MIRA INFORM REPORT
|
Report No. : |
342941 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIL LIMITED |
|
|
|
|
Registered Office
: |
1, Taratolla Road, Garden Reach, Kolkata – 700024, West Bengal |
|
Tel. No.: |
91-22-24693732-36 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
10.05.1974 |
|
|
|
|
Com. Reg. No.: |
21-041725 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999WB1974PLC041725 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing
and marketing of a comprehensive range of material handling, lifting, port
and road construction solutions with integrated customer support and after
Sales Service. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 10th May, 1974. The company is
a Public Limited Company and is listed in Bombay, Culcutta and National Stock
Exchange in India. It is engaged in manufacturing and marketing of
comprehensive range of material handling, lifting, port and road construction
solutions with integrated customer support and after sales services. The
company has two manufacturing facilities – Kamarhatty and Kharagpur in West
Bengal. The current promoters, Mr. A Mazumdar and Mr. S. Mazumdar, took
substantial stake in the company. It has satisfactory track record. The company has incurred loss from its operation. However, the company
possesses a decent networth base during FY2015. The rating continue to derive strength from the experience of the
promoters of TIL Limited with long and established track record of the
company, technical collaboration with leading international players and reputed
clientele. The ratings also take into consideration, an acceptable share price of
Rs. 420.25/- recorded by the company as against a face value of Rs. 10.00 as
on September 26, 2015. Trade relations are fair. Business is active. Payment terms are reported
to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A- |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk |
|
Date |
January 08, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk |
|
Date |
January 08, 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
31-03-2015.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-33-24693732-36)
LOCATIONS
|
Registered Office : |
1, Taratolla Road, Garden Reach, Kolkata – 700024, West Bengal, India |
|
Tel. No.: |
91-33-24693732-36 (5 Lines) 91-33-66332000/2845 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. A. Mazumdar |
|
Designation : |
Chairman Emeritus |
|
Address : |
12D, Judges Court Road, Alipore, Kolkata – 700027, West Bengal, India |
|
|
|
|
Name : |
Mr. Sumit Mazumder |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Flat No. 5A, and B, ‘Arjun Enclave’ 12C, Judges Court Road, Alipore, Kolkata – 700027, West Bengal, India |
|
|
|
|
Name : |
Mr. R. L. Gaggar |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
11, Sarat Bose Road, Kolkata – 700020, West Bengal, India |
|
|
|
|
Name : |
Mr. G. Swarup |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
2B, Judges Court Road, Kolkata – 700027, West Bengal, India |
|
|
|
|
Name : |
Dr. T. Mukherjee |
|
Designation : |
Non-Executive Non-Independent Director |
|
Address : |
6A, Road#10, Circuit House Area (East), Jamshedpur – 831001, India |
|
|
|
|
Name : |
Mr. S. V. Ramana Rao |
|
Designation : |
Nominee of Life Insurance Corporation of India (With
effect from 10th September 2014) |
|
Address : |
Flat No. 5, Queen’s Court, M.K. Road, Churchgate, Mumbai – 400020, Maharashtra, India |
|
|
|
|
Name : |
Ms. Veena Hingarh |
|
Designation : |
Non-Executive Independent Director (With effect from 26th
March 2015) |
|
Address : |
Flat 1E, 34 Ballygunge Circular Road, Kolkata – 700019, West Bengal, India |
|
|
|
|
BOARD COMMITTEES |
|
|
Audit Committee |
|
|
Members: Mr. G Swarup – Chairperson Mr. R. L. Gaggar Dr. T. Mukherjee Mr. S. V. Ramana Rao Ms. Veena Hingarh |
|
|
|
|
|
Nomination and
Remuneration Committee |
|
|
Members: Mr. R. L. Gaggar - Chairperson Dr. T. Mukherjee Mr. G. Swarup |
|
|
|
|
|
Stakeholders
Relationship Committee |
|
|
Members: Mr. R. L. Gaggar – Chairperson Mr. Sumit Mazumder Mr. G. Swarup |
|
|
|
|
|
Corporate Social
Responsibility Committee |
|
|
Members: Mr. Sumit Mazumder – Chairperson Mr. R. L. Gaggar Dr. T. Mukherjee |
|
KEY EXECUTIVES
|
Name : |
Mr. Somnath Bhattacharjee |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Aloke Banerjee |
|
Designation : |
President and Chief Financia Officer |
|
|
|
|
Name : |
Mr. Sekhar Bhattacharjee |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
776647 |
7.74 |
|
|
2939323 |
29.30 |
|
|
3715970 |
37.05 |
|
|
|
|
|
|
1930828 |
19.25 |
|
|
1930828 |
19.25 |
|
Total
shareholding of Promoter and Promoter Group (A) |
5646798 |
56.30 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
159261 |
1.59 |
|
|
3041 |
0.03 |
|
|
1399534 |
13.95 |
|
|
20070 |
0.20 |
|
|
1581906 |
15.77 |
|
|
|
|
|
|
472280 |
4.71 |
|
|
|
|
|
|
1663890 |
16.59 |
|
|
476219 |
4.75 |
|
|
189172 |
1.89 |
|
|
80847 |
0.81 |
|
|
2430 |
0.02 |
|
|
96792 |
0.96 |
|
|
9103 |
0.09 |
|
|
2801561 |
27.93 |
|
Total Public
shareholding (B) |
4383467 |
43.70 |
|
Total (A)+(B) |
10030265 |
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) |
10030265 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and marketing of a
comprehensive range of material handling, lifting, port and road construction
solutions with integrated customer support and after Sales Service. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||||||||
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskin and Sells Chartered Accountants |
|
|
|
|
Secretarial Auditors : |
|
|
Name : |
T. Chatterjee and Associates Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises over which Key Management Personnel are able to exercise
significant influence : |
TIL Welfare Trust |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,030,265 |
Equity Shares |
Rs.10/- each |
Rs. 100.300
Million |
|
|
|
|
|
RECONCILIATION OF THE NUMBER OF EQUITY SHARES
|
Particulars |
As on 31.03.2015 |
|
|
No. of Shares |
Rs. In Million |
|
|
Balance at the beginning of the year |
10303265 |
100.300 |
|
Balance at the end of the year |
1030265 |
100.300 |
Rights, Preferences and
Restriction Attached To Equity Shares
The Company has one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
The Company has share
hold by Shareholders holding more than 5% of the aggregate shares in the
company.
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
No. of Shares |
% of holdings |
|
|
The Coles Crane Group Limited |
1,930,828 |
19.25 |
|
Life Insurance Corporation of India |
1,040,814 |
10.38 |
|
Mr. Avijit Mazumdar |
545301 |
5.44 |
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 |
100.300 |
100.300 |
100.300 |
|
(b) Reserves & Surplus |
2325.200 |
2624.100 |
2618.100 |
|
(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) |
2425.500 |
2724.400 |
2718.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
503.200 |
816.500 |
1100.200 |
|
(b) Deferred tax liabilities (Net) |
84.000 |
94.400 |
82.800 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
49.100 |
40.400 |
30.600 |
|
Total Non-current
Liabilities (3) |
636.300 |
951.300 |
1213.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1939.200 |
1599.500 |
971.400 |
|
(b) Trade
payables |
702.100 |
740.800 |
517.200 |
|
(c) Other
current liabilities |
588.500 |
380.000 |
243.600 |
|
(d) Short-term
provisions |
9.900 |
28.900 |
1035.900 |
|
Total Current
Liabilities (4) |
3239.700 |
2749.200 |
2768.100 |
|
|
|
|
|
|
TOTAL |
6301.500 |
6424.900 |
6700.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1668.200 |
1834.200 |
1758.400 |
|
(ii)
Intangible Assets |
13.800 |
18.900 |
25.700 |
|
(iii)
Capital work-in-progress |
433.000 |
433.200 |
555.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
998.200 |
998.200 |
998.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.000 |
23.200 |
11.600 |
|
(e) Other
Non-current assets |
0.100 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3139.300 |
3307.700 |
3349.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1886.400 |
1867.900 |
1319.900 |
|
(c) Trade
receivables |
899.300 |
802.400 |
615.300 |
|
(d) Cash
and cash equivalents |
10.700 |
7.100 |
14.400 |
|
(e)
Short-term loans and advances |
365.800 |
439.800 |
1361.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
40.300 |
|
Total
Current Assets |
3162.200 |
3117.200 |
3350.900 |
|
|
|
|
|
|
TOTAL |
6301.500 |
6424.900 |
6700.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3216.800 |
2875.100 |
2678.900 |
|
|
Other Income |
33.300 |
33.200 |
49.700 |
|
|
TOTAL |
3250.100 |
2908.300 |
2728.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1553.100 |
1572.700 |
1559.400 |
|
|
Purchases of Stock-in-Trade |
201.700 |
298.600 |
350.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
84.400 |
(402.000) |
(323.400) |
|
|
Employees benefits expense |
563.400 |
480.600 |
406.300 |
|
|
Other expenses |
545.000 |
503.900 |
407.500 |
|
|
TOTAL |
2947.600 |
2453.800 |
2400.400 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
302.500 |
454.500 |
328.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
416.600 |
306.100 |
180.100 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(114.100) |
148.400 |
148.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
176.000 |
111.300 |
98.100 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(290.100) |
37.100 |
50.000 |
|
|
|
|
|
|
|
Less |
TAX |
(3.900) |
12.000 |
23.300 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(286.200) |
25.100 |
26.700 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
132.800 |
156.700 |
11.400 |
|
|
TOTAL EARNINGS |
132.800 |
156.700 |
11.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
902.900 |
871.100 |
852.600 |
|
|
Stores & Spares |
80.200 |
115.900 |
126.000 |
|
|
Capital Goods |
0.000 |
0.000 |
30.300 |
|
|
TOTAL IMPORTS |
983.100 |
987.000 |
1008.900 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(28.53) |
2.50 |
2.66 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
580.600 |
393.900 |
297.400 |
|
Cash generated from operations |
379.700 |
1239.700 |
(174.800) |
|
Net cash flow from (used in) operation |
NA |
271.800 |
(215.600) |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
595.200 |
|
Total Expenditure |
637.500 |
|
PBIDT (Excl OI) |
(42.300) |
|
Other Income |
19.700 |
|
Operating Profit |
(22.600) |
|
Interest |
103.800 |
|
Exceptional Items |
NA |
|
PBDT |
(126.400) |
|
Depreciation |
36.100 |
|
Profit Before Tax |
(162.500) |
|
Tax |
2.700 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
(165.200) |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
(165.200) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(8.90) |
0.87 |
1.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.40 |
15.81 |
12.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.96) |
0.74 |
0.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.01 |
0.89 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.13 |
1.21 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 420.25/- |
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 |
100.300 |
100.300 |
100.300 |
|
Reserves & Surplus |
2618.100 |
2624.100 |
2325.200 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2718.400 |
2724.400 |
2425.500 |
|
|
|
|
|
|
long-term borrowings |
1100.200 |
816.500 |
503.200 |
|
Short term borrowings |
971.400 |
1599.500 |
1939.200 |
|
Current Maturities of Long
Term Debt |
580.600 |
393.900 |
297.400 |
|
Total
borrowings |
2652.200 |
2809.900 |
2739.800 |
|
Debt/Equity
ratio |
0.976 |
1.031 |
1.130 |
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 |
2678.900 |
2875.100 |
3216.800 |
|
|
|
7.324 |
11.885 |
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 |
2678.900 |
2875.100 |
3216.800 |
|
Profit |
26.700 |
25.100 |
(286.200) |
|
|
1.00% |
0.87% |
(8.90%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Vehicle loans from banks |
3.900 |
0.400 |
|
SHORT TERM
BORROWING |
|
|
|
From banks |
35.000 |
0.000 |
|
Deposits |
205.000 |
0.000 |
|
Total |
243.900 |
0.400 |
|
|
|
|
CORPORATE INFORMATION
Subject is engaged in manufacturing and marketing of a comprehensive range of material handling, lifting, port and road construction solutions with integrated customer support and after Sales Service. Overall the Company’s products and services are termed as Materials Handling Solutions (MHS). The Company has two manufacturing facilities - Kamarhatty and Kharagpur in West Bengal. The Company is a Public Limited Company and is listed in Bombay, Calcutta and National Stock Exchange in India.
PERFORMANCE
The consolidated turnover of your Company’s Group including Income from Operations (Gross) and other Income during the year ended 31st March 2015 stood at Rs. 15075.800 Million compared to Rs. 13477.200 Million in the previous year. Profit before tax for the Group was Rs. 221.600 Million compared to Rs. 146.700 Million in the previous year
On standalone basis, turnover including income from
operations (gross) and other Income for the year under review stood at Rs.
3486.400 Million vis-ŕ-vis Rs. 3077.100 Million in the previous year. The
Company incurred a loss of Rs. (290.100) Million vis-ŕ-vis profit before tax of
Rs. 37.100 Million in the previous year.
TRACTORS INDIA
PRIVATE LIMITED
Tractors India Private Limited, the Wholly Owned Subsidiary Company in India, achieved a turnover including income from operations (gross) and other Income of Rs. 11472.400 Million compared to Rs. 10144.400 Million in the previous year. Profit before tax stood at Rs. 542.500 Million compared to Rs. 116.900 Million in the previous year.
Foreign Subsidiaries:
During the year, the consolidated revenue of the foreign subsidiary companies stood at Rs. 117.000 Million as compared to previous year’s consolidated revenue of Rs. 255.700 Million The foreign subsidiaries reported a consolidated loss of Rs. (30.800) Million during the year as compared to loss of Rs. (7.300) Million during the previous year.
OUTLOOK
The outlook for fiscal year 2016 and beyond is shaped largely by a mix of global changes and policy developments on the domestic front. Vital reform measures like the new Land Bill and GST Bill are still pending approval of the Upper House. Onset of economic rebound in India will be contingent upon the speed with which political concurrence is attained on these critical issues, as well as, on the turnaround of productive economic activities in the Euro Area and the US. These in turn will provide an impetus to India’s exports. With the Chinese economy slated to slow down considerably in the current fiscal, India is faced with a unique opportunity to assume a dominant position and present herself as a manufacturing and investment hub to the world.
The Indian Brand Equity Foundation (IBEF) states that the construction equipment industry - of which the Company is a part of – is estimated to attain revenue of US$ 22.7 billion by 2020 (from US$ 5.1 billion in FY12). This entails a major jump in volume sales to 96,730 units by 2020 from 55,946 units in 2012-13. In a significant move, the Indian Government has de-licensed the manufacturing of material handling equipment, which contributes a major chunk of the Company’s revenues, and also allowed 100 FDI under the automatic route. These are facts that are strongly indicative of the expected growth spurt in this sector in the near term. Demand for rental equipment is also set to witness strong growth in the medium term due to large investments in infrastructure.
Infrastructure - the business space that the Company operates in, is a major thrust area for the Government. Growth had stagnated in this sector mostly on account of issues related to sovereign clearances and land acquisition. But, even as restrictive regulations are being eased or removed, industry sentiments are slow to recover, with a large number of projects, especially in Roads, being stuck in disputes / arbitration, developers facing serious liquidity crisis, and lenders trying their best to limit their exposure to the ailing sector.
On the positive side, the Cabinet Committee of Economic Affairs (CCEA) has approved a comprehensive exit policy for the Roads sector, allowing developers to quit a project two years after completion, a measure that will help them monetize assets and unlock capital for future projects. The Cabinet has also allowed the National Highways Authority of India (NHAI) to inject funds into stressed projects, on a loan basis at a pre-set rate of return, which will help to complete them.
The construction equipment industry - accounting for around 7-8% of India’s GDP and employing more than 30 million people, makes for more than 60% of India’s total investment in infrastructure (Source: IBEF). The erstwhile Planning Commission had estimated India’s total infrastructure investment to reach 10% of GDP during the 12th Five-Year Plan (2012-17), up from 7.6% during the previous plan (2007-12) (Source: IBEF). In line with that assessment, funds allocated to the infrastructure sector received a major boost of 150% (to INR 2.8 trillion) in the last Union Budget - including increments of 178% and 52% to roads and railways sectors respectively (Source: CRISIL analysis of Union Budget 2015-16).
In addition, many significant steps have been taken to improve the availability of funds for infrastructure. This includes higher allocation for road cess, more funding through the National Investment and Infrastructure Fund, tax-free bonds and rationalization of taxes for infrastructure investment trusts. The Government’s intent to salvage the largely unsuccessful public-private-partnership model with a more workable annuity-based model, to attract more investment, is also a positive move. Japan, China and foreign pension funds have expressed active interest in investing in India’s infrastructure – particularly in smart cities, expressways and high-speed railway networks
The benefits of all these positive developments are expected to permeate the sector over the ongoing fiscal year - and the Company is adequately geared to make the best of the emerging opportunities.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10536577 |
01/12/2014 |
620,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE S West Bengal - 700071, INDIA |
C36944932 |
|
2 |
10520972 |
15/09/2014 |
250,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA |
C21516976 |
|
3 |
10494952 |
22/02/2014 |
250,000,000.00 |
HDFC BANK LIMITED |
Bank House, 3A, Gurusaday Road, KOLKATA, West Bengal – 700019 INDIA |
C04609335 |
|
4 |
10439438 |
11/06/2013 |
107,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B80586589 |
|
5 |
10417033 |
26/03/2013 |
350,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH KOLKATA, 11, Dr. U.N. BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, |
B72358898 |
|
6 |
10419765 |
27/02/2013 |
150,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH (CBB), 1, SHAKESPEARE S West Bengal - 700071, INDIA |
B73207789 |
|
7 |
10380851 |
21/09/2012 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
4/1,MIDDLETON STREET, SIKKIM HOUSE, KOLKATA, West Bengal - 700071, INDIA |
B59802173 |
|
8 |
10369522 |
10/02/2015 * |
4,750,000,000.00 |
BANK OF INDIA (LEAD BANK) |
KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M SARANI, KOLKATA, West Bengal - 700001, INDIA |
C49498223 |
|
9 |
10340735 |
01/03/2012 |
700,000,000.00 |
DBS BANK LTD. |
KOLKATA BRANCH (AS
SECURITY AGENT), 4A, NANDALAL INDIA |
B34389700 |
|
10 |
10333690 |
26/12/2011 |
580,000,000.00 |
STATE BANK OF INDIA |
Industrial Finance
Branch, Kolkata, 11, Dr. U. N. INDIA |
B31302763 |
* Date of charge modification
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Sales Tax Matters under dispute [Related payments Nil (Previous year NIL)] |
266.200 |
256.700 |
|
Income Tax Matters under dispute [Excludes disputed Income Tax matters, in view of favorable Tribunal decision in similar case]. [Related payments Rs. 11.800 Million (Previous year Rs.
11.800 Million)] |
137.700 |
100.000 |
|
Service Tax matters under dispute [Related payments Nil (Previous year Nil)] |
37.600 |
37.600 |
|
Excise Duty matters under dispute [Related payments Rs. 2.300 Million (Previous year Rs.
2.300 Million)] |
4.800 |
4.800 |
|
|
|
|
|
Total |
446.300 |
399.100 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from Operations |
|
|
|
a) Net Sales / Income
from Operations |
3464.500 |
|
|
b) Other Operating Income |
116.100 |
|
|
Total Income from
Operations (net) |
3580.600 |
|
2. |
Expenditure |
|
|
|
a) Cost of materials
consumed |
442.800 |
|
|
b) Purchase of
stock-in-trade |
2642.900 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(399.300) |
|
|
d) Employee benefits
expense |
403.000 |
|
|
e) Depreciation and
amortisation expense |
100.200 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g) Other expenses |
278.900 |
|
|
Total Expenses |
3468.500 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
112.100 |
|
4. |
Other Income |
29.300 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
141.100 |
|
6. |
Finance
Costs |
231.200 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
(89.800) |
|
8. |
Exceptional
items |
-- |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
(89.800) |
|
10. |
Tax
expenses |
26.200 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(116.000) |
|
12. |
Extraordinary items |
-- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
(116.000) |
|
14. |
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
100.300 |
|
15. |
Reserve excluding
Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS) before
and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
(11.56) (11.56) |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
Public Shareholding |
|
|
|
- Number of Shares |
4383467 |
|
|
- Percentage of Shareholding |
43.70% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil
|
|
|
- Percentage of Shares
(as a % of the Total Shareholding of promoter and promoter group) |
Nil
|
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
Nil
|
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
5646798 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00% |
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
56.30% |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
1 |
|
Disposed
during the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
FOR THE QUARTER ENDED 30TH JUNE
2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
A |
Segment Revenue |
|
|
|
a) Material Handling
Solutions |
595.200 |
|
|
b) Construction and
Mining Solutions |
2512.100 |
|
|
c) Power Systems
Solutions |
516.800 |
|
|
Total |
3624.100 |
|
|
|
|
|
|
Less: Inter Segment Revenue |
(43.500) |
|
|
Total Income From
Operations |
3580.600 |
|
|
Add: Un-allocable Income |
29.300 |
|
|
Total Income |
3609.900 |
|
|
|
|
|
B |
Segment Results |
|
|
|
Profit/(Loss) (Before Tax
and Interest) For each Segment |
|
|
|
a) Material Handling
Solutions |
(78.200) |
|
|
b) Construction and
Mining Solutions |
147.300 |
|
|
c) Power Systems
Solutions |
34.100 |
|
|
Total |
103.200 |
|
|
|
|
|
|
Less: Finance Cost |
(222.300) |
|
|
Add :Other Net Unallocable
Income / (Expenses) |
29.300 |
|
|
Total
Profit Loss Before Taxation |
(89.800) |
|
|
|
|
|
C |
Capital Employed (Segment Assets - Segment
Liabilities) |
|
|
|
a) Material Handling
Solutions |
4382.700 |
|
|
b) Construction and Mining
Solutions |
2608.800 |
|
|
c) Power Systems
Solutions |
848.200 |
|
|
Total
|
7839.700 |
Note:
1. The above unaudited results for the quarter ended June
30, 2015, drawn in terms of Clause 41 of the 'Listing Agreement’ have been reviewed
by the Audit Committee and approved by the Board of Directors at their meeting
held on August 07, 2015 at Kolkata and has been subjected to "Limited
Review" by the Statutory Auditors of the Company.
2. The operations of the Company pertains only to Material Handling Solutions
(i.e. manufacturing and marketing of various Material Handling Equipments
namely Mobile Cranes, Port Equipments, Self Loading Truck Cranes, Road
Construction Equipments, etc. and dealing in spares and providing services to related
equipments). The Company has only one reportable segment as envisaged in
Accounting Standard-17 on 'Segment Reporting, hence information pertaining to
segment, as contemplated under Clause 41 of the Listing Agreement is not
applicable for the Company.
3. The figures for three months ended March 31, 2015 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2015 and the published year to date figures upto the third quarter of that financial year.
4. Previous years/ period's figures have been rearranged/
regrouped wherever necessary, to conform to those of the current year period.
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Buildings
- Plant and
Equipments
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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. 66.10 |
|
UK Pound |
1 |
Rs. 100.89 |
|
Euro |
1 |
Rs. 73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.