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|
MIRA INFORM REPORT
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Report No. : |
488189 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TINNA RUBBER AND INFRASTRUCTURE LIMITED (w.e.f. 19.12.2012) |
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Formerly Known
As : |
TINNA OVERSEAS LIMITED (w.e.f. 31.03.1992) TINNA OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
Tinna House, No. 6, Sultanpur, Mandi Road, Mehrauli, New
Delhi-110030 |
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Tel. No.: |
91-11-49518530 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
04.03.1987 |
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Com. Reg. No.: |
55-027186 |
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Capital
Investment / Paid-up Capital : |
INR 85.648 Million |
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CIN No.: [Company Identification
No.] |
L51909DL1987PLC027186 |
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IEC No.: |
Not Divulged |
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GSTIN : |
07AAACT3586D3ZC |
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Service TAX No.:
|
AAACT3586DSD009 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACT3586D |
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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
: |
The Company is primarily engaged in the conversion of used
Tyres into Crumb Rubber and Steel wires obtained in the process. The company manufactures
Crumb Rubber Modifier (CRM), Crumb Rubber Modified Bitumen (CRMB), Polymer
Modified Bitumen (PMB), Bitumen Emulsion, Reclaimed Rubber/ Ultrafine Crumb
Rubber compound, Cut Wire Shots etc. The products are primarily used for
making / repair of road, tyres and auto part industry. The Company is also
engaged in the activity of making holding and nurturing its investment in
various businesses over the past years. The company has nurtured its
investment in the business of Trading in Agro commodity and Agro warehousing,
Construction Chemicals, Real Estate, Wine etc. (Registered Activity) |
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|
|
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No. of Employees
: |
608 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1987. The Company's manufacturing units are located at Panipat in Haryana, Wada in Maharashtra, Haldia in West Bengal, Gummidipundi in Tamilnadu, Kalamb in Himachal Pradesh.
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
ICRA |
|
Rating |
Long term borrowing : D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery |
|
Date |
15.09.2017 |
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 27.01.2018
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 (Tel No.: 91-11-26800233/26800416)
Tel No.:
91-11-32959600 Not Working
LOCATIONS
|
Registered Office : |
Tinna House, No. 6, Sultanpur, Mandi Road, Mehrauli, New
Delhi-110030, India |
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Tel. No.: |
91-11-49518530 |
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Fax No.: |
91-11-26807073 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory 1 : |
Refinery Road, Village Rajapur, Panipat-132103, Haryana, India |
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Factory 2 : |
No-17, Chithurnatham Village, Poovalanbedn Post, Via-Kavaran
Path Gummindipoondi Taluk , Thiruvallur – 601206, Tamilnadu, India |
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Factory 3 : |
CRMB Plant, Near Oil Jetty and Drum Plant I.O.C Refinery
Complex, Haldia Refinery (East), Medinipur -721606West Bengal |
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Factory 4 : |
5A, Mohan Bagh, Opposite Dawarkapuri Road, Kankali Road,
Mathura -281004, Uttar Pradesh, India |
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Factory 5 : |
Village Pali, Near Borothipada, Jawahar Road, Taluka –
Wada, Post Office – Posheri, District Thane– 421 303, Maharashtra |
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Factory 6 : |
Near IITT College of Engineering, Trilokpur Road, Kalaamb,
District Sirmour-173030, Himachal Pradesh, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Bhupinder Kumar Sekhri |
|
Designation : |
Managing Director |
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Address : |
448-451, Chin Min Farm, Village Satabari, New Delhi-110030, India |
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Date of Appointment : |
27.08.1996 |
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DIN No.: |
00087088 |
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Name : |
Mr. Anand Kumar Singh |
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Designation : |
Director |
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Address : |
No.6, Sultanpur, Mandi Road, Mehrauli, New Delhi-110030, India |
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Date of Birth/Age: |
20.09.1966 |
|
Qualification |
Bachelor of Arts |
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Date of Appointment : |
29.05.2013 |
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DIN No.: |
00092354 |
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|
|
|
Name : |
Mr. Ashish Madan |
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Designation : |
Director |
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Address : |
J -278, S/F & 3rd Floor Saket, New Delhi-110017, India |
|
Date of Appointment : |
29.05.2014 |
|
DIN No.: |
00108676 |
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|
|
Name : |
Mr. Vivek Kohli |
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Designation : |
Director |
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Address : |
H-32, Lane W-10, Western Avanue, Sainik Farm, New Delhi-110062, India |
|
Date of Appointment : |
23.03.2012 |
|
DIN No.: |
00418014 |
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|
|
|
Name : |
Mr. Ashok Kumar Sood |
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Designation : |
Director |
|
Address : |
H. No. 573 Sector 12-A, Panchkula-134109, Haryana, India |
|
Date of Appointment : |
29.09.2014 |
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DIN No.: |
05120752 |
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|
|
|
Name : |
Mr. Rajender Parshad Indoria |
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Designation : |
Director |
|
Address : |
546A, Block A, Shushant Lok Phase- 1, Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
12.12.2016 |
|
DIN No.: |
06600912 |
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|
|
|
Name : |
Promila Kumar |
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Designation : |
Additional Director |
|
Address : |
House No. C-261, Dda Flats, Saket Malviya Nagar, Delhi-110017, India |
|
Date of Appointment : |
24.11.2017 |
|
DIN No.: |
07998889 |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Chhabra |
|
Designation : |
Chief Finance Officer |
|
Address : |
17/39, Subhash Nagar, New
Delhi-110027, India |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
AECPN6617H |
|
|
|
|
Name : |
Mr. Kailash Chander Madan |
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Designation : |
Company Secretary |
|
Date of Appointment : |
01.12.2016 |
|
PAN No.: |
AAFPM1575R |
MAJOR SHAREHOLDERS
As on December, 2017
|
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 % |
|
|
(A) Promoter & Promoter
Group |
6321347 |
73.81 |
|
|
(B) Public |
2243403 |
26.19 |
|
|
Grand Total |
8564750 |
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 % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
6321347 |
73.81 |
|
|
BHUPINDER KUMAR SEKHRI KARTA
BHUPINDER AND KAPIL HUF |
6010 |
0.07 |
|
|
BHUPINDER KUMAR SEKHRI KARTA
BK SEKHRI AND SONS HUF |
262300 |
3.06 |
|
|
GAURAV SEKHRI |
66200 |
0.77 |
|
|
SHOBHA SEKHRI |
1636343 |
19.11 |
|
|
BHUPINDER KUMAR SEKHRI |
110287 |
1.29 |
|
|
KAPIL SEKHRI |
79700 |
0.93 |
|
|
AARTI SEKHRI |
1511347 |
17.65 |
|
|
PUJA SEKHRI |
1749160 |
20.42 |
|
|
KRISHNAV SEKHRI |
300000 |
3.50 |
|
|
ARNAV SEKHRI |
300000 |
3.50 |
|
|
ADITYA BRIJ SEKHRI |
300000 |
3.50 |
|
|
Sub
Total A1 |
6321347 |
73.81 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
6321347 |
73.81 |
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 % |
|
|
B1)
Institutions |
0 |
0.00 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
28200 |
0.33 |
|
|
Sub
Total B2 |
28200 |
0.33 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 Million |
882231 |
10.30 |
|
|
Individual
share capital in excess of INR 0.200 Million |
846786 |
9.89 |
|
|
SHAMA ASHOK MEHRA |
367000 |
4.29 |
|
|
MADAN KUKREJA |
120450 |
1.41 |
|
|
PADMAVATHI MANCHALA |
300000 |
3.50 |
|
|
Any Other
(specify) |
486186 |
5.68 |
|
|
ASHOKA MERCANTILE LIMITED |
291812 |
3.41 |
|
|
Sub
Total B3 |
2215203 |
25.86 |
|
|
B=B1+B2+B3 |
2243403 |
26.19 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the conversion of used
Tyres into Crumb Rubber and Steel wires obtained in the process. The company
manufactures Crumb Rubber Modifier (CRM), Crumb Rubber Modified Bitumen
(CRMB), Polymer Modified Bitumen (PMB), Bitumen Emulsion, Reclaimed Rubber/
Ultrafine Crumb Rubber compound, Cut Wire Shots etc. The products are
primarily used for making / repair of road, tyres and auto part industry. The
Company is also engaged in the activity of making holding and nurturing its
investment in various businesses over the past years. The company has
nurtured its investment in the business of Trading in Agro commodity and Agro
warehousing, Construction Chemicals, Real Estate, Wine etc. (Registered Activity) |
|
|
|
|
Products / Services
: |
· Crumb Rubber Modifer · Reclaim/Ultrafine · Crumb Rubber · Cut Wire Shot |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· Indian Oil Corporation Limited · Hindustan Colas Limited · Manglore Refinery and Petrochemicals Limited · Apollo Tyres Limited · Ceat Tyres Limited · Balakrishna Tyres Limited · Alliance Tire Group (Yokohama) · JK Tyres Limited · Ralson tyres · DCM Engineering Products · Hyundai Construction Equipment (India) Private Limited · Mahindra CIE Automotive Limited · Rico Auto Industries Limited · Neosym Industries Limited · Zenith Industrial Rubber Products Private Limited. · IJM (India) Infrastructure Limited |
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No. of Employees : |
608 (Approximately) |
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Bankers : |
Syndicate Bank, Vasant Vihar, New Delhi-110057, India |
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Facilities : |
|
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Auditors : |
|
|
Name : |
V.R. Bansal and Associates Chartered Accountants |
|
Address : |
A-69, Vijay Block, Laxmi Nagar, Delhi – 110092, India |
|
Tel. No.: |
91-11-22016191/ 22433950 |
|
Website : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Subsidiaries : |
· Tinna Trade Limited (Formerly known as Tinna Trade Private Limited) ·
B.G.K. Infrastructure Developers Private
Limited (Through Tinna Trade Limited) |
|
|
|
|
Associate : |
· TP Buildtech Private Limited (w.e.f. 05.04.2013) |
|
|
|
|
Enterprises in
which KMP and relatives of such persons exercise significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8564750 |
Equity Shares |
INR 10/- each |
INR 85.648 Million |
|
|
|
|
|
(b) Reconciliation of shares outstanding at the
beginning and at the end of reporting period the number of shares
|
Particulars |
31.03.2017 |
|
No. of Shares
held |
|
|
Equity shares
outstanding at beginning of the year |
8564750 |
|
Add : issued during the year |
- |
|
Outstanding at the end of the period |
8564750 |
(c) Terms/rights
attached to equity shares
(i) The Company has only one class of equity shares having a par value of INR10/- per share. Each holder of Equity share is entitled to one vote per share. The company declares and pays dividend in indian rupees. A final dividend of INR Nil per share of INR 10/- each (previous year INR 0.5/- per share of INR10/- each) has been recommended by the board subject to the approval of shareholders in the Annual General Meeting.
(ii) In the event of liquidation of the Company, the holders of equity share will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
(d) Details of
Shareholders holding more than 5% shares in the Company
|
Name of
Shareholders |
31.03.2017 |
|
|
No. of Shares
held |
% of Holding |
|
|
Puja Sekhri |
1749160 |
20.42 |
|
Shobha Sekhri |
1636343 |
19.11 |
|
Aarti Sekhri |
1511347 |
17.65 |
As per of the Company, including its register of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares.
(e) Aggregate number of shares issued as fully paid up pursuant to contract without payment being received in cash or by way of bonus shares or the numbers of shares bought back during the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
85.648 |
85.648 |
85.648 |
|
(b) Reserves & Surplus |
553.988 |
623.745 |
612.310 |
|
(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) |
639.636 |
709.393 |
697.958 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
378.942 |
357.758 |
213.979 |
|
(b) Deferred tax liabilities
(Net) |
3.869 |
46.989 |
36.175 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
14.207 |
12.460 |
11.741 |
|
Total
Non-current Liabilities (3) |
397.018 |
417.207 |
261.895 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
460.275 |
443.093 |
345.855 |
|
(b) Trade payables |
34.733 |
37.642 |
40.965 |
|
(c) Other current liabilities |
239.593 |
197.092 |
165.995 |
|
(d) Short-term provisions |
5.473 |
16.566 |
44.432 |
|
Total
Current Liabilities (4) |
740.074 |
694.393 |
597.247 |
|
|
|
|
|
|
TOTAL |
1776.728 |
1820.993 |
1557.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
788.331 |
643.570 |
570.916 |
|
(ii) Intangible Assets |
0.413 |
0.536 |
0.697 |
|
(iii) Capital work-in-progress |
17.623 |
96.330 |
84.435 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
176.910 |
232.423 |
232.423 |
|
(c) Deferred tax assets (net) |
78.706 |
132.979 |
89.463 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
66.811 |
66.811 |
66.811 |
|
Total
Non-Current Assets |
1128.794 |
1172.649 |
1044.745 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.455 |
0.360 |
0.482 |
|
(b) Inventories |
287.082 |
348.792 |
288.478 |
|
(c) Trade receivables |
188.049 |
122.647 |
119.649 |
|
(d) Cash and cash equivalents |
20.374 |
25.700 |
23.437 |
|
(e) Short-term loans and
advances |
33.255 |
46.361 |
55.130 |
|
(f) Other current assets |
118.719 |
104.484 |
25.179 |
|
Total
Current Assets |
647.934 |
648.344 |
512.355 |
|
|
|
|
|
|
TOTAL |
1776.728 |
1820.993 |
1557.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
688.416 |
995.360 |
943.235 |
|
|
Other Income |
43.148 |
9.317 |
21.080 |
|
|
TOTAL
|
731.564 |
1004.677 |
964.315 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
265.616 |
408.472 |
477.359 |
|
|
Purchases of traded goods |
7.084 |
92.902 |
7.757 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
47.157 |
(76.892) |
(101.468) |
|
|
Employees benefits expense |
133.881 |
152.888 |
120.554 |
|
|
Other expenses |
219.467 |
260.160 |
241.786 |
|
|
Prior Period Expenses |
0.000 |
0.000 |
14.588 |
|
|
TOTAL |
673.205 |
837.530 |
760.576 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
58.359 |
167.147 |
203.739 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
106.542 |
84.892 |
54.940 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(48.183) |
82.255 |
148.799 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
65.567 |
52.822 |
51.561 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(113.750) |
29.433 |
97.238 |
|
|
|
|
|
|
|
Less |
TAX |
(43.993) |
12.843 |
27.069 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(69.757) |
16.590 |
70.169 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
426.491 |
415.055 |
371.570 |
|
|
|
|
|
|
|
Less |
Adjustment
related to transitional provision |
0.000 |
0.000 |
0.805 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
5.263 |
|
|
Corporate dividend tax on
proposed dividend |
0.000 |
0.872 |
3.487 |
|
|
Proposed final equity dividend |
0.000 |
4.282 |
17.129 |
|
|
Total
|
0.000 |
5.154 |
25.879 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
356.734 |
426.491 |
415.055 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
12.929 |
15.734 |
6.247 |
|
|
TOTAL
EARNINGS |
12.929 |
15.734 |
6.247 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
86.658 |
130.933 |
151.574 |
|
|
Traded goods |
4.606 |
5.524 |
2.277 |
|
|
Capital Goods |
69.298 |
48.506 |
42.806 |
|
|
Spares parts for capital goods
|
2.398 |
2.191 |
1.872 |
|
|
TOTAL
IMPORTS |
162.960 |
187.154 |
198.529 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(8.14) |
1.94 |
8.19 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
71.387 |
62.533 |
38.942 |
|
Cash generated from operations |
58.399 |
17.304 |
114.657 |
|
Net cash flow from/(used) in Operating activities |
66.107 |
(21.274) |
97.534 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
265.070 |
201.430 |
|
Total Expenditure |
|
270.290 |
184.220 |
|
PBIDT (Excl OI) |
|
(5.220) |
17.210 |
|
Other Income |
|
2.130 |
1.790 |
|
Operating Profit |
|
(3.090) |
19.000 |
|
Interest |
|
26.530 |
26.020 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(29.620) |
(7.020) |
|
Depreciation |
|
17.470 |
17.870 |
|
Profit Before Tax |
|
(47.090) |
(24.890) |
|
Tax |
|
(15.570) |
(8.000) |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(31.520) |
(16.890) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(31.520) |
(16.890) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
99.70 |
44.97 |
46.30 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.66 |
8.12 |
7.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
46.49 |
27.40 |
30.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.20 |
0.48 |
0.71 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.07 |
0.23 |
0.31 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
0.61 |
0.55 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.42 |
1.22 |
0.86 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.16 |
0.98 |
0.86 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.26 |
1.04 |
0.94 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.55 |
1.97 |
3.71 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(10.13) |
1.67 |
7.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets)
* 100) |
% |
(3.93) |
0.91 |
4.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(10.91) |
2.34 |
10.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.88 |
0.93 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.49 |
0.43 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.36 |
0.39 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
10.63 |
10.08 |
6.99 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.88 |
0.93 |
0.86 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00 |
|
Market Value |
INR 56.00 |
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 |
85.648 |
85.648 |
85.648 |
|
Reserves & Surplus |
612.310 |
623.745 |
553.988 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
697.958 |
709.393 |
639.636 |
|
|
|
|
|
|
long-term borrowings |
213.979 |
357.758 |
378.942 |
|
Short term borrowings |
345.855 |
443.093 |
460.275 |
|
Current maturities of
long-term debts |
38.942 |
62.533 |
71.387 |
|
Total
borrowings |
598.776 |
863.384 |
910.604 |
|
Debt/Equity
ratio |
0.858 |
1.217 |
1.424 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
943.235 |
995.360 |
688.416 |
|
|
|
5.526 |
(30.837) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
943.235 |
995.360 |
688.416 |
|
Profit/ (Loss) |
70.169 |
16.590 |
(69.757) |
|
|
7.44% |
1.67% |
(10.13%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
85.648 |
85.648 |
|
(b) Reserves & Surplus |
|
692.155 |
729.340 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
64.256 |
71.190 |
|
Total
Shareholders’ Funds (1) + (2) |
|
842.059 |
886.178 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
509.442 |
500.258 |
|
(b) Deferred tax liabilities
(Net) |
|
3.868 |
46.989 |
|
(c) Other long term
liabilities |
|
1.507 |
0.000 |
|
(d) long-term provisions |
|
24.296 |
17.360 |
|
Total
Non-current Liabilities (3) |
|
539.113 |
564.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1002.308 |
868.340 |
|
(b) Trade payables |
|
79.362 |
359.614 |
|
(c) Other current liabilities |
|
313.183 |
263.746 |
|
(d) Short-term provisions |
|
37.312 |
29.800 |
|
Total
Current Liabilities (4) |
|
1432.165 |
1521.500 |
|
|
|
|
|
|
TOTAL |
|
2813.337 |
2972.285 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1051.051 |
921.002 |
|
(ii) Intangible Assets |
|
2.373 |
0.746 |
|
(iii) Capital work-in-progress |
|
26.001 |
104.709 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
138.987 |
170.571 |
|
(c) Deferred tax assets (net) |
|
5.823 |
4.256 |
|
(d) Long-term Loan and Advances |
|
82.708 |
136.788 |
|
(e) Other Non-current assets |
|
69.850 |
69.297 |
|
Total
Non-Current Assets |
|
1376.793 |
1407.369 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.455 |
0.360 |
|
(b) Inventories |
|
776.995 |
831.278 |
|
(c) Trade receivables |
|
288.214 |
462.880 |
|
(d) Cash and cash equivalents |
|
161.994 |
87.442 |
|
(e) Short-term loans and
advances |
|
69.126 |
63.203 |
|
(f) Other current assets |
|
139.760 |
119.753 |
|
Total
Current Assets |
|
1436.544 |
1564.916 |
|
|
|
|
|
|
TOTAL |
|
2813.337 |
2972.285 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
4864.852 |
5297.791 |
|
|
Other Income |
|
50.304 |
36.621 |
|
|
TOTAL
|
|
4915.156 |
5334.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
265.616 |
408.472 |
|
|
Purchases of traded goods |
|
3731.475 |
3536.987 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
39.424 |
403.773 |
|
|
Employees benefits expense |
|
188.057 |
195.137 |
|
|
Other expenses |
|
516.732 |
547.197 |
|
|
TOTAL |
|
4741.304 |
5091.566 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
173.852 |
242.846 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
152.308 |
125.714 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
21.544 |
117.132 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
80.685 |
65.960 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(59.141) |
51.172 |
|
|
|
|
|
|
|
Less |
TAX |
|
(14.707) |
28.508 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE YEAR BEFORE TRANSFER OF SHARE TO MINORITY |
|
(44.434) |
22.664 |
|
|
|
|
|
|
|
Less |
SHARE
OF PROFIT/(LOSS) IN ASSOCIATES |
|
1.346 |
(5.042) |
|
|
|
|
|
|
|
Add |
TRANSFER OF SHARE TO MINORITY |
|
(7.209) |
(9.888) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) FOR THE YEAR |
|
(35.879) |
27.510 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
(4.19) |
3.21 |
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 |
Yes |
|
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 |
CORPORATE INFORMATION
The company was incorporated on 4th March 1987. The Company
is a public limited company incorporated and domiciled in India and has its
registered office at Delhi, India. The Company is listed on BSE Limited. The
Company is primarily engaged in the conversion of used Tyres into Crumb Rubber
and Steel wires obtained in the process. The company manufactures Crumb Rubber
Modifier (CRM), Crumb Rubber Modified Bitumen (CRMB), Polymer Modified Bitumen
(PMB), Bitumen Emulsion, Reclaimed Rubber/ Ultrafine Crumb Rubber compound, Cut
Wire Shots etc. The products are primarily used for making / repair of road,
tyres and auto part industry. The Company's manufacturing units are located at
Panipat in Haryana, Wada in Maharashtra, Haldia in West Bengal, Gummidipundi in
Tamil Nadu, Kalamb in Himachal Pradesh. The Company is also engaged in the
activity of making holding and nurturing its investment in various businesses
over the past years. The company has nurtured its investment in the business of
Trading in Agro commodity and Agro warehousing, Construction Chemicals, Real
Estate, Wine etc.
FINANCIAL REVIEW AND
STATE OF COMPANY'S AFFAIRS
Main business of the Company is manufacture of Hi Tensile
Ultrafine Reclaim Rubber, Ultrafine Tyre Crumb, Crumb Rubber Modifier (CRM),
Modified Bitumen, Bitumen Emulsion, Hi Carbon Steel Abrasives and allied
products. Other businesses include Trading of Agro Commodities and Agro
Warehousing business carried on through, wholly owned subsidiary viz. Tinna
Trade Limited.
STANDALONE RESULTS
During the Financial Year 2016-17, the net revenue from
operations for the standalone entity decreased to INR 688.416 million, as compared
to INR 995.361 million in the previous Financial Year, showing a decline of
30.84%. Loss before tax was INR 113.750 million as compared to Profit before
tax INR 29.433 million in the previous Financial Year. Loss after tax was INR
69.757 million as compared to Profit after tax INR 16.590 million in the
previous Financial Year. The decrease in revenue and profitability, mainly
resulted due to slump in the commodities markets and general recession in the
products made by the company viz. Rubber, Steel shots etc. Decline in
profitability is also because of increase in interest cost and Depreciation and
amortization expenses.
As per the Qualified opinion of the Statutory Auditors
(Auditors) included in their “Report on the Standalone Financial Statements-“The
Company has not provided interest amounting to INR 1.124 Million, as required
under the provisions of Section 16 of Micro, small and Medium Enterprises
Development Act, 2006 in respect of delayed payments to suppliers covered under
the said Act. Consequently, the profit for the year ending 31 March, 2017 is
overstated to the extent.”
There was delay in payment owing to non-adherence of delivery schedule by the suppliers in Micro, small and medium enterprises. Further, the above said Report also include that the matter described in the Basis for Qualified opinion paragraph above, in Auditors' opinion, does not have any adverse effect on the functioning of the Company.
Reflecting the downward trends of the overall economy, the
year 2016-17 has not been an encouraging and favourable year for the Company's
products. The scheme of Demonetisation had aggravated the situation. We expect
that implementation of GST, would boost transparency and uniformity in the
economy including for the Company's products.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
As natural resources are limited, recycling has gained attention worldwide. Now companies are articulating a vision of using greater portion of recycled material in their products and formulations. The rubber industry is not an exception to this. End of life tyres are an important source of recycled rubber worldwide and its status has changed from waste to resource. The reclaim rubber industry has been developed around this reality.
Tinna Rubber and Infrastructure Limited (TRIL) TRIL has set an example in the industry by converting Waste to Wealth, by aggressively promoting the concept of recycling of Truck/ Bus, Radial (TBR) tyres for reuse in new tyres, conveyor belts, road construction etc.
TRIL is a leading player in the field of Crumb Rubber and
Bituminous products and the Company has captured a substantial market share by
maintaining high quality, reliability and customer satisfaction. TRIL has
established Pan India presence with manufacturing facilities located at
strategic centers and near to hubs of industrial activity to produce Crumb
Rubber powder from end of life (waste) tyres. Crumb Rubber Powder, which acts
as a substitute to natural rubber. TRIL has already installed most modern
additional lines for manufacturing of Reclaim and High Tensile Reclaim in its
plants, located at Panipat (Haryana) and Wada (Maharashtra) and has
successfully introduced high quality Hi Tensile Ultrafine Reclaim Rubber and
Ultrafine Tyre Crumb. TRIL's Hi Tencile Ultrafine Reclaim rubber is preferred
choice by the Tyre industry, Conveyor belt industry and Rubber moulded
products. The Company has also planned another Reclaim line at its plant
located at Gummdipoondi , Chennai, in the State of Tamilnadu.
OUTLOOK
They are pleased to inform you that the additional lines for manufacturing of Reclaim and High Tensile Reclaim, in their plants located at Panipat (Haryana) and Wada (Maharashtra) have been successfully commercialised and product has been well accepted. The company has also planned another Reclaim line at its plant located at Gummdipoondi, Chennai, in the State of Tamilnadu.
The Company has already started commercial production of Hi Carbon Steel Abrasives, which are made from high quality high carbon grade II wire, recovered from waste tyres. These are extensively used in Foundries, Casting and Forging industry and shot blasting on Pre-Engineered building steel structures, Granite Gang saw units etc. In the light of addition of Hi Tensile Ultrafine Reclaim Rubber and Ultrafine Tyre Crumb and Hi Carbon Steel Abrasives to their portfolio of products, the Company expects to grow its revenue in the coming years.
Further the Government is giving continuous thrust on Infrastructure Sector with special stress on Road Development. The Government spending on infrastructure development is expected to increase the demand of bitumen modifier and modified bitumen and other related products. In view of this, the long term outlook of bitumen modifier/modified bitumen and allied products of the Company also remains positive
The Company has a strong market presence and immense corporate trust reposed by its customers. The Company's customer base includes reputed name like Indian Oil Corporation Limited, Hindustan Colas Limited, Manglore Refinery and Petrochemicals Limited, Apollo Tyres Limited, Ceat Tyres Limited, Balakrishna Tyres Limited, Alliance Tire Group (Yokohama), JK Tyres Limited, Ralson tyres, DCM Engineering Products, Hyundai Construction Equipment (India) Private Limited., Mahindra CIE Automotive Limited, Rico Auto Industries Limited, Neosym Industries Limited, Zenith Industrial Rubber Products Private Limited, IJM (India) Infrastructure Limited Further they are pleased to report that their efforts resulted in successful execution of export contract for supply of Crumb Rubber to Dubai (U.A.E), South Africa, Australia and Sri Lanka. Further efforts are in progress to improve the exports business and increase in the business share.
SCHEME OFARRANGEMENT
Board of Directors of Tinna Rubber and Infrastructure Limited (TRIL) and Tinna Trade Limited (TTL) approved the Scheme of Arrangement (Demerger). The Bombay Stock Exchange has given no adverse observation letter the dated 24 May, 2016 to the said Scheme of the Company. Separate Meetings of Secured Creditors, Unsecured Creditors and Equity Shareholders of the Company were held at New Delhi on September 17, 2016, as per the directions of the Hon'ble High Court of Delhi and the Scheme of Arrangement was duly approved at the respective meeting. Hon'ble High Court has transferred the matter to National Company Law Tribunal (NCLT) and now the matter is under consideration with Hon'ble NCLT and the company is awaiting further directions of the Hon'ble NCLT.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
India Bulls Housing Finance Limited |
179.554 |
137.364 |
|
Magma Fincorp Limited |
0.940 |
0.000 |
|
Capital First Limited |
2.471 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans and Advances from related parties |
17.102 |
2.900 |
|
Other Loans and
Advances |
|
|
|
Inter corporate loans |
175.900 |
231.400 |
|
Total |
375.967 |
371.664 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G41865627 |
100092172 |
State Bank of India |
14/02/2017 |
- |
204000000.0 |
SME Branch Bara Tooti, Sadar Bazaar New Delhi 110006 India |
|
2 |
G04699526 |
10569507 |
Syndicate Bank |
10/03/2015 |
06/05/2016 |
36000000.0 |
C-18, Paschami Marg, Vasant Vihar, New Delhi 110057 India |
|
3 |
C37293263 |
10537186 |
Syndicate Bank |
10/12/2014 |
- |
240000000.0 |
Vasant Vihar, New Delhi 110057 India |
|
4 |
C19458306 |
10518385 |
ICICI BANK LIMITED |
31/05/2014 |
- |
156500000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA Gujarat 390015 India |
|
5 |
C03561933 |
10495174 |
Syndicate Bank |
15/04/2014 |
- |
100000000.0 |
Vasant Vihar Branch C-18, Paschami Marg, Vasant Vihar, New Delhi 110057 India |
|
6 |
C37720323 |
10465774 |
Syndicate Bank |
20/11/2013 |
18/12/2014 |
70000000.0 |
Vasant Vihar Branch C-18, Paschami Marg, Vasant Vihar, New Delhi 110057 India |
|
7 |
B63772909 |
10391043 |
Syndicate Bank |
17/11/2012 |
- |
140000000.0 |
Mayapuri New Delhi 110064 India |
|
8 |
C37292828 |
80006764 |
Syndicate Bank |
11/10/2004 |
10/12/2014 |
120000000.0 |
Vasant Vihar, New Delhi 110057 India |
|
9 |
G10645174 |
90062932 |
Syndicate Bank |
12/09/2003 |
08/08/2016 |
220000000.0 |
Vasant Vihar, New Delhi 110057 India |
|
10 |
Y10142452 |
90062357 |
PUNJAB NATIONAL BANK |
18/12/2001 |
18/12/2001 |
2000000.0 |
I.B.B Barakhamba Road New Delhi 110001 India |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims/Suits filed against the Company not acknowledged as
debts |
1.776 |
3.053 |
|
Bank guarantees obtained from banks: (Margin money INR 15.150
Million (previous year INR 22.139 Million)) |
111.656 |
146.073 |
|
Letter of Credit issued by Bank for purchase of raw
material |
0.000 |
10.000 |
|
Letter of Credit issued by Bank for import of machineries |
0.000 |
13.935 |
|
Disputed tax liabilities in respect of pending cases before Appellate Authorities |
100.617 |
24.077 |
|
Surety given to sales tax department (Haryana) in favour of associate company |
0.100 |
0.100 |
|
Corporate guarantees |
1016.500 |
869.166 |
|
Demand raised by Haryana State Industrial and
Infrastructural Development Corporation Limited(HSIDC) |
0.000 |
37.327 |
|
Entry tax levied by the Government of West Bengal |
2.533 |
2.400 |
|
Custom duty saved on machinery imported under Zero duty EPCG Scheme (Export Promotion Capital Goods Scheme), for which company has undertaken export obligation worth six times of the duty saved |
34.557 |
18.175 |
|
Pending demand raised by TDS Department (Tax Deduction at Source) |
1.944 |
1.903 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Half year ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
Revenue from operations |
201.430 |
265.070 |
466.500 |
|
Other Income |
1.785 |
2.127 |
3.912 |
|
Total Income from
Operations (Net) |
203.215 |
267.197 |
470.412 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of Materials Consumed |
77.168 |
62.582 |
139.750 |
|
Purchases of traded goods |
0.000 |
3.458 |
3.458 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
-2.835 |
92.549 |
89.714 |
|
Excise Duty |
0.000 |
19.186 |
19.186 |
|
Employees Benefit Expenses |
47.260 |
37.941 |
85.201 |
|
Finance Cost |
26.022 |
26.533 |
52.555 |
|
Depreciation and Amortization Expenses |
17.874 |
17.473 |
35.347 |
|
Other expenses |
62.612 |
54.567 |
117.179 |
|
Total Expenses |
228.101 |
314.289 |
542.390 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
(24.886) |
(47.092) |
(71.978) |
|
Tax Expense |
|
|
|
|
- Current Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
(7.998) |
(15.572) |
(23.570) |
|
Net Profit After
Tax |
(16.888) |
(31.520) |
(48.408) |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
(i) Re-measurement of gains/ (losses) on defined benefits plans |
0.651 |
0.393 |
1.044 |
|
(ii) Re-measurement gains on investments |
1.238 |
0.000 |
1.238 |
|
(iii) Income Tax Effect |
(0.215) |
(0.130) |
(0.345) |
|
Other comprehensive income, net of income tax |
1.674 |
0.263 |
1.937 |
|
|
|
|
|
|
Total comprehensive income for the period |
(15.214) |
(31.257) |
(46.471) |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
85.648 |
85.648 |
85.648 |
|
Earnings Per Share
(of INR 10 each) (not annualized) |
|
|
|
|
Basic and Diluted |
(1.97) |
(3.68) |
(5.65) |
This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised practices and policies to the extent applicable. Beginning 1st April, 2017, the Company has for the first time adopted lnd AS with a transition date of 1st April, 2016.
The Company has adopted the Indian Accounting Standards (Ind AS) with effect from 1st April, 2017. Result for the quarters ended 30th September, 2017, 30th June, 2017 and half year ended 30th September, 2017 are in compliance with Indian Accounting Standards (Ind AS) notified by Ministry of Corporate Affairs. Consequently, results for the quarter and half year ended 30th September, 2016 have been restated to comply with Ind AS to make them comparable. These restated results have however not been subjected to Audit or Limited Review. The Management has exercised necessary diligence to ensure that the financial results provide a true and fair view of the Company's affairs.
The Company had submitted application to Bombay Stock Exchange on 15th January, 2016 under Regulation 37(1) of SEBI (Listing Obligation & Disclosure Requirements) Regulations 2015 for the Composite Scheme of Arrangement between Tinna Rubber And Infrastructure Limited (TRIL) and Tinna Trade Limited (TTL) (formerly known as Tinna Trade Private Limited). Presently TTL is wholly owned (100%) subsidiary of TRIL. After approval of the Scheme of Arrangement, Agro Commodity Trading and Investments (Agro Commodity & Warehousing) undertakings shall be transferred to TTL and shareholders of TRIL will be issued equity shares of TTL in the ratio of 1:1. The Bombay Stock Exchange has given no adverse observation to the Scheme of Arrangement of the Company vide letter no. DCS/AMAL/AC/398/2016-17 dated 24th May, 2016. Separate Meetings of Secured Creditors, Unsecured Creditors and Equity Shareholders of the Company were held at 18th South Drive Way, DLF Farms, Chhattarpur, New Delhi – 110074, India on 17th September, 2016 as per directions of the Hon’ble High Court of Delhi and the Scheme of Arrangement was duly approved at the respective meeting.The Petition had also been filed before Hon'ble High Court of Delhi seeking its Sanction to the Scheme of Arrangement. Hon'ble High Court had transferred the matter to National Company Law Tribunal New Delhi(NCLT).The hearing at the Hon'ble NCLT has been concluded on 16th November 2017 and the order is reserved.
In terms of the Circular No. C1R/CFD/FAC/62/2016 dated 5th July, 2016 issued by the Securities Exchange Board of India. the Ind AS compliant unaudited financial results for the quarter ended 30th September 2016 have not been subjected to limited review by Statutory Auditors.
The Statutory auditors have given a modified opinion
in respect of non provision of interest amounting to Rs.3.25 Lakh for the
quarter ended September 30th, 2017 as required under the provisions of section
16 of Micro, Small and Medium Enterprises Development Act, 2006 in case of
payments to Small. Medium and Micro vendors. The Company is addressing the same
by necessary revision of the credit period allowed to SME vendors.
The Company has opted to avail the relaxations provided by the Securities and Exchange Board of India, vide its circular dated 5 July 2016 as available to listed entities. Accordingly, the Company has provided lnd AS compliant financial results for previous quarter and Half year ended 30 September 2017 to align with the financial results for the current quarter and Half year ended 30 September,2017.
According to the requirements of Ind AS and SEBI (listing Obligations and Disclosure Requirements) Regulations 201S, revenue for the 30th september 2017 were reported inclusive of Excise Duty.The Government of India has implimented Goods and service Tax (GST) from 1st July 2017 replacing Excise Duty, Service Tax and various indirect taxes. As per Ind AS 1S,the revenue for the quarter ended 30th September 2017,is reported net of GST Had the previously reported revenue shown net of excise duty ,comparative revenue of the Company would have been as follows:
|
Particulars |
Quarter Ended |
Half year ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
Net Sales / Revenue from operations |
201.430 |
245.884 |
447.314 |
The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 14th December 2017. The statutory auditors of the Company have conducted limited review of these financial results.
SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenues |
|
|
|
|
Crumb Rubber, Crumb Rubber Modifier. Modified Bitumen and Bitumen Emulsion and allied products |
201.430 |
265.070 |
466.500 |
|
Agro Commodity Trading and investment (Agro Commodity and
Warehousing) |
-- |
-- |
-- |
|
Unallocable Income |
-- |
-- |
-- |
|
Total |
201.430 |
265.070 |
466.500 |
|
Less: Inter - Segment Revenue |
|
|
|
|
|
|
|
|
|
Total Income from
operations |
201.430 |
265.070 |
466.500 |
|
|
|
|
|
|
Segment Results Profit/
(Loss) (Before finance costs and tax) |
|
|
|
|
Crumb Rubber, Crumb Rubber Modifier. Modified Bitumen and Bitumen Emulsion and allied products |
0.537 |
(21.425 |
(20.888 |
|
Agro Commodity Trading and investment (Agro Commodity and
Warehousing) |
(0.154 |
(0.137 |
(0.291 |
|
Total |
0.383 |
(21.562 |
(21.179 |
|
|
|
|
|
|
Less: (i) Finance Costs |
26.022 |
26.533 |
52.555 |
|
Less: (ii) Other Unallocable Expense net of expenses |
0.753 |
1.003 |
1.756 |
|
Profit/(Loss) before tax (extraordinary and prior period items) |
-24.886 |
-47.092 |
-71.978 |
|
Tax Expenses |
-7.998 |
-15.572 |
-23.570 |
|
Profit/(Loss) after tax |
-16.888 |
-31.520 |
-48.408 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Crumb Rubber, Crumb Rubber Modifier. Modified Bitumen and Bitumen Emulsion and allied products |
1363.881 |
1448.187 |
1363.881 |
|
Agro Commodity Trading and investment (Agro Commodity and
Warehousing) |
64.929 |
64.887 |
64.929 |
|
Unallocable Income (including Strategic Investments and
Real Estate) |
328.034 |
245.272 |
328.034 |
|
Total |
1756.844 |
1758.346 |
1756.844 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Crumb Rubber, Crumb Rubber Modifier. Modified Bitumen and Bitumen Emulsion and allied products |
1111.095 |
1089.720 |
1111.095 |
|
Agro Commodity Trading and investment (Agro Commodity and
Warehousing) |
0.189 |
0.189 |
0.189 |
|
Unallocable Income (including Strategic Investments and
Real Estate) |
18.864 |
26.526 |
18.864 |
|
Total |
1130.148 |
1116.435 |
1130.148 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
Crumb Rubber, Crumb Rubber Modifier. Modified Bitumen and Bitumen Emulsion and allied products |
252.786 |
358.467 |
252.786 |
|
Agro Commodity Trading and investment (Agro Commodity and
Warehousing) |
64.740 |
64.698 |
64.740 |
|
Unallocable Income (including Strategic Investments and
Real Estate) |
309.170 |
218.746 |
309.170 |
|
Total |
626.696 |
641.911 |
626.696 |
STATEMENT OF ASSETS AND LIABILITIES 30.09.2017
(INR in Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
85.648 |
|
(b) Reserves & Surplus |
|
|
541.048 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
626.696 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
350.815 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
27.459 |
|
(d) long-term provisions |
|
|
18.631 |
|
Total
Non-current Liabilities (3) |
|
|
396.905 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
474.799 |
|
(b) Trade payables |
|
|
41.141 |
|
(c) Other current liabilities |
|
|
213.979 |
|
(d) Short-term provisions |
|
|
3.324 |
|
Total
Current Liabilities (4) |
|
|
733.243 |
|
|
|
|
|
|
TOTAL |
|
|
1756.844 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
788.176 |
|
(ii) Intangible Assets |
|
|
0.328 |
|
(iii) Capital work-in-progress |
|
|
17.373 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
129.115 |
|
(c) Deferred tax assets (net) |
|
|
69.346 |
|
(d) Long-term Loan and Advances |
|
|
0.443 |
|
(e) Other Non-current assets |
|
|
147.603 |
|
(f) Trade receivables |
|
|
13.772 |
|
Total
Non-Current Assets |
|
|
1166.156 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.524 |
|
(b) Inventories |
|
|
211.912 |
|
(c) Trade receivables |
|
|
249.028 |
|
(d) Cash and cash equivalents |
|
|
21.328 |
|
(e) Short-term loans and
advances |
|
|
0.408 |
|
(f) Other current assets |
|
|
97.368 |
|
(g) Assets classified as held
for sales |
|
|
10.120 |
|
Total
Current Assets |
|
|
590.688 |
|
|
|
|
|
|
TOTAL |
|
|
1756.844 |
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Buildings
- Leasehold Improvements
- Fences, Wells and Tube Wells
- Carpeted Roads
- Plant and Equipments
- Electric Fittings
- Generators
- Furniture and Fixtures
- Vehicles
- Office Equipments Computer
Intangible Assets:
- Goodwill
- Software
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 records 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 63.64 |
|
UK Pound |
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·