INFORMATION
|
No. of Employees : |
1400 (Approximately) |
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Bankers : |
·
Axis Bank ·
Bank of Baroda ·
Canara Bank ·
Central Bank of India ·
Citibank N. A. ·
DBS Bank ·
Dena Bank ·
HDFC Bank ·
IDBI Bank ·
Indian Bank ·
IndusInd Bank ·
State Bank of India |
|||||||||||||||||||||||||||||||||
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|
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Kolkata, West Bengal, India |
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|
|
|
Subsidiaries : |
·
TRF Singapore Pte Limited ·
TRF Holdings Pte Limited (w.e.f 02.02.2012) ·
Adithya Automotive Application Private Limited |
|
|
|
|
Subsidiary - The Ownership of which is directly
or indirectly through subsidiaries : |
·
YORK Transport Equipment (Asia) Pte Limited ·
YORK Transport Equipment Pty Limited ·
YORK Sales (Thailand) Co. Limited ·
YTE Transport Equipment (SA) (Pty) Limited ·
YORK Transport Equipment (Malaysia) Sdn Bhd* ·
Rednet Pte Limited ·
PT YORK Engineering ·
YTE Special Products Pte Limited ·
Qingdao YTE Special Products Co. Limited ·
YORK Transport Equipment India Private Limited ·
YORK Transport Equipment (Shanghai) Co. Limited ·
Dutch Lanka Trailer Manufacturers Limited ·
Dutch Lanka Engineering Private Limited ·
Dutch Lanka Trailers Manufacturers LLC ·
Hewitt Robins International Holding Limited ·
Hewitt Robins International Limited |
|
|
|
|
Entity holding
32.58% |
Tata Steel Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11004412 |
Equity Shares |
Rs.10/- each |
Rs.110.044 Millions |
|
|
|
|
|
Issued and
subscribed capital exclude 635 equity shares of Rs.10 each reserved for allotment
to shareholders who were not able to subscribe to the rights issue during the
earlier years for genuine reasons or where title is temporarily in dispute.
a)
Reconciliation of the number of shares and amount
outstanding at the beginning and at the end of the reporting period.
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Issued,
subscribed and fully paid up |
|
|
|
At the beginning
and end of the year |
11004412 |
110.044 |
b)
Terms/Rights attached to Equity Shares
The company has only
one class of equity shares having a par value of Rs 10 per share. Each equity
shareholder is entitled to one vote per share. The company declares and pays
dividend in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval by the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31st March 2013, the amount of per share dividend recognised as
distribution to equity
Shareholders was
Rs. Nil per share (as at 31.03.2012: Rs4per share).
In the event of
the liquidation of the company, the holders of equity shares will be entitled
to receive remaining assets of the company, after the distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
c)
Details of shares held by each shareholder holding
more than 5% shares:
|
Name of Shareholder |
Number
of Shares |
% holding |
|
Tata Steel
Limited |
3585428 |
32.58 |
|
Zash Traders
through its Person Acting in concert |
724686 |
6.59 |
|
- Regal
Investment and Trading Co. Private Limited |
307786 |
2.80 |
|
- Vidya
Investment and Trading Co. Private Limited |
233000 |
2.12 |
|
- Nepean
Investment and Trading Co. Private Limited |
183900 |
1.67 |
d)
Aggregate number and class of shares allotted as
fully paid up by way of bonus shares during the period of five
yearsimmediatelyprecedingMarch31, 2013.
|
Particulars |
Number
of Shares |
|
Equity Shares: |
|
|
Equity shares allotted
as fully paid up by way of bonus shares |
5502206 |
During the year
ended March 31, 2010, the Company had issued 5,502,206 equity shares of Rs 10
each by way of fully paid up bonus shares in the ratio of one share for every share
held by Capitalisation of General Reserve.
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 |
110.044 |
110.044 |
110.044 |
|
(b) Reserves & Surplus |
888.277 |
1,657.191 |
1,570.517 |
|
(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) |
998.321 |
1,767.235 |
1,680.561 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,616.446 |
1,072.590 |
807.578 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
12.003 |
9.224 |
8.677 |
|
(d) long-term provisions |
127.967 |
96.325 |
91.418 |
|
Total Non-current Liabilities (3) |
1,756.416 |
1,178.139 |
907.673 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,845.783 |
1,945.580 |
1,449.058 |
|
(b) Trade payables |
2,741.233 |
2,514.235 |
2,622.003 |
|
(c) Other current
liabilities |
2,844.929 |
1,383.704 |
1,774.820 |
|
(d) Short-term provisions |
440.788 |
401.917 |
173.809 |
|
Total Current Liabilities (4) |
7,872.733 |
6,245.436 |
6,019.690 |
|
|
|
|
|
|
TOTAL |
10,627.470 |
9,190.810 |
8,607.924 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
402.875 |
413.494 |
272.054 |
|
(ii) Intangible Assets |
26.656 |
36.357 |
39.516 |
|
(iii) Capital
work-in-progress |
21.843 |
6.148 |
86.078 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,091.095 |
1,091.095 |
1,094.845 |
|
(c) Deferred tax assets (net) |
0.000 |
29.711 |
19.393 |
|
(d) Long-term Loan and Advances |
964.611 |
870.062 |
12.501 |
|
(e) Other Non-current assets |
41.645 |
38.304 |
297.938 |
|
Total Non-Current Assets |
2,548.725 |
2,485.171 |
1,822.325 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
3.750 |
3.750 |
|
(b) Inventories |
1,599.517 |
837.742 |
784.655 |
|
(c) Trade receivables |
5,237.611 |
4,571.934 |
4,491.898 |
|
(d) Cash and cash
equivalents |
355.709 |
395.533 |
261.022 |
|
(e) Short-term loans and
advances |
666.363 |
597.122 |
797.698 |
|
(f) Other current assets |
219.545 |
299.558 |
446.576 |
|
Total Current Assets |
8,078.745 |
6,705.639 |
6,785.599 |
|
|
|
|
|
|
TOTAL |
10,627.470 |
9,190.810 |
8,607.924 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6,466.064 |
8,023.105 |
7,235.802 |
|
|
|
Other Income |
92.602 |
35.425 |
101.270 |
|
|
|
TOTAL (A) |
6,558.666 |
8,058.530 |
7,337.072 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4,082.156 |
4,127.479 |
4,004.263 |
|
|
|
Payments to sub-Contractors |
1,592.524 |
1,796.248 |
1,803.083 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(627.064) |
15.162 |
(47.946) |
|
|
|
Employee Benefits Expenses |
675.965 |
558.788 |
457.379 |
|
|
|
Other Expenses |
1,171.874 |
982.035 |
897.662 |
|
|
|
TOTAL (B) |
6,895.455 |
7,479.712 |
7,114.441 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(336.789) |
578.818 |
222.631 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
394.188 |
285.986 |
169.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(730.977) |
292.832 |
52.647 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.838 |
42.727 |
38.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(780.815) |
250.105 |
14.085 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.334 |
94.309 |
5.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(795.149) |
155.796 |
8.325 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
226.902 |
137.845 |
155.749 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
15.580 |
0.650 |
|
|
|
Proposed Dividend |
0.000 |
44.018 |
22.009 |
|
|
|
Tax on Dividend |
0.000 |
7.141 |
3.570 |
|
|
BALANCE CARRIED
TO THE B/S |
(568.247) |
226.902 |
137.845 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (F.O.B.) |
3931.437 |
4393.211 |
4617.162 |
|
|
TOTAL EARNINGS |
3931.437 |
4393.211 |
4617.162 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
191.584 |
156.139 |
419.741 |
|
|
|
Stores & Spares |
3.738 |
4.320 |
3.270 |
|
|
|
Capital Goods |
0.000 |
0.246 |
0.000 |
|
|
TOTAL IMPORTS |
195.322 |
160.705 |
423.011 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(72.26) |
14.16 |
0.76 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net sales |
2024.200 |
1405.000 |
1202.400 |
2330.600 |
|
Total Expenditure |
1915.200 |
1534.000 |
1370.800 |
2311.200 |
|
PBIDT (Excluding Other Income) |
109.000 |
(129.000) |
(168.400) |
19.400 |
|
Other income |
19.300 |
3.300 |
69.400 |
22.700 |
|
Operating Profit |
128.300 |
(125.700) |
(99.000) |
42.200 |
|
Interest |
105.300 |
113.000 |
109.300 |
111.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
297.300 |
|
PBDT |
23.000 |
(238.000) |
(208.300) |
228.000 |
|
Depreciation |
12.700 |
12.000 |
11.900 |
11.700 |
|
Profit Before Tax |
10.300 |
(250.800) |
(220.200) |
216.300 |
|
Tax |
0.000 |
0.000 |
0.000 |
7.900 |
|
Profit after tax |
10.300 |
(250.800) |
(220.200) |
208.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(12.12) |
1.93 |
0.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.08) |
3.12 |
0.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.21) |
3.10 |
0.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.78) |
0.14 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.47 |
1.71 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.07 |
1.13 |
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 |
110.044 |
110.044 |
110.044 |
|
Reserves & Surplus |
1570.517 |
1657.191 |
888.277 |
|
Net
worth |
1680.561 |
1767.235 |
998.321 |
|
|
|
|
|
|
long-term borrowings |
807.578 |
1072.590 |
1616.446 |
|
Short term borrowings |
1449.058 |
1945.580 |
1845.783 |
|
Total
borrowings |
2256.636 |
3018.170 |
3462.229 |
|
Debt/Equity
ratio |
1.343 |
1.708 |
3.468 |
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 |
7,235.802 |
8,023.105 |
6,466.064 |
|
|
|
10.881 |
(19.407) |
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
|
7,235.802 |
8,023.105 |
6,466.064 |
|
Profit |
8.325 |
155.796 |
(795.149) |
|
|
0.12% |
1.94% |
(12.30%) |
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 |
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 |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL
PERFORMANCE:
On standalone basis,
total income of subject during the year was Rs. 65,58.666 Millions (Previous
year Rs. 80,58.530 Millions). Loss before Tax for the year was Rs. 7,80.815
Millions (Previous year profit of Rs. 2,50.105 Millions). Loss after Tax for
the year was Rs.7,95.149 Millions (Previous year profit of Rs. 1,55.796
Millions).
On consolidated
basis, total income of subject during the year was Rs. 112,30.016 Millions,
(Previous year Rs. 133,39.966 Millions). Loss before Tax for the year was Rs.
8,77.803 Millions (Previous year profit of Rs. 2,71.845 Millions). Loss after
Tax & minority interest for the year was Rs. 9,16.904 Millions (Previous
year profit of Rs. 1,31.938 Millions).
MANAGEMENT
DISCUSSION & ANALYSIS REPORT
INDUSTRY,
STRUCTURE AND DEVELOPMENT:
The Indian
Infrastructure Sector, in which your Company operates, continues to have
difficult times. Legal challenges, over cautious bureaucracy, policy inaction,
acute fuel scarcity, mounting debt in a high interest rate regime and
deteriorating business environment has cast a shadow on infrastructure
projects.
Both private and
public sectors have become over cautious with capital investments and new
project orders are being postponed.
In such grim
economic environment, government has announced key initiatives in the budget
2014 whichmay kick start new investments. Some of the key policy initiatives
propose dare:
(1)
Introduce new and innovative instrument to mobilize
fund in Infrastructure.
·
Infrastructure Debt Funds to be encouraged.
·
India Infrastructure Finance Company Limited to
offer credit.
·
Infrastructure Tax Free Bonds of INR 500 Billion in
2013-14 to be raised.
·
Raise corpus of Rural Infrastructure Development
Fund of INR 200 Billion.
(2) The Cabinet
Committee on Investment has been set up which is headed by the Prime Minister
to fast track Mega Projects of over Rs.10000.000 Millionss.
(3) Two new major
ports to be established.
(4) PPC Policy
framework with Coal India Limited announced.
These measure when
implemented are expected to ease the pressure on economy especially in the
Infrastructure space.
Auto Industry also
slowed down worldwide in the year under review impacting performance of auto
components business of the Company. There was a 38% drop in commercial vehicle
sales largely due to economic slowdown, money market tightening and high
interest rates.
With various
measures taken in Indian and global markets, and expected improvement in the
economy worldwide, subject is expected to do better in theFY2013-14.
OUTLOOK:
Some movement in
project business has been noticed since Q4 of previous year and we expect
Infrastructure industry to open up with various measures taken for funding and
removing hurdles by the Government.
The Economic
Advisory Committee to Prime Minister estimates the growth rate of industrial
sector to improve to 4.9% in FY 2013-14 from the present level of 3.1% and
within the industrial sector the manufacturing sector is expected to attain a
growth rate of4%inFY2013-14 from the present level of 1.9% witnessed during the
year.
Several measures
announced and taken by the government to restore the fiscal health of the
economy and to improve the investment climate, industrial growth rate and
infrastructure development is expected to have positive impact on the overall
growth rate of the economy and industry. The overall Indian economy is expected
to growing the range of 6.1% to 6.7% in FY 2013-14. Though the increase in
growth rate may not be very substantial, however it will initiate the growth
momentum ending the phase of downturn.
If the estimates
and measures taken by the Government crystallize the Company expects demand
from Power, Steel, Port and Mining Sectors to improve thereby creating avenues
for enhancing its order book position, revenues and profits.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Other Parties |
60.000 |
200.000 |
|
|
|
|
|
Total |
60.000 |
200.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10381773 |
28/09/2012 |
150,000,000.00 |
INDUSIND
BANK LTD |
SAVITRI
TOWER, 3A UPPER WOOD STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
B60158763 |
|
2 |
10248085 |
22/10/2010 |
500,000,000.00 |
DENA
BANK |
GAYTRI
BHAWAN, S-TYPE INDUSTRIAL ROAD, NEAR KALPA |
A98289424 |
|
3 |
10243862 |
11/10/2010 |
248,850,000.00 |
DBS
BANK LIMITED |
4A, LITTLE
RUSSEL STREET, KOLKATA, WEST BENGAL - 7 |
A96441530 |
|
4 |
10240778 |
15/05/2013
* |
750,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B76986926 |
|
5 |
10227818 |
15/06/2010 |
200,000,000.00 |
DBS
BANK LIMITED |
4A,
LITTLE RUSSELL STREET, KOLKATA, WEST BENGAL - |
A89122667 |
|
6 |
10218758 |
30/03/2010 |
418,000,000.00 |
DBS
BANK LIMITED. |
4A,
LITTLE RUSSEL STREET, KOLKATA, WEST BENGAL - 7 |
A83839738 |
|
7 |
10215170 |
31/12/2013
* |
2,516,500,000.00 |
AXIS
BANK LIMITED |
JAMSHEDPUR
BRANCH, VOLTAS HOUSE, MAIN ROAD BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001,
INDIA |
B94934023 |
|
8 |
10093267 |
29/02/2008 |
400,000,000.00 |
CITIBANK
N.A. |
KANAK
BUILDING,41, CHOWRINGEE ROAD, KOLKATA, KOLKATA, WEST BENGAL - 700071, INDIA |
A34687020 |
|
9 |
10089319 |
03/03/2010
* |
2,100,000,000.00 |
IDBI
BANK LIMITED |
1ST FLOOR,
KALYAN KUTIR, N. ROAD, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA |
A81589012 |
|
10 |
10029358 |
23/08/2010
* |
4,050,000,000.00 |
BANK
OF BARODA |
BANK
OF BARODA, BISTUPUR, JAMSHEDPUR, JHARKHAND - |
A94296076 |
|
11 |
10021270 |
30/11/2010
* |
3,050,000,000.00 |
INDIAN
BANK |
JAMSHEDPUR
BRANCH, BISTUPUR, MAIN ROAD, JAMSHEDPUR, JHARKHAND - 831001, INDIA |
B01677715 |
|
12 |
80021647 |
05/03/2008
* |
700,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, BISTUPUR, PRATAP TOWER , J. ROAD, JAMSHEDPUR, JHARKHAND - 831001,
INDIA |
A35099530 |
|
13 |
80022538 |
02/11/2010
* |
2,900,000,000.00 |
CENTRAL
BANK OF INDIA |
MAIN
ROAD, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA |
A99535130 |
|
14 |
80022539 |
28/03/2008
* |
50,000,000.00 |
SMALL
INDUSTRIES DEVELOPMENT BANK OF INDIA |
SHANTINIKETAN
BUILDING,, MAIN ROAD, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA |
A35253988 |
|
15 |
90263898 |
20/11/2013
* |
2,650,000,000.00 |
CANARA
BANK |
MAIN
BRANCH BISTUPUR,, GAJRAJ MANSION, JAMSHEDPUR, JHARKHAND - 831001, INDIA |
B92001056 |
* Date of charge modification
FIXED ASSETS:
·
Buildings and Roads
·
Plant and Machinery
·
Furniture and Fixtures
·
Office equipment
·
Motor vehicles
·
Electrical installation
·
Laboratory equipment
·
Technical know-how
·
Computer software
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST
MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Audited) |
Year
Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2330.616 |
1202.384 |
6962.212 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
2330.616 |
1202.384 |
6962.212 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
922.650 |
540.582 |
3010.105 |
|
b) Payments to sub-Contractors |
380.111 |
508.919 |
1680.678 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
577.547 |
(76.091) |
624.018 |
|
d) Employees benefit expenses |
82.703 |
152.485 |
555.967 |
|
e) Depreciation and amortization expenses |
11.722 |
11.914 |
48.368 |
|
f) Other expenditure |
348.167 |
244.917 |
1260.468 |
|
Total expenses |
2322.900 |
1382.726 |
7179.604 |
|
3. Profit from operations before other income and
financial costs |
7.716 |
(180.342) |
(217.392) |
|
4. Other income |
22.734 |
69.419 |
114.738 |
|
5. Profit from ordinary activities before finance costs |
30.450 |
(110.923) |
(102.654) |
|
6. Finance costs |
111.399 |
109.258 |
439.001 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(80.949) |
(220.181) |
(541.655) |
|
8. Exceptional item |
297.250 |
-- |
297.250 |
|
9. Profit from ordinary activities before tax
Expense: |
216.301 |
(220.181) |
(244.405) |
|
10.Tax expenses |
7.858 |
-- |
7.858 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
208.443 |
(220.181) |
(252.263) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
208.443 |
(220.181) |
(252.263) |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
110.044 |
110.044 |
110.044 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
18.94 |
(20.01) |
(22.92) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
7229438 |
7229438 |
7229438 |
|
- Percentage of shareholding |
65.70 |
65.70 |
65.70 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3774974 |
3774974 |
3774974 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
34.30 |
34.30 |
34.30 |
|
B.
Investor Complaints |
3 Months ended 31.03.2014 |
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (Audited) |
Year Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Segment Revenue |
|
|
|
|
a. Projects and Services |
1722.371 |
820.809 |
5260.203 |
|
b. Products and Services |
786.408 |
580.701 |
2810.672 |
|
Total |
2508.779 |
1401.510 |
8070.875 |
|
Less : Inter Segment Revenue |
178.163 |
199.126 |
1108.663 |
|
Net
Sales |
2330.616 |
1202.384 |
6962.212 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Projects and Services |
(73.522) |
(226.125) |
(545.199) |
|
b. Products and Services |
115.894 |
54.570 |
415.555 |
|
Total |
42.372 |
(171.555) |
(129.644) |
|
Less
: (i) Interest |
100.785 |
103.675 |
407.881 |
|
(ii) Other un-allocable
expenditure Net of un-allocable income. |
(274.714) |
(55.049) |
(293.120) |
|
Profit
before Tax |
216.301 |
(220.181) |
(244.405) |
|
3.
Capital Employed |
|
|
|
|
a. Projects and Services |
948.505 |
1127.333 |
948.505 |
|
b. Products and Services |
1444.334 |
1284.354 |
1444.334 |
|
c. Unallocated |
(1662.398) |
(1907.425) |
(1662.398) |
|
Total |
730.441 |
504.262 |
730.441 |
NOTES:
1.
The above results were reviewed by the Audit Committee
and were thereafter approved by the Board at its meeting held on May 2nd, 2014.
2.
The figures of the last quarter are the balancing
figure between audited figures in respect of full financial year and the
published year to date figures up to the third quarter of the current financial
year.
3.
Exceptional item represents profit on sale of
non-current investments.
4.
The Board of Directors have recommended a dividend
of Rs Nil (Nil %) on each equity shares for the year 2013-14
5.
Previous period year figures have been re-grouped /
re-arranged wherever necessary
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 (Audited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
110.044 |
|
(b) Reserves & Surplus |
620.397 |
|
Total
Shareholders’ Funds |
730.441 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
1504.987 |
|
(b) Deferred tax liabilities (Net) |
436.991 |
|
(c) Other long term liabilities |
42.100 |
|
(d) long-term provisions |
134.258 |
|
Total Non-current Liabilities (3) |
2118.336 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
1831.939 |
|
(b) Trade payables |
2331.898 |
|
(c) Other current
liabilities |
2318.356 |
|
(d) Short-term provisions |
261.777 |
|
Total Current Liabilities (4) |
6743.970 |
|
|
|
|
TOTAL |
9592.747 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
430.774 |
|
(b) Non-current Investments |
1850.637 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
413.374 |
|
(e) Other Non-current assets |
0.720 |
|
Total Non-Current Assets |
2695.505 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
880.732 |
|
(c) Trade receivables |
4866.201 |
|
(d) Cash and cash
equivalents |
136.909 |
|
(e) Short-term loans and
advances |
625.837 |
|
(f) Other current assets |
387.563 |
|
Total Current Assets |
6897.242 |
|
|
|
|
TOTAL |
9592.747 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
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.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.