MIRA INFORM REPORT
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Report No. : |
311170 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
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Name : |
TATA ADVANCED SYSTEMS LIMITED (w.e.f.18.02.2008) |
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Formerly Known
As : |
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Registered
Office : |
Survey No. 64, Unit No. 1, Building No. 9 , 6th
Floor, Raheja Mindspace, Madhapur, Hyderabad – 500081,Telangana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.2006 |
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Com. Reg. No.: |
01-077939 |
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Capital
Investment / Paid-up Capital : |
Rs. 4153.152
Million |
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CIN No.: [Company Identification
No.] |
U72900TG2006PLC077939 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMT13406B |
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PAN No.: [Permanent Account No.] |
AACCT5245K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Helicopter Cabins and also providing services
for Defence and Security projects. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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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 wholly owned subsidiary of Tata Sons and it is a
well-established and reputed company having a fine track record. There seems an accumulated losses recorded by the company during 2014.
However, general financial position of the company seems to be decent. Director are reported as experienced and respectable businessmen. However, rating takes into consideration the strong percentage and
long standing experience of the promoters and brand name. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: On 2 June 2014, Telangana became the 29th state of India, consisting of the ten north-western districts of Andhra Pradesh with Hyderabad as its capital. The city of Hyderabad will continue to serve as the joint capital for Andhra Pradesh and the successor state of Telengana for a period of ten years. As a result of which both the state have their own registrar of companies offices and the said subject is now transferred from Andhra Pradesh ROC to Telangana ROC. |
ECGC Country Risk Classification List – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Rating Agency Name |
FITCH RATING |
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Rating |
Long term issues rating = IND A |
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Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
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Date |
4 April 2014 |
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Rating Agency Name |
FITCH RATING |
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Rating |
Non fund based working capital limits = IND A1 |
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Rating Explanation |
Have very strong degree of safety and carry low credit risk. |
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Date |
4 April 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
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Registered Office : |
Survey No. 64, Unit No. 1, Building No. 9 , 6th
Floor, Raheja Mindspace, Madhapur, Hyderabad – 500081,Telangana, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400001,
Maharashtra, India |
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Tel. No.: |
91-40-66447400/ 66658282 |
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Corporate
Office: |
Thapar House, Eastern Wing, Third Floor, 124 Janpath, New
Delhi – 110001, India |
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Tel. No.: |
91-11-66222666/ 23341585 |
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Fax No.: |
91-11-23241585 |
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Email : |
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Plant : |
Precision
Engineering Industries, Plot No.1/A in Sy No. 656, Aditya Nagar C/o APIIC,
SEZ for Aerospace and Adibatla Village, Ibrahimpathnam Mandal, District Ranga
Reddy – 501510, Andhra Pradesh, India |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
As on 22.08.2013
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Name : |
Mr. Ramadorai Subramanian |
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Designation : |
Director |
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Address : |
Flat No. 1, First Floor, Wyoming, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
06.10.1944 |
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Qualification : |
Bachelors degree in Physics from Delhi University, a Bachelor of Engineering Degree in Electronics and Telecommunications from the Indian Institute of Science, Bangalore and a Masters Degree in Computer Science from the University of California-UCLA (USA) in 1983, Ramadorai attended the school Sloan School of Management’s highly acclaimed Senior Executive Development Program. |
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Date of Appointment : |
13.11.2009 |
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DIN No.: |
00000002 |
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Other Directorship
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Name : |
Mr. Prakash Manjanath Telang |
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Designation : |
Director |
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Address : |
313, 13th Floor, Samudra Mahal, DRAB Road, Worli, Mumbai - 400018, Maharashtra, India |
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Date of Birth/Age : |
21.06.1947 |
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Qualification : |
Mechanical Engineer, did his MBA from IIM Ahmedabad and joined the Tata Group in 1972 through the prestigious Tata Administrative Service (TAS) cadre |
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Date of Appointment : |
16.09.2009 |
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DIN No.: |
00012562 |
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Other Directorship
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Name : |
Mr. Sukaran Singh |
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Designation : |
Director |
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Address : |
Flat No. 101, Gitanjali Gardens, 1st Floor, 68E Nepeansea Road, Rungta Lane, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
14.05.1969 |
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Qualification : |
MBA in Finance and Marketing and MA Economics from University of Oxford in the UK, and his BA Economics |
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Date of Appointment : |
01.12.2014 |
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DIN No.: |
01485745 |
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Other Directorship
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KEY EXECUTIVES
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Name : |
S R Venkatesan |
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Designation : |
Secretary |
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Address : |
Plot No.38, Out Colony, Sainkpuri, Hyderabad – 500094, Telangana,
India |
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Date of Birth/Age : |
20.08.1957 |
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Date of Appointment : |
07.10.2010 |
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PAN No.: |
AMOPS6911J |
MAJOR SHAREHOLDERS
As on 22.08.2013
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Names of Shareholders |
No. of Shares |
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Tata Sons Limited, India |
415315194 |
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Tata Sons Limited, India Jointly with K R Bhagat |
1 |
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Tata Sons Limited, India Jointly with Sukaran Singh |
1 |
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Tata Sons Limited, India Jointly with Masood Hussainy |
1 |
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Tata Sons Limited, India Jointly with E N Kapadia |
1 |
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Tata Sons Limited, India Jointly with A V S Prasad |
1 |
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Tata Sons Limited, India Jointly with Praveen Kumar Chikkala |
1 |
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Total |
415315200 |
As on 22.08.2013
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Helicopter Cabins and also providing
services for Defence and Security projects. |
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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 : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = Not Available
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India, M-47, Commercial Branch, Connaught Circus, New Delhi - 110001, India · Kotak Mahindra Bank Limited, 6-3-1109/ 1/ P202, 2nd Floor, Jewel Pavani Tower, Rajbhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India
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Auditors : |
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Name : |
M A Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 2nd Floor, 43, Mahatma Gandhi Road,
Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAAFM1433H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Tata Sons Limited |
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Subsidiary Company : |
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Fellow Subsidiary Company : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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700000000 |
Equity Shares |
Rs. 10/- each |
Rs.7000.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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415315200 |
Equity Shares |
Rs. 10/- each |
Rs.4153.152
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
4153.152 |
4153.152 |
4153.152 |
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(b) Reserves & Surplus |
(537.127) |
(872.508) |
(879.459) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
3616.025 |
3280.644 |
3273.693 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
15.100 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
15.239 |
27.841 |
15.576 |
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Total Non-current
Liabilities (3) |
15.239 |
42.941 |
15.576 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
18.188 |
129.012 |
142.307 |
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(b) Trade
payables |
431.227 |
171.529 |
88.111 |
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(c) Other
current liabilities |
662.695 |
112.079 |
22.153 |
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(d) Short-term
provisions |
130.861 |
33.288 |
0.772 |
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Total Current
Liabilities (4) |
1242.971 |
445.908 |
253.343 |
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TOTAL |
4874.235 |
3769.493 |
3542.612 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
372.490 |
420.708 |
462.159 |
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(ii)
Intangible Assets |
10.376 |
11.633 |
16.211 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
25.841 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
2624.626 |
2576.346 |
2134.097 |
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(c) Deferred tax assets (net) |
17.785 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
146.811 |
65.161 |
421.586 |
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(e) Other
Non-current assets |
0.158 |
0.154 |
0.135 |
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Total Non-Current
Assets |
3172.246 |
3074.002 |
3060.029 |
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(2)
Current assets |
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(a) Current
investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
934.594 |
264.059 |
209.148 |
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(c) Trade
receivables |
242.379 |
123.930 |
124.166 |
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(d) Cash
and cash equivalents |
183.483 |
102.566 |
60.892 |
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(e)
Short-term loans and advances |
186.714 |
69.188 |
64.551 |
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(f) Other
current assets |
154.819 |
135.748 |
23.826 |
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Total
Current Assets |
1701.989 |
695.491 |
482.583 |
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TOTAL |
4874.235 |
3769.493 |
3542.612 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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|
|
|
|
|
Income |
1855.909 |
830.288 |
245.815 |
|
|
|
Other Income |
24.832 |
20.772 |
25.603 |
|
|
|
TOTAL |
1880.741 |
851.060 |
271.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
912.265 |
155.965 |
37.784 |
|
|
|
Purchases of Stock-in-Trade |
124.740 |
9.643 |
30.092 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(193.181) |
13.814 |
(102.444) |
|
|
|
Employees benefits expense |
322.707 |
306.161 |
244.169 |
|
|
|
Other expenses |
233.056 |
254.045 |
208.096 |
|
|
|
TOTAL |
1399.587 |
739.628 |
417.697 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
481.154 |
111.432 |
(146.279) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12.850 |
17.922 |
10.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
468.304 |
93.510 |
(156.572) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
90.210 |
86.559 |
82.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
378.094 |
6.951 |
(239.540) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.713 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
335.381 |
6.951 |
(239.540) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(872.508) |
(879.459) |
(639.919) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(537.127) |
(872.508) |
(879.459) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
NA |
615.372 |
92.551 |
|
|
|
Professional and Consultation fees |
NA |
153.504 |
44.546 |
|
|
|
Other Earnings |
NA |
3.062 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
771.938 |
137.097 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
195.432 |
46.875 |
|
|
|
Capital Goods |
NA |
1.717 |
16.361 |
|
|
TOTAL IMPORTS |
NA |
197.149 |
63.236 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.81 |
0.02 |
(0.68) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(97.45) |
0.84 |
18.07 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(59.51) |
13.42 |
25.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.32) |
0.58 |
16.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
0.00 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.04 |
0.04 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.56 |
1.37 |
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 |
4153.152 |
4153.152 |
4153.152 |
|
Reserves & Surplus |
(879.459) |
(872.508) |
(537.127) |
|
Net worth |
3273.693 |
3280.644 |
3616.025 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
15.100 |
0.000 |
|
Short term borrowings |
142.307 |
129.012 |
18.188 |
|
Total borrowings |
142.307 |
144.112 |
18.188 |
|
Debt/Equity ratio |
0.043 |
0.044 |
0.005 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
245.815 |
830.288 |
1855.909 |
|
|
|
237.769 |
123.526 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
245.815 |
830.288 |
1855.909 |
|
Profit |
(239.540) |
6.951 |
335.381 |
|
|
(97.45%) |
0.84% |
18.07% |
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 |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been shifted from Plot No. 21,
22 and 23, Pragathi Industrial Area, Kushaiguda, ECIL Post, Hyderabad – 500062,
Andhra Pradesh, India to the present w.e.f. 18.12.2013.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10533476 |
27/08/2014 |
460,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C35097195 |
|
2 |
10474981 |
03/01/2014 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B95245510 |
|
3 |
10365999 |
27/06/2012 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
6-3-1109/1/P202,
2nd Floor, Jewel Pavani Tower, |
B43884816 |
|
4 |
10307269 |
26/08/2011 |
287,500,000.00 |
AXIS BANK LIMITED |
Credit Management Centre, 4/10, OPG House, Asaf Ali Road,, New Delhi, Delhi - 110002, INDIA |
B20999272 |
CORPORATE INFORMATION
Subject was
incorporated in the year 2006, with its main object to engage in and conduct business
of scientific, technical and research and development activities,
manufacturing, testing and experimenting equipment, components, etc, in the
field of Advanced Defence Technologies, Security Systems, Aerospace and
Aerostructures, among others. During the year it was engaged:
(i) In assembly
and supply of helicopter cabins at Aerospace and Precision Engineering Special
Economic Zone at Adibatla, Hyderabad and supply thereof to Sikorsky Aircraft
Corporation.
(ii) In sale of defence
equipment and systems.
In pursuance of
its business objectives the Company has entered into joint ventures (JVs) with
(i) Sikorsky
Aircraft Corporation - for manufacturing and assembly of cabin components,
parts and derivatives thereto, for delivery in the form of ship sets;
(ii) Lockheed
Martin Aeroframe Corporation - for manufacture and assembly of Aircraft
Structural articles;
(iii) AG
Technologies Holding Limited - for Homeland Security solutions
(iv) ELTA Systems
Limited - a subsidiary of Israel Aerospace Industries Limited for assembly,
manufacturing and supply of components used in products for defence supplies
and
The Company
remains invested with majority shareholding interest in these JVs as a part of
its business objectives.
Further, the
Company has formed wholly owned subsidiary company namely Nova Integrated
Systems Limited, which is engaged in the business of defence and aerostructure.
During the year
the Company acquired shareholding interest in Aurora Integrated Systems Private
Limited (AIS) which is focused in development and manufacture of Unmanned
Aerial Vehicles (UAVs), its subsystems and provides services related thereto.
AIS is a subsidiary by virtue of rights attached to the shares acquired by the
Company in accordance with the Share Subscription and Investor Rights Agreement
(SSIRA) governing the acquisition of such shares.
FINANCIAL RESULTS
During the year, the Company has recordeda net profit of Rs.335.400 Million – a major financial milestone, against previous year’s break even margin of Rs.7.000 Million. Consolidated, the net profit is recorded at Rs. 32.700 Million for the year – another major milestone and a first for TASL Group, as against a loss of Rs. 449.000 Million recorded in the previous year. Among aerospace and aero structure initiatives, S92 hasdone 35 installs on fuselages of helicopters and 33 fuselages. Tara Aerospace Systems Limited (Tara) and Tata Lockheed Martin Aerostructures Limited (TLMAL), where major investments have been made have contributed substantially with revenues such as Rs. 1079.700 Million and Rs. 1464.500 Million respectively, for the year.
HIGHLIGHTS
TASL standalone
On a standalone basis, Subject has recorded a year-on-year (YoY) revenue growth of 2.2x. Fuselage of S92 helicopters led the growth with increased capacity in the full year operation while D & S vertical with continued efforts on responding to RFP’s made deliveries during the year on the RFPs won. Technical services and training reflect capability build-up on aspects relevant to Aerospace and Aero Structure Business. Reporting an operating profit of Rs. 468.700 Million –25.1% of revenues, the Company has recorded net profits of Rs. 335.400 Million for the year.
OPERATIONS
Capability Build Up –
D&S Vertical
Subject D&S Vertical continues to focus on the establishment of strategic partnerships with Global Defense companies and capability buildup. Pursuant to the MoU signed with ITT Exelis in March 2012 for the manufacture of 3rd Generation Night Vision Devices (NVD) to address the Indian market, Exelis had obtained approval from US Govt. for full assembly and sub-assembly of the devices in FY13. Further Exelis has obtained US Govt. approval for exporting the kits to SUBJECT for sub-assembly of the devices as per their order. The limited assembly facility has been setup in the current fiscal at Noida and the sub assembly work is likely to commence in May 2014.
Subject is aggressively pursuing strategic partnership for Missile systems with the reputed Global OEMs and are in discussion for similar partnerships for Tactical Radios and Radars. SUBJECT has signed a MoU with Terma, Denmark to build capability in nicheNaval Combat Management System (CMS) to address Indian Navy’s upcoming CMS requirements. Ministry of Defense Government of India (GOI) has preferencetowards indigenous design, development and manufacturing through Indian private and public companies and is stressing on the categorization of Projects majorly into Buy and Make (India) or Buy India and has further strengthened this process with the release of Defense Procurement Procedure (DPP) 2013. Therefore SUBJECT is focusing on indigenous capability build up through strategic partnerships with Global OEMs and its in house development in Technology Centre (Tech Centre). The engineering team at the Tech Centre is working on integration and interoperability, development of interfaces between disparate technologies, encryption and embedded systems, configuration of communication networks including synchronization and Network Management System (NMS) functionalities among others. The capability demonstrated by this team has helped the Company secure major strategic Request for Proposal (RFPs) from Defence Research Development Organisation (DRDO) and Indian MoD, these will also be precedence in securing similar business opportunities in future. The Company has been shortlisted for Integrated Platform Management System (IPMS) and Portable Diver Detection Sonars based on the capability demonstrated to the Indian Navy. The company has secured Development order for one of the strategic program of National Interest from DRDO by the limited RFP received in 2012 with the capability demonstration.
Technology Centre team has supported the successful implementation of Proto Integration Lab (PIL) system for the development phase of Combat Management System (CMS) project awarded to Nova Integrated System Limited (NOVA - a wholly owned subsidiary of the Company) for MRSAM Missile systems with the designing, integration, testing and acceptance of first two systems order to Research Centre Imarat (RCI),DRDO. The systems developed byTechnologyCentre for this project (Viz. Radio Frequency (RF) Planning Tool, Network Management System and Precision Timing Protocol server) were evaluated and accepted by RCI, Missile System Quality Assurance and Indian Air Force.
To cater to the need of the Ministry of Defence and Global OEMs, D and S unit has made substantial progress in CMMI Level 3 Implementation during the year and is targeted for completion by middle of current financial year.
Business and Outlook
Subject D and S business vertical has secured and addressed key Capital Budget RFPs from MoD. The company has responded to RFPs worth Rs.3000.000 Million during FY 14 in addition to the RFPs worth Rs. 490.000 Million carried forward from FY 13, main customers being DRDO, Commands of Army and Indian Air Force, Service Headquarters of Indian Army and Navy. Projects are in the domain of Command and Control (both Land Based and Maritime Systems), Defense Homeland Security and Night Vision Devices. Out of these, RFPs SUBJECT has secured orders worth Rs.265.000 Million including an order worth Rs. 190.000 Million from Key DRDO Lab for a strategic Project of national importance. D&S vertical has been able to realize revenue of Rs.146.600 Million in FY 2014. There is a carry forward order booking of Rs. 123.100 Million from DRDO Lab under execution for Revenue realization in FY2015. The Company is targeting revenue of Rs. 200.000 Million in the current financial year from D and S vertical.
FIXED ASSETS
· Land
· Buildings
· Office building
· Plant and equipment
· Other plant and equipment
· Vehicles
· Furniture and fixtures
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
53 |
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.