IRA INFORM REPORT
|
Report No. : |
330806 |
|
Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TUBE INVESTMENTS OF INDIA LIMITED |
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Registered
Office : |
"Dare House", No. 234, N S C Bose Road, Chennai
- 600 001, Tamilnadu |
|
Tel. No.: |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
09.09.1949 |
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Com. Reg. No.: |
18-002905 |
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Capital Investment
/ Paid-up Capital : |
Rs. 374.300 Million |
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CIN No.: [Company Identification
No.] |
L35921TN1949PLC002905 |
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IEC No.: |
0488020182 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00142C |
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PAN No.: [Permanent Account No.] |
AAACT1249H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufactures and sells bicycles, precision steel tubes,
and metal. |
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No. of Employees
: |
3486 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 38000000 |
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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 a part of Murugappa group has interest in bicycle
manufacturing, engineering and metal-forming business. It is a
well-established company having fine track record. For the financial year ended 2015, company possesses healthy operational
risk profile risk marked by healthy topline growth along decent profitability
margins achieved during a year under a review. Rating also takes into consideration TI’s healthy business risk
profile marked by its diversified revenue streams, adequate financial profile
and the healthy financial flexibility, as one of the leading companies of the
Murugappa group. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of being part of Murugappa group along adequate business
profile, the company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
17.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.04.2015 |
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
31-03-2013.
LOCATIONS
|
Registered Office / Corporate Office : |
"Dare House", No. 234, N S C Bose Road, Chennai
- 600 001, Tamilnadu, India |
|
Tel. No.: |
91-44-42177770 |
|
Fax No.: |
91-44-42110404 |
|
E-Mail : |
customercare@ticyclesindia.com marketingstrips@tii.murugappa.com |
|
Website : |
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Factory : |
Cycles
Division: TI
Cycles of Post
Bag No. 5, Ambattur, Chennai - 600053, Tamilnadu, India Tel:
91-44-4209 3434 Fax:
91-44-4209 3345 TI
Cycles of Plot
No. E - 8, MIDC, Tel
: 91-2551-230472 Fax:
91-2551-230183 TI Cycles of A-32,
Phase II Extension, Hoisery Complex, Opposite NEPZ Dadri Road, Gautam Budh
Nagar, Noida- 201 305, Uttar Pradesh, India Tel
: 91-120-2462201/203 Fax
: 91-120-2462397 BSA
Motors, Ambattur, Chennai-600053, Tamilnadu,
India Post
Bag No. 5, Ambattur, Chennai-600053, Tamilnadu, India Tel
: 91-44-42093434 Fax
: 91-44-42093445 Engineering
Division: Tube
Products of Avadi,
Chennai 600 054, Tamilnadu, India Tel
: 91-44 -4229 1999 Fax
: 91-44- 4229 1990 Tube
Products of Shirwal
Post, Khandala Taluk, Satara District 412 801, Tel
: 91-2169 -244080 Fax
: 91-2169 -244087 Tube
Produds of A-16
& 17, Industrial Focal Point, Phase VI, SAS Nagar, Mohali 160 051,
Punjab, India Tel:
91-172 -4510209 Metal
Formed Products Division: TIDC
Ambattur,
Chennai 600 053 Tamilnadu, India Tel
: 91-44 - 4223 5555 Fax:
91-44- 4223 5406 TIDC
Tel
: 91-8458 - 277240 Fax
: 91-8458 - 277241 TI
Metal Forming Chennai
- Tel:
91-44 -26390194 / 26390437/ 2639 0504 Fax:
91-44 - 2639 0634 TI
Metal Forming 80/81,
SIDCO Industrial Estate, Kakkalur, Thiruvallur 602 003 Ph.
91-44 -27667104 TI Metal
Forming Plant,
Plot Nos. 245, Sector 3, Growth Centre, Bawal, Riwari District 123501* Tel
: 91-1284 - 260707, 260708 Fax:
91-1284 - 260426 TI Metal Forming Plot No.501 - B and C, Halol Industrial
Area / Estate, Block No. 32 and 34, Village Dunia Taluka Halol, District
Panchmahals, Baroda 389 350, Gujarat, India Tel
: 91-2676 - 224647 Fax:
91-2676- 224035 TIDC Ganganouli,
Laskar – 247 663, Uttarakhand, India Tel.
No.:- 91-1332-271295 TIDC
Post
Bag No. 11, Amabattur, Chennai – 600 053* Tel.
No.:- 91-40-4223 5555 Fax
No.:- 91-44-4223 5406 TI Metal Forming Khasra No.222, Gangnouli Village, Tehsil - Laksar, Haridwar, Uttarakhand - 247 663, India Tel : 09219401388 Fax : (01332) - 259100 TI Metal Forming Tata Motors Ltd. Vendors Park, Plot No.C11, Survey No.1, North Kotpura, Sanand Viroch Nagar Post, Ahmedabad - 382 170, Gujarat, India Tel : 09228021343/09228021179 TI Metal Forming Khasra No.227, Gangnouli Village, Tehsil - Laksar,
Haridwar - 247 663, Uttarakhand,
India Tel : 09219403539 TI
Metal Forming, Nemilicherry, TI
Metal Forming, Pune, |
DIRECTORS
As on
|
Name : |
Mr. M M Murugappan |
|
Designation : |
Chairman |
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|
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Name : |
Mr. L Ramkumar |
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Designation : |
Managing Director |
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Name : |
Mr. C K Sharma |
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Designation : |
Director |
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Name : |
Mr. Hemant M Nerurkar |
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Designation : |
Director |
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Name : |
Mr. Pradeep V Bhide |
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Designation : |
Director |
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Name : |
Mr. S Sandilya |
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Designation : |
Director |
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Name : |
Mr. N Srinivasan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S Suresh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
As a % |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
17868665 |
9.80 |
|
|
72165145 |
39.59 |
|
|
1398630 |
0.77 |
|
|
1398630 |
0.77 |
|
|
91432440 |
50.15 |
|
|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
91432440 |
50.15 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
17420636 |
9.56 |
|
|
917431 |
0.50 |
|
|
4573894 |
2.51 |
|
|
24774067 |
13.59 |
|
|
47686028 |
26.16 |
|
|
|
|
|
|
13725404 |
7.53 |
|
|
|
|
|
|
17217790 |
9.44 |
|
|
11390708 |
6.25 |
|
|
848664 |
0.47 |
|
|
701027 |
0.38 |
|
|
108291 |
0.06 |
|
|
39346 |
0.02 |
|
|
43182566 |
23.69 |
|
Total Public shareholding (B) |
90868594 |
49.85 |
|
Total (A)+(B) |
182301034 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
4830630 |
0.00 |
|
|
4830630 |
0.00 |
|
Total (A)+(B)+(C) |
187131664 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
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Products : |
Not Available |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
3486 (Approximately) |
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Bankers : |
· Bank of America · Standard Chartered Bank · State Bank of India · The Hongkong and Shanghai Banking Corporati on Limited |
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Facilities : |
Nature of
Security Secured, Listed and
Rated Non-Convertible Debentures (NCDs) (a) NCDs’ with Coupon of 10.15%, 9.99%, 9.81%, 8.80%, 9.95% and 9.90% are secured by a pari passu first charge on certain immovable properties of the Company. (b) NCDs’ with Coupon of 10.04% and 10.045% are raised with a pari passu first charge on certain immovable properties of the Company. The Company is in the process of creating the security within the applicable ti me limit. (c) NCD with Coupon of 8.50% is secured by a pari passu first charge on all the Plant & Machinery and certain immovable properties of the Company. Rupee Term Loan Term Loan from IDBI Bank was secured by a pari passu first charge on all the Plant & Machinery of the Company. Foreign Currency
Term Loans (a) External Commercial Borrowing - USD 15 Mio. (Classified as “Other Current Liabilities” as at 31 March 2014) is secured by a pari passu first charge on all the Plant & Machinery of the Company. (b) External Commercial Borrowing - USD 9.32 Mio. (Outstanding as at 31 March 2014 - USD 3.10 Mio. classified as “Other Current Liabilities”) is secured by a pari passu first charge on all the Plant & Machinery and certain immovable properties of the Company. Long Term Buyers
Credit Long Term Buyers Credit from Bank of Tokyo is secured by a pari passu first charge on all the Plant & Machinery of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
|
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries (As
on 31.03.2014) : |
o Cholamandalam Distribution Services Limited o Cholamandalam Factoring Limited and o Cholamandalam Securities Limited
o Sedis SAS o Societe De Commercialisation De Composants Industriels - SARL (S2CI) and o Sedis Company Limited |
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|
|
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Associate - Investing Company (As
on 31.03.2014) : |
Murugappa Holdings Limited |
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Joint Venture
Company (As on 31.03.2014 ) : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.374.300
Million
As on 06.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 430.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
187153800 |
Equity Shares |
Rs.2/- each |
Rs. 374.307
Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 430.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186,892,766 |
Equity Shares |
Rs.2/- each |
Rs. 373.800
Million |
|
|
|
|
|
Note:
The Reconciliation of
Share Capital is given below:
|
Particulars |
31.03.2014 |
|
|
|
No. of Shares |
Rs. In Million |
|
At the beginning of the year |
18,66,79,308 |
373.300 |
|
Shares allotted on exercise of Employee Stock Options |
2,13,458 |
0.500 |
|
At the end of the year |
18,68,92,766 |
373.800 |
b) Terms/Rights
attached to class of shares:
The Company has only one class of shares referred to as Equity Shares having a par value of Rs.2. The holders of Equity Shares are entitled to one vote per share. Dividend proposed by the Board of Directors, if any, is subject
to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
Repayment of capital will be in proportion to the number of Equity Shares held.
Details of Shareholder(s) holding more than 5% of Equity Shares in the Company as on 31 March 2014
|
Particulars |
31.03.2014 |
|
|
|
No. of Shares |
% against total number of shares |
|
Murugappa Holdings Limited (Associate - Investing Company) |
6,40,54,680 |
34.27% |
d) Status on Global
Depository Receipts:
The aggregate number of Global Depository Receipts (GDRs) outstanding as at 31 March 2014 is 49,30,630 (As at 31 March 2013 - 52,23,460) each representing one Equity Share of `2 face value. GDR % against total number of shares is 2.64% (As at 31 March 2013 - 2.80%). The GDRs carry the same terms/rights attached to Equity Shares of the Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
374.300 |
373.800 |
373.300 |
|
(b) Reserves & Surplus |
12831.000 |
12014.600 |
11440.100 |
|
(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) |
13205.300 |
12388.400 |
11813.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7811.300 |
6380.400 |
6303.600 |
|
(b) Deferred tax liabilities (Net) |
567.000 |
520.400 |
522.900 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
8378.300 |
6900.800 |
6826.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3396.100 |
3029.300 |
3031.700 |
|
(b) Trade
payables |
6258.200 |
5845.100 |
4854.100 |
|
(c) Other
current liabilities |
3950.800 |
5165.000 |
4414.200 |
|
(d) Short-term
provisions |
444.600 |
421.500 |
439.300 |
|
Total Current
Liabilities (4) |
14049.700 |
14460.900 |
12739.300 |
|
|
|
|
|
|
TOTAL |
35633.300 |
33750.100 |
31379.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
9406.400 |
6942.800 |
6316.100 |
|
(ii)
Intangible Assets |
0.000 |
1970.600 |
1597.300 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15231.800 |
15056.900 |
14440.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
526.400 |
650.000 |
786.900 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
25164.600 |
24620.300 |
23140.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.100 |
0.200 |
0.200 |
|
(b)
Inventories |
4682.300 |
3702.100 |
3567.700 |
|
(c) Trade
receivables |
4779.400 |
4459.400 |
3944.000 |
|
(d) Cash
and cash equivalents |
257.300 |
302.700 |
332.700 |
|
(e)
Short-term loans and advances |
749.600 |
665.400 |
394.200 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
10468.700 |
9129.800 |
8238.800 |
|
|
|
|
|
|
TOTAL |
35633.300 |
33750.100 |
31379.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38277.700 |
35255.700 |
35655.400 |
|
|
|
Other Income |
371.400 |
471.900 |
366.400 |
|
|
|
TOTAL (A) |
38649.100 |
35727.600 |
36021.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23249.200 |
21281.200 |
21033.500 |
|
|
|
Purchase of Stock-in-Trade - Cycles/Components and Metal Formed Products |
885.000 |
566.300 |
1340.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(492.100) |
(52.700) |
208.800 |
|
|
|
Employees benefits expense |
3220.100 |
2995.200 |
2737.400 |
|
|
|
Exceptional Item for diminution in value of investment in Subsidiary |
0.000 |
(0.600) |
38.100 |
|
|
|
Other expenses |
7882.300 |
7450.900 |
7351.900 |
|
|
|
TOTAL (B) |
34744.500 |
32240.300 |
32710.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3904.600 |
3487.300 |
3311.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1383.000 |
1232.700 |
1041.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2521.600 |
2254.600 |
2269.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
970.100 |
842.400 |
797.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1551.500 |
1412.200 |
1472.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
342.900 |
471.500 |
432.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1208.600 |
940.700 |
1039.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1769.800 |
1600.400 |
2797.000 |
|
|
|
|
|
|
|
|
|
Add |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
0.000 |
15.900 |
11.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
200.000 |
1000.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
|
192.800 |
842.700 |
|
|
|
Interim Dividend |
|
280.200 |
279.900 |
|
|
|
Final Dividend Proposed |
|
93.400 |
93.300 |
|
|
|
Dividend Distribution Tax - Current year |
|
20.800 |
32.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
787.200 |
2247.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1912.600 |
1890.200 |
|
|
TOTAL EARNINGS |
|
1912.600 |
1890.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1574.100 |
2233.600 |
|
|
|
Stores & Spares |
|
130.100 |
110.600 |
|
|
|
Finished Goods |
|
428.800 |
1291.200 |
|
|
|
Capital Goods |
|
1286.500 |
893.400 |
|
|
TOTAL IMPORTS |
NA |
3419.500 |
4528.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.78 |
5.04 |
5.58 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
4221.700 |
3683.500 |
|
Cash generated from operations |
NA |
1231.000 |
(16636.700) |
|
Net cash flows from (used in) operation |
NA |
(18720.400) |
(32281.500) |
QUARTERLY RESULTS
|
Particulars |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
31.03.2015 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
10056.300 |
9418.000 |
9034.100 |
|
Total Expenditure |
9202.500 |
8697.900 |
8209.900 |
|
PBIDT (Excl OI) |
853.800 |
720.100 |
824.200 |
|
Other Income |
89.600 |
11.200 |
255.700 |
|
Operating Profit |
943.400 |
731.300 |
1079.900 |
|
Interest |
353.200 |
362.700 |
336.100 |
|
Exceptional Items |
0.000 |
(117.300) |
457.200 |
|
PBDT |
590.200 |
251.300 |
1201.000 |
|
Depreciation |
269.00 |
260.00 |
229.20 |
|
Profit Before Tax |
361.00 |
(8.700) |
932.00 |
|
Tax |
108.20 |
(4.300) |
161.60 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
252.80 |
(4.400) |
770.40 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
252.80 |
(4.400) |
770.40 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
3.16 |
2.67 |
2.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.20 |
9.89 |
9.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.60 |
7.55 |
8.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
1.10 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75 |
0.63 |
0.65 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.367.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
373.300 |
373.800 |
374.300 |
|
Reserves & Surplus |
11440.100 |
12014.600 |
12831.000 |
|
Net
worth |
11813.400 |
12388.400 |
13205.300 |
|
|
|
|
|
|
long-term borrowings |
6303.600 |
6380.400 |
7811.300 |
|
Short term borrowings |
3031.700 |
3029.300 |
3396.100 |
|
Current Maturities of
Long-Term Debts |
3683.500 |
4221.700 |
0.000 |
|
Total
borrowings |
13018.800 |
13631.400 |
11207.400 |
|
Debt/Equity
ratio |
1.102 |
1.100 |
0.849 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
35655.400 |
35255.700 |
38277.700 |
|
|
|
(1.121) |
8.572 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
35655.400 |
35255.700 |
38277.700 |
|
Profit |
1039.600 |
940.700 |
1208.600 |
|
|
2.92% |
2.67% |
3.16% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
|
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
CHENNAI COURT CASE STATUS INFORMATION SYSTEM
|
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liability - Sales Tax Deferral |
|
81.900 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From Banks Cash Credit and other borrowings |
|
13.300 |
|
Commercial paper |
|
500.000 |
|
Total |
NA |
595.200 |
OVERVIEW (As on 31.03.2014)
Global economic activity strengthened during the latter half of the year, 2013-14 primarily led by advanced economies, especially the US. However, downside risk to global growth exists in the form of weak balance sheets in the Euro area, inflationary concerns in emerging markets and slower growth in China.
In the domestic front, the Indian economy registered a growth rate of below 5% for the second consecutive year in 2013-14 mainly due to contraction in the manufacturing and mining sectors. The growth rate in 2013-14 is estimated 4.9% as compared to 4.5% in 2012-13. In 2013-14, growth rate of the agriculture sector is estimated at 4.6% and the manufacturing & mining output growth rate is estimated to drop by 0.2% and 1.9% respectively. The Indian Rupee plunged to an all-time low of 68.85 per USD during August, 2013 due to a high current account deficit and US Federal decision to withdraw the stimulus. The Rupee recovered to 60-levels by the end of the year largely due to intervention by the Reserve Bank of India. Containing a high rate of inflation remains the primary focus and has led to a high interest rate regime. Infrastructure bottlenecks and policy paralysis continues to affect the macro-economic fundamentals of the Indian economy.
The Company achieved a revenue of Rs.3,609 Million, slightly less than the previous year. The Profit before Depreciation, Interest and Tax for the year was Rs.3490.000 Million as against Rs.3350.000 Million in the previous year - a growth of 4%. However, the Profit before Tax and exception item dropped to Rs.1410.000 Million, a decline of 7% over the previous year mainly attributed to high finance cost.
REVIEW OF PERFORMANCE
Creating enhanced retail experience continue to be the focus for the Company, especially with respect to Special and premium segment. The Company has over 940 retail outlets including 664 exclusive stores in order to provide a superior purchasing experience to the consumers. These retail outlets also help the Company to better understand the market requirements by interacting directly with the consumers. The Company continues to invest in strengthening its supply chain capabilities to address the requirements.
In the coming years, the Company will focus on filling the product portfolio gaps driven by consumer insight, widening the distribution reach, targeted advertising to drive demand and enhancing plant capacities through process improvements. The Company will also continue the cost reduction initiatives in order to improve competitiveness and profitability.
The trade volumes during the year registered a marginal decline compared to the previous year. Input cost increase could not be fully passed on to the customers due to competitive pressure in the industry, impacting margins.
The Company has strengthened the fitness product offerings across its exclusive BSA Workouts and other outlets. Newer models and better availability of fitness products across the exclusive BSA Workouts outlets and other outlets helped the Company maintain its turnover from these products.
New models are planned in the coming years to meet the increasing demand of the fitness conscious consumer.
The segment recorded a revenue of Rs.11850.000 Million as compared to Rs.12600.000 Million during the previous year. Profit before Interest and Tax for the segment declined by 21% over the previous year and stood at Rs.390.000 Million
BUSINESS REVIEW
Cycles/Components/Electric
Scooters
TI’s Presence
The Cycles/Components/Electric Scooters segment of the Company comprises bicycles of the Standard and Special variety including the alloy bikes and specialty performance bikes, bicycle components sold as spares, fitness equipment such as motorised tread mills, elliptical, recumbent bikes etc., and electric scooters.
Industry Scenario
The organised bicycle industry in India is estimated to have dropped by 10% during the year. The bicycles fall under two distinct categories – Standard and Special. The bicycle is today viewed as a product for fun, fitness and leisure activities instead of just being transport on medium. This has resulted in the product attaining a new and upgraded image. Consequently, the Special segment has registered higher growth rates over the last few years, while the Standard segment has been declining. It is estimated that the market for Mountain Terrain Bikes, the Sport Light Roadsters and Kids, which constitute the Special segment also declined, but at half the rate of the overall industry decline.
Higher affluence levels, greater exposure to international usage patterns and concern for fitness have opened up new avenues for high-end bicycles and this segment continues to grow steadily, year after year.
The Indian bicycle needs are met by three large players including the Company. Between the three players, close to 85% of the requirements are met and smaller regional players and imports constitute the balance. The Company enjoys a share of close to one-third of the total market, with a much higher share of the Special and premium segment.
The fitness equipment business can be broadly classified under two segments; home and commercial. The fitness business of the Company is restricted to the home segment. With a high compounded annual growth rate of 18%, the fitness equipment industry continues to be attractive. There are four national players apart from a slew of importers and regional players.
The electric scooters industry in India is still in its infancy. The customer exceptions of speed and power are not fully met by the current products in the industry, while exports are being made by all to upgrade performance. The lack of infrastructure support like special lanes, charging stations etc., as available in China, as well as withdrawal of subsidies have had a dampening effect on the prospects for the industry. The industry has seen the exit of all players in the unorganised sector and the lack of enthusiasm is now resulting in organised players reducing their presence.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10562478 |
10/04/2015 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
C50134725 |
|
2 |
10541550 |
08/01/2015 |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
C39522156 |
|
3 |
10529269 |
07/11/2014 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
C32266553 |
|
4 |
10490299 |
08/05/2014 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
C03418498 |
|
5 |
10473134 |
13/01/2014 |
310,000,000.00 |
The Bank of Tokyo-Mitsubishi UFJ Ltd |
9 Raffles Place, # 01-01, Republic Plaza, SINGAPORE, - 048619,
SINGAPORE |
B94561883 |
|
6 |
10437745 |
11/07/2013 |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI,
Maharashtra - 400001, INDIA |
B79667044 |
|
7 |
10384399 |
25/10/2012 |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
B61201455 |
|
8 |
10384451 |
19/03/2015 * |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
C47869714 |
|
9 |
10384817 |
25/10/2012 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
B61202271 |
|
10 |
10365984 |
17/07/2012 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
B43684778 |
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Railway Siding
- Office Equipment
- Furniture and Fixtures
- Vehicles
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.63.58 |
|
|
1 |
Rs.99.11 |
|
Euro |
1 |
Rs.70.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.