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|
|
MIRA INFORM REPORT
|
Report No. : |
504649 |
|
Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TVS MOTOR COMPANY LIMITED |
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|
|
|
Registered
Office : |
Jayalakshmi Estates, No. 29 (Old No.8), Haddows Road, Chennai – 600006, Tamilnadu |
|
Tel. No.: |
91-44-28272233 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
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|
Date of
Incorporation : |
10.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-022845 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 475.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35921TN1992PLC022845 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
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TIN No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer of Two-Wheelers and Three-Wheelers, Part and Accessories thereof. [Registered Activity] |
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|
|
|
No. of Employees
: |
5267 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 68800000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
TVS Motor Company Limited (TVSM) is a leading manufacturer of two wheelers in India. The company has incorporated in the year 1992 and based in Mumbai, Maharashtra. It is established company having excellent track record. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 4.23% (approx.).
. The rating also takes into consideration company’s long standing track record of business operation with an established presence in two wheeler industry.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating=AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
05.01.2018 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
05.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 18.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-44-28272233]
LOCATIONS
|
Registered Office : |
Jayalakshmi Estates, No. 29 (Old No.8), Haddows Road, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28272233 |
|
Fax No.: |
91-44-28257121 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Mittal Court, ‘B’ Wing, 1st Floor, 224, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
|
|
|
Factory 1 : |
Post Box No. 4, Harita, Krishnagiri, Hosur - 635109, Tamilnadu, India |
|
Tel. No.: |
91-4344-276780 |
|
Fax No.: |
91-4344-276016/ 276011/ 276878/ 277423 |
|
|
|
|
Factory 1 : |
Post Box No. 1, Byathahalli Village, Kadakola Post, Mysore
- 571311, Karnataka, India |
|
Tel. No.: |
91-821-2596560/ 563 |
|
Fax No.: |
91-821-2596530/ 533 |
|
|
|
|
Factory 3 : |
Bhatian Village, Nalagarh Post and Taluk, Solan District -
174101, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-220494 |
|
Fax No.: |
91-1795-220496 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr.Chittranjan Dua |
|
Designation : |
Director |
|
Address : |
88, Sunder Nagar, New Delhi - 110003, India |
|
Date of Appointment : |
27.12.2001 |
|
DIN No.: |
00036080 |
|
|
|
|
Name : |
Mr. Thiagarajan Kannan |
|
Designation : |
Director |
|
Address : |
Thiagarajar Mills Premiises, Kappalur Madurai - 625008, Tamilnadu, India |
|
Date of Appointment : |
27.01.2000 |
|
DIN No.: |
00040674 |
|
|
|
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Managing Director |
|
Address : |
3, Adyar Club Gate Road, R A Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
27 Years |
|
Qualification : |
B.S. in Mechanical Engineering, B.S. in Economics, M. Sc |
|
Date of Appointment : |
27.01.2000 |
|
DIN No.: |
00051523 |
|
|
|
|
Name : |
Harihara Iyer Lakshmanan |
|
Designation : |
Director |
|
Address : |
Palacio Apartment, D 1 1st Floor, No. 408, Old. No. 216 TTK Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
Date of Appointment : |
24.04.2000 |
|
DIN No.: |
00057973 |
|
|
|
|
Name : |
Mr. Prince Peter Rajapaksha Asirvatham |
|
Designation : |
Director |
|
Address : |
1 A, Sunny Side Apartments 4, Bride Street, Langford Road, Bangalore - 560025, Karnataka, India |
|
Date of Appointment : |
21.04.2009 |
|
DIN No.: |
00193260 |
|
|
|
|
Name : |
Mr. Rangaswami Ramakrishnan |
|
Designation : |
Director |
|
Address : |
No.27 (Old No.14), Seethamma Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
Date of Appointment : |
11.03.2009 |
|
DIN No.: |
00809342 |
|
|
|
|
Name : |
Mrs. Lakshmi Venu |
|
Designation : |
Director |
|
Address : |
West Side House, Old No.2, New No.3 Adyar Club Gate Road, Abhiramapuram Chennai - 600028, Tamilnadu, India |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
02702020 |
|
|
|
|
Name : |
Mr. Sudarshan Venu |
|
Designation : |
Managing Director |
|
Address : |
Old No.2, New No.3, West Side House, Adyar Club Gate Road, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
27 Years |
|
Qualification : |
Graduation, B.S. in Mechanical Engineering, B.S. in Economics, M. Sc |
|
Date of Appointment : |
10.09.2014 |
|
DIN No.: |
03601690 |
|
|
|
|
Name : |
Mr. Hemant Krishan Singh |
|
Designation : |
Director |
|
Address : |
House No.8, Sector 15-A, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
01.02.2013 |
|
DIN No.: |
06467315 |
|
|
|
|
Name : |
Mr. Narasimhan Rajesh |
|
Designation : |
Additional Director |
|
Address : |
23 Leonie Hill No. 11-02 Singapore 239224 SG |
|
Date of Appointment : |
11.08.2017 |
|
DIN No.: |
07824276 |
KEY EXECUTIVES
|
Name : |
Mr. Kuppusamy Iyengar Gopaladesikan |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
T-3, Mithila, Old No.8 & 8a, New No.15 & 17 Justice Sundaram Street, Mylapore, Chennai-600004, Tamilnadu, India |
|
Date of Appointment : |
01.11.2017 |
|
PAN No.: |
AAJPG2566J |
|
|
|
|
Name : |
Mr. Kunnath Narayanan Radhakrishnan |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Sobha Aster, Apt 1022 113/3, Bilekahalli Village, Vijaya Bank Co, South Taluk, Bangalore - 560076, Karnataka, India |
|
Date of Appointment : |
29.04.2014 |
|
PAN No.: |
AABPR5474L |
|
|
|
|
Name : |
Mr. K S Srinivasan |
|
Designation : |
Company Secretary |
|
Address : |
C-3, Dynamic Flats, No: 31,33 (Old No: 14,15)
Parankusapuram Road, Kodambakkam, Chennai-600024, Tamilnadu, India |
|
Date of Appointment : |
22.01.2009 |
|
PAN No.: |
ASDPS0641N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of
Shareholders |
No. of Shares |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
(A) Promoter & Promoter Group |
272682786 |
57.40 |
|
(B) Public |
202404328 |
42.60 |
|
Total |
475087114 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Any Other
(specify) |
272682786 |
57.40 |
|
|
Sundaram-Clayton
Limited |
272682786 |
57.40 |
|
|
Sub Total A1 |
272682786 |
57.40 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
272682786 |
57.40 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
38701879 |
8.15 |
|
|
RELIANCE CAPITAL
TRUSTEE CO LTD |
18018002 |
3.79 |
|
|
ICICI MUTUAL FUND |
13024321 |
2.74 |
|
|
Foreign Portfolio
Investors |
95866052 |
20.18 |
|
|
TREE LINE ASIA
MASTER FUND (SINGAPORE) PTE LTD |
6600000 |
1.39 |
|
|
JWALAMUKHI
INVESTMENT HOLDINGS |
20725563 |
4.36 |
|
|
EUROPACIFIC GROWTH
FUND |
13010000 |
2.74 |
|
|
CARTICA CAPITAL
LIMITED |
20180051 |
4.25 |
|
|
NEW WORLD FUND INC |
7615533 |
1.60 |
|
|
Financial
Institutions/ Banks |
1167165 |
0.25 |
|
|
Insurance
Companies |
10465734 |
2.20 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
5327945 |
1.12 |
|
|
Sub Total B1 |
146200830 |
30.77 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
39109344 |
8.23 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4316325 |
0.91 |
|
|
Any Other
(specify) |
12777829 |
2.69 |
|
|
Bodies Corporate |
7096602 |
1.49 |
|
|
Director or
Director's Relatives |
2850966 |
0.60 |
|
|
Foreign Nationals |
1300 |
0.00 |
|
|
NRI Repatriable |
709808 |
0.15 |
|
|
IEPF |
1177983 |
0.25 |
|
|
NRI Non
Repatriable |
534933 |
0.11 |
|
|
LLP |
19823 |
0.00 |
|
|
Trusts |
77355 |
0.02 |
|
|
Clearing Members |
309059 |
0.07 |
|
|
Sub Total B3 |
56203498 |
11.83 |
|
|
B=B1+B2+B3 |
202404328 |
42.60 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Two-Wheelers and Three-Wheelers, Part and Accessories thereof. [Registered Activity] |
|
|
|
|
Brand Names : |
· “TVS” · “TVS Jupiter” · “TVS Scooty Zest 110” |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
5267 [Approximately] |
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|
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|
Bankers : |
· State Bank of India Corporate Accounts Group Branch, Chennai, Tamilnadu, India |
|||||||||||||||||||||||||||||||||
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|
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Facilities : |
|
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
2-C, Court Chambers, 35 New Marine Lines, Mumbai - 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22004465/ 22067440 |
|
Fax No.: |
91-22-22000649 |
|
E-Mail : |
|
|
|
|
|
Cost Auditor : |
|
|
Name : |
A.N. Raman Cost Accountant |
|
Address : |
No. 10 P, Muthukumaraswami Salai, Off. Baby Nagar 1st Main Road, Velachery, Chennai - 600042, Tamilnadu, India |
|
Tel. No.: |
91-44-22433462 |
|
E-Mail : |
|
|
|
|
|
Secretarial Auditor
: |
|
|
Name : |
S. Krishnamurthy and Company Company Secretaries |
|
Address : |
No. 16, Pattammal Street, Mandaveli, Chennai - 600028, Tamilnadu, India |
|
Tel. No.: |
91-44-42074012 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Sundaram-Clayton Limited, Chennai |
|
|
|
|
Ultimate holding
company : |
T V Sundram Iyengar & Sons Private Limited, Madurai |
|
|
|
|
Subsidiaries : |
· Sundaram Auto Components Limited, Chennai · TVS Motor Company (Europe) B.V, Amsterdam · TVS Motor (Singapore) Pte. Limited, Singapore · PT. TVS Motor Company Indonesia, Jakarta · TVS Housing Limited, Chennai · Sundaram Holding USA Inc, Delaware, USA · Green Hills Land holding LLC, South Carolina, USA · Component Equipment Leasing LLC, South Carolina, USA · Workspace Project LLC, South Carolina, USA · Premier Land Holding LLC, South Carolina, USA. |
|
|
|
|
Associate company : |
Emerald Haven Realty Limited, Chennai (Formerly known as Green Earth Homes Limited) |
|
|
|
|
Fellow subsidiaries: |
· TVS Electronics Limited, Chennai · Southern Roadways Limited, Madurai · Sundaram Industries Private Limited, Madurai · Lucas-TVS Limited, Chennai · Lucas Indian Service Limited, Chennai · TVS Auto Assist (India) Limited, Chennai |
|
|
|
|
Associate /
Joint venture of holding / subsidiary / fellow subsidiary company: |
· Brakes India Private Limited, Chennai · TVS Srichakra Limited, Madurai · Wheels India Limited, Chennai · Sundram Fasteners Limited, Chennai · India Nippon Electricals Limited, Chennai · Sundaram Brake Linings Limited, Chennai · TVS Auto Bangladesh Limited, Dhaka · TVS Lanka Private Limited, Colombo · TVS Logistics Services Limited, Chennai · Harita Techserv Limited, Chennai |
|
|
|
|
Subsidiaries of associate / joint
venture: |
· Upasana Engineering Limited, Chennai · TVS Dynamic Global Freight Services Limited, Chennai · TVS Commutation Solutions Limited, Chennai |
|
|
|
|
Enterprises in which directors are
interested: |
· TVS Agro Products Private Limited (Formerly known as TVS Organics Private Limited) · Designo Lifestyle Solutions Private Limited · Dua Associates · Dua Consulting Private Limited · McCann-Erickson (India) Private Limited |
|
|
|
|
Enterprise over
which key management personnel and their relative have significant influence: |
Harita-NTI Limited, Chennai |
CAPITAL STRUCTURE
AS ON: 31.03.2017
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
INR 1/- each |
INR 500.000Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475087114 |
Equity Shares |
INR 1/- each |
INR 475.100 Million |
|
|
|
|
|
Reconciliation of equity shares outstanding
at the beginning and at the end of the year
|
Particulars |
31.03.2017 |
|
|
|
Number |
INR 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 |
(i) 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, 2013.
(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 |
31.03.2017 |
|
|
|
Number of shares held |
INR in Million |
|
Sundaram-Clayton Limited, Chennai (Holding Company) |
272682786 |
574.000 |
Shareholders holding more than five
percent at the end of the year
|
Name of shareholder |
31.03.2017 Number of shares held |
|
Reliance Capital Trustee Company Limited, Mumbai |
21402358 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
475.100 |
475.100 |
475.100 |
|
(b) Reserves & Surplus |
23608.200 |
19108.300 |
15978.500 |
|
(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) |
24083.300 |
19583.400 |
16453.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4687.600 |
4942.300 |
5189.800 |
|
(b) Deferred tax liabilities (Net) |
1257.000 |
1437.400 |
1527.500 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
508.000 |
399.900 |
437.300 |
|
Total
Non-current Liabilities (3) |
6452.600 |
6779.600 |
7154.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6163.800 |
2642.300 |
3997.600 |
|
(b)
Trade payables |
18593.600 |
15437.100 |
14785.000 |
|
(c)
Other current liabilities |
3124.700 |
4494.700 |
2605.400 |
|
(d)
Short-term provisions |
628.700 |
584.700 |
1050.300 |
|
Total
Current Liabilities (4) |
28510.800 |
23158.800 |
22438.300 |
|
|
|
|
|
|
TOTAL |
59046.700 |
49521.800 |
46046.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
19306.400 |
16726.700 |
12981.100 |
|
(ii)
Intangible Assets |
532.300 |
469.200 |
315.200 |
|
(iii)
Capital work-in-progress |
622.800 |
309.600 |
893.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15879.000 |
12148.600 |
10124.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
247.900 |
666.600 |
1437.300 |
|
(e)
Other Non-current assets |
589.400 |
337.400 |
0.000 |
|
Total
Non-Current Assets |
37177.800 |
30658.100 |
25751.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9669.500 |
6963.300 |
8196.800 |
|
(c)
Trade receivables |
7237.700 |
5780.300 |
5038.600 |
|
(d)
Cash and cash equivalents |
85.100 |
327.400 |
53.900 |
|
(e)
Short-term loans and advances |
153.900 |
561.200 |
6327.800 |
|
(f)
Other current assets |
4722.700 |
5231.500 |
677.600 |
|
Total
Current Assets |
21868.900 |
18863.700 |
20294.700 |
|
|
|
|
|
|
TOTAL |
59046.700 |
49521.800 |
46046.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
131900.600 |
120909.200 |
100423.300 |
|
|
|
Other Income |
1733.700 |
1038.500 |
302.900 |
|
|
|
TOTAL |
133634.300 |
121947.700 |
100726.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
86208.800 |
76572.300 |
71623.200 |
|
|
|
Purchases of Stock-in-Trade |
2912.200 |
2514.100 |
2268.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(587.300) |
705.300 |
(920.700) |
|
|
|
Employees benefits expense |
7456.400 |
6523.900 |
5924.200 |
|
|
|
Exist duty |
10547.500 |
9862.600 |
0.000 |
|
|
|
Other expenses |
16792.300 |
16632.300 |
15461.600 |
|
|
|
TOTAL |
123329.900 |
112810.500 |
94357.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10304.400 |
9137.200 |
6369.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
439.500 |
487.300 |
274.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
9864.900 |
8649.900 |
6094.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2878.100 |
2360.500 |
1533.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
6986.800 |
6289.400 |
4561.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1406.000 |
1396.600 |
1083.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5580.800 |
4892.800 |
3478.300 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
11.75 |
10.30 |
7.32 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities
of Long term borrowings |
|
|
|
|
Term loans from banks |
0.000 |
113.500 |
454.000 |
|
Term loans - FCNRB loan - I |
0.000 |
662.600 |
0.000 |
|
Term loans - FCNRB loan - II |
0.000 |
662.600 |
0.000 |
|
Sales tax deferral loan from Karnataka Government |
0.000 |
0.000 |
63.300 |
|
Sales tax deferral loan from Karnataka Government - Phase 1 |
63.300 |
63.300 |
0.000 |
|
Sales tax deferral loan from Karnataka Government - Phase 2 |
157.300 |
157.300 |
0.000 |
|
Total |
220.600 |
1659.300 |
517.300 |
|
|
|
|
|
|
Cash generated from operations |
8529.300 |
10868.700 |
2255.100 |
|
|
|
|
|
|
Net cash from operating activities |
7239.300 |
9410.900 |
848.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
20.03 |
17.45 |
18.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
18.22 |
20.92 |
19.93 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
76.15 |
71.25 |
73.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.07 |
1.31 |
0.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.50 |
0.52 |
0.45 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.60 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.46 |
0.47 |
0.59 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.18 |
1.18 |
1.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.85 |
0.89 |
0.86 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
23.45 |
18.75 |
23.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.23 |
4.05 |
3.46 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.45 |
9.88 |
7.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
23.17 |
24.98 |
21.14 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.77 |
0.81 |
0.90 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.43 |
0.51 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.41 |
0.40 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
23.30 |
19.46 |
20.43 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.77 |
0.81 |
0.90 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 668.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
475.100 |
475.100 |
475.100 |
|
Reserves & Surplus |
15978.500 |
19108.300 |
23608.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
16453.600 |
19583.400 |
24083.300 |
|
|
|
|
|
|
long-term borrowings |
5189.800 |
4942.300 |
4687.600 |
|
Short term borrowings |
3997.600 |
2642.300 |
6163.800 |
|
Current Maturities of Long
term borrowings |
517.300 |
1659.300 |
220.600 |
|
Total
borrowings |
9704.700 |
9243.900 |
11072.000 |
|
Debt/Equity
ratio |
0.590 |
0.472 |
0.460 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
100423.300 |
120909.200 |
131900.600 |
|
|
|
20.400 |
9.091 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
100423.300 |
120909.200 |
131900.600 |
|
Profit |
3478.300 |
4892.800 |
5580.800 |
|
|
3.46% |
4.05% |
4.23% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C81453599 |
10625378 |
State Bank of India |
08/06/2015 |
- |
- |
1306500000.0 |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING,18/3, RUKMINI LAKSHMIPATHI ROAD, EGMORECHENNAITN600008IN |
|
2 |
C40886111 |
10149778 |
STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU LIMITED |
31/03/2009 |
31/12/2014 |
- |
1570800000.0 |
19-A ,MARSHALLS ROAD,EGMORE,MADRASTN600008IN |
|
3 |
C81454449 |
10069592 |
State Bank of India |
11/09/2007 |
15/02/2016 |
- |
5660000000.0 |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING,18/3, RUKMINI LAKSHMIPATHI ROAD, EGMORECHENNAITN600008IN |
|
4 |
G30964928 |
100020413 |
Citi Bank N.A. |
21/03/2016 |
- |
20/12/2016 |
1238500000.0 |
First International Financial Centre,PlotNoC54&C55G-Block,Bandra Kurala Complex,Bandra(East)MumbaiMH400051IN |
|
5 |
G03870565 |
10168064 |
STATE BANK OF INDIA |
06/07/2009 |
01/10/2010 |
20/05/2016 |
3500000000.0 |
CORPORATE ACCOUNTS GROUP BRANCHNO. 64 GREAMS ROADCHENNAITN600006IN |
|
6 |
B42958561 |
10148514 |
DBS BANK LIMITED |
20/03/2009 |
- |
26/06/2012 |
1300000000.0 |
806 ANNA SALAICHENNAITN600002IN |
|
7 |
B16279143 |
10177496 |
IDBI Bank Limited |
10/09/2009 |
- |
11/07/2011 |
1500000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
8 |
B11697786 |
90290504 |
ABN AMRO BANK N V |
08/11/2004 |
08/07/2005 |
19/04/2011 |
890302100.0 |
NETHERLANDSNETHERLANDSNA000000NL |
|
9 |
B11857448 |
90288103 |
H S B C BANK Plc |
30/03/2005 |
22/09/2005 |
12/04/2011 |
4000000.0 |
8 CANADA SQUARE E14 5HQLONDONNA000000GB |
|
10 |
A99733792 |
10194021 |
PUNJAB NATIONAL BANK |
24/12/2009 |
05/05/2010 |
22/11/2010 |
1750000000.0 |
LARGE CORPORATE BRANCH, RAYALA TOWERS781-785, ANNA SALAICHENNAITN600002IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Sales Tax Deferral |
|
415.700 |
|
|
|
1039.400 |
|
Phase - 1 |
316.500 |
379.700 |
|
Phase - 2 |
1730.000 |
1887.300 |
|
|
|
3722.1 |
|
Less : Current maturities of long-term borrowings |
(220.600) |
(1659.300) |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Borrowings
repayable on demand from banks |
1900.000 |
415.700 |
|
Short term
loans from banks |
2681.700 |
1039.400 |
|
Total |
6407.600 |
2062.800 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the
company not acknowledged as debts: |
|
|
|
Excise |
296.400 |
489.600 |
|
Service tax |
18.700 |
65.500 |
|
Customs |
18.700 |
19.600 |
|
Sales tax |
17.300 |
153.300 |
|
Income tax |
202.400 |
143.300 |
|
Others |
35.000 |
35.000 |
|
The future cash flows on the above items are determinable only on receipt of the decisions / judgments that are pending at various forums / authorities. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. |
|
|
|
Other money
for which the company is contingently liable: |
|
|
|
On bills discounted with banks |
481.400 |
548.700 |
|
On factoring arrangements |
19.000 |
42.100 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income
from operations |
826246 |
948584 |
2576938 |
|
Revenue from operations |
36849.500 |
40524.400 |
114801.200 |
|
Other Income |
181.600 |
455.500 |
1207.900 |
|
Total
Income |
37031.100 |
40979.900 |
116009.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
24849.200 |
30765.200 |
80058.400 |
|
Purchases of
Stock-in-Trade |
514.100 |
460.000 |
1937.700 |
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
1419.400 |
(1489.600) |
(123.700) |
|
Excise Duty |
0.000 |
0.000 |
3432.200 |
|
Employee benefits expense |
2118.400 |
2199.200 |
6407.900 |
|
Finance Costs |
121.700 |
154.800 |
383.700 |
|
Depreciation and
amortisation expense |
824.200 |
836.100 |
2443.700 |
|
Other expenditure |
5080.500 |
5086.300 |
14603.300 |
|
Total
Expenses |
34927.500 |
38012.000 |
109143.200 |
|
|
|
|
|
|
Profit before exceptional
Items (3+4) |
2103.600 |
3967.900 |
6865.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit
before tax (7-8) |
2103.600 |
2967.900 |
6865.900 |
|
Tax expense |
560.100 |
836.300 |
1896.100 |
|
Profit/
loss for the period |
1543.500 |
2131.600 |
4969.800 |
|
Other
comprehensive income |
|
|
|
|
Item that will not be reclassified to profit or loss |
166.00 |
(100.900) |
322.400 |
|
Item that will be reclassified to profit or loss |
56.900 |
4.300 |
6.200 |
|
Total
comprehensive income |
1767.200 |
2035.00 |
5298.400 |
|
Paid
- up Equity Share Capital (Face
value of INR 1/- per share) |
475.100 |
475.100 |
475.100 |
|
Earnings Per Share (EPS) |
|
|
|
|
a)
Basic |
3.25 |
4.49 |
10.46 |
|
b)
Diluted |
3.25 |
4.49 |
10.46 |
Notes:
1. The Operations of the Company relate to only one segment viz., automotive vehicles and parts.
2. During the quarter ended 31st December 2017, the Company acquired Non-cumulative Redeemable Preference Shares (NCRPS) of TVS Motor Services Limited (TVS MS), a wholly owned subsidiary, from the following companies in exchange for the transfer of following number of equity shares of TVS Credit Services Limited (TVS CS), a subsidiary of the Company.
|
Name of the company |
Nature of Relationship |
No. of NCRPS of TVS MS acquired
[Face Value of INR 10 each] |
No Of. Equity Shares of TVS CS
transferred [Face Value of INR 10 each] |
|
Sundaram-Clayton Limited |
Holding Company |
10000000 |
2180250 |
|
Lucas-TVS Limited |
Fellow Subsidiary |
52000000 |
11337297 |
The profit of INR 40.600 million on the above transaction has been included in the Other income. All the shares were transferred / exchanged based on the price fixed by an independent valuer.
3. During the quarter ended 31st December 2017, Investments made by the Company also include an investment of INR 250.000 Million in equity shares of M/s. Sundaram Auto Components Limited, Chennai. The above unaudited financial results were reviewed and recommended by the Audit and Risk Management Committee on 29th January 2018 and approved by the Board of Directors at their meeting held on 30th January 2018. These results have been subjected to limited review by the statutory auditors of the Company.
4. In accordance with the requirements of Ind AS 18, Revenue from Operations for the quarter ended 31st December 2017 and 30th September 2017 is shown net of Goods and Service Tax (GST). However, Revenue from Operations for the corresponding previous year quarter, current & previous nine months period and previous financial year is shown inclusive of excise duty.
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
Revenue excluding excise duty [INR in million] |
36849.500 |
40524.400 |
111369.000 |
5. The above unaudited financial results were reviewed and recommended by the Audit and Risk Management Committee on 29th January 2018 and approved by the Board of Directors at their meeting held on 30th January 2018. These results have been subjected to limited review by the statutory auditors of the Company.
BRIEF DESCRIPTION OF THE COMPANY
The Company is a public limited company incorporated and domiciled in India whose shares are publicly traded. The registered office is located at "Jayalakshmi Estates", 29, Haddows Road, Nungambakkam, Chennai - 600006, Tamil Nadu, India.
The Company manufactures two-wheelers, three-wheelers, parts and accessories thereof. The Company has manufacturing plants located at Hosur in Tamil Nadu, Mysuru in Karnataka and Nalagarh in Himachal Pradesh.
COMPANY PERFORMANCE
The Company continued to grow ahead of the industry for the third year in succession, registering sales of 28.58 lakhs two-wheeler in 2016-17, growing by 11% over last year. Sales of motorcycles increased by 6% and scooters by 7%. Three-wheeler sales of the Company declined by 38% in 2016-17, mainly on account of restricted availability of foreign exchanges in some of the African countries. Sales of spare parts grew by 9%. Till October 2016, the domestic sales of the Company grew by 22%. Post demonetization, the twowheeler Industry declined by 5%. The normalcy in availability of cash is slowly getting restored.
The Company also extended significant discounts in the last week of March 2017 to the dealers to enable them to sell BS III emission compliant stocks remaining with them consequent to the order of Hon'ble Supreme Court.
The Company's products and services continued to top the quality charts. Across categories almost all the products have bagged top honours in the J.D. Power 2017 Study. For the third consecutive year, the Company was rated No.1 Two-wheeler manufacturer of the country. In addition, the Company also topped in customer service in inaugural JD Power Customer Satisfaction Index (CSI 2016).
Total revenue of the Company including other income increased from INR 121950.000 million in the previous year to INR133630.000 million in the current year. Despite lower sales from November 2016 to March 2017 due to demonetization and impact of discount to the dealers to sell BS III stocks, Profit before tax (PBT) for the year 2015-16 increased from INR 6289.400 million in the previous year to INR 6986.800 million in the current year. Similarly, PAT increased from INR 4892.800 million in the previous year to INR 5580.800 million in 2016-17.
OPERATIONS REVIEW
Total Quality
Management (TQM)
In the journey towards excellence, the Company continues to rely on TQM. Periodic assessment of gaps and immediate actions to address such identified gaps have strengthened the process across the Company.
The Company significantly enhanced the executives and manager's problem solving competency by certifying 130 of them in Green belt and Black belt in the current year. Workmen contribution to suggestion schemes and Quality Control Circle (QCC) projects have yielded significant results in achieving Quality Cost Delivery (QCD) targets and eliminating unsafe incidents.
Cost Management
The Company continues to focus on all elements of cost. Raw materials / components and conversion cost constitute major element of material cost. Focus on employee productivity and effectiveness of communication cost helps to reduce fixed cost of the Company
Process improvement, waste elimination and productivity improvements across the supply chain will continue to receive greater attention. The Company will pursue process innovation, value engineering and alternate sourcing to reduce material costs during this year
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Two-wheeler
Domestic two-wheeler industry grew at 7% in 2016-17. Higher
growth rate of 16% was observed till October 2016 through revival of urban demand boosted by the 7th pay commission. Despite
lower than normal monsoon in south, output improved over last year leading to
4% agri GDP growth. Effect of this would have been visible in second half of
2016-17. However, Government of India's decision to demonetize 86% of the legal
tender led to severe fall of demand across industries from November 2016.
Two-wheeler industry also suffered a decline of 5% in the period from November
2016 to March 2017.
In the domestic market, two-wheeler industry grew from 165 lakhs in 2015-16 to 176 lakhs in 2016-17. Scooter as a category continued to gain category share in total two-wheeler industry. Scooters grew at 11% (from 50.3 lakhs to 56 lakhs) and the category share increased to 32% due to changing consumer preferences and leading urban demand. The motorcycle category grew at 4% (111 lakhs). Within motorcycles, continued traction in urban demand enabled the premium segment to grow by 16% (from 14.7 lakhs in 2015-16 to 17.1 lakhs in 2016-17). In contrast, commuting segment declined by 1% (from 85 lakhs in 2015-16 to 84 lakhs in 2016-17). Mopeds grew by 23% in 2016-17.
Crude oil prices continued to remain subdued for major part of the year. Similarly, commodity prices were also soft, leading to lower economic growth and in turn reduced availability of foreign exchange in key countries in Africa, which impacted exports of two-wheeler and three-wheeler from India. Changes in duty structure in Srilanka also affected Company's exports. Consequently, export of two-wheeler which consistently grew in the past declined for the first time by 5.8% during 2016-17.
Three-wheeler
The three-wheeler industry inclusive of diesel vehicles (3 plus 1 segment) declined by 24% (from 5.99 lakhs in 2015-16 to 4.57 lakhs in 2016-17). Exports share of three-wheeler industry reduced from 65% in 2015-16 to 58% in 2016-17, due to a decline by 32% in export sales (from 3.90 lakhs in 2015-16 to 2.64 lakhs in 2016-17). Three-wheeler domestic passenger market declined by 7% during 2016-17 (from 2.09 lakhs in 2015-16 to 1.94 lakhs in 2016-17).
BUSINESS OUTLOOK AND
OVERVIEW
Good fiscal health and higher rural focus rolled out in Central Financial Budget 2017-18 is likely to improve demand in rural markets. However, the monsoon forecast of possible 5% shortfall can be a dampener for growth of agricultural sector. The informal sector is likely to grow slowly and is still recovering from the effects of demonetization. The implementation of Goods and Services Tax (GST) during 2017-18 may lead to some down stocking by the Company to avoid any transition loss.
The advancement of retail sales due to heavy discount offered by the dealers to clear BSIII stocks can also marginally affect the sales during the first quarter of 2017-18. Consequently, the growth in two-wheeler industry during 2017-18 is expected to be around 6% to 8% over 2016-17.
New Product Launches and Initiatives
The Company has a strategic partnership with BMW Motorrad to develop and manufacture sub-500cc bikes both for domestic and global markets. The BMW G310R is the first motorcycle to be manufactured under this partnership and manufacturing and exports of this motorcycle has commenced. The Company will launch their own motorcycle based on this common platform in FY 2017-18.
During the year 2016-17, the following new products and variants were launched.
TVS Jupiter:
Jupiter brand lives true to its philosophy of 'ZYADA KA FAYDA'. Launched in September 2013 with next-gen 110cc CVT-i Engine, best-inclass mileage and many classleading features, TVS Jupiter, the most awarded scooter took riding comfort of scooters to the next level.
TVS Jupiter is the No.2 Scooter brand in India and has crossed one million customer base, the fastest ever in the scooter category. To commemorate the same, the Million R edition was launched in June 2016. The Million R was an instant hit with its Royal Wine color, Beige colored interior panels, dual tone seat and 3D logo. The popularity of the color (Royal Wine) led to its extension to the ZX series subsequently. To infuse further excitement, 2 new colors, Mystic Gold and Jade Green were introduced in January 2017.
TVS Scooty Zest 110:
TVS Scooty has always been at the forefront of women
empowerment. Keeping true to this trend a special expedition to the Himalayas
had been created with Scooty Zest 110. This one-of-a-kind roadtrip made Scooty
Zest 110 become world's first 110cc Scooter to scale the highest motorable road
of the world (Khardung La) with a woman rider. A limited-edition Zest was
launched to commemorate this great feat. As one of the fast-moving colours in
the portfolio, it was a constant reminder of the great Himalayan achievement.
StaR City+:
StaR City+ is a stylishly superior 110cc motorcycle
delivering an ideal combination of smooth performance, power and fuel economy.
It comes with tubeless tyres and digital fuel gauge. Chocolate Brown Gold
edition & New Spotlight White colors were introduced in StaR City+ in
2016-17.
TVS Sport:
TVS Sport is an entry level 100cc motorcycle that stands for best in class mileage and durability. It comes with all gear electric start option, aluminium grab rail, chrome muffler guard and a sporty instrument cluster. Black Silver dual tone color and Volcano Red refreshes were introduced in 2016-17.
The superior quality of the Company's products and services was well established again in the recent JD Power Study.
In IQS (Initial Quality Study), the Company's products have the lowest number of defects compared to competitors. In premium motorcycles, Apache RTR 160 is on top and Apache RTR 180 is in top 3 position. In economy motorcycles (all motorcycles less than 125cc), TVS StaR City+ is on top and TVS Sport and TVS Victor 110 are in the top 5. In APEAL (Automotive Performance, Execution and Layout) Survey, measuring how gratifying a new two-wheeler is to own and ride based on owner evaluations. TVS Jupiter, TVS Sport and Apache RTR 160 and 180 secured rank in the top 3 in their respective categories.
The Company was rated No.1 in the inaugural CSI study 2016 by JD Power.
Domestic Sales
Apache continues its growth trend with 13% increase over previous year. New Apache RTR 200 4V was received very well in the market and is contributing well to the Apache brand.
With the launch of TVS Victor 110, the Company grew 6% in the commuter motorcycle category bucking the declining trend of the industry.
TVS Jupiter has been able to make a mark with periodic introduction of limited edition which kept the brand momentum high and clocking at a growth rate of 14%.
The Company has strong distribution network of authorized
dealers across India and continuously seeks to increase its reach.
Exports sales -
two-wheeler and three-wheeler
The Company's two-wheeler exports grew by 2.4% in 2016-17 amidst the declining two-wheeler exports industry. The Company's three-wheeler exports, which are primarily dependent on Africa declined by 40% due to non-availability of foreign exchange in those markets
Opportunities and
Threats
Proposed thrust in rural India, efficient implementation of various Government schemes and improved rural economy will aid improvement of two-wheeler penetration
Growing middle class, aspirational life style, need for
mobility and increased penetration levels will continue to trigger growth of
two-wheeler industry. Emergence of alternate energy based mobility vehicles is
requirement of future. The Company is committed to support this initiative by
developing suitable technology and business solutions. Strong presence of the
Company in all segments of two-wheeler industry, planned new launches and
expanded network of dealers will help the Company to consolidate its gain
further and grow ahead of the Industry in the coming years.
FIXED ASSETS:
· Land
· Buildings
· Plant & equipment
· Furniture & fixtures
· Vehicles
· Office equipment
PRESS RELEASE:
TVS MOTOR COMPANY
MARCH SALES UP 27% AT 326659 UNITS
02.04.2018
The company had sold
a total of 256341 units in the same month of the previous year, it said in a
statement.
TVS Motor Company today reported a 27 percent increase in total sales at 326659 units in March.
The company had sold a total of 256341 units in the same month of the previous year, it said in a statement.
Total two-wheeler sales were at 315765 units last month as against 250979 units in March 2017, a growth of 25.8 percent.
During the month, domestic two-wheeler sales increased 22.2 percent to 265166 units as against 216995 units in the year-ago month.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.61 |
|
UK Pound |
1 |
INR 94.21 |
|
Euro |
1 |
INR 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.