MIRA
INFORM REPORT
|
Report No. : |
307715 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRACTORS AND FARM EQUIPMENT LIMITED |
|
|
|
|
Registered
Office : |
861, Anna Salai, Chennai – 600002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.11.1960 |
|
|
|
|
Com. Reg. No.: |
18-004337 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.120.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29129TN1960PLC004337 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00112A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2761Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is primarily engaged in the business of manufacture and sale of tractors, injection moulded plastic components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 97754000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
|
|
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|
Litigation : |
Exist |
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|
Comments : |
Subject is a well-established Public Limited Liability company having
Fine track record. It is the third largest tractor manufacturer in the world and the second
largest in India by volumes with an approximate 25% market share of the India
tractor industry. The company has reported good profitability. It has a pretty good
financial position marked by healthy networth and strong liquidity position. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The company can be considered for good business dealings with usual
business 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
February, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
February, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
861, Anna Salai, Chennai – 600002, |
|
Tel. No.: |
91-44-28228782 / 28008782 / 28279073 / 66919001 |
|
Fax No.: |
91-44-28260224 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
35, |
|
Tel. No.: |
91-44-28279073
/ 66919000 |
|
Fax No.: |
91-44-28260224
/ 21111111 |
|
E-Mail : |
|
|
Area : |
10,000
sq. ft. |
|
Location : |
Leased |
|
|
|
|
Management
Development Consultancy Centre: |
105,
Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, |
|
Tel. No.: |
91-44-28476872 |
|
Fax No.: |
91-44-28472572 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-44-25375861 / 25371535 / 25375862 / 25375867 / 25375355 |
|
Fax No.: |
91-44-25372478 / 25375865 |
|
|
|
|
Factory 2 : |
10/205,
Kalladaipatti, P O – 624201, Dindigul District, |
|
Tel. No.: |
91-4543-254602-04
/ 254476 |
|
Fax No.: |
91-4543-54515 |
|
|
|
|
Factory 3 : |
Plot No.1,
KIADB Industrial Area, Doddaballapur, District Bangalore – 561203, |
|
Tel. No.: |
91-8119-223560 |
|
|
|
|
Factory 4 : |
Mandideep, Bhopal, Madhya Pradesh, India |
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|
|
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Factory 5 : |
Alwar, Rajasthan, India |
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|
|
|
Factory 6 : |
Parwanoo, Himachal Pradesh, India |
DIRECTORS
AS ON 17.09.2014
|
Name : |
Mr. Srinivasan Natesan |
|
Designation : |
Director |
|
Address : |
T-19, |
|
Date of Birth/Age : |
27.07.1931 |
|
Qualification: |
MBA |
|
Date of Appointment : |
22.02.1995 |
|
DIN No.: |
00004195 |
|
|
|
|
Name : |
Mr.
Ramesh Chander Banka |
|
Designation : |
Whole Time Director |
|
Address : |
New No.6 Old No.14, 1st Avenue, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India |
|
Date of Birth/Age : |
15.10.1934 |
|
Qualification: |
MBA |
|
Date of Appointment : |
06.08.1999 |
|
DIN No.: |
00036997 |
|
|
|
|
Name : |
Ms. Mallika
Srinivasan |
|
Designation : |
Director |
|
Address : |
West
Side House, 2, |
|
Date of Birth/Age : |
19.11.1959 |
|
Qualification: |
MBA |
|
Date of Appointment : |
27.12.1994 |
|
PAN No.: |
AALPS2708J |
|
DIN No.: |
00037022 |
|
|
|
|
Name : |
Mr. Majundar Laxman Satyanarainrao |
|
Designation : |
Director |
|
Address : |
No.7/3, O No.84/3, S Block, Rajeshwari Apartments, Anna Nagar, Chennai
– 600010, Tamilnadu, India |
|
Date of Birth/Age : |
19.02.1932 |
|
Date of Appointment : |
22.02.1995 |
|
DIN No.: |
00208969 |
|
|
|
|
Name : |
Mr. Gary Lee Collar |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
4177, Tamil Lane, Central Point, Orgon 97052 |
|
Date of Birth/Age : |
06.08.1956 |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
05283713 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Simpson and Company Limited, |
|
9148918 |
|
A. Krishnamoorthy |
|
60 |
|
S. Ramanujachari and Amalgamations Private Limited, India |
|
120 |
|
Associates Printers ( |
|
600 |
|
Agco Limited, |
|
2850000 |
|
Mallika Srinivasan |
|
140 |
|
S. Ramanujachari |
|
2 |
|
Lakshmi Venu |
|
5 |
|
Sudarshan Venu |
|
5 |
|
Shriram Murali |
|
150 |
|
Total |
|
12000000 |
AS ON 17.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
23.75 |
|
Bodies corporate |
76.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in the business of manufacture and sale of tractors, injection moulded plastic components. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Standard Chartered Bank, 58, Armenian Street, Chennai, Tamilnadu, India · Central Bank of India, 803 Anna Salai · State Bank of India, Corp. Accts. Gr Br. Greams Road, Chennai - 600002, Tamilnadu, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
8th Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding Company: |
Simpson and Company Limited, India U65991TN1925PLC002345 |
|
|
|
|
Ultimate Holding
Company: |
Amalgamations Private Limited, India U35999TN1938PTC000019 |
|
|
|
|
Subsidiary Company: |
Alpump Limited CIN No.: U27209TN1976PLC007164 · TAFE Tractors Changshu Company Limited · Southern Tree Farms Limited U01132TN1986PLC013469 · TAFE Access Limited U15499TN1992PLC023544 · TAFE International Traktör Ve · TAFE Motors and Tractors Limited U29211TN2005PLC055476 · TAFE Reach Limited U50300TN2003PLC051918 · TAFE USA INC · TAL Precision Parts Limited · TAFE Access Limited · TAFE International Traktor VeTarim Ekipmani Sanayi Ve Ticaret Limited Sirketi |
|
|
|
|
Associate: |
· Amco Saft India Limited CIN No.: U85110KA1996PLC021517 · Kuduma Fasteners Private Limited U28991KA1984PTC006227 · The United Nilgiri Tea Estates Company Limited L01132TZ1922PLC000234 |
|
|
|
|
Fellow Subsidiary
Company: |
· Addison and Company Limited · CIN No.: U28939TN1914PLC000008 · India Pistons Limited [U35999TN1949PLC000951] · Wheel & Precision Forgings India Limited [U28910TN1951PLC003308] · Bimetal Bearings Limited [L29130TN1961PLC004466] · BBL Daido Private Limited [U34300TN2001PTC048109] · Stanes Amalgamated Estates Limited [L01132TZ1946PLC000180] · Amalgamations Repco Limited [U35999TN1967PLC005566] · Amco Batteries Limited [U31400TN1955PLC080755] · Associated Printers (Madras) Private Limited [U22110TN1950PTC000036] · George Oakes Limited [U50300TN1956PLC000758] · Higginbothams Private Limited [U52396TN1950PTC000871 ] · IP Rings Limited [L28920TN1991PLC020232] · L.M. Van Moppes Diamond Tools India Private Limited [U28930TN1962PTC004872] · Shardlow India Limited [U35990TN1960PLC004235] · Simpson & General Finance Company Limited [U65190TN1938PLC002355] · Speed-A-Way Private Limited [U51909TN1938PTC002347] · Sri Rama Vilas Service Limited [U29214TN1938PLC002346] · Stanes Motors South India Limited [U50101TZ1930PLC000171 ] · T Stanes and Company Limited [L02421TZ1910PLC000221] · The Madras Advertising Company Private Limited U74300TN1954PTC001514 · Wallace Cartwright & Co. Limited · IPL Engine Components Private Limited [U29253TN2010PTC077285] |
|
|
|
|
Other Related
Party: |
Agco Holdings BV |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
2000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
Millions |
|
|
|
|
|
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 |
120.000 |
120.000 |
120.000 |
|
(b) Reserves & Surplus |
34093.804 |
27829.913 |
22485.685 |
|
(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) |
34213.804 |
27949.913 |
22605.685 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
196.231 |
104.332 |
244.192 |
|
(b) Deferred tax liabilities (Net) |
232.000 |
159.000 |
77.000 |
|
(c) Other long term liabilities |
396.317 |
339.607 |
310.120 |
|
(d) long-term provisions |
80.578 |
100.385 |
181.905 |
|
Total Non-current Liabilities (3) |
905.126 |
703.324 |
813.217 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
7803.144 |
7408.018 |
7810.628 |
|
(c) Other current
liabilities |
1089.177 |
1670.082 |
954.927 |
|
(d) Short-term provisions |
517.781 |
473.232 |
491.441 |
|
Total Current Liabilities (4) |
9410.102 |
9551.332 |
9256.996 |
|
|
|
|
|
|
TOTAL |
44529.032 |
38204.569 |
32675.898 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4015.047 |
3471.105 |
2791.319 |
|
(ii) Intangible Assets |
24.166 |
48.333 |
0.000 |
|
(iii) Capital
work-in-progress |
71.535 |
17.309 |
41.623 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18440.846 |
13890.004 |
4548.177 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
868.489 |
739.929 |
776.486 |
|
(e) Other Non-current assets |
20.000 |
20.000 |
20.000 |
|
Total Non-Current Assets |
23440.083 |
18186.680 |
8177.605 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1815.503 |
3279.571 |
6444.927 |
|
(b) Inventories |
4225.745 |
3553.467 |
3555.300 |
|
(c) Trade receivables |
6833.748 |
5701.170 |
6112.697 |
|
(d) Cash and cash
equivalents |
6490.779 |
4084.396 |
4354.884 |
|
(e) Short-term loans and
advances |
1683.254 |
1491.579 |
1203.382 |
|
(f) Other current assets |
39.920 |
1907.706 |
2827.103 |
|
Total Current Assets |
21088.949 |
20017.889 |
24498.293 |
|
|
|
|
|
|
TOTAL |
44529.032 |
38204.569 |
32675.898 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
62450.615 |
51589.517 |
51871.187 |
|
|
|
Other Income |
1841.696 |
2025.994 |
2019.091 |
|
|
|
TOTAL (A) |
64292.311 |
53615.511 |
53890.278 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
40988.413 |
34014.010 |
36024.762 |
|
|
|
Purchases of stock-in-trade |
2020.179 |
1840.412 |
1547.710 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(600.095) |
(243.396) |
(654.315) |
|
|
|
Employee benefit expense |
3087.671 |
2584.730 |
2135.188 |
|
|
|
Other expenses |
8717.383 |
7084.399 |
6286.703 |
|
|
|
TOTAL (B) |
54213.551 |
45280.155 |
45340.048 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10078.760 |
8335.356 |
8550.230 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.601 |
68.210 |
46.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10032.159 |
8267.146 |
8503.471 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
333.746 |
315.693 |
275.284 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9698.413 |
7951.453 |
8228.187 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2937.000 |
2179.200 |
2369.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6761.413 |
5772.253 |
5859.027 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Basis |
11962.046 |
8923.637 |
11387.040 |
|
|
|
Earning on dividend |
141.733 |
16.770 |
0.000 |
|
|
|
Other Earning |
221.288 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
12325.067 |
8940.407 |
11387.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1108.898 |
1271.141 |
1031.924 |
|
|
|
Stores & Spares |
22.269 |
120.683 |
129.170 |
|
|
|
Capital Goods |
108.536 |
236.529 |
400.636 |
|
|
TOTAL IMPORTS |
1239.703 |
1628.353 |
1561.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
563.45 |
481.02 |
488.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
10.83 |
11.19 |
11.30 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
16.14 |
16.16 |
16.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.28 |
32.73 |
29.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.28 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24 |
2.10 |
2.65 |
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 |
120.000 |
120.000 |
120.000 |
|
Reserves & Surplus |
22485.685 |
27829.913 |
34093.804 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
22605.685 |
27949.913 |
34213.804 |
|
|
|
|
|
|
long-term borrowings |
244.192 |
104.332 |
196.231 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
244.192 |
104.332 |
196.231 |
|
Debt/Equity ratio |
0.011 |
0.004 |
0.006 |
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 |
51871.187 |
51589.517 |
62450.615 |
|
|
|
(0.543) |
21.053 |
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 |
51871.187 |
51589.517 |
62450.615 |
|
Profit |
5859.027 |
5772.253 |
6761.413 |
|
|
11.30% |
11.19% |
10.83% |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Litigation details
|
MADRAS HIGH COURT
|
||||||||||||||||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10491094 |
24/03/2014 |
280,000,000.00 |
CENTRAL BANK OF INDIA CORPORATE BRANCH |
CENTRAL BANK OF INDIA
CORPORATE BRANCH, ADDISON B |
C03590015 |
|
2 |
90298139 |
17/06/1994 |
50,000,000.00 |
THE CENTRAL BANK EXECUTOR AND TRUSTEE CO.; LTD. |
JEHANGIR WADIA BUILDING,
51; MAHATMA GANDHI MARG; |
- |
|
3 |
90295654 |
02/03/1971 |
42,800,000.00 |
THE CENTRAL BANK OF INDIA |
158, MOUNT ROAD,
MADRAS, TAMIL NADU - 600002, IND |
- |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from directors |
196.231 |
104.332 |
|
Total |
196.231 |
104.332 |
GENERAL INFORMATION
ABOUT COMPANY
Tractors and Farm Equipment Limited ("TAFE" or the "Company"), subsidiary of Simpson and Company Limited (Ultimate Holding Company is Amalgamations Private Limited) was established in 1960 having its registered office at Chennai. The company is primarily engaged in the business of manufacture and sale of tractors, injection moulded plastic components at its plants located in the states of Tamilnadu and Karnataka and batteries at its plants located in the state of Tamilnadu.
FIXED ASSETS
· Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
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. 62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
75 |
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.