MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TVS LOGISTICS SERVICES LIMITED |
|
|
|
|
Registered
Office : |
TVS Building, 7-B, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.11.2004 |
|
|
|
|
Com. Reg. No.: |
18-054655 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.235.489
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63011TN2004PLC054655 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIT01242D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT1412E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing
logistics services including aftermarket warehouse, in-plant warehouse, global
supply chain management services, domestic supply chain management services
and material handling services. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12982000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘T.V. Sundram Iyengar and Sons Limited’. It is a well-established company having a fine track record. The
management has seen a significant increase in its net profitability during 2013. Financial as well as liquidity position appears to be sound. The
ratings also take into consideration the private equity funding which inturn
has increased the capital base of the company during the year review. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good 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 |
|
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 |
ICRA |
|
Rating |
Short term rating: A1 + |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
April 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-44-309803000 |
LOCATIONS
|
Registered Office : |
TVS Building, 7-B, |
|
Tel. No.: |
91-452-2356400 |
|
Fax No.: |
91-452-2341587 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
58, Eldams Road, TK Kumarasamy Road, Teynampet, Chennai-600015,
Tamilnadu, India |
|
Tel. No.: |
91-44-66793222 |
|
Fax No.: |
91-44-66793127 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Survey No. 461/2c, S and D Warehouse, Ambattur-Puzhai Road, Puzhai,
Chennai-600066, Tamilnadu, India |
|
|
|
|
Branch Office : |
AVA Towers, No. 152 and 150, TNEB Avenue, Annasalai, Chennai,
Tamilnadu, India |
|
Tel. No.: |
91-44-30980300 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Suresh Krishna |
|
Designation : |
Director |
|
Address : |
79, Poes Gorden, Chennai-600086, Tamilnadu, India |
|
Date of Birth/Age : |
24.12.1936 |
|
Date of Appointment : |
16.11.2004 |
|
DIN No.: |
00046919 |
|
|
|
|
Name : |
Mr. Santhanam Ram |
|
Designation : |
Director |
|
Address : |
Old No.29, New No.57, Prithvi Avenue, Chennai-600018, Tamilnadu, India
|
|
Date of Birth/Age : |
27.04.1940 |
|
Date of Appointment : |
16.11.2004 |
|
DIN No.: |
00018309 |
|
|
|
|
Name : |
Mr. Ramachandran Dinesh |
|
Designation : |
Director |
|
Address : |
16, Jawahar Road, Chokki Kulam, Madurai-625002, Tamilnadu, India |
|
Date of Birth/Age : |
25.02.1965 |
|
Date of Appointment : |
01.09.2008 |
|
PAN No.: |
AAJPD2850Q |
|
DIN No.: |
00363300 |
|
|
|
|
Name : |
Mr. Gopal Srinivasan |
|
Designation : |
Director |
|
Address : |
Old No.2, New No.3, West Side Houses, Adyar Club, Gate Road
Chennai-600028, Tamilnadu, India |
|
Date of Birth/Age : |
04.08.1958 |
|
Date of Appointment : |
05.08.2005 |
|
DIN No.: |
00177699 |
|
|
|
|
Name : |
Mr. Tarun Khanna |
|
Designation : |
Director |
|
Address : |
66, Druid Hill road, Newton, United States of America-02461 |
|
Date of Birth/Age : |
09.05.1966 |
|
Date of Appointment : |
21.11.2007 |
|
DIN No.: |
01760700 |
|
|
|
|
Name : |
Mr. Sanjeev Kishen Mehra |
|
Designation : |
Director |
|
Address : |
44, Mayfair Lane, Greenwich, United States of America-06831 |
|
Date of Birth/Age : |
07.01.1959 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
02195545 |
|
|
|
|
Name : |
Ms. Lavanya Ashok |
|
Designation : |
Alternate Director |
|
Address : |
139/6-2, Domlur Layout, Bangalore-560071, |
|
Date of Birth/Age : |
11.07.1982 |
|
Date of Appointment : |
26.03.2013 |
|
DIN No.: |
03453279 |
|
|
|
|
Name : |
Heramb Ravindra Hajarnavis |
|
Designation : |
Director |
|
Address : |
61, Apsara Bhojwani Nargis Dutt Road, Pali Hill, Near Dilip Kumar Bunglows,
Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1974 |
|
Date of Appointment : |
11.05.2012 |
|
DIN No.: |
01680435 |
KEY EXECUTIVES
|
Name : |
Mr. Raghunatha Rao Raghunath Ravi |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.4, 1st Floor, Rite Choice Swamyvas Apartment,
Anandapuram, Mylapore, Chennai-600004, Tamilnadu, India |
|
Date of Birth/Age : |
20.10.1954 |
|
Date of Appointment : |
08.09.2006 |
|
Pan No.: |
AAEPR7332Q |
|
|
|
|
Name : |
Mr. Ramesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
41.68 |
|
Bodies
corporate |
|
47.57 |
|
Directors
or relatives of directors |
|
6.17 |
|
Other
top fifty shareholders |
|
4.55 |
|
Others
|
|
0.03 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
logistics services including aftermarket warehouse, in-plant warehouse,
global supply chain management services, domestic supply chain management
services and material handling services. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
City Union Bank ·
State Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Footnotes: (A) Cash credit from State Bank of India is secured by first charge on the entire receivables and other current assets and second charge on fixed assets acquired out of the term loan obtained from State Bank of India. The above short term borrowings carry interest ranging between 7.50% - 14.00% p.a.
Footnotes: (A) From City Union Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
KPMG House, No.10, Mahatma Gandhi Road, Nungambakkam High
Road, Chennai, Tamilnadu, India |
|
PAN No: |
AAIFB7355D |
|
|
|
|
Holding Company : |
T V Sundram
Iyengar and Sons Limited, India [U34101TN1929PLC002973] |
|
|
|
|
Fellow Subsidiaries : |
·
Lucas TVS Limited [U35999TN1961PLC004678] ·
Sundaram Industries Limited
[U65991TN1943PLC002656] ·
TVS Motor Company Limited [L35921TN1992PLC022845] ·
Sundaram –Clayton Limited [L35999TN1962PLC004792] ·
Lucas Indian Service Limited
[U35999TN1930PLC005705] ·
Moka Technology Services Limited
[U72900TN2004PLC054575] ·
TVS Automobile Solutions Limited
[U34100TN2009PLC071439] |
|
|
|
|
Subsidiaries : |
·
TVS Dynamic Global Freight Services Limited
[U63010TN2007PLC064282] ·
TVS GMR Aviation Logistics Limited [U60100TN2010PLC074341] ·
TVS Logistics Investments USA Inc, USA ·
TVS RHR Finished Vehicles Logistics Solutions
Limited [U60200TN2009PLC071624] ·
TVS Commutation Solutions Limited
[U60200TN2008PLC068631] ·
FLEXOL Packaging (India) Limited
[U74990TN2010PLC076131] ·
TVS Automotive Europe Limited, UK ·
TVS Logistics Investment UK Limited, UK ·
TVS America Inc, USA |
|
|
|
|
Joint Venture : |
TVS
Infrastructure Limited [U45200MH2005PLC154628] |
|
|
|
|
Other Related Parties : |
·
TVS Supply Chain Solutions Limited, UK ·
TVS C J Components Limited, UK ·
Manufacturers Equipment and Supply Company, USA ·
Rico Logistics Limited, UK |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28800000 |
Equity Shares |
Rs.10/- each |
Rs.288.000 Millions |
|
1200000 |
Preferences Shares |
Rs.10/- each |
Rs.12.000 Millions |
|
|
TOTAL
|
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22886413 |
Equity Shares |
Rs.10/- each |
Rs.228.864
Millions |
|
1114203 |
Preferences Shares |
Rs.10/- each |
Rs.11.142
Millions |
|
|
TOTAL |
|
Rs.240.006 Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28800000 |
Equity Shares |
Rs.10/- each |
Rs.288.000 Millions |
|
1200000 |
Preferences Shares |
Rs.10/- each |
Rs.12.000 Millions |
|
|
TOTAL
|
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22886413 |
Equity Shares |
Rs.10/- each |
Rs.228.864
Millions |
|
1114203 |
Preferences Shares |
Rs.10/- each |
Rs.11.142
Millions |
|
|
Less: Call Unpaid Shares |
|
Rs.4.517
Millions |
|
|
TOTAL |
|
Rs.235.489 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
235.489 |
|
(b) Reserves & Surplus |
|
|
3010.230 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
3245.719 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
|
122.371 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
13.494 |
|
Total Non-current
Liabilities (3) |
|
|
135.865 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
565.044 |
|
(b)
Trade payables |
|
|
619.566 |
|
(c)
Other current liabilities |
|
|
367.853 |
|
(d) Short-term
provisions |
|
|
94.288 |
|
Total Current
Liabilities (4) |
|
|
1646.751 |
|
|
|
|
|
|
TOTAL |
|
|
5028.335 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
|
774.129 |
|
(ii)
Intangible Assets |
|
|
67.164 |
|
(iii)
Capital work-in-progress |
|
|
65.120 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
1219.486 |
|
(c) Deferred tax
assets (net) |
|
|
21.573 |
|
(d) Long-term Loan and Advances |
|
|
221.115 |
|
(e) Other
Non-current assets |
|
|
11.134 |
|
Total Non-Current
Assets |
|
|
2379.721 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
|
300.154 |
|
(b)
Inventories |
|
|
38.265 |
|
(c)
Trade receivables |
|
|
759.173 |
|
(d) Cash
and cash equivalents |
|
|
750.786 |
|
(e)
Short-term loans and advances |
|
|
604.537 |
|
(f)
Other current assets |
|
|
195.699 |
|
Total
Current Assets |
|
|
2648.614 |
|
|
|
|
|
|
TOTAL |
|
|
5028.335 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
187.622 |
187.622 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1085.398 |
1087.699 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1273.020 |
1275.321 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
958.231 |
363.698 |
|
|
2] Unsecured Loans |
|
638.629 |
280.000 |
|
|
TOTAL BORROWING |
|
1596.860 |
643.698 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2869.880 |
1919.019 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
647.867 |
513.060 |
|
|
Capital work-in-progress |
|
15.356 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
700.205 |
606.574 |
|
|
DEFERREX TAX ASSETS |
|
12.144 |
29.001 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
14.251
|
6.197
|
|
|
Sundry Debtors |
|
900.388
|
503.525
|
|
|
Cash & Bank Balances |
|
17.840
|
43.741
|
|
|
Other Current Assets |
|
125.782
|
308.852
|
|
|
Loans & Advances |
|
1283.050
|
551.520
|
|
Total
Current Assets |
|
2341.311
|
1413.835
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
558.741
|
400.351
|
|
|
Other Current Liabilities |
|
234.612
|
194.908
|
|
|
Provisions |
|
53.650
|
48.192
|
|
Total
Current Liabilities |
|
847.003
|
643.451
|
|
|
Net Current Assets |
|
1494.308
|
770.384
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2869.880 |
1919.019 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
4284.190 |
|
|
|
Other Income |
|
|
160.322 |
|
|
|
TOTAL (A) |
|
|
4444.512 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
|
|
1394.096 |
|
|
|
Other expenses |
|
|
2645.154 |
|
|
|
TOTAL (B) |
|
|
4039.250 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
405.262 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
66.822 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
338.440 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
137.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
200.513 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
59.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
140.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
|
|
56.532 |
|
|
|
Capital Goods |
|
|
97.060 |
|
|
TOTAL IMPORTS |
|
|
153.592 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
6.40 |
|
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4114.957 |
3922.577 |
|
|
|
Other Income |
|
108.725 |
28.072 |
|
|
|
TOTAL (A) |
|
4223.682 |
3950.649 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
|
1287.770 |
922.913 |
|
|
|
Other expenses |
|
2637.987 |
2750.085 |
|
|
|
TOTAL (B) |
|
3925.757 |
3672.998 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
|
297.925 |
277.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
161.038 |
99.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
136.887 |
177.994 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
114.981 |
87.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
21.906 |
90.365 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4.583 |
39.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
17.323 |
50.798 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
151.049 |
124.955 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
1.732 |
5.079 |
|
|
|
Proposed Dividend |
|
16.886 |
16.886 |
|
|
|
Tax on Dividend |
|
2.739 |
2.739 |
|
|
BALANCE CARRIED
TO THE B/S |
|
147.015 |
151.049 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
60.259 |
118.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
|
16.840 |
14.833 |
|
|
|
Capital Goods |
|
0.000 |
62.976 |
|
|
TOTAL IMPORTS |
|
16.840 |
77.809 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
|
0.92 |
2.91 |
|
|
|
-
Diluted |
|
0.90 |
2.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.17
|
0.41
|
1.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.68
|
0.53
|
2.30
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.39
|
0.73
|
4.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.02
|
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21
|
1.25
|
0.50
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
2.76
|
2.20
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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 |
3922.577 |
4114.957 |
4284.190 |
|
|
|
4.904 |
4.113 |
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 |
3922.577 |
4114.957 |
4284.190 |
|
Profit |
50.798 |
17.323 |
140.717 |
|
|
1.30% |
0.42% |
3.28% |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
10454734 |
17/10/2013 |
26,358,800.00 |
L
& T FINANCE LIMITED |
L&T
HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B87431276 |
|
2 |
10447544 |
26/08/2013 |
689,330.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B84277664 |
|
3 |
10442243 |
05/08/2013 |
26,400,000.00 |
L
& T FINANCE LIMITED |
L&T
HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B81789513 |
|
4 |
10437539 |
01/07/2013 |
533,401.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B79916995 |
|
5 |
10438609 |
27/06/2013 |
15,442,281.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B80330566 |
|
6 |
10438610 |
27/06/2013 |
15,442,281.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, IN |
B80330996 |
|
7 |
10438613 |
27/06/2013 |
15,442,281.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B80331515 |
|
8 |
10438619 |
27/06/2013 |
15,442,281.00 |
SUNDARAM
FINANCE LIMITED |
21 PATULLOS
ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B80332125 |
|
9 |
10438621 |
27/06/2013 |
15,442,281.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B80332505 |
|
10 |
10361573 |
21/05/2012 |
16,717,057.00 |
SUNDARAM
FINANCE LIMITED |
21
PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
B42019711 |
|
* Date of charge modification |
||||||
|
CASE DETAILS CHENNAI COURT
|
BUSINESS REVIEW:
The operating income
of the Company for the year amounts to Rs 4284.200 Millions as against
Rs.4115.000 Millions reported in the previous year. The total income for the
year had marginally increased to Rs 4444.500 Millions from Rs 4223.700 Millions
in the previous year. However, substantial savings in finance costs has
contributed to the improved profits for the year.
PROSPECTS:
The current
slowdown in the economy, which has impacted the Automobile industry more than other
segments of the economy may affect the profitability of the company for the
year 2013-14. However, your company has taken several steps to meet the
challenges, inter alia, diversifying into non- auto sector, pursuing
encirclement activities with existing customers and improving productivity.
These measures are expected to help achieve satisfactory results.
FIXED ASSETS:
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Computer software
NEWS:
TVS LOGISTICS SERVICES ACQUIRES US FIRM
MAY 30, 2013
The acquisition would
bring in an end-to-end supply chain capability to TVS
Logistics, which could be delivered to
Indian companies with international operations
TVS Logistics Services Limited, the
third party logistics service provider and part of TVS Group, has announced
acquisition of the US-based Wainwright Industries an
end-to-end supply chain providing firm as part expansion its value-added
capabilities.
While the initial payment for the
acquisition would be Rs 25 crore, the total acquisition would be of Rs 500.000
Millions, in which the rest would be payed in milestones over a period of two
years based on financial targets met by the US firm, said senior official from
TVS Logistics Services.
The acquisition would bring in an
end-to-end supply chain capability to TVS Logistics, which could be delivered
to Indian companies with international operations, said R Dinesh, managing
director, TVS Logistics Services Limited. It would provide service capabilities
such as cross docking and sub-assembly for manufacturers, which would enable
TVS Logistics to move up in the value chain system, he added.
Speaking about the company, David
Robbins, president of Wainwright Industries said that the 65 year old family
business is presently at $20 million revenues and is expected to go up to $100
million in next two years. TVS Logistics Services has announced that it will
retain the existing management and David Robbins would continue to manage the
business in US.
"From the capability point of
view, we have completed all our acquisitions with WainWright, to provide end to
end supply chain solutions. We might be looking at acquisitions for adding new
markets or customers in future, but with the latest acquisition, we have
covered almost all the capability requirements as of now," said Dinesh. It
may be noted that the company has earlier acquired overseas firms like Rico in
UK and Mesco in US, to bring in capabilities.
The company is now looking at setting
up its presence in Turkey and expanding presence in Thailand and also
contemplates on setting up operations in China, though it is still in a thought
process. It is looking at bringing in value addition to logistics business, to
grow. While logistics is a low margin business, value addition could increase
the revenues of the services offered, he added. In February, this year, TVS
Logistics acquired of UK-based Rico Logistics, with a total cost of acquisition
cost of around Rs 1000.000 Millions. The acquisition is expected to help the
company to achieve its target of $1 billion turnover by 2015 and will add new
verticals, according to reports.
KKR, and Goldman Sachs has together
invested Rs 2688.000 Millions (approximately $ 53 million during the time).
Of this, according to a company
announcement at that time, KKR has agreed to invest Rs 2424.000 Millions
(approximately $47 million). The investment of Goldman Sachs was an add-on
investment to its infusion of fund in 2008 into the company.
Dinesh said that in the year FY13 the
company has clocked in a revenue of around Rs 19000.000 Millions, in which a
major share of the growth has come from overseas markets. Majority of the
revenue is coming from the overseas business, he added.
TVS LOGISTICS ACQUIRES UK'S RICO FOR RS. 1000.000 MILLIONS
FEBRUARY 21, 2013
CHENNAI: TVS
Logistics Services Ltd has picked up an 85 per cent stake in UK-based Rico
Logistics for Rs. 1000.000 Millions, a top company official said.
"To achieve $1 billion (revenue) by 2015, we will need to have few
more acquisitions. I expect 50 per cent contributions would be from organic and
remaining through inorganic growth," TVS Logistics Services Limited
managing director R Dinesh told reporters on Thursday.
The acquisition of Rico Logistics was done through holding company TVS Logistics UK, he said.
TVS Logistics Services last year had said it had reached an agreement with global investment firm Kohlberg Kravis Roberts and Co (KKR) and Goldman Sachs for an investment of Rs. 2688.000 Millions (approximately $53 million). KKR would invest Rs. 2424.000 Millions.
For acquisition of Rico Logistics, Mr Dinesh said some part of the funds (invested by KKR) was utilised along with some internal accruals.
"This acquisition help us to add a number of new capabilities and allow us to offer new solutions to our existing and new customers in India and Asia. We will have synergies across our operation," he added.
This is the third acquisition by the city-based company in the United Kingdom, after CJ Components in 2004 and Multipart Holdings in 2009, which are now functioning under one umbrella organisation - TVS Supply Chain Solutions, Mr Dinesh added.
On the company's target for this year, he said TVS Logistics expects to reach Rs. 25000.000 Millions revenue by March 2013. Last year, it had reported revenues of about Rs. 18500.000 Millions.
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
53 |
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.