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|
MIRA INFORM REPORT
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Report No. : |
496011 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TUBE INVESTMENTS OF INDIA LIMITED |
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Formerly known
as: |
TI FINANCIAL HOLDINGS LIMITED |
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Registered
Office : |
“Dare House”, No. 234 N S C Bose Road, Chennai-600001,
Tamilnadu |
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Tel. No.: |
91-44-42177770-6 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
06.10.2008 |
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Com. Reg. No.: |
18-069496 |
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Capital
Investment / Paid-up Capital : |
INR 187.400 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L35100TN2008PLC069496 |
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|
|
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IEC No.: |
Not Divulged |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GST No.: |
Not Divulged |
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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’s operations are organised into three major segments – Cycles and Accessories, Engineering and Metal Formed Products. · The Cycles and Accessories segment comprises of Standard bi-cycles, Special bi-cycles including alloy bikes and Speciality performance bikes and fitness equipments. · The Engineering segment comprises of cold rolled steel strips and precision steel tube viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes (ERW). · The Metal Formed Products segment comprises of Automotive and Industrial chains, fine blanked products, stamped products, roll-formed car doorframes and cold rolled formed sections for railway wagons and passenger coaches [Registered Activity] |
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|
|
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No. of Employees
: |
3481 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 326288000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is
a part of Murugappa Group and it was incorporated in the year 2008. It is a
manufacturer of cycles and its accessories, steel strips and tubes and metal
formed products. As per
financials of March 2017, the company has registered marginal growth in its
revenue and has reported average profit margin of 3.74%. Rating
takes into consideration the company’s satisfactory track record of business
operations marked by healthy financials risk profile along with comfortable
debt coverage indicators and good liquidity position. Rating
also takes into account leading market position and strong financial support
received from its group. Shares
are quoted high on Stock Exchanges. (Share are traded at a price of INR 265
against its face value of INR 1.) However,
rating strength is partially offset by sluggish performance of its bicycles
business and vulnerability of its operating profitability to intense
competition and cyclicality in the automobile sector. As per
unaudited quarterly financials of December 2017, the company has achieved a
revenue of INR 11,029.5 million and reported average profit margin of 3.17%. Payment
seems to be regular as per commitments. In view
of aforesaid, the company can be considered good for business dealings at normal
trade terms and conditions. NOTE: As on 1st
August 2017, “Tube Investments of India Limited” has demerged its whole
manufacturing business. Demerged Company has changed in its name to “TI
Financial Holding Limited”. Later,
Resulting Company changed to “Tube Investments of India Limited” which is the
current name of the company. |
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 |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
14.12.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
14.12.2017 |
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 09.03.2018
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.
LOCATIONS
|
Registered/ Corporate Office : |
“Dare House”, No. 234 N S C Bose Road, Chennai-600001,
Tamilnadu, India |
|
Tel. No.: |
91-44-42177770-6 |
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Fax No.: |
91-44-42110404 |
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E-Mail : |
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Website : |
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Plants : |
TI CYCLES OF INDIA Post Bag No.5, MTH Road, Ambattur, Chennai-600053, Tamilnadu, India Tel No.: 91-44–42093434 Fax No.: 91-44–42093345 Sandharsi Tehsil Rajpura, Patiala, Punjab, India Tel No.: 91-1762-269000/ 269200 Plot No. E – 8, MIDC Malegaon, Sinnar, Nashik-422103, Maharashtra, India Tel No.: 91-2551-227500 Fax No.: 91-2551-230183 TUBE PRODUCTS OF
INDIA A-16 & 17, Industrial Focal Point Phase VI, SAS Nagar, Mohali-160051, Punjab, India Tel No.: 91-172- 4009318 Fax No.: 91-172- 2271375 Shirwal Post, Khandala Taluka Satara-412801, Maharashtra, India Tel No.: 91-2169-244080-85 Fax No.: 91-2169-244086 Avadi, Chennai-600 054, Tamilnadu, India Tel No.: 91-44-42291999 Fax No.: 91-44-42291990 Tirupati-Tiruttani Highway Ponpadi Village, Thiruvelangadu Block, Tiruttani Taluk, Tiruvallur-631213, Tamilnadu, India TI METAL FORMING Chennai – Tiruvallur High Road Tiruninravur-602 024, Tamilnadu, India Tel No.: 91-44-26390194/ 26390437 Fax No.: 91-44-26390856 80/81, SIDCO Industrial Estate, Kakkalur,
Thiruvallur-602003, Tamilnadu, India Tel No.: 91-44–27667104 Fax No.: 91-44-26390856 Gat No.312 Sablewadi, Bahul Post Chakan-Shikrapur Road, Khed, Taluk Pune-410 501, Maharashtra, India Khasra No.222, Gangnouli Village Tehsil Laksar, Haridwar-247 663, Uttarakhand, India Plot No.245, Sector 3 Growth Centre Bawal, Rewari-123501, Haryana, India Tel No.: 91-1284–260707/ 264106 Fax No.: 91-1284– 264426 Khasra No.227, Gangnouli Village Tehsil Laksar, Haridwar 247663, Uttarakhand, India Tata Motors Ltd. Vendors Park Plot No.C11, Survey No.1
North Kotpura, Sanand Viroch Nagar Post Ahmedabad-382170, Gujarat, India Plot No.501 – B & C Halol Industrial Estate Survey
Nos. 32 & 34, Village Dunia Tk Halol, District Pachmahals, Baroda-389350,
Gujarat, India Tel No.: 91-2676–224647 Fax No.: 91-2676–224035 TIDC INDIA Ambattur, Chennai-600 053, Tamilnadu, India Tel No.: 91-44-42235555 Fax No.: 91-44-42235406 Kazipally Village, Plot No.1 Jinnaram Mandal, Medak-502 319, Telangana, India Tel No.: 91-8458-277240 Fax No.: 91-8458 -277241 Ganganouli, Laksar-247663, Uttarakhand, India Tel No.: 91-1332–271295 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Ms. Madhu Dubhashi |
|
Designation : |
Director |
|
Address : |
B-29, Gate No. 3, Abhimanshree Society, Ncl Pashan Road, Pune-411008, Maharashtra, India |
|
Date of Appointment : |
01.8.2017 |
|
DIN No.: |
00036846 |
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|
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Name : |
Mr. Srinivasan Sandilya |
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Designation : |
Director |
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Address : |
B – 17, Kailash Colony, New Delhi-110048, India |
|
Date of Appointment : |
01.08.2017 |
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DIN No.: |
00037542 |
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Name : |
Mr. Lakshminarayanan Ramkumar |
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Designation : |
Managing Director |
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Address : |
10, Link Road, Kottur Garden, Kotturpuram, Chennai-600085, Tamilnadu, India |
|
Date of Appointment : |
06.10.2008 |
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DIN No.: |
00090089 |
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Name : |
Mr. Murugappan Murugappan Muthiah |
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Designation : |
Director |
|
Address : |
Coromandel House,New No.14 (Old No.12) Boat Club Road, Raja Annamalaipuram, Chennai-600028, Tamilnadu, India |
|
Date of Appointment : |
01.08.2017 |
|
DIN No.: |
00170478 |
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|
Name : |
Mr. Hemant Madhusudan Nerurkar |
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Designation : |
Director |
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Address : |
Flat No.1201, 12th Floor, Lodha Grandeur Rahimtullah Sayani Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
01.08.2017 |
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DIN No.: |
00265887 |
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|
Name : |
Mr. Vellayan Subbiah |
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Designation : |
Managing Director |
|
Address : |
No.10,Boat Club Road, R.A. Puram, Chennai-600028, Tamilnadu, India |
|
Date of Appointment : |
19.08.2017 |
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DIN No.: |
01138759 |
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|
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|
Name : |
Mr. Pradeep Vasudeo Bhide |
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Designation : |
Director |
|
Address : |
D - 1/48, (First Floor) Vasant Vihar, New Delhi-110057, India |
|
Date of Appointment : |
01.08.2017 |
|
DIN No.: |
03304262 |
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|
|
|
Name : |
Mr. Ramesh Kizhakepatt Bhaskaran Menon |
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Designation : |
Additional Director |
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Address : |
Flat No.B1-212, 1st Floor "SOBHA ONYX" Apt Plot No.65/2B Agara Village, Begur Hobli, Srjpr Road, Bangalore-560102, Karnataka, India |
|
Date of Appointment : |
16.11.2017 |
|
DIN No.: |
05275821 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Swaminathan |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 16, Krishna Apartments New No. 36, Bagirathi Ammal Street, Chennai-600017, Tamilnadu, India |
|
Date of Appointment : |
01.08.2017 |
|
PAN No.: |
AIYPS7118M |
|
|
|
|
Name : |
Mr. Mahendra Kumar |
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Designation : |
Chief Financial Officer |
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Address : |
316, Ramaniyam Kattima, 148, Pillayar koil street Thoraipakkam Chennai-600097, Tamilnadu, India |
|
Date of Appointment : |
01.08.2017 |
|
PAN No.: |
AHZPM7703L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
91490567 |
49.92 |
|
|
(B) Public |
91065714 |
49.69 |
|
|
(C1) Shares
underlying DRs |
4230630 |
0.00 |
|
|
(C2) Shares held
by Employee Trust |
703680 |
0.38 |
|
|
(C) Non
Promoter-Non Public |
4934310 |
0.38 |
|
|
Grand Total |
187490591 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. 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 |
||
|
Individuals/Hindu
undivided Family |
17866792 |
9.75 |
|
|
M A M ARUNACHALAM |
148660 |
0.08 |
|
|
M A ALAGAPPAN |
130660 |
0.07 |
|
|
M M MURUGAPPAN |
277360 |
0.15 |
|
|
M M MURUGAPPAN |
355330 |
0.19 |
|
|
A VELLAYAN |
249500 |
0.14 |
|
|
UMAYAL.R. |
226580 |
0.12 |
|
|
A VENKATACHALAM |
251000 |
0.14 |
|
|
VALLI ANNAMALAI |
157127 |
0.09 |
|
|
M VELLACHI |
115330 |
0.06 |
|
|
VALLI SUBBIAH |
204000 |
0.11 |
|
|
M.A.ALAGAPPAN |
215410 |
0.12 |
|
|
S.VELLAYAN |
14500 |
0.01 |
|
|
M A M ARUNACHALAM |
220278 |
0.12 |
|
|
ARUN ALAGAPPAN |
216777 |
0.12 |
|
|
M A M ARUNACHALAM |
470160 |
0.26 |
|
|
ARUN ALAGAPPAN |
833090 |
0.45 |
|
|
M.A.ALAGAPPAN |
710000 |
0.39 |
|
|
LAKSHMI CHOCKA
LINGAM |
158660 |
0.09 |
|
|
A VELLAYAN |
382400 |
0.21 |
|
|
M M VENKATACHALAM |
718120 |
0.39 |
|
|
LAKSHMI
VENKATACHALAM |
357680 |
0.20 |
|
|
LALITHA VELLAYAN |
307160 |
0.17 |
|
|
MEYYAMMAI
VENKATACHALAM |
358580 |
0.20 |
|
|
S.VELLAYAN |
14500 |
0.01 |
|
|
LAKSHMI RAMASWAMY |
81000 |
0.04 |
|
|
M V VALLI
MURUGAPPAN |
978190 |
0.53 |
|
|
S VELLAYAN |
430250 |
0.23 |
|
|
M V MURUGAPPAN |
543330 |
0.30 |
|
|
M.V.MURUGAPPAN |
863980 |
0.47 |
|
|
M M MURUGAPPAN |
699715 |
0.38 |
|
|
A A ALAGAMMAI |
662000 |
0.36 |
|
|
A M MEYYAMMAI |
941500 |
0.51 |
|
|
M V SUBBIAH |
171200 |
0.09 |
|
|
MEENAKSHI
MURUGAPPAN |
241870 |
0.13 |
|
|
M V SEETHA SUBBIAH |
570550 |
0.31 |
|
|
M V SUBBIAH |
572950 |
0.31 |
|
|
A VENKATACHALAM |
513610 |
0.28 |
|
|
VALLIMUTHIAH |
387080 |
0.21 |
|
|
V NARAYANAN |
281140 |
0.15 |
|
|
V ARUNACHALAM |
338990 |
0.18 |
|
|
M.M.VEERAPPAN |
388130 |
0.21 |
|
|
ARUN VENKATACHALAM |
198130 |
0.11 |
|
|
SOLACHI RAMANATHAN |
8500 |
0.00 |
|
|
A V NAGALAKSHMI |
3600 |
0.00 |
|
|
M M MUTHIAH |
398130 |
0.22 |
|
|
M V AR MEENAKSHI |
449630 |
0.25 |
|
|
A.KEERTIKA
UNNAMALAI |
500 |
0.00 |
|
|
SIGAPI ARUNACHALAM |
227990 |
0.12 |
|
|
V VASANTHA |
2300 |
0.00 |
|
|
M V MUTHIAH |
449590 |
0.25 |
|
|
DHRUV M
ARUNACHALAM |
1000 |
0.00 |
|
|
M M SEETHALAKSHMI |
319700 |
0.17 |
|
|
PRANAV ALAGAPPAN |
25950 |
0.01 |
|
|
M V SUBRAMANIAN |
23425 |
0.01 |
|
|
Any Other
(specify) |
73623775 |
40.17 |
|
|
AMBADI ENTERPRISES
LTD. |
1058200 |
0.58 |
|
|
A M M VELLAYAN
SONS PRIVATE LTD. |
38430 |
0.02 |
|
|
CARBORUNDUM
UNIVERSAL LTD. |
1000 |
0.00 |
|
|
M M MUTHIAH SONS
PRIVATE LTD. |
4200 |
0.00 |
|
|
M M MUTHIAH
RESEARCH FOUNDATION |
280920 |
0.15 |
|
|
AR LAKSHMI ACHI TRUST |
391510 |
0.21 |
|
|
AMBADI INVESTMENTS
LIMITED |
70066595 |
38.23 |
|
|
M A ALAGAPPAN
HOLDINGS PVT. LTD. |
509860 |
0.28 |
|
|
MURUGAPPA
EDUCATIONAL AND MEDICAL FOUNDATION |
726200 |
0.40 |
|
|
M A MURUGAPPAN
HOLDINGS PVT. LTD. |
546860 |
0.30 |
|
|
Sub Total A1 |
91490567 |
49.92 |
|
|
A=A1+A2 |
91490567 |
49.92 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
26629512 |
14.53 |
|
|
L&T Mutual
Fund Trustees Ltd. L & T Equity Fund |
3216160 |
1.75 |
|
|
HDFC Trustee
Company Ltd |
13294490 |
7.25 |
|
|
Reliance Capital Trustee
Co. Ltd. A/c. Reliance Regular Savings Fund - Equity Option |
2643846 |
1.44 |
|
|
UTI - Mutual Fund
Scheme |
3540734 |
1.93 |
|
|
Foreign Portfolio
Investors |
20447502 |
11.16 |
|
|
Toyota Tsusho
Corporation |
2700000 |
1.47 |
|
|
Financial Institutions/
Banks |
886420 |
0.48 |
|
|
Insurance
Companies |
2936126 |
1.60 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
2936046 |
1.60 |
|
|
Any Other
(specify) |
3660 |
0.00 |
|
|
Sub Total B1 |
50903220 |
27.78 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
20880304 |
11.39 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4132882 |
2.26 |
|
|
NBFCs registered
with RBI |
203031 |
0.11 |
|
|
Any Other
(specify) |
14946277 |
8.16 |
|
|
Trusts |
107396 |
0.06 |
|
|
Alternative
Investment Fund |
502585 |
0.27 |
|
|
NRI |
435370 |
0.24 |
|
|
Clearing Members |
28923 |
0.02 |
|
|
NRI – Non- Repat |
1660503 |
0.91 |
|
|
Bodies Corporate |
12211500 |
6.66 |
|
|
SHAMYAK INVESTMENT
PRIVATE LIMITED |
2348880 |
1.28 |
|
|
GAGANDEEP CREDIT
CAPITAL PVT LTD |
4041256 |
2.21 |
|
|
Sub Total B3 |
40162494 |
21.92 |
|
|
B=B1+B2+B3 |
91065714 |
49.69 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company’s operations are organised into three major segments – Cycles and Accessories, Engineering and Metal Formed Products. · The Cycles and Accessories segment comprises of Standard bi-cycles, Special bi-cycles including alloy bikes and Speciality performance bikes and fitness equipments. · The Engineering segment comprises of cold rolled steel strips and precision steel tube viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes (ERW). · The Metal Formed Products segment comprises of Automotive and Industrial chains, fine blanked products, stamped products, roll-formed car doorframes and cold rolled formed sections for railway wagons and passenger coaches [Registered Activity] |
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3481 (Approximately) |
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Bankers : |
· Bank of America · HDFC Bank Limited · Standard Chartered Bank · State Bank of India ·
The Hong Kong and Shanghai Banking Corporation
Limited |
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Facilities : |
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Auditors : |
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Name : |
S R Batliboi and Associates LLP Chartered Accountants |
|
Address : |
6th and 7th Floor, “A” Block Tidel Park, (Module
601, 701 and 702), No. 4 Rajiv Gandhi Salai, Taramani, Chennai-600113,
Tamilnadu, India |
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Tel. No.: |
91-44-66548100 |
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Fax No.: |
91-44-22540120 |
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Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies: |
· Shanthi Gears Limited ·
Financiere
C10 SAS and its Subsidiaries namely:
|
|
|
|
|
Joint Venture
Company: |
· TI Tsubamex Private Limited · TI Absolute Concepts Private Limited |
|
|
|
|
Company having
Significant Influence and other entities of the Group : |
· Murugappa Holdings Limited · Ambadi Investments Private Limited · Parry Agro Industries Limited · Parry Enterprises India Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 1/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
187447871 |
Equity Shares |
INR 1/- each |
INR 187.400
Million |
|
|
|
|
|
Note - Upon the scheme
becoming effective, the company shall issue one fully paid up equity share of
INR 1 each for every one fully paid up equity share held in the Demerged
Company as at the record date
The Reconciliation of
shares capital is given below:
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares |
In INR Million |
|
|
At the beginning of the year |
110000 |
1.100 |
|
Cancellation of existing Equity Share Capital pursuant to
Scheme of Arrangement* |
(110000) |
(1.100) |
|
Equity Shares of INR1 each to be issued pursuant to Scheme
of Arrangement* |
187447871 |
187.400 |
|
At the end of the year |
187447871 |
187.400 |
* During the year, the face value of the share has been reduced from INR 10 per share to INR 1 per share, without any reduction in Authorised and Issued Share capital. Pursuant to the Scheme of Arrangement as mentioned in Note 2, the existing Share Capital of INR 1.100 million stands cancelled and credited to Capital Reserve. The Company shall issue Share Capital to the extent of the shares outstanding as at the record date in the books of the Demerged Company and accordingly the Authorised Share Capital has been increased to INR 250.000 million. The breakup of Equity Shares to be issued are as follows:
|
Particulars |
INR
Million |
|
On account of Transfer of Assets and Liabilities as at 1st
April 2016 |
187.300 |
|
On account of Shares issued upon exercise of Employees
Stock Options after 1st April 2016 |
0.100 |
|
Equity Shares to be
issued pursuant to the Scheme of Arrangement |
187.400 |
Terms / Rights
attached to class of shares
The Company has only one class of shares referred to as Equity
Shares having a par value of INR 1 each. The holders of Equity Shares are
entitled to one vote per share. Dividend proposed by the Board of Directors, if
any, is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. Repayment of capital will
be in proportion to the number of equity shares held by the shareholders
Details of
Shareholder(s) holding more than 5 percent of Equity Shares in the Company
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares |
% against total number of shares |
|
|
Murugappa Holdings Limited (Face Value INR 1 each) |
64054680 |
34.17% |
Status on Global
Depository Receipts (GDRs):
Pursuant to the Scheme of Arrangement, the Company shall issue
shares in the ratio of GDRs held by them in the Demerged Company, to an
appointed depository. The appointed depository shall hold such shares on behalf
of the holders of the Demerged Company GDRs. Consequently, the aggregate number
of GDRs deemed to be outstanding as at 31st March 2017 is 42,30,630 (As at 31st
March 2016 - Nil) each representing one Equity Share of INR 1 face value. GDR %
against total number of shares is 2.26%. The GDRs carry the same terms / rights
attached to Equity Shares of the Company
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 |
187.400 |
374.700 |
374.300 |
|
(b) Reserves & Surplus |
11232.700 |
19018.100 |
12831.000 |
|
(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) |
11420.100 |
19392.800 |
13205.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3500.000 |
3750.000 |
7811.300 |
|
(b) Deferred tax liabilities (Net) |
643.800 |
419.600 |
567.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
4143.800 |
4169.600 |
8378.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3018.100 |
2658.200 |
3396.100 |
|
(b)
Trade payables |
7170.000 |
6124.400 |
6250.000 |
|
(c)
Other current liabilities |
2288.000 |
8262.300 |
3959.000 |
|
(d)
Short-term provisions |
712.800 |
1176.200 |
444.600 |
|
Total
Current Liabilities (4) |
13188.900 |
18221.100 |
14049.700 |
|
|
|
|
|
|
TOTAL |
28752.800 |
41783.500 |
35633.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8813.400 |
8316.000 |
9042.500 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
331.000 |
560.600 |
363.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5720.300 |
14612.900 |
15231.800 |
|
(c) Deferred tax assets
(net) |
381.100 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
614.500 |
|
(e)
Other Non-current assets |
504.100 |
519.200 |
0.000 |
|
Total
Non-Current Assets |
15749.900 |
24008.700 |
25252.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1020.800 |
0.000 |
0.100 |
|
(b)
Inventories |
5807.200 |
4583.100 |
4682.300 |
|
(c)
Trade receivables |
5282.200 |
4908.500 |
4779.400 |
|
(d)
Cash and cash equivalents |
187.600 |
7345.500 |
257.300 |
|
(e)
Short-term loans and advances |
13.700 |
936.300 |
661.500 |
|
(f)
Other current assets |
691.400 |
1.400 |
0.000 |
|
Total
Current Assets |
13002.900 |
17774.800 |
10380.600 |
|
|
|
|
|
|
TOTAL |
28752.800 |
41783.500 |
35633.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
44158.900 |
39409.700 |
38277.700 |
|
|
|
Other Income |
310.600 |
344.100 |
371.400 |
|
|
|
TOTAL |
44469.500 |
39753.800 |
38649.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
24738.400 |
23645.600 |
23851.500 |
|
|
|
Purchases of Stock-in-Trade |
1334.700 |
793.100 |
885.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1079.400) |
(124.000) |
(492.100) |
|
|
|
Employees benefits expense |
3986.300 |
3579.100 |
3220.100 |
|
|
|
Other expenses |
8468.300 |
8014.900 |
7620.000 |
|
|
|
Excise Duty on Sale of Goods and Scraps |
3073.200 |
0.000 |
0.000 |
|
|
|
Exceptional Items |
0.000 |
(7849.800) |
(340.000)
|
|
|
|
TOTAL |
40521.500 |
28058.900 |
34744.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3948.000 |
11694.900 |
3904.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
720.500 |
1351.100 |
1383.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3227.500 |
10343.800 |
2521.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1212.500 |
1106.000 |
970.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2015.000 |
9237.800 |
1551.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
425.500 |
1938.900 |
342.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1589.500 |
7298.900 |
1208.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
CIF Value |
3477.600 |
2248.100 |
2220.400 |
|
|
TOTAL EARNINGS |
3477.600 |
2248.100 |
2220.400 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
8.48 |
38.98 |
6.46 |
|
|
|
Diluted
|
8.48 |
38.94 |
6.45 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
9.81% Privately Placed NCD* |
750.000 |
750.000 |
0.000 |
|
9.99% Privately Placed NCD* |
499.900 |
0.000 |
0.000 |
|
10.05% Privately Placed NCD |
0.000 |
0.000 |
500.000 |
|
10.04% Privately Placed NCD |
0.000 |
0.000 |
500.000 |
|
9.95% Privately Placed NCD |
0.000 |
0.000 |
1000.000 |
|
9.46% Privately Placed NCD |
0.000 |
0.000 |
1000.000 |
|
9.02% Privately Placed NCD # |
0.000 |
1500.000 |
0.000 |
|
8.80% Privately Placed NCD #$ |
0.000 |
1500.000 |
0.000 |
|
8.65% Privately Placed NCD # |
0.000 |
1250.000 |
0.000 |
|
8.91% Privately Placed NCD# |
0.000 |
1000.000 |
0.000 |
|
9.90% Privately Placed NCD# |
0.000 |
1000.000 |
0.000 |
|
Foreign Currency Long
Term Buyers Credit Loans (LTBC) |
|
|
|
|
LTBC – USB 1.45 Mio# |
0.000 |
96.300 |
0.000 |
|
LTBC – USB 1.52 Mio# |
0.000 |
100.400 |
0.000 |
|
LTBC – USB 1.29 Mio# |
0.000 |
85.100 |
0.000 |
|
LTBC – USB 1.56 Mio# |
0.000 |
37.100 |
0.000 |
|
LTBC – USB 1.17 Mio# |
0.000 |
11.100 |
0.000 |
|
Total |
1249.900 |
7330.000 |
3000.000 |
|
|
|
|
|
|
Cash generated from operations |
3912.600 |
3358.200 |
2008.000 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
3553.600 |
1351.100 |
1672.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.66 |
45.46 |
45.57 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.36 |
8.03 |
8.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
100.37 |
91.47 |
92.22 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.68 |
2.55 |
0.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.43 |
1.32 |
0.42 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.62 |
0.70 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.68 |
0.71 |
1.08 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.15 |
0.94 |
1.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.80 |
0.46 |
0.71 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.48 |
8.66 |
2.82 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.60 |
18.52 |
3.16 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.53 |
17.47 |
3.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.92 |
37.64 |
9.15 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.99 |
0.98 |
0.74 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.55 |
0.72 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.46 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
41.45 |
36.66 |
37.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.99 |
0.98 |
0.74 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 265.00/- |
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 |
374.300 |
374.700 |
187.400 |
|
Reserves & Surplus |
12831.000 |
19018.100 |
11232.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
13205.300 |
19392.800 |
11420.100 |
|
|
|
|
|
|
long-term borrowings |
7811.300 |
3750.000 |
3500.000 |
|
Short term borrowings |
3396.100 |
2658.200 |
3018.100 |
|
Current Maturities of Long
term debt |
3000.000 |
7330.000 |
1249.900 |
|
Total
borrowings |
14207.400 |
13738.200 |
7768.000 |
|
Debt/Equity
ratio |
1.076 |
0.708 |
0.680 |
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 |
38277.700 |
39409.700 |
44158.900 |
|
|
|
2.957 |
12.051 |
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 |
38277.700 |
39409.700 |
44158.900 |
|
Profit/ (Loss) |
1208.600 |
7298.900 |
1589.500 |
|
|
3.16% |
18.52% |
3.60% |
LEGAL CASES
|
High Court of Madras |
|
Case Status Information System |
|
Case Status : |
Pending |
|
Status Of : |
CIVIL MISC.
PETITION 21736 Of 2017 |
|
Litigants : |
THE DEPURY
COMMISSIONER CR-I, Vs. TUBE INVESTMENTS OF |
|
Pet's Adv : |
SPL.GOVT PLEADER
TAXES |
|
Res's Adv : |
|
|
Last Hearing Date : |
Tuesday, December
19, 2017 |
|
Category : |
Tax/Tolls |
|
Case Status : |
Pending |
|
Status Of : |
WRIT
APPEAL 1689 Of 2017 |
|
Litigants : |
THE DEPURY
COMMISSIONER CR-I, Vs. TUBE INVESTMENTS OF |
|
Pet's Adv : |
SPL.GOVT PLEADER
TAXES |
|
Res's Adv : |
CHENNAI |
|
Last Hearing Date : |
Tuesday, December
19, 2017 |
|
Category : |
Tax/Tolls |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G44418465 |
100099557 |
IDBI TRUSTEESHIP SERVICES LIMITED |
04/05/2017 |
- |
- |
1000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
2 |
C75723791 |
10615027 |
IDBI TRUSTEESHIP SERVICES LIMITED |
07/01/2016 |
- |
- |
1500000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
3 |
C70638358 |
10604229 |
IDBI TRUSTEESHIP SERVICES LIMITED |
20/11/2015 |
- |
- |
1000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
4 |
G37301439 |
10121532 |
STANDARD CHARTERED BANK |
27/08/2008 |
17/02/2017 |
- |
10250000000.0 |
19, RAJAJI SALAICHENNAITN600001IN |
|
5 |
Y10419044 |
90296117 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
14/02/1991 |
- |
- |
20000000.0 |
IDBI TOWERCUFFE PARADE; COLABABOMBAYMH400005IN |
|
6 |
Y10418902 |
90295975 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
13/03/1987 |
11/04/1990 |
- |
11200000.0 |
BANK OF BARODA BUILDING227; VINAY K SHAH MARG; NARIMAN POINTBOMBAYMH400021IN |
|
7 |
Y10421021 |
90298094 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPN. OF INDIA LIMITED |
27/06/1969 |
- |
- |
2900250.0 |
163BACKBAY RECLAMATION; FORTBOMBAYMH600020IN |
|
8 |
G72512411 |
10384399 |
IDBI TRUSTEESHIP SERVICES LIMITED |
25/10/2012 |
30/08/2016 |
14/12/2017 |
750000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
CONTINGENT
LIABILITIES:
|
Particulars |
|
31.03.2017 (INR
In Million) |
|
Disputed Income-Tax demands under appeal / remand pending
before various appellate / assessing authorities against the Demerged Company |
|
393.600 |
|
Disputed Service Tax, Excise and Customs duty demand
amounting to `0.11 Cr. (Previous Year Nil) pertaining to financial years
1999-2000 to 2012-13 under appeal pending before the Appellate Tribunal. The
Management is of the opinion that the above demands are arbitrary and are not
sustainable |
|
1.100 |
|
Claims against the Company not acknowledged as debts |
|
8.900 |
NOTES:
a. Draft Assessment Orders received from Income Tax
Authorities and Show Cause Notices received from various other Government
Authorities, pending adjudication, have not been considered as Contingent
Liabilities.
b. The uncertainties and possible reimbursement in respect of the above mentioned contingent liabilities are dependent on the outcome of various legal proceedings and therefore, cannot be predicted accurately.
c. The Company considers the Cash flow in each of the cases to be uncertain and hence considered as Contingent liabilities.
d. As per the Scheme of Arrangement, all taxes, duties, cess
payable by the Demerged Company relating to the Manufacturing Business
Undertaking including all advance tax payments, tax deducted at source or any
refunds / credit / claims relating thereto shall, for all purposes, be treated
as advance tax payments, tax deducted at source or refunds / credit / claims,
as the case may be, of the Company, provided however that any direct and
indirect taxes that cannot specifically be earmarked as the liability or
refunds / credit / claims relating to the Manufacturing Business Undertaking
shall continue to be borne by the Demerged Company. The Scheme further provides
that if the Demerged Company or their successor(s) receives any refunds /
credit / claims or incurs any liability in respect of the Manufacturing
Business Undertaking, the same shall be on behalf of and as a trustee of the
Company and the same shall be refunded to / paid by the Company
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months
Ended 31.12.2017 |
|
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Sale of product |
11029.500 |
11168.200 |
33775.000 |
|
Other operating revenue |
695.500 |
584.800 |
1877.700 |
|
Total revenue from operations |
11725.000 |
11753.000 |
35652.700 |
|
Other Income |
81.600 |
68.500 |
181.500 |
|
Total Income |
11806.600 |
11821.500 |
35834.200 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
6508.300 |
5956.500 |
19699.200 |
|
Purchases of Stock-in-Trade |
246.000 |
586.500 |
1189.600 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
514.400 |
717.500 |
663.800 |
|
Excise Duty |
0.000 |
0.000 |
831.300 |
|
Employee
benefits expense |
1123.900 |
1082.800 |
3240.600 |
|
Finance
Costs |
344.100 |
312.500 |
965.800 |
|
Depreciation
and amortisation expense |
146.600 |
142.400 |
423.800 |
|
Other
expenditure |
2419.000 |
2361.300 |
7130.300 |
|
Total Expenses |
11302.300 |
11159.500 |
34144.400 |
|
|
|
|
|
|
Profit before tax (7-8) |
504.300 |
662.000 |
1689.800 |
|
Tax
expense |
154.900 |
204.500 |
531.100 |
|
Net profit/ loss for the year |
349.400 |
457.500 |
1158.700 |
|
Other comprehensive income |
|
|
|
|
Items not to be
reclassified to profit or loss in subsequent periods |
|
|
|
|
Remeasurement Gains and Losses on Defined Benefit Obligations [Net] and Net Loss/ Gain on FVTOCI Equity Securities |
(8.900) |
(10.100) |
(16.300) |
|
Income Tax Effect |
2.700 |
2.700 |
8.100 |
|
Items to be
reclassified to profit or loss in subsequent periods |
|
|
|
|
Net movement on cash flow hedges |
(4.200) |
1.200 |
4.100 |
|
Income Tax Effect |
1.500 |
(0.500) |
(1.400) |
|
Total comprehensive income |
(8.900) |
(6.700) |
(5.500) |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
187.500 |
450.800 |
187.500 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before exceptional
Items for the period (INR) |
1.86 |
2.44 |
6.18 |
|
b) Basic and diluted EPS after exceptional
Items for the period (INR) |
1.86 |
2.44 |
6.18 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months
Ended 31.12.2017 |
|
|
(Unaudited) |
(Audited) |
(Unaudited) |
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
Cycle and
Accessories |
3163.900 |
3612.700 |
10909.500 |
|
Engineering |
6066.600 |
5700.700 |
17447.100 |
|
Metal Formed
Products |
2977.100 |
2874.000 |
8700.300 |
|
Unallocated
Operating Income |
6.300 |
3.700 |
15.600 |
|
Total |
12213.900 |
12191.000 |
37072.500 |
|
Inter Segment
Revenue |
(488.900) |
(438.100) |
(1419.800) |
|
Net Revenue |
11725.000 |
11753.000 |
35652.700 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Cycle and
Accessories |
(33.300) |
91.900 |
201.100 |
|
Engineering |
476.900 |
448.1000 |
1293.000 |
|
Metal Formed
Products |
290.000 |
258.100 |
741.900 |
|
Total |
733.600 |
798.100 |
2236.000 |
|
Finance Costs |
(146.600) |
(142.400) |
(423.800) |
|
Other Net
Un-Allocable Income/Expenses and Inter Segment Eliminations |
(82.700) |
6.300 |
(122.400) |
|
Net Profit Before Tax |
504.300 |
662.000 |
1689.800 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Cycle and
Accessories |
5875.100 |
7195.700 |
5875.100 |
|
Engineering |
11134.900 |
10786.700 |
11134.900 |
|
Metal Formed
Products |
5742.300 |
5864.900 |
5742.300 |
|
Unallocated
Operating Assets |
7291.800 |
6878.700 |
7291.800 |
|
Inter Segment
Assets |
(339.700) |
(332.000) |
(339.700) |
|
Total |
29704.400 |
30394.000 |
29704.400 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Cycle and
Accessories |
2582.200 |
3275.100 |
2582.200 |
|
Engineering |
4001.500 |
4383.700 |
4001.500 |
|
Metal Formed
Products |
2024.900 |
1975.000 |
2024.900 |
|
Unallocated Operating Liabilities |
248.700 |
405.000 |
248.700 |
|
Inter Segment Liabilities |
(339.700) |
(332.000) |
(339.700) |
|
Total |
8517.600 |
9706.8000 |
8517.600 |
|
|
|
|
|
|
Capital Employees [Segment Assets – Segment
Liabilities] |
|
|
|
|
Cycle and
Accessories |
3292.900 |
3920.600 |
3292.900 |
|
Engineering |
7133.400 |
6403.000 |
7133.400 |
|
Metal Formed
Products |
3717.400 |
3889.9000 |
3717.400 |
|
Other Unallocated Assets Net of Unallocated Liabilities |
7043.100 |
6473.700 |
7043.100 |
|
Total |
21186.800 |
20687.200 |
21186.800 |
NOTES:
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12th February 2018.
2. The Scheme of Arrangement (“the Scheme”) between the Company (“Resulting Company") and TI Financial Holdings Limited, formerly known as Tube Investments of India Limited (“Demerged Company") and their Shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 was approved by the Board of Directors of both the Companies on 3rd November 2016. Pursuant to the Scheme, the Manufacturing Business Undertaking of the Demerged Company was vested in/transferred from the Demerged Company to the Company vide the Order of the National Company Law Tribunal, Chennai (“NCLT”) dated 17th July 2017 sanctioning the Scheme (“Order of NCLT”). The Scheme was given effect by filing of a certified copy of the Order of NCLT on 1st August 2017 by the Company and the Demerged Company with the Registrar of Companies, Tamil Nadu, Chennai. The Scheme is effective from the Appointed Date i.e. 1st April 2016.
3. The above Standalone financial results for the previous period comparatives have been prepared and published after giving effect to the Scheme and by adopting the Companies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") in compliance with the Ministry of Corporate Affairs Notification dated 16th February 2015 with a transition of 1st April 2015. Further, the Standalone and Consolidated financial results for the quarter and nine months ended 31st December 2016 and the Consolidated results for the quarter ended 30th September 2017 have been subjected to Limted Review.
4. The Board of Directors has recommended an interim dividend of `1.25/- (Rupee one and paise twenty five only) per equity share of `1 each for the financial year 2017-18.
5. The equity shares of the Company got listed on 2nd November 2017 in the BSE Limited and the National Stock Exchange of India Limited.
6. During the quarter, 3,63,763 stock options were granted to eligible employees at the rate of one stock option of the Company for every stock option held and outstanding in the Demerged Company on the date of the Nomination and Remuneration Committee Resolution dated 21st November 2017, as provided under the Scheme of Arrangement for Demerger sanctioned by the National Company Law Tribunal. The total outstanding Employee Stock Options as at 31st December 2017 are 3,63,763.
7.
The consolidated financial results of the
Company comprising the Company, its subsidiaries (together 'the Group') and its
joint ventures, include the results of the following entities:
Shanthi Gears Limited – Subsidiary
I. Financiere C10 SAS (FC10) – Subsidiary
II. Sedis SAS - Subsidiary of FC10
III. Sedis Gmbh - Subsidiary of FC10
IV. Sedis Co Ltd. - Subsidiary of FC10
V. TI Tsubamex Private Limited - Joint Venture Company
VI. TI Absolute Concepts Private Limited - Joint Venture Company
8. The Company has invested INR 15.000 million during the quarter ended 31st December 2017 in TI Absolute Concepts Private Limited without any change in the shareholding percentage.
9. The Standalone figures of the previous quarter ended 30th September 2017 are the balancing figures between the audited results in respect of the six months ended 30th September 2017 and unaudited results of 30th June 2017 of the current financial year which were subjected to limited review.
10. The above Financial Results are also available on the stock exchange websites www.bseindia.com and www.nseindia.com and on our website www.tiindia.com.
11. 'Previous periods' figures have been re-grouped / re-classified, where necessary to make it comparable with the current period.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Commercial Papers |
1500.000 |
0.000 |
|
|
|
|
|
From Banks |
|
|
|
- Foreign Currency Loans |
0.000 |
662.500 |
|
Commercial papers |
0.000 |
1500.000 |
|
|
|
|
|
Total |
1500.000 |
2162.500 |
CORPORATE INFORMATION
Tube Investments of India Limited (“the Company”) was formerly known as TI Financial Holdings Limited and is a Public Limited Company domiciled in India. The Registered Office of the Company is located at 234, NSC Bose Road, Chennai, Tamilnadu
The Company was originally incorporated as TI Financial Holdings Limited (CIN: U35100TN2008PLC069496) on 6th October 2008 under the Companies Act, 1956, as a wholly-owned subsidiary of erstwhile Tube Investments of India Limited (“Demerged Company”).
Pursuant to the Scheme of Arrangement (“the Scheme”) the details relating to which are more elaborately provided under Note 2 below, the Manufacturing Business Undertaking of the Demerged Company was vested in / transferred to the Company vide the Order of the National Company Law Tribunal, Chennai (“NCLT”) dated 17th July 2017 sanctioning the Scheme (“Order of NCLT”). The Scheme was given effect by filing of a certified copy of the Order of NCLT on 1 st August 2017 by the Company and the Demerged Company with the Registrar of Companies, Tamil Nadu, Chennai. The Scheme is effective from the Appointed Date i.e. 1st April 2016.
Pursuant to the Scheme, the Name of the Company is being changed to “Tube Investments of India Limited”.
The Company has manufacturing locations across the Country and has three product segments namely, Cycles and Accessories, Engineering and Metal Formed Products. The Company also has Subsidiaries and Joint Venture Companies, Viz., Shanthi Gears Limited, Financiere C10 SAS, Sedis SAS, Sedis GmbH, Sedis Company Limited, TI Tsubamex Private Limited and TI Absolute Concepts Private Limited.
The standalone financial statements were authorised for
issue in accordance with a resolution of the directors on 9th August 2017.
SCHEME OF ARRANGEMENT
The Scheme of Arrangement (“the Scheme”) between the Company (“Resulting Company”) and TI Financial Holdings Limited, formerly known as Tube Investments of India Limited (“Demerged Company”) and their Shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, was approved by the Board of Directors of both the Companies on 3rd November 2016.
The Demerged Company, interalia, was engaged in manufacturing of tubes, strips, tubular components, bicycles and fitness products, chains for automobile sector and industrial applications, roll-formed sections, other metal formed products, industrial gears, designing and manufacturing of dies (“Manufacturing Business Undertaking”). The Manufacturing Business is also carried out through subsidiaries and Joint Venture Companies (Shanthi Gears Limited, Financiere C10 SAS, Sedis SAS, Sedis GmbH, Sedis Company Limited, TI Tsubamex Private Limited and TI Absolute Concepts Private Limited).
The Scheme provided for the demerger of the Manufacturing Business Undertaking of the Demerged Company into this Company, on a going concern basis, with effect from the appointed date of 1st April 2016.
The salient features of the Demerger are as under:
a. The Demerged Company and the Company has made applications and / or petitions under Section 230 read with Section 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 to the National Company Law Tribunal, Chennai (“Tribunal” or “NCLT”) for sanction of this Scheme and all matters ancillary or incidental thereto
b.
The whole of the undertaking and assets and
properties of the Manufacturing Business Undertaking of the Demerged Company,
shall stand transferred to and vested in the Company with all the rights, title
and interest pertaining to the Manufacturing Business Undertaking.
c.
The Scheme of Arrangement would become effective
from the Appointed Date i.e. 1st April 2016 but shall be operative from the
Effective Date i.e. 1 st August 2017 being the date of filing of a certified
copy of the Order of NCLT by the Company and the Demerged Company with the
Registrar of Companies, Tamil Nadu, Chennai.
d.
Equity Share Capital of the Company
i. Equity Share Capital of INR 1.100 millionof the Company as on the Appointed Date shall stand cancelled and credited to Capital Reserve.
ii.
The Company shall issue and allot 1 (One) fully
paid up Equity Share of INR 1 (Rupee One Only) each for every 1 (One) fully
paid up equity share of INR 2 (Rupees Two) each held in the Demerged Company.
iii.
The equity shares of the Company will be listed
on the Stock Exchanges, namely BSE Limited and the National Stock Exchange of
India Limited, on which the shares of the Demerged Company are listed, after
making necessary applications for the approval of the said Stock Exchanges.
e.
All legal proceedings by or against the Demerged
Company relating to Manufacturing Business Undertaking were transferred to the
Company.
f.
All staff and employees of the Demerged Company pertaining
to Manufacturing Business Undertaking in service on the Effective Date shall be
deemed to have become staff and employees of the Company and the terms and
conditions of their employment with the Company shall not be less favourable
than those applicable to them with reference to their employment in the
Demerged Company.
g.
Employees
Stock Option Schemes
i.The Company shall take necessary steps to formulate stock option schemes by adopting the Existing Stock Option Schemes of the Demerged Company.
ii. With respect to the stock options granted by the Demerged Company to the employees of the Demerged Company under the Existing Stock Option Schemes and upon the Scheme becoming effective, the said employees shall be issued one stock option by the Company under the new scheme(s) for every stock option held in the Demerged Company, whether the same are vested or not on terms and conditions similar to the relevant Existing Stock Option Schemes.
iii. The existing exercise price of the stock options of the Demerged Company shall stand suitably adjusted in an appropriate manner as determined by the Nomination and Remuneration Committee of the Demerged Company and the balance of the exercise price shall become the exercise price of the stock options issued by the Company.
h. All the contracts, deeds, bonds, agreements, arrangements, assurances and other instruments of whatsoever nature of Manufacturing Business Undertaking of Demerged Company was transferred to the Company
i. All debts, liabilities, duties and obligations of relating to Manufacturing Business Undertaking of Demerged Company were transferred to the Company.
j. Pursuant to the Scheme, Net Assets of INR 9793.700 million was taken over from the Demerged Company on 1st April 2016
MANAGEMENT DISCUSSION
AND ANALYSIS
SCHEME OF ARRANGEMENT
(DEMERGER), SHARE CAPITAL AND LISTING OF EQUITY SHARES
SCHEME OF ARRANGEMENT
AND SANCTION BY NATIONAL COMPANY LAW TRIBUNAL
The Board of Directors of the Company, at the meeting held
on 3rd November 2016, approved a Scheme of Arrangement (‘Scheme’) for the
demerger of the Manufacturing Business Undertaking of the Demerged Company
viz., Tube Investments of India Limited, (now known as TI Financial Holdings
Limited) on a going concern basis, in favour of the Company (Resulting
Company). The Manufacturing Business Undertaking which has vested in the
Company means the manufacturing of tubes, strips, tubular components, bicycles
and fitness products, chains for automobile sector and industrial applications,
roll-formed sections, other metal formed products, industrial gears, designing
and manufacturing of dies and includes investments in Shanthi Gears Limited,
Financiere C10 SAS, Sedis SAS, Sedis Co Limited, Sedis Gmbh, TI Tsubamex
Private Limited and TI Absolute Concepts Private Limited. etc. The Scheme
received the approval of the shareholders of the Demerged Company at the Equity
Shareholders Meeting convened and held on 24th April 2017 as per the directions
of the National Company Law Tribunal, Chennai (‘NCLT’). The Scheme was
sanctioned by the NCLT vide its Order dated 17th July 2017. The Scheme has
become effective on 1 st August 2017, being the date of filing of the
aforementioned Order of Sanction with the Registrar of Companies, Tamil Nadu,
Chennai.
BUSINESS REVIEW – STANDALONE
Cycles and Components
TI’s Presence
The Cycles and Components segment of the Company comprises bicycles of the Standard and Special variety including alloy bikes & specialty performance bikes, bicycle components sold as spares and home fitness equipment.
INDUSTRY SCENARIO
Bicycles fall under two distinct categories – Standard and Special. While the Standard cycles are largely used for commuting, especially in small towns & rural areas, the Specials cycles have come to be looked at as a product for fun, fitness and leisure activities. As per the industry estimates, bicycle industry volumes declined approximately by 8% during 2016-17. While orders from the Government Schemes witnessed a decline from the record levels of the previous year, trade volumes witnessed a decline of around 10% during the year. 2016-17 was a very challenging year for the bicycle industry, with consumer demand adversely impacted by the effects of demonetisation and drought in parts of the country. On the other hand, increasing aspirations, higher purchasing power, international exposure to usage patterns and growing fitness consciousness are providing impetus to the use of high-end special bicycles, the sale volumes of which have continued to grow steadily year-on-year.
Nearly 80% of the country’s requirements are met by four major players. The smaller regional players and imports constitute the balance. The Company enjoys a share of over one-third of the total organised market with a much higher share in the premium segment.
REVIEW OF PERFORMANCE
The segment sold over 40 lakh bicycles during the year, which was however lower by 13% over 2015-16. The business retained overall market share in trade cycles and made significant gains in Specials. The segment continues to focus on creating an enhanced retail experience especially with regard to the Specials and premium segment. The Company’s exclusive retail outlets have been brought under a common brand of “Track & Trail” with a consistent online presence. 35 new Track & Trail outlets were opened in 2016-17 and many more migrated from the older format, taking the total of exclusive Track & Trail outlets to 100. The segment also made a strong entry into e-commerce with a presence in 3 online marketplaces apart from its own e-commerce portal, www.trackandtrail.in
‘Ciclo Café’, a new retail concept of cafe-cum-cycle store, which was launched in Chennai in 2014-15 to promote the sale of high-end bicycles and to strengthen the presence amongst cycling communities, was spun off as a joint venture so as to expand to other cities like Hyderabad and Gurugram.
The Company set up a dedicated team (Premium Cycles Group or PCG) to focus on the development and growth of premium performance bicycles in India. A key development in this direction was the launch of the World renowned ‘Ridley’ brand of bicycles in India, including an India-specific product portfolio during the year. The range of premium cycles under the Montra and Roadeo brands is being expanded further giving Indian consumers international quality bicycles at affordable prices.
The Company inaugurated a state-of-the-art bicycle manufacturing plant at Rajpura (Punjab) during the year, with an installed capacity of 2,50,000 bicycles per month. The Rajpura facility will enable the segment take advantage of an established vendor base available nearby in Ludhiana. As a consequence, operations at an older plant in a leased premises in North India were wound down to derive cost efficiencies.
Exports of bicycles during the year grew at a very healthy pace, tapping into opportunities in Europe. Debottlenecking of capacity at the Ambattur facility is proposed which would help the Company grow its exports further.
ENGINEERING
TI’S PRESENCE
The Engineering Segment of the Company consists of cold rolled steel strips and precision steel tubes viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes (ERW). These products primarily cater to the needs of the automotive, boiler, bicycle, general engineering and process industries. The Company is further engaged in the manufacture of large diameter welded tubes mainly for non-auto application which are largely imported.
INDUSTRY SCENARIO
The overall automotive industry grew by 5% during 2016-17. The passenger vehicle, commercial vehicle and two-wheeler segments registered growth of 9%, 3% and 6% respectively over the last fiscal. Within the two wheeler segment, the sale volumes in scooters and motorcycles grew by 12% and 2% respectively.
In Cold Rolled Steel Strips, the Company continued to be a ‘niche player’ in a market dominated by integrated steel manufacturers by focussing on special grades catering to varied applications in different sizes and grades.
REVIEW OF PERFORMANCE
The Engineering segment continued on the growth path on the back of growth in the domestic auto industry and in exports by taking good advantage of the capabilities, regional plants and distribution network of the segment.
During the year, volumes of the precision steel tubes business
grew 9%, while the cold rolled steel strips business grew 7%. The large
diameter tube manufacturing plant, which caters to the requirements of the
power, infrastructure, off-highway and general engineering segments further
stabilised during the year. Plans have been drawn up for optimum utilisation of
this facility and improvement in the market share.
During the year, the segment registered revenue of INR 20770.000 million as compared to INR 18210.000 million during the previous year. The operating profit before interest and tax stood at INR 1460.000 million as compared to INR 94 million during 2015-16.
Increase in volumes in the domestic market and exports, modernisation of facility and further enhancement in efficiencies were the key business emphasis areas aiding improved profitability during 2016-17.
Some U.S. steel tubular products manufacturers have filed petitions before U.S. authorities alleging dumping/unfair imports of cold-drawn steel mechanical tubes, supported by countervailable subsidies from the respective national Governments, from the People's Republic of China, the Federal Republic of Germany, India, Italy, the Republic of Korea, and Switzerland, resulting in material injury to the U.S. domestic industry. The proceedings are currently on before the United States Department of Commerce and the United States International Trade Commission. The Company is represented by a reputed US firm dealing with trade cases in the said proceedings to defend its interest.
METAL FORMED PRODUCTS
TI’S PRESENCE
Automotive & industrial chains, fine blanked products,
stamped products, roll-formed car doorframes and cold rolled formed sections
for railway wagons and passenger coaches constitute the Metal Formed Products
segment.
INDUSTRY SCENARIO
The two wheeler segment grew 6%, the scooter segment by 12% and the passenger car segment by 9%, during 2016-17. The segment is one of the three major players manufacturing roller chains and fine blanked parts for the automotive industry in India. The replacement market for chains and sprockets continued to register a good growth due to the increasing two wheeler population. The domestic demand for industrial chains has grown moderately.
Currently, there are three established roll-formed car doorframe manufacturers in the country. The international car majors continue to invest in the country and are increasingly using India as an export base. As a result, many component manufacturers have the opportunity to cater to the global needs of automobile manufacturers and their Tier 1 suppliers. Within the railway segment, the freight sub-segment is yet to show any sign of a major revival. A pick-up was witnessed with regard to the passenger coach sub-segment with the segment supplying 159 coaches to the Integral Coach Factory, Chennai (ICF).
REVIEW OF PERFORMANCE
Sale of automotive chains to OEMs (Original Equipment Manufacturers) grew negatively at 3% when compared to 2015-16. The Company continued to expand its presence in the aftermarket segment benefiting from the twowheeler population growth. Sale of industrial chains in the domestic market recorded a growth of 15% during the year due to new products developed substituting the imports as well as through the appointment of dealers in growing industrial belts. Fine blanked components volumes grew by 5% primarily through new parts developed for the four wheeler segment. Though exports registered a growth of 4% over 2015-16, the challenges faced continued due to the difficult demand conditions in Europe, with a weak Euro affecting realisations.
Doorframe sale volumes were higher at 6% during 2016-17 due to higher sales on selected models with two of the renowned auto majors. The focus is on generating more business from the auto OEMs, leveraging the Tier-1 position with specific emphasis on roll form channels and other tubular parts used in passenger cars. In addition, growing the casings vertical with efforts spread across sectors and geographical regions catering to new customers for both four wheeler and two wheeler auto electrical manufacturers, strengthening the current position in respect of coach parts, expanding the customer base beyond ICF and foraying into agri-rotovators blades and other farm implements are some of the opportunities that will be looked into closely to sustain the drive towards growth.
The chains business segment will be pursuing its core business processes to successfully handle fluctuations as well as change in the product mix to meet customers demand in order to grow. The auto aftermarket continues to provide opportunities for growth notwithstanding good competition and the business expects to strengthen on the sales structure, deepen its coverage and launch new products for new categories.
FIXED ASSETS:
· Land (Freehold)
· Buildings
· Plant and Machinery
· Railway Siding
· Office Equipment
· Furniture and Fixtures
· Vehicles
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 64.92 |
|
UK Pound |
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.