MIRA
INFORM REPORT
|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA ADVANCED SYSTEMS LIMITED (w.e.f.18.02.2008) |
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Formerly Known
As : |
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Registered
Office : |
Survey No. 64, Unit No. 1, Building No. 9 , 6th
Floor, Raheja Mindspace, Madhapur, Hyderabad – 500081,Telangana |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.2006 |
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Com. Reg. No.: |
01-077939 |
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Capital
Investment / Paid-up Capital : |
Rs. 4153.152
Millions |
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CIN No.: [Company Identification
No.] |
U72900TG2006PLC077939 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT13406B |
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PAN No.: [Permanent Account No.] |
AACCT5245K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Helicopter Cabins and also providing
services for Defence and Security projects. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Tata Sons and it is a
well-established and reputed company having a satisfactory track record. There seems an accumulated losses recorded by the company during 2014.
However, general financial position of the company seems to be decent. Director are reported as experienced and respectable businessmen. However, rating takes into consideration the strong percentage and
long standing experience of the promoters and brand name. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: On 2 June 2014, Telangana became the 29th state of India, consisting of the ten north-western districts of Andhra Pradesh with Hyderabad as its capital. The city of Hyderabad will continue to serve as the joint capital for Andhra Pradesh and the successor state of Telengana for a period of ten years. As a result of which both the state have their own registrar of companies offices and the said subject is now transferred from Andhra Pradesh ROC to Telangana ROC. |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had illfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
Management Non Cooperative (91-40-27131751)
LOCATIONS
|
Registered Office : |
Survey No. 64, Unit No. 1, Building No. 9 , 6th
Floor, Raheja Mindspace, Madhapur, Hyderabad – 500081,Telangana, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400001,
Maharashtra, India |
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Tel. No.: |
91-40-66447400/ 66658282 |
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Corporate
Office: |
Thapar House, Eastern Wing, Third Floor, 124 Janpath, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-66222666/ 23341585 |
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Fax No.: |
91-11-23241585 |
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Email : |
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Plant : |
Precision
Engineering Industries, Plot No.1/A in Sy No. 656, Aditya Nagar C/o APIIC,
SEZ for Aerospace and Adibatla Village, Ibrahimpathnam Mandal, District Ranga
Reddy – 501510, Andhra Pradesh, India |
DIRECTORS
As on 22.08.2013
|
Name : |
Mr. Ramadorai Subramanian |
|
Designation : |
Director |
|
Address : |
Flat No. 1, First Floor, Wyoming, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1944 |
|
Qualification : |
Bachelors degree in Physics from Delhi University, a Bachelor of Engineering Degree in Electronics and Telecommunications from the Indian Institute of Science, Bangalore and a Masters Degree in Computer Science from the University of California-UCLA (USA) in 1983, Ramadorai attended the school Sloan School of Management’s highly acclaimed Senior Executive Development Program. |
|
Date of Appointment : |
13.11.2009 |
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DIN No.: |
00000002 |
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|
Name : |
Mr. Prakash Manjanath Telang |
|
Designation : |
Director |
|
Address : |
313, 13th Floor, Samudra Mahal, DRAB Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1947 |
|
Qualification : |
Mechanical Engineer, did his MBA from IIM Ahmedabad and joined the Tata Group in 1972 through the prestigious Tata Administrative Service (TAS) cadre |
|
Date of Appointment : |
16.09.2009 |
|
DIN No.: |
00012562 |
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|
Name : |
Mr. Sukaran Singh |
|
Designation : |
Director |
|
Address : |
Flat No. 101, Gitanjali Gardens, 1st Floor, 68E Nepeansea Road, Rungta Lane, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
14.05.1969 |
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Qualification : |
MBA in Finance and Marketing and MA Economics from University of Oxford in the UK, and his BA Economics |
|
Date of Appointment : |
11.07.2007 |
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DIN No.: |
01485745 |
KEY EXECUTIVES
|
Name : |
S R Venkatesan |
|
Designation : |
Secretary |
|
Address : |
Plot No.38, Out Colony, Sainkpuri, Hyderabad – 500094, Telangana,
India |
|
Date of Birth/Age : |
20.08.1957 |
|
Date of Appointment : |
07.10.2010 |
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PAN No.: |
AMOPS6911J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
415315194 |
|
Tata Sons Limited, India Jointly with K R Bhagat |
|
1 |
|
Tata Sons Limited, India Jointly with Sukaran Singh |
|
1 |
|
Tata Sons Limited, India Jointly with Masood Hussainy |
|
1 |
|
Tata Sons Limited, India Jointly with E N Kapadia |
|
1 |
|
Tata Sons Limited, India Jointly with A V S Prasad |
|
1 |
|
Tata Sons Limited, India Jointly with Praveen Kumar Chikkala |
|
1 |
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|
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Total |
|
415315200 |
As on 22.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Helicopter Cabins and also providing
services for Defence and Security projects. |
||||
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||||
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Products/ Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India, M-47, Commercial Branch, Connaught Circus, New Delhi - 110001, India Kotak Mahindra Bank
Limited, 6-3-1109/ 1/ P202, 2nd Floor, Jewel Pavani Tower, Rajbhavan Road,
Somajiguda, Hyderabad - 500082, Andhra Pradesh, India Axis Bank Limited,
Credit Management Centre, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002,
India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M A Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 2nd Floor, 43, Mahatma Gandhi
Road, Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAAFM1433H |
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Holding Company : |
Tata Sons Limited |
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Subsidiary Company
: |
· Nova Integrated Systems Limited · Tata Sikorsky Aerospace Limited · Tata Lockheed Martin Aerostructures Limited · Tas-Agt Systems Limited · TASL Aerostructures Private Limited · HELA Systems Private Limited ·
Aurora Integrated Systems Private Limited |
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|
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Fellow Subsidiary
Company : |
· Tata Aig General Insurance Company Limited · TC Travel and Services Limited · Tata Industries Limited ·
Tata Capital Forex Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
415,315,200 |
Equity Shares |
Rs. 10/- each |
Rs. 4153.152
Millions |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4153.152 |
4153.152 |
4153.152 |
|
(b) Reserves & Surplus |
(537.127) |
(872.508) |
(879.459) |
|
(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) |
3616.025 |
3280.644 |
3273.693 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
15.100 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
15.239 |
27.841 |
15.576 |
|
Total Non-current Liabilities (3) |
15.239 |
42.941 |
15.576 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
18.188 |
129.012 |
142.307 |
|
(b) Trade payables |
431.227 |
171.529 |
88.111 |
|
(c) Other current
liabilities |
662.695 |
112.079 |
22.153 |
|
(d) Short-term provisions |
130.861 |
33.288 |
0.772 |
|
Total Current Liabilities (4) |
1242.971 |
445.908 |
253.343 |
|
|
|
|
|
|
TOTAL |
4874.235 |
3769.493 |
3542.612 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
372.490 |
420.708 |
462.159 |
|
(ii) Intangible Assets |
10.376 |
11.633 |
16.211 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
25.841 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2624.626 |
2576.346 |
2134.097 |
|
(c) Deferred tax assets (net) |
17.785 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
146.811 |
65.161 |
421.586 |
|
(e) Other Non-current assets |
0.158 |
0.154 |
0.135 |
|
Total Non-Current Assets |
3172.246 |
3074.002 |
3060.029 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
934.594 |
264.059 |
209.148 |
|
(c) Trade receivables |
242.379 |
123.930 |
124.166 |
|
(d) Cash and cash
equivalents |
183.483 |
102.566 |
60.892 |
|
(e) Short-term loans and
advances |
186.714 |
69.188 |
64.551 |
|
(f) Other current assets |
154.819 |
135.748 |
23.826 |
|
Total Current Assets |
1701.989 |
695.491 |
482.583 |
|
|
|
|
|
|
TOTAL |
4874.235 |
3769.493 |
3542.612 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1855.909 |
830.288 |
245.815 |
|
|
|
Other Income |
24.832 |
20.772 |
25.603 |
|
|
|
TOTAL (A) |
1880.741 |
851.060 |
271.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
912.265 |
155.965 |
37.784 |
|
|
|
Purchases of Stock-in-Trade |
124.740 |
9.643 |
30.092 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(193.181) |
13.814 |
(102.444) |
|
|
|
Employees benefits expense |
322.707 |
306.161 |
244.169 |
|
|
|
Other expenses |
233.056 |
254.045 |
208.096 |
|
|
|
TOTAL (B) |
1399.587 |
739.628 |
417.697 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
481.154 |
111.432 |
(146.279) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.850 |
17.922 |
10.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
468.304 |
93.510 |
(156.572) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.210 |
86.559 |
82.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
378.094 |
6.951 |
(239.540) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
42.713 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
335.381 |
6.951 |
(239.540) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(872.508) |
(879.459) |
(639.919) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(537.127) |
(872.508) |
(879.459) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
NA |
615.372 |
92.551 |
|
|
|
Professional and Consultation fees |
NA |
153.504 |
44.546 |
|
|
|
Other Earnings |
NA |
3.062 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
771.938 |
137.097 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
195.432 |
46.875 |
|
|
|
Capital Goods |
NA |
1.717 |
16.361 |
|
|
TOTAL IMPORTS |
NA |
197.149 |
63.236 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.81 |
0.02 |
(0.68) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
17.83 |
0.82 |
(88.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.37 |
0.84 |
(97.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.94 |
0.58 |
(17.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.00 |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.04 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.56 |
1.90 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
4153.152 |
4153.152 |
4153.152 |
|
Reserves & Surplus |
(879.459) |
(872.508) |
(537.127) |
|
Net worth |
3273.693 |
3280.644 |
3616.025 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
15.100 |
0.000 |
|
Short term borrowings |
142.307 |
129.012 |
18.188 |
|
Total borrowings |
142.307 |
144.112 |
18.188 |
|
Debt/Equity ratio |
0.043 |
0.044 |
0.005 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
245.815 |
830.288 |
1855.909 |
|
|
|
237.769 |
123.526 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
245.815 |
830.288 |
1855.909 |
|
Profit |
(239.540) |
6.951 |
335.381 |
|
|
(97.45%) |
0.84% |
18.07% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
15.100 |
50.000 |
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 |
---------------------- |
|
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 |
No |
CORPORATE INFORMATION
Subject was incorporated
in the year 2006, with its main object to engage in and conduct business of
scientific, technical and research and development activities, manufacturing,
testing and experimenting equipment, components, etc, in the field of Advanced
Defence Technologies, Security Systems, Aerospace and Aerostructures, among
others. During the year it was engaged:
(i) In assembly
and supply of helicopter cabins at Aerospace and Precision Engineering Special
Economic Zone at Adibatla, Hyderabad and supply thereof to Sikorsky Aircraft
Corporation.
(ii) In sale of
defence equipment and systems.
In pursuance of
its business objectives the Company has entered into joint ventures (JVs) with
(i) Sikorsky
Aircraft Corporation - for manufacturing and assembly of cabin components,
parts and derivatives thereto, for delivery in the form of ship sets;
(ii) Lockheed
Martin Aeroframe Corporation - for manufacture and assembly of Aircraft
Structural articles;
(iii) AG
Technologies Holding Limited - for Homeland Security solutions
(iv) ELTA Systems
Limited - a subsidiary of Israel Aerospace Industries Limited for assembly,
manufacturing and supply of components used in products for defence supplies
and
The Company
remains invested with majority shareholding interest in these JVs as a part of
its business objectives.
Further, the
Company has formed wholly owned subsidiary company namely Nova Integrated
Systems Limited, which is engaged in the business of defence and aerostructure.
During the year
the Company acquired shareholding interest in Aurora Integrated Systems Private
Limited (AIS) which is focused in development and manufacture of Unmanned
Aerial Vehicles (UAVs), its subsystems and provides services related thereto.
AIS is a subsidiary by virtue of rights attached to the shares acquired by the
Company in accordance with the Share Subscription and Investor Rights Agreement
(SSIRA) governing the acquisition of such shares.
FINANCIAL RESULTS
During the year, the Company has recordeda net profit of Rs.335.400 Millions – a major financial milestone, against previous year’s break even margin of Rs.7.000 Millions. Consolidated, the net profit is recorded at Rs. 32.700 Millions for the year – another major milestone and a first for TASL Group, as against a loss of Rs. 449.000 Millions recorded in the previous year. Among aerospace and aero structure initiatives, S92 hasdone 35 installs on fuselages of helicopters and 33 fuselages. Tara Aerospace Systems Limited (Tara) and Tata Lockheed Martin Aerostructures Limited (TLMAL), where major investments have been made have contributed substantially with revenues such as Rs. 1079.700 Millions and Rs. 1464.500 Millions respectively, for the year.
HIGHLIGHTS
TASL standalone
On a standalone basis, Subject has recorded a year-on-year (YoY) revenue growth of 2.2x. Fuselage of S92 helicopters led the growth with increased capacity in the full year operation while D & S vertical with continued efforts on responding to RFP’s made deliveries during the year on the RFPs won. Technical services and training reflect capability build-up on aspects relevant to Aerospace and Aero Structure Business. Reporting an operating profit of Rs. 468.700 Millions –25.1% of revenues, the Company has recorded net profits of Rs. 335.400 Millions for the year.
OPERATIONS
Capability Build Up –
D&S Vertical
Subject D&S Vertical continues to focus on the establishment of strategic partnerships with Global Defense companies and capability buildup. Pursuant to the MoU signed with ITT Exelis in March 2012 for the manufacture of 3rd Generation Night Vision Devices (NVD) to address the Indian market, Exelis had obtained approval from US Govt. for full assembly and sub-assembly of the devices in FY13. Further Exelis has obtained US Govt. approval for exporting the kits to SUBJECT for sub-assembly of the devices as per their order. The limited assembly facility has been setup in the current fiscal at Noida and the sub assembly work is likely to commence in May 2014.
Subject is aggressively pursuing strategic partnership for Missile systems with the reputed Global OEMs and are in discussion for similar partnerships for Tactical Radios and Radars. SUBJECT has signed a MoU with Terma, Denmark to build capability in nicheNaval Combat Management System (CMS) to address Indian Navy’s upcoming CMS requirements. Ministry of Defense Government of India (GOI) has preferencetowards indigenous design, development and manufacturing through Indian private and public companies and is stressing on the categorization of Projects majorly into Buy & Make (India) or Buy India and has further strengthened this process with the release of Defense Procurement Procedure (DPP) 2013. Therefore SUBJECT is focusing on indigenous capability build up through strategic partnerships with Global OEMs and its in house development in Technology Centre (Tech Centre). The engineering team at the Tech Centre is working on integration and interoperability, development of interfaces between disparate technologies, encryption and embedded systems, configuration of communication networks including synchronization and Network Management System (NMS) functionalities among others. The capability demonstrated by this team has helped the Company secure major strategic Request for Proposal (RFPs) from Defence Research Development Organisation (DRDO) and Indian MoD, these will also be precedence in securing similar business opportunities in future. The Company has been shortlisted for Integrated Platform Management System (IPMS) and Portable Diver Detection Sonars based on the capability demonstrated to the Indian Navy. The company has secured Development order for one of the strategic program of National Interest from DRDO by the limited RFP received in 2012 with the capability demonstration.
Technology Centre team has supported the successful implementation of Proto Integration Lab (PIL) system for the development phase of Combat Management System (CMS) project awarded to Nova Integrated System Limited (NOVA - a wholly owned subsidiary of the Company) for MRSAM Missile systems with the designing, integration, testing and acceptance of first two systems order to Research Centre Imarat (RCI),DRDO. The systems developed byTechnologyCentre for this project (Viz. Radio Frequency (RF) Planning Tool, Network Management System and Precision Timing Protocol server) were evaluated and accepted by RCI, Missile System Quality Assurance and Indian Air Force.
To cater to the need of the Ministry of Defence and Global OEMs, D&S unit has made substantial progress in CMMI Level 3 Implementation during the year and is targeted for completion by middle of current financial year.
Business and Outlook
Subject D&S business vertical has secured and addressed key Capital Budget RFPs from MoD. The company has responded to RFPs worth Rs.3000.000 Millions during FY 14 in addition to the RFPs worth Rs. 490.000 Millions carried forward from FY 13, main customers being DRDO, Commands of Army and Indian Air Force, Service Headquarters of Indian Army and Navy. Projects are in the domain of Command and Control (both Land Based and Maritime Systems), Defense Homeland Security and Night Vision Devices. Out of these, RFPs SUBJECT has secured orders worth Rs.265.000 Millions including an order worth Rs. 190.000 Millions from Key DRDO Lab for a strategic Project of national importance. D&S vertical has been able to realize revenue of Rs.146.600 Millions in FY 2014. There is a carry forward order booking of Rs. 123.100 Millions from DRDO Lab under execution for Revenue realization in FY2015. The Company is targeting revenue of Rs. 200.000 Millions in the current financial year from D&S vertical.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10474981 |
03/01/2014 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B95245510 |
|
2 |
10365999 |
27/06/2012 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED. |
6-3-1109/1/P202, 2ND FLOOR, JEWEL PAVANI TOWER, |
B43884816 |
|
3 |
10307269 |
26/08/2011 |
287,500,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE, 4/10, OPG HOUSE, ASAF ALI ROAD,, NEW DELHI, DELHI - 110002, INDIA |
B20999272 |
* Date of charge modification
FIXED ASSETS
· Land
Buildings
Office building
Plant and equipment
Other plant and equipment
Vehicles
Furniture and fixtures
Motor vehicles
Office equipment
Computer equipments
Other equipments
Leasehold improvements
Computer software
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.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.