MIRA INFORM REPORT
|
Report No. : |
322661 |
|
Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TVS MOTOR COMPANY LIMITED |
|
|
|
|
Registered
Office : |
No. 29, Haddows Road, Chennai – 600006, Tamilnadu |
|
Tel no. : |
91-44-28272233 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-022845 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.475.087 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35921TN1992PLC022845 |
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|
|
|
TIN No.: |
Not Available |
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|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET09554G |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACS7032B |
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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
: |
Manufacturing of Motorcycles and Mopeds. |
|
|
|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for payment
of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 40400000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Rating also takes into consideration long track record of operation of
company, with an established presence in two wheeler industry. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
19.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
19.09.2014 |
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 : |
No. 29, Haddows Road, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28272233 |
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Fax No.: |
91-44-28257121 |
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E-Mail : |
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Website : |
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Head Office : |
Mittal Court, ‘B’ Wing, 1st Floor, 224, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Factory 1 : |
Post Box No. 4, Harita, Hosur - 635109, Tamilnadu, India |
|
Tel. No.: |
91-4344-276780 |
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Fax No.: |
91-4344-276016 / 276878 |
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E-Mail : |
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Factory 2 : |
Post Box No. 1, Byathahalli Village, Kadakola Post, Mysore
- 571311, Karnataka |
|
Tel. No.: |
91-821-2596560 / 2596561 |
|
Fax No.: |
91-821-2596550 / 2596530 / 2596533 |
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E-Mail : |
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Factory 3 : |
Bhatian Village, Nalagarh Post and Taluk Solan District – 174 101, India |
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Tel. No.: |
91-1795-220494 / 220493 |
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Fax No.: |
91-1795-220496 |
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E-Mail : |
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Regional
Office 1 : |
Block No. 1, Rajendra Bhawan, Rajendra Place, District Centre, New Delhi – 110008, India |
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Regional
Office 2 : |
FMC Fortuna, 5th Floor, 234/3A, AJC Bose Road, Kolkata – 700020, West Bengal, India |
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Regional
Office 3 : |
3rd Floor, D’ Monte Building, No. 32, D’ Monte Colony, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Sudarshan Venu |
|
Designation : |
Whole - Time Director |
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|
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|
Name : |
Mr. Hemant Krishan Singh |
|
Designation : |
Director |
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|
Name : |
Mr. H. Lakshmanan |
|
Designation : |
Director |
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|
Name : |
Mr. T. Kannan |
|
Designation : |
Director |
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|
Name : |
Mr. C. R. Dua |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K S Bajpai |
|
Designation : |
Director |
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|
Name : |
Mr. R Ramakrishnan |
|
Designation : |
Director |
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|
Name : |
Mr. Prince Asirvatham |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. S. Srinivasan |
|
Designation : |
Company Secretary |
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|
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Audit
Committee : |
· Mr. T. Kannan - Chairman ·
Mr. C. R. Dua ·
Mr. R. Ramakrishnan ·
Mr. Prince Asirvatham |
|
|
|
|
Corporate Social Responsibility Committee
: |
Mr. Venu
Srinivasan – Chairman Mr. Prince
Asirvatham Mr. H. Lakshmanan |
|
|
|
|
Name : |
Mr. K N Radhakrishnan |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. S G Murali |
|
Designation : |
Senior Vice President – Finnace |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
272682786 |
57.40 |
|
|
272682786 |
57.40 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
272682786 |
57.40 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
41135620 |
8.66 |
|
|
1284663 |
0.27 |
|
|
15173315 |
3.19 |
|
|
62952210 |
13.25 |
|
|
4592454 |
0.97 |
|
|
4592454 |
0.97 |
|
|
125138262 |
26.34 |
|
|
|
|
|
|
19215928 |
4.04 |
|
|
|
|
|
|
49221610 |
10.36 |
|
|
4196909 |
0.88 |
|
|
4631619 |
0.97 |
|
|
1778233 |
0.37 |
|
|
136 |
0.00 |
|
|
2851966 |
0.60 |
|
|
1284 |
0.00 |
|
|
77266066 |
16.26 |
|
Total Public
shareholding (B) |
202404328 |
42.60 |
|
Total (A)+(B) |
475087114 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
475087114 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Motorcycles and Mopeds. |
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|
Products : |
Motorcycles and Mopeds |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes: Details of
securities created: (i) External commercial borrowings secured by exclusive charge by way of hypothecation of specific movable properties including movable plant and equipment. (ii) Term loans (a) First and exclusive charge on specific plant and equipment. (b) Charge on pari-passu basis on the movable plant and equipment, spares, tools and accessories and other movables, both present and future situated in all plants, with the existing term loan lenders. (iii) Soft loan - State owned corporation viz., SIPCOT First charge on the specific plant and equipment and also secured by equitable mortgage created by way of deposit of title deeds of land. (iv) Term loans from financial institution and bank of a subsidiary include: a) Loan from Financial institution of Rs.852.700 Million secured by collateral on property, plant and equipment of the subsidiary situated outside India. b)
c) A loan of Rs.20.800 Million in IDR and Rs.130.800 Million in USD obtained from a bank collateralized by the subsidiary's new tooling and equipment.
|
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Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
Chennai, Tanilnadu, India |
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|
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Cost Auditors : |
|
|
Name : |
A. N. Raman |
|
Address : |
Chennai, Tanilnadu, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
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Ultimate Holding company : |
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Subsidiaries: : |
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Fellow subsidiaries
: |
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Associate
companies: |
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|
|
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|
Enterprise over which key management
personnel and his relative have significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475087114 |
Equity Shares |
Rs.1/- each |
Rs.475.100
Million |
- Reconciliation
of equity shares outstanding at the beginning and at the end of the year
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
475087114 |
475.100 |
|
Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
475087114 |
475.100 |
- Rights
and preferences attached to equity share:
Every shareholder is entitled to such rights as to attend and vote at the meeting of the shareholders, to receive dividends distributed and also has a right in the residual interest of the assets of the Company. Every shareholder is also entitled to right of inspection of documents as provided in the Companies Act, 1956.
(ii) There are no restrictions attached to equity shares.
- Shares held by holding / ultimate holding / subsidiaries /
associates of holding company at the end of the year
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
|
|
|
|
Sundaram-Clayton Limited, Chennai (Holding Company) |
272682786 |
57.40 |
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
|
Number
of Shares |
|
|
|
|
|
Reliance Capital Trustee Company Limited, Mumbai |
|
41198970 |
|
Life Insurance Corporation of India, Mumbai |
|
18440769 |
LISTING DETAILS:
|
BSE : 532343 NSE : TVSMOTOR |
|
|
Stock Exchange Place : |
Madras Stock Exchange Limited (MSE) BSE Limited (BSE) National Stock Exchange of India Limited (NSE) |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
475.100 |
475.100 |
475.100 |
|
(b) Reserves & Surplus |
13677.700 |
11771.600 |
6747.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
(3) Minority Interest |
0.000 |
0.000 |
59.600 |
|
Total
Shareholders’ Funds (1) + (2) |
14152.800 |
12246.700 |
7282.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4424.100 |
4941.400 |
8744.600 |
|
(b) Deferred tax liabilities (Net) |
1246.800 |
931.200 |
550.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
531.700 |
487.900 |
534.500 |
|
Total Non-current
Liabilities (3) |
6202.600 |
6360.500 |
9829.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
334.700 |
517.200 |
2708.200 |
|
(b) Trade
payables |
9989.100 |
8085.800 |
7622.900 |
|
(c) Other current
liabilities |
4288.200 |
3567.800 |
5124.300 |
|
(d) Short-term
provisions |
679.600 |
578.000 |
598.500 |
|
Total Current
Liabilities (4) |
15291.600 |
12748.800 |
16053.900 |
|
|
|
|
|
|
TOTAL |
35647.000 |
31356.000 |
33165.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11059.400 |
10068.500 |
14662.700 |
|
(ii)
Intangible Assets |
197.700 |
46.300 |
59.500 |
|
(iii)
Capital work-in-progress |
480.800 |
360.900 |
1857.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8959.200 |
8688.400 |
3184.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
862.700 |
733.500 |
287.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
21559.800 |
19897.600 |
20050.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5481.500 |
5096.600 |
6813.800 |
|
(c) Trade
receivables |
3341.200 |
3168.500 |
2232.900 |
|
(d) Cash
and cash equivalents |
825.700 |
174.500 |
1374.800 |
|
(e)
Short-term loans and advances |
3643.100 |
2489.500 |
1667.100 |
|
(f) Other current
assets |
795.700 |
529.300 |
1026.300 |
|
Total
Current Assets |
14087.200 |
11458.400 |
13114.900 |
|
|
|
|
|
|
TOTAL |
35647.000 |
31356.000 |
33165.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
79618.500 |
71692.500 |
74351.600 |
|
|
|
Other Income |
302.100 |
238.400 |
144.000 |
|
|
|
TOTAL |
79920.600 |
71930.900 |
74495.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
54188.200 |
48995.600 |
52224.000 |
|
|
|
Purchases of Stock-in-Trade |
2443.500 |
2679.400 |
2039.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
96.500 |
327.000 |
(238.000) |
|
|
|
Employees benefits expense |
4761.100 |
4071.300 |
4304.600 |
|
|
|
Other expenses |
13348.200 |
11528.900 |
11430.500 |
|
|
|
TOTAL |
74837.500 |
67602.200 |
69760.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5083.100 |
4328.700 |
4735.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
254.000 |
480.400 |
882.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4829.100 |
3848.300 |
3852.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1316.500 |
1304.100 |
1582.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
3512.600 |
2544.200 |
2269.600 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS [GAIN/LOSS] |
(28.100) |
(916.300) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXTRAORDINARY ITEMS AND TAX |
3484.500 |
1627.900 |
2269.600 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS – INSURANCE RECORVERY |
40.900 |
7.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3525.400 |
1635.800 |
2269.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
909.100 |
475.600 |
946.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2616.300 |
1160.200 |
1323.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17664.400 |
11869.800 |
11301.900 |
|
|
TOTAL EARNINGS |
17664.400 |
11869.800 |
11301.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
486.600 |
418.500 |
635.200 |
|
|
|
Stores & Spares |
6864.400 |
4992.100 |
5728.900 |
|
|
|
Capital Goods |
270.700 |
143.800 |
324.800 |
|
|
TOTAL IMPORTS |
7621.700 |
5554.400 |
6688.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.51 |
2.44 |
5.24 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2,2960.000 |
2,6749.200 |
|
Total Expenditure |
|
2,1742.400 |
2,5203.500 |
|
PBIDT (Excl OI) |
|
1217.600 |
1545.700 |
|
Other Income |
|
182.700 |
167.900 |
|
Operating Profit |
|
1400.300 |
1713.600 |
|
Interest |
|
59.500 |
34.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1340.800 |
1679.100 |
|
Depreciation |
|
335.700 |
366.000 |
|
Profit Before Tax |
|
1005.100 |
1313.100 |
|
Tax |
|
281.900 |
365.000 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
723.200 |
948.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
723.200 |
948.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.29 |
1.62 |
1.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.38 |
6.04 |
6.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.45 |
7.33 |
8.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.13 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.34 |
0.45 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.90 |
0.82 |
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 |
475.100 |
475.100 |
475.100 |
|
Reserves & Surplus |
6747.300 |
11771.600 |
13677.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Minority Interest |
59.600 |
0.000 |
0.000 |
|
Net
worth |
7282.000 |
12246.700 |
14152.800 |
|
|
|
|
|
|
long-term borrowings |
8744.600 |
4941.400 |
4424.100 |
|
Short term borrowings |
2708.200 |
517.200 |
334.700 |
|
Total
borrowings |
11452.800 |
5458.600 |
4758.800 |
|
Debt/Equity
ratio |
1.573 |
0.446 |
0.336 |
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 |
74,351.600 |
71,692.500 |
79,618.500 |
|
|
|
(3.576) |
11.056 |
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
|
74,351.600 |
71,692.500 |
79,618.500 |
|
Profit |
1,323.300 |
1,160.200 |
2,616.300 |
|
|
1.78% |
1.62% |
3.29% |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CASE DETAILS:
|
CHENNAI COURT Case Status: Pending Status Of: APPLICATION Case No.: 5529 Year : 2009 Petitioner : M/S.
BAJAJ AUTO LIMITED Respondent : M/S. TVS MOTOR
COMPANY LIMITED Pet's Advocate : M/S. A.A. MOHAN Res's Advocate
: M/S.T.K.BHASKAR Category : NO CATEGORY
MENTIONED Last Listed
on: No Date Mentioned Case Updated
on: Oct 28 2009 |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Sales tax deferral loan form Karnataka Government |
2330.300 |
2393.600 |
|
SHORT TERM
BORROWINGS |
|
|
|
Repayable on demand from banks (* Includes packing credit foreign currency loan of Rs.299.500 Million) |
305.900 |
310.800 |
|
Total |
2636.200 |
2704.400 |
Notes:
Details of securities
created for loans availed:
First charge by way of hypothecation and / or pledge of current assets viz., stocks of raw materials, semi-finished and finished goods, stores and spares not relating to plant and machinery, bills receivable, book debts and all other movable assets located in all plants.
Short term borrowings
from banks of a subsidiary include:
a) A loan of Rs.10.500 Million in IDR and Rs.377.600 Million in USD obtained from a bank, secured by a letter of comfort issued by a bank in India.
b) A loan of Rs.48.100 Million in IDR and Rs.127.300 Million in USD obtained from another bank, collateralized by the subsidiary's inventory and trade account receivables.
COMPANY PERFORMANCE
Despite a challenging macro-economic environment and intense Competitive landscape, the Company sold 1.990 Million two Wheelers in line with last year. Motorcycle sales increased by 4% and scooters by 6%. Moped sales marginally declined mainly due to poor monsoon and decline of two wheeler sales in Tamilnadu. Three-wheeler sales of the Company increased by 63% in 2013-14. Sale of spare parts grew by 18%. TVS Jupiter, the newly launched scooter bagged seven awards acclaiming its superiority over competitive products. The Company's total revenue including other income increased to Rs.79920.600 Million in the current year from Rs.71930.900 Million in the previous year. Profit before tax and exceptional items (PBT) for the year 2013-14 significantly increased to Rs.3512.600 Million compared to Rs.2544.200 Million of the previous year. Similarly Profit after tax (PAT) for the year 2013-14 increased to Rs.2616.300 Million from Rs.1160.200 Million of the previous year, after taking into account the extra-ordinary and exceptional items.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT INDUSTRY STRUCTURE AND DEVELOPMENTS
Two wheeler industry continued to grow below the long term trend. The industry recovered marginally to 7% in 2013-14 from a low growth of 2% in 2012-13. Macro-economic environment continued to remain weak. Depressed economic sentiments coupled with high price levels and poor income growth continued to affect the industry. Industry sales of two wheelers (Domestic plus Export) Motorcycles continued with the low growth phase of last year and grew at 4% (124.6 lakh numbers) from a low of 0.1% (119.5 lakh numbers) in 2012-13. Propelled by new launches and favourable customer preferences, growth in scooters was high at 23% (36.9 lakh numbers) from 14% (30.14 lakh numbers). Scooters as a category continued to gain share from motorcycles in the total two wheeler industry. Mopeds declined by 8% over last year. Industry sales of three wheelers (Domestic plus Export)
The petrol passenger three wheeler industry (3 plus 1 segment) increased by 5% during 2013-14 to 4.55 lakh units. This was mainly due to 17% increase in exports (from 3.00 lakhs in 2012-13 to 3.51 lakhs in 2013-14). Domestic sales declined by 23% (from 1.35 lakhs in 2012-13 to 1.04 lakhs in 2013-14) as new permits were not released by the State Governments.
BUSINESS OUTLOOK AND
OVERVIEW
Low growth of GDP is expected to continue. Uncertain monsoon is an added concern. Inflation and consumer sentiments do not induce great confidence either. Added to this, geo-political uncertainty in parts of Asia and Europe may affect commodity prices. Consequently the Company expects modest growth for the two wheeler industry during the year 2014-15.
OPERATIONS REVIEW
Total Quality Management (TQM)
In continuation of the TQM journey so far, the Company continues to spread this message across the organization. In line with continuous improvement, more than 150 employees have been certified for TQM problem solving process. This helped to complete 310 projects during the last year. During 2013-14, while Total Employee Involvement (TEI) was at 100%, more than 1450 projects were implemented across Quality, Cost and Delivery by Quality Control Circle teams. Quality of suggestions improved by 25% over the last year and overall implemented suggestions stood at 60 per employee. These achievements were recognized by INSSAN (Indian National Suggestion Scheme Association) and awarded "Excellence in Suggestion Scheme" at national level in this segment.
Cost Management
Total cost management is a continuous journey and the Company manages the same through deployment of costs to users. The Company will continue to pursue value engineering and alternate sourcing to reduce material costs during this year.
RESEARCH AND
DEVELOPMENT
The Company's strong Research and Development (R&D) team is continuously working towards design and development. Of exciting new products for our customers. Aided by modern CAD / CAE resources and state-of-art facilities for engine and vehicle design, development and testing, Noise, Vibration and Harshness (NVH) measurements, R&D constantly develops new and innovative features. R&D team is also working on the development of fuel-efficient and environment friendly technologies. The Company also collaborates with leading research laboratories and educational institutions for developing future technologies. In 2013-14, the R&D team delivered a new Scooter 'TVS Jupiter' with stunning style, class leading mileage and many First in class features. TVS Jupiter has become the 'Most Awarded' scooter, recognised as "class leading" by all major auto magazines. Further, the R&D team has successfully delivered a motorcycle specifically tailored for African market. The R&D team has so far published 86 technical papers in national and international conferences. Information Technology the Company has been using ERP for integrating its various business processes within the Company and its business partners. The Company continued to implement several Projects in supply chain to improve its efficiency and transparency. Data acquisition systems have been provided in the shop floor to improve overall equipment effectiveness. A digital framework for measuring customer satisfaction and related actions to improve the customer satisfaction have been implemented. As part of continuous improvement and to enhance information security, periodical audits are conducted by experts and control measures are taken. During the year, the Company enhanced the scope of ISO 27001:2005 certification and got it re-certified. Business continuity plan for major business critical applications has been implemented.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONBTHS ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
3 Months Ended |
Preceding 3 months ended |
Year to date
figures for the current period ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
26125.700 |
26354.600 |
75112.400 |
|
b) Other operating income |
403.400 |
476.100 |
1301.300 |
|
Total
income from Operations(net) |
26529.100 |
26830.700 |
76413.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
19473.200 |
19183.400 |
54784.100 |
|
b) Purchases of stock in trade |
597.300 |
586.100 |
1698.900 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(690.300) |
(156.900) |
(723.400) |
|
d) Employees benefit expenses |
1549.500 |
1544.700 |
4496.200 |
|
e) Depreciation and amortization expenses |
371.000 |
366.000 |
1072.700 |
|
f) Other expenditure |
3997.400 |
4046.200 |
11617.200 |
|
Total expenses |
25298.100 |
25569.500 |
72945.700 |
|
3. Profit from operations before other income and
financial costs |
1231.000 |
1261.200 |
3468.000 |
|
4. Other income |
58.700 |
86.400 |
233.900 |
|
5. Profit from ordinary activities before finance costs |
1289.700 |
1347.600 |
3701.900 |
|
6. Finance costs |
52.900 |
34.500 |
146.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
1236.800 |
1313.100 |
3555.000 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
1236.800 |
1313.100 |
3555.000 |
|
10.Tax expenses |
335.000 |
365.000 |
981.900 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
901.800 |
948.100 |
2573.100 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
901.800 |
948.100 |
2573.100 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
47.51 |
47.51 |
47.51 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
1.90 |
2.00 |
5.42 |
|
(b) Diluted |
1.90 |
2.00 |
5.42 |
|
Particulars
|
3 Months Ended |
Preceding 3 months ended |
Year to date
figures for the current period ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
202404328 |
202404328 |
202404328 |
|
- Percentage of shareholding |
42.60 |
42.60 |
42.60 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
272682786 |
272682786 |
272682786 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
57.40 |
57.40 |
57.40 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
NIL |
|
|
Receiving during the quarter |
|
10 |
|
|
Disposed of during the quarter |
|
10 |
|
|
Remaining unreserved at the end of the quarter |
|
NIL |
|
Notes:
- The Standalone operations
of the Company relate to only one segment viz., automotive vehicles and
parts.
2. During the quarter ended 31.03.2015, the Company has made the following Investments:
(a). In Subsidiary - Rs. 249.100 Million in 4,00,000 equity shares of USD 10 each in PT TVS Motor Company Indonesia, Jakarta.
b. In Others - Rs. 350.000 Million in 3,50,00,000 Non cumulative Redeemable
Preference shares of Rs. 10 each in TVS Motor Services Limited, Chennai.
3. During the year ended 31st March 2015, in accordance with Part A of Schedule
II to the Companies Act 2013, the Management, based on Chartered Engineer's
technical evaluation, has re-assessed the remaining useful life of fixed assets
with effect from April 01, 2014. As a result of above, depreciation is higher
by Rs. 60.200 Million for the year ended 31.03.2015, For fixed assets that had
completed its useful life as of 1st April 2014, the net residual value of Rs.
68.200 Million has been adjusted to Reserves.
4. The directors at the meeting held today, declared a second interim dividend
of Rs. 1.15 per share (115 %) absorbing a sum of Rs. 655.600 Million (including
dividend distribution tax) for the year ended 31st March 2015 and the same will
be paid to the shareholders on or after 9th May 2015, The record date is fixed
as 6th May 2015 for this purpose. The board earlier declared first interim
dividend of Re. 0.75 per share (75%) absorbing a sum of Rs. 419.500 Million
including dividend distribution tax for the year 2014-15 and the same was paid
on 13th February 2015. The total dividend Including second interim dividend for
the year ended 31st March 2015 will aggregate to Rs. 1.90 per share (190 %) on
47,50,87,114 equity shares of Re. 1/- each. The directors do not recommend any
further dividend for the year 2014-15.
5. Other operating income for the year includes Rs. 343.400 Million towards
foreign exchange gain (net) relatable to export and import operations of the
Company and insurance claims relatable to tangible fixed assets.
6. The figures of the quarter ended March 31, are the balancing figures between
the audited figures in respect of the full financial year and the published
year to date figures upto the third quarter of the respective financial years.
7. The consolidated financial statements (CFS) for the year ended 31.03.2014
prepared in accordance with the Accounting Standards 21 and 23 include the
results of three erstwhile subsidiaries viz., TVS Energy Limited, TVS Wind
Energy Limited and TVS Wind Power Limited up to the date of disinvestment,
namely 16th August 2013, Hence, the CFS for the year ended 31st March 2015 are
not comparable with that of CFS for the previous year ended March 31, 2014.
8. Exceptional items in CFS for the year- 2014-15 represent profit on sale of
land / building by subsidiary companies.
9. Figures for the previous periods have been regrouped, wherever necessary, to
conform to the current period's classification.
10. The above financial results have been reviewed and recommended by the audit
committee and approved by the board at its meeting held on 29th April 2015.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10168064 |
01/10/2010 * |
3,500,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, No. 64 Greams Road, Chennai, Tamil Nadu - 600006, India |
A95479143 |
|
2 |
10149778 |
08/12/2009 * |
1,563,000,000.00 |
State Industries Promotion Corporation Of Tamilnadu Limited |
19-A ,Marshalls Road,, Egmore, Madras, Tamil Nadu - 600008, India |
A75480814 |
|
3 |
10069592 |
21/03/2012 * |
4,785,000,000.00 |
State Bank Of India |
Cag Branch, 3rd Floor, Sigapi Achi Building,, 18/3, Rukmini Lakshmipathi Road, Egmore, Chennai, Tamil Nadu - 600008, India |
B37157278 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.64.19 |
|
UK Pound |
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
65 |
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.