MIRA
INFORM REPORT
|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL LIMITED |
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Registered
Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside
Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
30.11.1962 |
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Com. Reg. No.: |
11-012528 |
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Capital
Investment / Paid-up Capital : |
Rs.401.000 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT10815A |
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PAN No.: [Permanent Account No.] |
AAACT3198F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
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 19600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Part of ‘TATA GROUP’. It is a well-established and reputed company having a good track
record. The company has incurred a loss from its operation during 2013.
However, financial position of the company seems to be strong. The company has strong percentage and investment portfolio which
provide strong financial flexibility. The company has acquire premium exporter of leather products and has
reputed international client which enhance the good business. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of experience promoters, the company can be considered for
normal business dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Issuers Rating = IrA+ (Stable) |
|
Rating Explanation |
a. Adequate credit quality rating b. General credit worthiness of the rated entity and not specific to any
particular debt instrument |
|
Date |
July 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-Cooperative (Tel No.: 91-22-66652200)
LOCATIONS
|
Registered Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66652200-10 |
|
Fax No.: |
91-22-66612836 |
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E-Mail : |
ajay.ponkse@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in mdeshmukh@tatainternational.com |
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Website : |
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Corporate
Support Services: |
Sterling Centre, 3rd Floor, |
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Tel. No.: |
91-22-66652299 |
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Fax No.: |
91-22-66612836 / 37 |
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Representative
Office : |
Tata Centre, 43, Chowringhee Road,
Kolkata, West Bengal, India |
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Factory 1 /
Leather and Leather Products Business Unit: |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077,
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Tel. No.: |
91-44-66362500 / 10 |
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Fax No.: |
91-44-66362522 |
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E-Mail : |
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Factory 2 : |
Industrial Area, Agra Mumbai Road, Dewas - 455001, Madhya Pradesh,
India |
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Tel. No.: |
91-7272-258900 / 04 / 425500 |
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Fax No. ( |
91-7272-258150 / 258271 |
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Fax No. (LFB
Marketing) : |
91-7272-258914 |
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Fax No. (LGB
Marketing) : |
91-7272-258574 |
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Fax No. (Ladies FW
Plant) : |
91-7272-400161 |
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Engineering
Business Unit: |
Located
at · New Delhi · Kolkata · Mumbai |
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Overseas
Offices: |
Located at · China · Japan · Singapore · South Korea · Myanmar · Taiwan · Thailland · Cambodia and Lao PDR · UAE · Vietnam · South Africa · Zambia · Mozambique · Zimbabwe · Kenya · Uganda · Namibia · Ethiopia · Nigeria · Tanzania · Netherlands · Poland · Russia · Spain · UK · Brazil · Mexico · USA · Panama |
DIRECTORS
As on 16.09.2013
|
Name : |
Mr. Balasubramanian Muthuraman |
|
Designation : |
Chairman |
|
Address : |
111/A, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
26.09.1944 |
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Qualification : |
B. Tech (IIT), MBA (XLRI) |
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Date of Appointment : |
12.08.2004 |
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DIN No.: |
00004757 |
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|
Name : |
Mr. Homiar Sorabji Vachha |
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Designation : |
Director |
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Address : |
Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
23.04.1942 |
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Qualification : |
MA, Phd (Economics) |
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Date of Appointment : |
28.11.2003 |
|
DIN No.: |
00016610 |
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|
Name : |
Mr. Piyush G. Mankad |
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Designation : |
Director |
|
Address : |
P-161, ATS Greens Village, Sector 93-A, Expressway Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.11.1941 |
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Qualification : |
MA, IAS (Retd) |
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Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00005001 |
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|
Name : |
Mr. Arun Kumar Vora |
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Designation : |
Director |
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Address : |
S-2, 3rd Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
14.08.1941 |
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Qualification : |
BE (Mechanical), PG Industrial engineering (UK) |
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Date of Appointment : |
04.09.2006 |
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DIN No.: |
00191774 |
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|
Name : |
Mr. Noel Naval Tata |
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Designation : |
Managing Director |
|
Address : |
Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
|
Qualification : |
Graduate from Sussex (UK) |
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Date of Appointment : |
12.08.2010 |
|
DIN No.: |
00024713 |
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Name : |
Mr. Ramakrishnan Mukundan |
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Designation : |
Director |
|
Address : |
9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India |
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Date of Birth/Age : |
19.09.1966 |
|
Qualification : |
BE (Electrical), MBA |
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Date of Appointment : |
29.07.2010 |
|
DIN No.: |
00778253 |
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|
|
|
Name : |
Mr. Ravindra Narayan Pisharody |
|
Designation : |
Director |
|
Address : |
Hill Park Building No.-1, Flat No. 9, 2nd Floor, AG Bell Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.11.1955 |
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Qualification : |
B.Tech (Electronics IIT), PGDM IIM) |
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Date of Appointment : |
29.07.2010 |
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DIN No.: |
01875848 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay
Murlidhar Ponkshe |
|
Designation : |
Company Secretary
|
|
Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
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Date of Birth/Age : |
27.02.1960 |
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Date of Appointment : |
20.07.2007 |
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PAN No.: |
AAEPP6047Q |
MAJOR SHAREHOLDERS
As on 16.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors Limited, India |
|
50000 |
|
Tata Chemicals Limited, India |
|
48000 |
|
Voltas Limited, India |
|
10000 |
|
Tata Sons Limited, India |
|
167400 |
|
Tata Industries Limited, India |
|
17122 |
|
Trent Limited, India |
|
3000 |
|
Ewart Investments Limited, India |
|
25000 |
|
Tifco Holdings Limited, India |
|
8000 |
|
Tata Steel Limited, India |
|
9480 |
|
Shapoor Pallonji Mistry |
|
200 |
|
Cyrus Pallonji Mistry |
|
200 |
|
Sheba Properties Limited, India |
|
19350 |
|
Af-Taab Investment Company Limited, India |
|
20500 |
|
Simone Naval Tata |
|
112 |
|
Kalimati Investment Company Limited, India |
|
19136 |
|
Chemical Terminal Trombay Limited, India |
|
3500 |
|
Total |
|
401000 |
Equity Share Break up (Percentage of Total Equity)
As on 16.09.2013
|
Category |
Percentage |
|
Bodies corporate |
99.87 |
|
Other |
0.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of Leather and Leather Products,
Trading in Commodities and Footwear Retail. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Finished Leather |
Million sq. ft. |
78 |
57 |
67 |
|
Leather Garments |
Numbers |
200,000 |
200,000 |
106,386 |
|
Shoe Uppers |
Pairs |
2,100,000 |
2,100,000 |
1,447,489 |
|
Leather Footwear |
Pairs |
4,200,000 |
1,860,000 |
1,062,136 |
Notes:
(i) As certified
by the Management and relied upon by the Auditors being technical matters.
(ii) Actual production of shoe uppers includes production for
consumption in leather footwear.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4th Floor, Nariman Branch, 224-C, Mittal Court, 4th Floor, Nariman Point, Mumbai-400021, Maharashtra, India ·
State Bank of India, Overseas Branch, World
Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
ICICI Bank Limited, 9 Raffles Place, # 50-01,
Republic Plaza, Singapore 048619 ·
FirstRand Bank Limited, 5th Floor, Mistry
Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai - 400020, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
Tata Sons Limited |
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|
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|
Subsidiaries : |
· Tata Africa Holdings (SA) (Proprietary) Limited · Tata South-East Asia Limited · Tata West Asia FZE · Tata Africa Holdings (Ghana) Limited · TATA Africa Holdings (Kenya) Limited · Tata Africa Holdings (Tanzania) Limited · Tata Africa Services (Nigeria) Limited · Tata Africa Steel Processors (Proprietary) Limited · Tata Automobile Corporation (SA) (Proprietary) Limited · Tata Holdings Mocambique Limitada · Tata De Mocambique, Limitada · Tata Namibia (Proprietary) limited · Tata Uganda Limited · Tata Zambia Limited · Tata Zimbabwe (Private) Limited · Blackwood Hodge Zimbabwe (Private) Limited · Cometal, S.A.R.L. · Pamodzi Hotels Plc · Tata Africa (Senegal) S.A.R.L. · TIL Leather Mauritius Limited · Bachi Shoes (India) Limited · Euro shoe components Limited · Move on Componentes e calcado,S.A. · Calsea Footwear Private Limited · Drive India Enterprise Solutions Limited (w.e.f 1st October, 2011) · Tata International Trading Brasil Ltda · Tata International Singapore Pte Limited · Monroa Portugal, Comércio E Serviços, Unipessoal Lda · Move On Retail Spain, S.L. · TAHL ( Mauritius) Power Projects Limited · TAHL ( Mauritius) Mining Projects Limited · Tata Africa Cote DIvoire SARL · M Pumalanga Mining Resources S.A · Tata Steel International (North America) Limited · Tata International Metals (Asia) Limited · Tata Steel International (UK) Limited · TAH Pharmaceuticals Ltd. · Alliance Motors Ghana Limited · Industrial Steels Limited · Tata South East Asia (Cambodia) Limited |
|
|
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|
Associates |
Tata Ceramics Limited CIIN No.: U26933KL1991PLC006018 |
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|
|
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Joint Venture |
· Tata International DLT Private Limited · Tata International Wolverine Brands Limited (Incorporated as on 18th April 2012) · Tata Precision Industries (India) Limited · Drive India Enterprise Solutions Limited (Up to 30th September, 2011) |
|
|
|
|
Fellow Subsidiaries |
· Tata AIG General Insurance Company Limited · Tata AIA Life Insurance Company Limited (Formerly Tata AIG Life Insurance Company Limited) · Ewart Investment Private Limited · Tata Capital Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) · Tata Consultancy Services Limited · Tata Teleservices Limited · Tata Realty and Infrastructure Limited · Tata Teleservices (Maharashtra) Limited · Tata Industries Limited · TC Travel And Services Limited · Tata Capital Pte. Limited |
CAPITAL STRUCTURE
As on 16.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.1000/- each |
Rs.700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
Rs.1000/-
each |
Rs.401.000
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 |
401.000 |
401.000 |
200.000 |
|
(b) Reserves & Surplus |
4504.298 |
4565.579 |
2380.272 |
|
(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) |
4905.298 |
4966.579 |
2580.272 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2894.725 |
2950.184 |
2715.625 |
|
(b) Deferred tax liabilities (Net) |
44.540 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
146.979 |
139.030 |
21.162 |
|
(d) long-term provisions |
59.319 |
55.054 |
57.684 |
|
Total Non-current Liabilities (3) |
3145.563 |
3144.268 |
2794.471 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2343.883 |
3132.172 |
2748.500 |
|
(b) Trade payables |
1987.504 |
1707.192 |
1536.275 |
|
(c) Other current
liabilities |
187.497 |
476.773 |
452.403 |
|
(d) Short-term provisions |
522.867 |
514.112 |
1154.087 |
|
Total Current Liabilities (4) |
5,041.751 |
5,830.249 |
5891.265 |
|
|
|
|
|
|
TOTAL |
13092.612 |
13941.096 |
11266.008 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1313.191 |
1239.114 |
1116.336 |
|
(ii) Intangible Assets |
7.368 |
15.044 |
20.748 |
|
(iii) Capital
work-in-progress |
6.780 |
141.978 |
13.434 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6671.991 |
5267.432 |
5164.224 |
|
(c) Deferred tax assets (net) |
0.000 |
7.467 |
30.163 |
|
(d) Long-term Loan and Advances |
828.742 |
796.606 |
1319.794 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
8,828.072 |
7,467.641 |
7664.699 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
133.989 |
2,071.092 |
50.427 |
|
(b) Inventories |
1525.750 |
2003.286 |
1722.973 |
|
(c) Trade receivables |
1584.052 |
1406.882 |
1116.923 |
|
(d) Cash and cash
equivalents |
109.357 |
329.052 |
58.719 |
|
(e) Short-term loans and
advances |
882.096 |
591.335 |
652.109 |
|
(f) Other current assets |
29.296 |
71.808 |
0.158 |
|
Total Current Assets |
4264.540 |
6473.455 |
3601.309 |
|
|
|
|
|
|
TOTAL |
13092.612 |
13941.096 |
11266.008 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
11558.166 |
9,937.509 |
8640.210 |
|
|
|
|
Other Income |
595.718 |
251.978 |
213.756 |
|
|
|
|
TOTAL (A) |
12153.884 |
10,189.487 |
8853.966 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
5181.938 |
3,919.240 |
3015.421 |
|
|
|
|
Purchase of Stock-in-trade |
3149.514 |
3237.432 |
3273.189 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
32.403 |
(12.355) |
(181.389) |
|
|
|
|
Employee Benefits Expenses |
784.487 |
651.359 |
555.684 |
|
|
|
|
Other Expenses |
(183.383) |
(1373.897) |
|
|
|
|
|
Exceptional items |
2774.968 |
2778.821 |
253.100 |
|
|
|
|
TOTAL (B) |
11739.927 |
9200.600 |
9158.827 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
413.957 |
988.887 |
(304.861) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
292.979 |
402.055 |
241.307 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
120.978 |
586.832 |
(546.168) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
182.049 |
181.630 |
159.897 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(61.071) |
405.202 |
(706.065) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.210 |
21.492 |
(3.424) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(61.281) |
383.710 |
(702.641) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1493.979 |
1297.551 |
2000.192 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Dividends proposed to be distributed to equity
Shareholders |
0.000 |
20.606 |
0.000 |
|
|
|
|
Tax on Dividend |
0.000 |
3.343 |
0.000 |
|
|
|
|
Debenture redemption reserve |
0.000 |
163.333 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1432.698 |
1493.979 |
1297.551 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of goods calculated on FOB basis |
7811.322 |
6704.396 |
6605.452 |
|
|
|
|
Charges Recovered |
0.000 |
0.000 |
13.745 |
|
|
|
|
Interest |
0.000 |
1.246 |
1.886 |
|
|
|
|
Dividends |
129.283 |
0.000 |
67.070 |
|
|
|
|
Others |
0.000 |
0.000 |
233.635 |
|
|
|
TOTAL EARNINGS |
7940.605 |
6705.642 |
6921.788 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1064.486 |
1257.632 |
792.865 |
|
|
|
|
Components, Stores and Spare Parts |
170.529 |
130.915 |
125.492 |
|
|
|
|
Capital Goods |
364.098 |
34.620 |
93.298 |
|
|
|
|
Trading Goods |
0.000 |
624.134 |
541.106 |
|
|
|
TOTAL IMPORTS |
1599.113 |
2047.301 |
1552.761 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(152.82) |
1081.00 |
(2002.00) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.50) |
3.77 |
(7.94) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.53) |
4.08 |
(8.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.95) |
4.75 |
(11.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.08 |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.07 |
1.22 |
2.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
1.11 |
0.61 |
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 |
200.000 |
401.000 |
401.000 |
|
Reserves & Surplus |
2380.272 |
4565.579 |
4504.298 |
|
Net
worth |
2580.272 |
4966.579 |
4905.298 |
|
|
|
|
|
|
long-term borrowings |
2715.625 |
2950.184 |
2894.725 |
|
Short term borrowings |
2748.500 |
3132.172 |
2343.883 |
|
Total
borrowings |
5464.125 |
6082.356 |
5238.608 |
|
Debt/Equity
ratio |
2.118 |
1.225 |
1.068 |
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 |
8640.210 |
9,937.509 |
11558.166 |
|
|
|
15.015 |
16.308 |
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
|
8640.210 |
9,937.509 |
11558.166 |
|
Profit |
(702.641) |
383.710 |
(61.281) |
|
|
(8.13%) |
3.86% |
(0.53%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
76.473 |
65.867 |
0.000 |
|
|
|
|
|
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
LITIGATION
DETAILS:
|
Case Details Bench:-Bombay
Main Matter
|
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Non-convertible debentures |
2450.000 |
2450.000 |
|
Short Term Borrowings |
|
|
|
Other loans and advances |
477.184 |
362.759 |
|
Total |
2927.184 |
2812.759 |
OPERATING PERFORMANCE
The year 2012-13 continued to be a year full of challenges and opportunities for the Company. While on the one hand, the Company on a stand-alone basis achieved an operating revenue of Rs.11560.000 Millions (previous year: Rs.9930.000 Millions) registering a growth of 16 %, the margins continued to be under pressure.
The Company continues to pursue various improvement initiatives identified and initiated. As a result, while the Company has made a loss for the year, the operating performance of the Company has improved substantially over the previous year. Given below is a detailed analysis of the operations of the Company during the year 2012-13
LEATHER AND LEATHER
PRODUCTS BUSINESS –
Finished Leather business achieved a turnover of Rs.3100.000 (2011-12: Rs.3340.000 Millions). During the year raw material prices increased substantially. Due to depressed economic situation in the markets in which it operates, the Company could not pass on the increase in raw material prices to its customers. As a result the margins were under severe pressure. The business continued to pursue various improvement initiatives in order to improve its operating performance.
Footwear business achieved a turnover of Rs.2290.000 Millions (2011-12: Rs.2440.000 Millions) with a focus on timely delivery and retention of key customers. Chennai unit has improved its performance over the previous year. Similarly, the production at its Dewas unit has also increased, resulting in increased utilization of capacity and improvement in operational efficiency.
ENGINEERING BUSINESS
The business achieved a turnover of Rs.3540.000 Millions (2011-12: Rs.3520.000 Millions). During the year the Company has entered into long term agreements with key vendors of repute for certain of their products for distribution in Africa and other regions. These initiatives would not only provide sustainability to the business, but would also increase the reach in the market and improve the overall performance.
FOOTWEAR RETAIL
The Company continues to pursue the corrective steps initiated in the previous year and identify new areas to reduce costs, and to improve the business model. The Company also critically evaluated the performance of various stores and exited from certain non-remunerative stores. As a result of the various initiatives and improvements, the Company managed to reduce the loss substantially during the year.
2013-14 WAY FORWARD
During the year the Company has finalised and adopted a five vertical strategy globally to be implemented from the current financial year. The various businesses are grouped into five verticals, viz. Leather and Leather Products, Distribution, Metals, Minerals and Agro-business. All businesses globally are being aligned to this strategy and are being integrated into these five global verticals. The necessary changes in the organization structure, business structure, management reporting, compliance and governance are being effected to reflect this approach.
The Company would continue to focus on profitability and growth. The respective businesses have identified key profitability drivers and would monitor the performance with a thrust on profitability.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10410416 |
13/03/2013 |
1,728,000,000.00 |
ICICI
BANK LIMITED |
9 Raffles
Place, # 50-01, Republic Plaza, Singapore, - 048619, Singapore |
B70296835 |
|
2 |
10310769 |
13/01/2012 * |
300,000,000.00 |
ICICI
BANK LIMITED |
Landmark,
Race Course Circle, Vadodara, Gujarat - |
B30233704 |
|
3 |
10278701 |
18/04/2011 * |
250,000,000.00 |
FirstRand
Bank Limited |
5th
Floor, Mistry Bhawan, 122 Dinsha Vachha Road, |
B10474450 |
|
4 |
10250870 |
08/12/2010 * |
192,600,000.00 |
State
Bank of India |
Industrial
Finance Branch, No.155, Anna Salai, Chennai, Tamil Nadu - 600002, India |
B02395317 |
|
5 |
90241691 |
16/12/2005 |
4,500,000,000.00 |
ICICI
BANK LIMITED |
ICICI
Towers Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India |
- |
|
6 |
80055797 |
28/04/2011 * |
5,100,000,000.00 |
STATE
BANK OF INDIA |
Corporate
Accounts Group Branch, Neville House, Ballard Estate, J N Heredia Marg,
Mumbai, Maharashtra - 400001, India |
B12936837 |
|
7 |
90240961 |
20/10/2005 * |
3,020,000,000.00 |
STATE
BANK OF INDIA` |
Overseas
Br.; World Trade Centre Post Box No 16094, Cuffe Parade, Mumbai, Maharashtra
- 400001, India |
- |
|
8 |
90282277 |
05/08/2000 |
9,000,000.00 |
Standard
Chartered Bank |
58; Armenian
Street, Chennai, Tamil Nadu - 600001, India |
- |
|
9 |
90282216 |
22/07/2004 * |
20,000,000.00 |
Standard
Chartered Bank |
19;
Rajaji Salai, Chennai, Tamil Nadu - 600001, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Furniture and Fixture
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
NEWS:
TATA INTERNATIONAL TO LAUNCH NEW FOOTWEAR
BRANDS IN INDIA
February 13,
2014 (India)
Tata
International Limited., (TIL) would be entering into the world of footwear
branding with the launch of three men’s footwear brands, one women’s footwear
and a wide range of children's footwear collection in India, by sometime
between April and June this year, reports Business Standard.
TIL is all
set to distribute US-based women’s footwear brand Aerosoles for which it has
the license to design, develop and sell the brand in Europe, Africa as well as
India, through several retail outlets in select cities of the country by April
2014.
In June 2014,
the company is planning to launch three men’s footwear brands catering to
different segments namely—Aristos, in the formal wear category, S.C.T in the
comfort wear segment and Arin, in the casual wear category.
TIL has inked
distribution tie-ups with retailers such as Mochi, Metro and Tata Group-owned
Trent’s Westside retail chain where it would be retailing these products. For
the men’s footwear brands also the firm would be initially retailing through
these chains but eventually would likely open exclusive brand outlets.
TIL is also
looking at reviving its own footwear retail venture Tashi, which was shut down
by August last year within three years of its launch. The footwear label was
launched in 2010 by the Noel Tata led Trent group, which operates the Westside
stores and Star Bazaar hypermarkets.
Established
in 1962, TIL of Tata Group, is a global trading and distribution company with a
presence in manufacturing and supply chain integration in select businesses.
The company is India’s leading manufacturer, exporter and supply chain integrator
of leather and leather products working with the world’s largest brands.
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. 58.84 |
|
|
1 |
Rs. 98.41 |
|
Euro |
1 |
Rs. 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
|
59 |
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.