MIRA INFORM REPORT
|
Report No. : |
318425 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
T.V. SUNDRAM IYENGAR AND SONS PRIVATE LIMITED (w.e.f 13.03.2015) |
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|
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Formerly Known
As : |
T.V. SUNDRAM IYENGAR AND SONS LIMITED |
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Registered
Office : |
TVS Building, West Veli Street, Madurai – 625001, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.10.1929 |
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Com. Reg. No.: |
18-002973 |
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Capital
Investment / Paid-up Capital : |
Rs.114.400 Million |
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CIN No.: [Company Identification
No.] |
U34101TN1929PTC002973 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCT0159K |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged primarily in the business of trading in
Automobile vehicles, spare parts, fuel, and other related services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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 9600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well-established company having fine track. It
is the holding company of the TVS Group and is a leading automobile
dealership and distribution company in India. TVS & Sons distributes Commercial Vehicles, Multi Utility &
Sports Utility Vehicles, three wheelers, passenger cars representing various
leading automobile vehicle manufacturer such as Ashok Leyland, Mahindra &
Mahindra etc. The company is also the largest distributor of automobile spare
parts in the country. The company’s performance was good during FY2014 and there is some
improvement in its profit margin during year under review. The company’s products are well received in the market. Overall
fundamentals are good. In the view of experienced promoters and management, subject 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating “AA” |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
13.04.2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
13.04.2015 |
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 Co-operative (91-80-49133200)
LOCATIONS
|
Registered Office : |
TVS Building, West Veli Street, Madurai – 625001, Tamil Nadu, India |
|
Tel. No.: |
91-452-4356400 |
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Fax No.: |
91-452-2341587 |
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E-Mail : |
tvsco@tvssons.com b.ganapathisarma@tvssons.com |
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Website : |
http://www.tvsiyengar.com |
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Chennai Office : |
58,
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Tel. No.: |
91-44-66793222 91-44-28349650 |
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Fax No.: |
91-44-66793035 |
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Corporate Office: |
Bagmane Tech Park, Bagmane Laurel, Level 7 (6th Floor), C.
V. Raman Nagar, Bangalore – 560093 |
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Tel. No.: |
91-80-49133200 |
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Fax No.: |
91-80-67179001 |
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E-Mail : |
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TVS Division: |
Madurai, Tirunelveli, Tiruchirapalli, Pudukottai, Salem, Coimbatore,
Dharmapuri, Villupuram, Namakkal, Thiruvananthapuram, Ernakulam, Kottayam,
Kannur, Kozhikode, Kollam, Palakkad, Thrissur, Malappuram, Pondicherry,
Indore, Bhopal, Rewa, Ratlam, Gwalior, Raipur, Jabalpur, Kanpur, Lucknow,
Bareilly, Haldwani, Meerut and `Bangalore. |
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Sundaram Motors Division: |
Chennai, Poonamallee, Vellore, Bangalore, Shimoga, Mysore, Mangalore,
Hubli, Gulbarga, Belgaum, Bellary, Yeshwantpur, Secunderabad, Visakhapatnam,
Vijayawada, Nellore, Kakinada, Cuddapah, Hyderabad, Pondicherry, Ponda (Goa),
Kolhapur, Pune, Mumbai, Nagpur, Cuttack, Berhampur and Ahmedabad. |
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Madras Auto Services Division: |
Chennai, Salem, Coimbatore, Erode, Vellore, Tiruchirapalli, Bangalore,
Shimoga, Mysore, Hubli, Mangalore, Bellary, Belagum, Margoa, Visakhapatnam,
Kurnool, Nellore, Hyderabad, Rajahmundry, Ernakulam, Kottayam, Kannur,
Kozhikode, Thrissur, Kolhapur, Pune, Nagpur, Aurangabad, Bhopal, Raipur and
Indore. |
DIRECTORS
As on 23.09.2014
|
Name : |
Mr. Ramchandran Dinesh |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
25.02.1965 |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00363300 |
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Name : |
Mr. Haresh Ramachandhran |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
29.11.1954 |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00363096 |
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Name : |
Mr. Santhanam Ram |
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Designation : |
Director |
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Address : |
Old No. 29, New No. 57, |
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Date of Birth/Age : |
27.04.1940 |
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Date of Appointment : |
25.12.1970 |
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DIN No.: |
00018309 |
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Name : |
Mr. Krishna Mahesh |
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Designation : |
Whole-time Director |
|
Address : |
New no. 81, old No. 39, First Main Road, Raja Annamali
Puram, Chennai – 600 028, Tamilnadu, India |
|
Date of Birth/Age : |
11.10.1943 |
|
Date of Appointment : |
01.04.2013 |
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DIN No.: |
00051438 |
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Name : |
Mr. Santhanam Viji |
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Designation : |
Director |
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Address : |
Old No. 33, New No. 71, |
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Date of Birth/Age : |
07.06.1946 |
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Date of Appointment : |
30.08.1976 |
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DIN No.: |
00139043 |
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Name : |
Mr. Venu Srinivasan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.12.1952 |
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Date of Appointment : |
29.06.1979 |
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DIN No.: |
00051523 |
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Name : |
Mr. Gopal Srinivasan |
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Designation : |
Director |
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Address : |
West Side House, |
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Date of Appointment : |
31.08.1979 |
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DIN No.: |
00177699 |
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Name : |
Mr. Balaji Kumara Thirumala |
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Designation : |
Director |
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Address : |
34 Poes Garden, Chennai – 600 086, |
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Date of Birth/Age : |
12.07.1948 |
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Date of Appointment : |
31.08.1979 |
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DIN No.: |
00002010 |
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Name : |
Mr. Suresh Krishna |
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Designation : |
Director |
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Address : |
79, |
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Date of Birth/Age : |
24.12.1936 |
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Date of Appointment : |
25.12.1970 |
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DIN No.: |
00046919 |
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Name : |
Mr. Krishna Ramesh |
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Designation : |
Director |
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Address : |
No. 18, Jawahar Raod, Chkkikulam, |
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Date of Birth/Age : |
17.02.1939 |
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Date of Appointment : |
25.12.1970 |
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DIN No.: |
00556922 |
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Name : |
Mr. Srinath Ratnam Rajam |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.01.1957 |
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Date of Appointment : |
16.06.2005 |
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DIN No.: |
00054758 |
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Name : |
Mr. Srivats Ram |
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Designation : |
Director |
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Address : |
Old No. 29, New No. 57, |
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Date of Birth/Age : |
20.02.1970 |
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Date of Appointment : |
16.06.2005 |
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DIN No.: |
00063415 |
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KEY EXECUTIVES
|
Name : |
Mr. Balasubramanian Iyer Ganapathi Sharma |
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Designation : |
Company Secretary |
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Address : |
TVS Building 7B |
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Date of Birth/Age : |
24.08.1935 |
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Date of Appointment : |
15.01.1986 |
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PAN No.: |
ACKPG3871B |
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Name : |
Mr. Subramanian Santhanagopalan |
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Designation : |
Chief Finance Officer |
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Address : |
Door No.8, Plot No.20, 4th Avenue, Dhandeeswaram Nagar, Velacherry, Chennai, 600042, Tamil Nadu, India |
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Date of Appointment : |
19.02.2015 |
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PAN No.: |
ABHPS3147C |
MAJOR SHAREHOLDERS
As on 23.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2014
|
Category |
Percentage |
|
Bodies corporate |
5.61 |
|
Directors or relatives of Directors |
87.73 |
|
Others |
6.66 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged primarily in the business of trading in
Automobile vehicles, spare parts, fuel, and other related services. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
State Bank of India, Commercial Branch, 6 A West
Veli Street, Madurai-625001, Tamil Nadu, India ·
UCO Bank, 18, Devaraja Mudali ST, Sowcarpet, Chennai-600003,
Tamil Nadu, India ·
State Bank of Saurashtra, George Town Branch, 48,
Armanian St, Chennai-600001, Tamil Nadu, India ·
State Bank of Mysore, 41, Whites Road,
Royapettah, Chennai – 600014, Tamilnadu, India ·
HDFC Bank Limited, HDFC Bank Housesenapati Bapat
Marg, Lower Parel West, Mumbai-400013, Maharashtra, India ·
ICICI Bank Limited, landmarkrace Course Circle,
Alkapuri, baroda-390015, Gujarat, India |
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Facilities : |
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Financial Institution : |
Sundaram Finance Limited, 21 Patullos Road, Chennai-600002, Tamilnadu,
India |
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Auditors : |
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|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
250 P T Rajan Road, Chokkikulam, Madurai – 625002, Tamil Nadu, India |
|
PAN No.: |
AAAFS8812J |
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Subsidiaries Companies |
CIN No.(U65991TN1943PLC002656)
CIN No. (L35999TN1962PLC004792)
CIN No.
(U60221TN1946PLC002582)
CIN No.
(U17111TN1960PLC004340)
CIN No :(U51220MH1944PLC004124)
CIN No
: U35999TN1961PLC004678
CIN No
: U35999TN1930PLC005705
CIN No
: L35999TN1962PLC004792
CIN No
: L35921TN1992PLC022845
CIN No
: U29249TN1992PLC051417
CIN No
: U34100TN2009PLC071439
CIN No
: L30007TN1995PLC032941
CIN No
: U50300KL2012PLC030459
CIN No
: U50200TN2012PLC089156
CIN No
: U65921TN2007PLC063294
CIN No
: U32204TN2009PLC072529 |
|
|
|
|
Associates : |
CIN No
: U63011TN2004PLC054655
CIN No
: U72300TN1997PLC039110
CIN No
: L35999TN1962PLC004943
CIN No
: L35921TN1960PLC004175
CIN No
: U35999TN1962PLC004928
CIN No
: U24117TN1952PLC005704
CIN No
: L34300TN1974PLC006703
CIN No
: L65991TN1954PLC000958
CIN No
: L25111TN1982PLC009414
CIN No
: U27209TN1962PLC004760
CIN No
: U35202TN1998PLC041466
|
CAPITAL STRUCTURE
As on 23.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.100/- each |
Rs.250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,144,000 |
Equity Shares |
Rs.100/- each |
Rs.114.400 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
114.400 |
114.400 |
114.400 |
|
(b) Reserves & Surplus |
3236.873 |
3230.704 |
4515.825 |
|
(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) |
3351.273 |
3345.104 |
4630.225 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1750.000 |
1119.669 |
132.556 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.582 |
24.390 |
22.699 |
|
(d) long-term provisions |
35.858 |
45.812 |
40.681 |
|
Total
Non-current Liabilities (3) |
1790.440 |
1189.871 |
195.936 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3064.040 |
3456.427 |
2196.294 |
|
(b) Trade payables |
3970.053 |
5441.400 |
2568.739 |
|
(c) Other current liabilities |
3347.144 |
3389.610 |
2266.015 |
|
(d) Short-term provisions |
856.645 |
1342.362 |
1417.205 |
|
Total
Current Liabilities (4) |
11237.882 |
13629.799 |
8448.253 |
|
|
|
|
|
|
TOTAL |
16379.595 |
18164.774 |
13274.414 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2123.838 |
1890.375 |
1346.082 |
|
(ii) Intangible Assets |
30.539 |
28.105 |
14.184 |
|
(iii) Capital work-in-progress |
34.130 |
44.484 |
54.693 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1545.480 |
1549.188 |
1523.389 |
|
(c) Deferred tax assets (net) |
3.991 |
3.991 |
3.991 |
|
(d) Long-term Loan and Advances |
499.972 |
416.387 |
415.673 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4237.950 |
3932.530 |
3358.012 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5358.339 |
5362.400 |
3984.637 |
|
(c) Trade receivables |
3186.022 |
3197.867 |
2547.667 |
|
(d) Cash and cash equivalents |
954.708 |
1251.131 |
790.947 |
|
(e) Short-term loans and
advances |
2262.416 |
4208.592 |
2496.422 |
|
(f) Other current assets |
380.160 |
212.254 |
96.729 |
|
Total
Current Assets |
12141.645 |
14232.244 |
9916.402 |
|
|
|
|
|
|
TOTAL |
16379.595 |
18164.774 |
13274.414 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55278.906 |
63073.504 |
64134.853 |
|
|
|
Other Income |
886.363 |
1240.199 |
620.521 |
|
|
|
TOTAL (A) |
56165.269 |
64313.703 |
64755.374 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
3.619 |
0.000 |
|
|
|
Purchase of Stock-in-trade |
49511.745 |
58654.651 |
58616.510 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
62.595 |
(1464.455) |
(179.241) |
|
|
|
Employee Benefits Expenses |
2373.893 |
2364.338 |
1916.436 |
|
|
|
Other Expenses |
2386.789 |
3185.513 |
2478.570 |
|
|
|
TOTAL (B) |
54335.022 |
62743.666 |
62832.275 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1830.247 |
1570.037 |
1923.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
954.407 |
837.408 |
516.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
875.840 |
732.629 |
1406.862 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
315.139 |
288.733 |
215.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
560.701 |
443.896 |
1191.856 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.000 |
0.000 |
330.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
525.701 |
443.896 |
860.931 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
459.53 |
388.02 |
752.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.95 |
0.70 |
1.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.31 |
2.49 |
3.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.79 |
2.68 |
10.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.13 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.44 |
1.37 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.04 |
1.17 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
114.400 |
114.400 |
114.400 |
|
Reserves & Surplus |
4515.825 |
3230.704 |
3236.873 |
|
Net
worth |
4630.225 |
3345.104 |
3351.273 |
|
|
|
|
|
|
long-term borrowings |
132.556 |
1119.669 |
1750.000 |
|
Short term borrowings |
2196.294 |
3456.427 |
3064.040 |
|
Total
borrowings |
2328.850 |
4576.096 |
4814.040 |
|
Debt/Equity
ratio |
0.503 |
1.368 |
1.436 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
64134.853 |
63073.504 |
55278.906 |
|
|
|
(1.655) |
(12.358) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
64134.853 |
63073.504 |
55278.906 |
|
Profit |
860.931 |
443.896 |
525.701 |
|
|
1.34% |
0.70% |
0.95% |
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 |
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 |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Deposits from
Shareholders |
0.000 |
0.650 |
|
Public Deposits |
0.000 |
79.019 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand from banks |
300.000 |
200.512 |
|
|
|
|
|
Total |
300.000 |
280.181 |
FINANCIAL PERFORMANCE
Turnover and operating income of the Company for the year is Rs.55278.900 Million.
The profit for the year after tax as per the Statement of Profit and Loss Account is Rs.525.700 Million.
Telecommunication and Networking Business of TVS Interconnect Systems Limited (a wholly owned Subsidiary) have been demerged and vested into our Company, as approved by the Hon'ble High Court of Madras, with the appointed date as 1st April 2012 and the effective date as 10th September 2013.
As per the Scheme, the business of the said undertakings is deemed to have been carried on by the Company as from the appointed date.
The Financial results of the Company for the year ended 31.3.2014 include the results of the Telecom and Networking Division of the Company vested into the Company for the whole year.
Taking into account, an amount of Rs.173.134 Million required to be adjusted up to the effective date in General Reserve in accordance with the Scheme of Arrangement approved by the High Court and the Surplus in the Statement of Profit and Loss of Rs.522.179 Million carried over from the Previous Year, the total amount available for appropriation is Rs 1221.014 Million
After transferring an amount of Rs.525.70 lakhs to General Reserve and making provisions for Interim Dividends declared, including Tax on Dividend, the Surplus in Statement of Profit and Loss account will be Rs.648.912 l Million.
BUSINESS REVIEW
Automotive Sector continued to face downturn in the financial year, with commercial vehicle segment showing a significant contraction in volumes. The company's revenues and profitability was considerably impacted on account of the same. Steps taken to reduce costs through austerity measures and working capital management have helped to minimise the impact on profits. With the overall economy and automotive sector showing signs of revival during the current financial year, it is expected that the Company will return to growth path in due course.
INDEX OF CHARGES:
|
S.No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10549367 |
20/01/2015 |
290,000,000.00 |
HDFC BANK LIMITED |
HDFC HOUSE, SENAPATHI BAPAT MARG , LOWER PARALE WEST, MUMBAI,
Maharashtra - 400013, INDIA |
C43742709 |
|
2 |
10334446 |
12/01/2012 |
300,000,000.00 |
Daimler Financial Services India Private Limited |
Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143,
Dr. M.G. R. Road, Perungudi, Chennai, Tamil Nadu - 600096, INDIA |
B31630494 |
|
3 |
10171751 |
24/11/2014 * |
1,250,000,000.00 |
HDFC BANK LIMITED |
HOUSE SENAPATHI MARD, LOWER PARALE W, MUMBAI, Maharashtra - 400013,
INDIA |
C37210598 |
|
4 |
10169516 |
03/03/2014 * |
30,000,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA |
C01062686 |
|
5 |
10170920 |
03/03/2014 * |
670,000,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA |
C01063031 |
|
6 |
80017962 |
24/11/2014 * |
5,100,000,000.00 |
STATE BANK OF INDIA |
6 WEST VELI STREET, MADURAI, Tamil Nadu - 625001, INDIA |
C36916609 |
|
7 |
80013767 |
24/11/2014 * |
300,000,000.00 |
STATE BANK OF MYSORE |
41 WHITES ROAD, ROYAPETTAH, CHENNAI, Tamil Nadu - |
C37200367 |
FIXED ASSETS:
·
·
·
Plant and Machinery
·
Furniture, Fittings and Equipments
·
Transport Vehicles
·
Aircraft
·
Patent Rights and Patterns
·
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
60 |
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.