|
|
|
MIRA INFORM REPORT
|
Report No. : |
508304 |
|
Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TTK PRESTIGE LIMITED |
|
|
|
|
Formerly Known
As : |
TT LIMITED T T PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 38, SIPCOT Industrial Complex, Hosur – 635126, Tamilnadu |
|
Tel. No.: |
91-4344-276655 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
22.10.1955 |
|
|
|
|
Com. Reg. No.: |
18-015049 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 116.600
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110TZ1955PLC015049 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6503G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Kitchen Appliances and Property and Investment. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
1295 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 24488500 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
TTK Prestige Limited was established in the year 1955 and is among the leading brands in the kitchen equipment space, especially in the pressure cooker segment. The company has a diversified product profile, with 36% of its revenue coming from pressure cooker, 18% from cookware, and the reminder from gas stoves and appliances. The company is the flagship company of the TT Krishnamachari group of companies, which has interests in healthcare, and consumer products and services. For the financial year ended 2017, the company has achieved 7.78% growth in its revenue as compared to previous revenue and has maintained satisfactory profitability margin of 8.92% during the year under review. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage metrics due to debt free balance sheet profile. As per the quarterly unaudited financials of December 2017, the company achieved revenue of INR 4579.700 million along with a profit of INR 436.7 million. Rating also derive strength from company’s established track record of business and promoters extensive industry experience. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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 |
11.12.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk |
|
Date |
11.12.2017 |
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
31-03-2018.
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 10.05.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-4344-276655)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 38, SIPCOT Industrial Complex, Hosur – 635126, Tamilnadu,
India |
|
Tel. No.: |
91-4344-276655/ 276755 |
|
Fax No.: |
91-4344-276755 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
11th Floor, Brigade Towers, 135, Brigade Road, Bangalore –
560025, Karnataka, India |
|
Tel. No.: |
91-80-22217438/ 39/ 22277441 |
|
Fax No.: |
91-80-22277446/ 22277442 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No.82 and 85, SIPCOT Industrial Complex, Hosur Dharmapuri District – 635126, Tamilnadu, India |
|
|
|
|
Factory 3 : |
SF-234/1, Pollachi Road, Myleripalayam Village, Coimbatore – 641032, Tamilnadu, India |
|
|
|
|
Factory 4 : |
Plot No. 1A and 2, Dev Bhoomi Industrial Estate, Roorkee-247667, Uttarakhand, India |
|
|
|
|
Factory 5 : |
Vemardi Road, Juni Jithardi Village, Karjan Taluka, Vadodara, Gujarat, India |
|
|
|
|
Factory 6 : |
231, Khardi, Shahpur, Thane- 421301, Maharashtra, India |
|
|
|
|
Branch Offices : |
Located At : · Ahmedabad · Bangalore · Chandigarh · Chennai ·
·
· Dehradun · Ernakulam · Ghaziabad · Goa · Gurugram · Guwahati · Hubli · Hyderabad · Indore · Jaipur · Jamshedpur · Kolkata · Lucknow · Ludhiana · Mumbai · Parwanoo (HP) · Patna · Pune · Raipur · Trichy · Vijayawada |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jagannathan Thattai Thiruvallur |
|
Designation : |
Wholetime Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore - 560025, Karnataka, India |
|
Date of Appointment : |
01.07.2013 |
|
DIN No.: |
00191522 |
|
|
|
|
Name : |
Mr. Raghunathan Thattai Thiruvallur |
|
Designation : |
Director |
|
Address : |
91/1 (Old), 146(New), Santhome High Road, Chennai - 600028, Tamilnadu, India |
|
Date of Appointment : |
03.08.1995 |
|
DIN No.: |
00043455 |
|
|
|
|
Name : |
Mr. Rangarajan Srinivasan |
|
Designation : |
Director |
|
Address : |
Dhanya,, 126, Nandidurg Road, Bangalore - 560046, Karnataka, India |
|
Date of Appointment : |
21.08.2014 |
|
DIN No.: |
00043658 |
|
|
|
|
Name : |
Mr. Dileep Kumar Krishnaswamy |
|
Designation : |
Director |
|
Address : |
New No.19, Old No. 34/1, Vani Vilas Road, Bangalore - 560004, Karnataka, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No.: |
00176595 |
|
|
|
|
Name : |
Mr. Arun Kannan Thiagarajan |
|
Designation : |
Director |
|
Address : |
Grace Home, 37, Kanakapura Road, Basavanagudi, Bangalore - 560004, Karnataka, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No.: |
00292757 |
|
|
|
|
Name : |
Ms. Vandana Ramchandra Walvekar |
|
Designation : |
Director |
|
Address : |
62, Suriya Apartments, Pochkahanwala Road, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No.: |
00059160 |
|
|
|
|
Name : |
Mr. Murali Neelakantan |
|
Designation : |
Director |
|
Address : |
3702, B Wing, Lodha Bellissimo, Apollo Hills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No.: |
02453014 |
|
|
|
|
Name : |
Mr. Chandru Kalro |
|
Designation : |
Managing Director |
|
Address : |
P-55, Sector X, 7th Main, Jeevanbimanagar, Bangalore - 560025, Karnataka, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
03474813 |
|
|
|
|
Name : |
Mr. Shankaran Krishnamurthy |
|
Designation : |
Director |
|
Address : |
No.124,II Cross, II Main, Sarvabhowmanagar. Bilikanahalli, Bangalore - 560017, Karnataka, India |
|
Date of Appointment : |
01.11.1993 |
|
DIN No.: |
00043205 |
|
|
|
|
Name : |
Mr. Mukund Thattai Thiruvallur |
|
Designation : |
Director Appointed In Casual Vacancy |
|
Address : |
5/13, Brunton Road Cross, Richmond Town, Bangalore - 560025, Karnataka, India |
|
Date of Appointment : |
29.05.2015 |
|
DIN No.: |
07193370 |
KEY EXECUTIVES
|
Name : |
Mr. Shankaran Krishnamurthy |
|
Designation : |
Company Secretary |
|
Address : |
No.124, II Cross, II Main, Sarvabhowmanagar. Bilikanahalli, Bangalore - 560017, Karnataka, India |
|
Date of Appointment : |
09.10.1990 |
|
PAN No.: |
AAIPS7832E |
|
|
|
|
Name : |
Sundaresan Vaithianathan |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
#101, Srivas Apartments, 18th Cross, Kashi Mutt, Road, Malleshwaram, Bangalore - 560055, Karnataka, India |
|
Date of Appointment : |
15.07.2014 |
|
PAN No.: |
AKEPS1782M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
8130583 |
70.39 |
|
Public |
3420586 |
29.61 |
|
|
|
|
|
Grand Total |
11551169 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
11,45,449 |
9.92 |
|
|
T.T.RAGHUNATHAN |
2,000 |
0.02 |
|
|
T.T.JAGANNATHAN |
3,54,787 |
3.07 |
|
|
THATTAI THIRUVELLUR MUKUND |
2,74,830 |
2.38 |
|
|
TIRUVALLUR THATAI LAKSHMAN |
2,46,829 |
2.14 |
|
|
T T VENKATESH |
2,67,003 |
2.31 |
|
|
Any Other (specify) |
69,85,134 |
60.47 |
|
|
TTK Healthcare Limited |
14,800 |
0.13 |
|
|
TT Krishamachari & Co. represented by its
partners |
69,70,334 |
60.34 |
|
|
Sub Total A1 |
81,30,583 |
70.39 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
81,30,583 |
70.39 |
|
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
No. of fully paid up
equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
917555 |
7.94 |
|
|
AXIS EMERGING OPPORTUNITIES FUND - SERIES 1
(1400 DAYS) |
882012 |
7.64 |
|
|
Foreign Portfolio Investors |
1211794 |
10.49 |
|
|
WELLINGTON TRUST COMPANY, NATIONAL
ASSOCIATION MULTIPLE COMMON TRUST FUNDS TRUST, EMERGING MARKETS OPPORTUNITIES
PORTFOLIO |
204299 |
1.77 |
|
|
NALANDA INDIA EQUITY FUND LIMITED |
403465 |
3.49 |
|
|
Financial Institutions/ Banks |
1886 |
0.02 |
|
|
Any Other (specify) |
74 |
0.00 |
|
|
Sub Total B1 |
2131309 |
18.45 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
Million |
796117 |
6.89 |
|
|
Individual share capital in excess of INR
0.200 Million |
135160 |
1.17 |
|
|
NBFCs registered with RBI |
264 |
0.00 |
|
|
Any Other (specify) |
357736 |
3.10 |
|
|
Trusts |
70844 |
0.61 |
|
|
Non-Resident Indian (NRI) |
23492 |
0.20 |
|
|
Clearing Members |
2059 |
0.02 |
|
|
Non Resident Indian - Non Repatriable |
8451 |
0.07 |
|
|
Bodies Corporate |
215183 |
1.86 |
|
|
IEPF |
37707 |
0.33 |
|
|
Sub Total B3 |
1289277 |
11.16 |
|
|
B=B1+B2+B3 |
3420586 |
29.61 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Kitchen Appliances and Property and Investment. [Registered
Activity] |
|
|
|
|
Brand Names : |
“PRESTIGE AND MANTTRA” |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
1295 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
· Canara Bank Prime Corporate Branch, Shankarnarayana Building, M.G. Road, Bangalore-560001, Karnataka, India · Bank of Baroda CFS Branch, Brigade Road, Bangalore – 560025, Karnataka, India · HDFC Bank Limited Richmond Road, Bangalore – 560025, Karnataka, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
--- |
|
Statutory Auditors : |
|
|
Name : |
S. Viswanathan LLP Chartered Accountants |
|
Address : |
27/34, II Floor, Nandi Durg Road, Jayamahal Extension, Bangalore – 560046, Karnataka, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
V. Kalyanaraman Cost Accountants |
|
Address : |
#4, 2nd Street, North Gopalapuram, Chennai-86, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly Owned Subsidiaries : |
·
TTK British Holdings Limited ·
Horwood Homewares Holdings Limited ·
Horwood Homewares Limited |
|
|
|
|
Enterprises over which Key Management personnel (KMP) have significant
control : |
·
TTK Healthcare Limited ·
TTK Protective Devices Limited ·
TT Krishnamachari & Co ·
TTK Services (P) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11678469 |
Equity Shares |
INR 10/- each |
INR 116.800
Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11651169 |
Equity Shares |
INR 10/- each |
INR 116.500
Million |
|
27300 |
Add: Equity Shares Forfeited |
INR 5/- each
|
INR 0.100
Million |
|
|
|
|
|
|
|
Total |
|
INR 116.600 Million |
Notes
to financial statement for the year ended 31st March 2017
Paid Up Share Capital of 11651169
shares includes 7869064 shares of INR 10 each allotted as Bonus Shares fully paid up by Capitalization of
reserves, 20106 shares issued to shareholders of M/S. Prestige Housewares India
Limited (PHIL) consequent to merger of PHIL with TTK Prestige Limited and 9979
shares of Rs.10 each issued to Shareholders of Triveni Bialetti Industries
Private Limited (TBI) during the year on demerger of Kitchen Appliances
Division of TBI with the Company as per Scheme of arrangement approved by the
Honourabe High Courts of Madras and Bombay.
There was no Issue/Buyback
of Shares of the nature mentioned in Clause (i) of 6D of general instructions
to Division II of Schedule III, of the Companies Act 2013, in the last five
years.
MOVEMENT
IN RESPECT OF EQUITY SHARES IS GIVEN BELOW:
|
Particulars |
As at 31st March 2017 |
|
|
|
Nos. |
Amount |
|
At
the beginning of the period |
11641190 |
116.400 |
|
(+)
Issued during the period* |
9979 |
0.100 |
|
Outstanding
at the end of the period |
11651169 |
116.500 |
* The above represents 9979
shares of INR 10/- each issued to shareholders of Triveni Bialetti Industries
Private Limited (TBI) during the year on demerger of Kitchen Electrical
Appliances division of TBI with the Company as per Scheme of arrangement
approved by Hon’ble High Court of Madras & Bombay.
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5%
SHARES IN THE COMPANY
|
Name of the
Shareholders |
Nos. |
Percentage of holding |
|
|
|
|
|
T.T, Krishnamachari and Company represented by its partners |
6988747 |
59.98 |
|
Axis Asset Management Company Limited |
575036 |
4.94 |
|
Total |
7563783 |
64.92 |
DETAILS
OF DIVIDEND DECLARED AND PAID
During
the Current year, interim dividend of INR
15/- per share paid
in terms of board resolution dated 24th April 2017.
FINANCIAL DATA
[all figures are
in Indian Rupees 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 |
116.600 |
116.500 |
116.500 |
|
(b) Reserves & Surplus |
8454.400 |
7114.400 |
6652.600 |
|
(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) |
8571.000 |
7230.900 |
6769.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
380.100 |
291.500 |
259.900 |
|
(c)
Other long term liabilities |
50.000 |
50.000 |
50.000 |
|
(d)
long-term provisions |
12.900 |
18.000 |
35.200 |
|
Total
Non-current Liabilities (3) |
443.000 |
359.500 |
345.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1454.100 |
1321.600 |
1055.400 |
|
(c)
Other current liabilities |
1040.600 |
1025.400 |
782.700 |
|
(d)
Short-term provisions |
146.000 |
31.200 |
7.800 |
|
Total
Current Liabilities (4) |
2640.700 |
2378.200 |
1845.900 |
|
|
|
|
|
|
TOTAL |
11654.700 |
9968.600 |
8960.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3690.900 |
3285.900 |
3330.400 |
|
(ii)
Intangible Assets |
14.700 |
13.900 |
11.400 |
|
(iii)
Capital work-in-progress |
15.300 |
30.900 |
26.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1208.600 |
238.900 |
238.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
128.900 |
123.100 |
132.800 |
|
Total
Non-Current Assets |
5058.400 |
3692.700 |
3739.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
747.700 |
442.600 |
35.000 |
|
(b)
Inventories |
3247.000 |
3247.300 |
2746.700 |
|
(c)
Trade receivables |
1989.700 |
1752.600 |
1593.100 |
|
(d)
Cash and cash equivalents |
417.900 |
312.300 |
295.500 |
|
(e)
Short-term loans and advances |
0.000 |
187.500 |
187.500 |
|
(f)
Other current assets |
194.000 |
333.600 |
362.600 |
|
Total
Current Assets |
6596.300 |
6275.900 |
5220.400 |
|
|
|
|
|
|
TOTAL |
11654.700 |
9968.600 |
8960.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16036.400 |
14879.300 |
13882.900 |
|
|
|
Other Income |
67.400 |
103.700 |
51.000 |
|
|
|
TOTAL (A) |
16103.800 |
14983.000 |
13933.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4453.300 |
4930.800 |
4418.300 |
|
|
|
Purchases of Stock-in-Trade |
5144.900 |
4321.600 |
3645.900 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(16.800) |
(380.000) |
(107.100) |
|
|
|
Employees benefits expense |
1205.300 |
1101.700 |
1035.800 |
|
|
|
Other expenses |
3300.600 |
3076.200 |
3397.600 |
|
|
|
Exceptional Items |
(17.700) |
37.400 |
(24.400) |
|
|
|
TOTAL (B) |
14069.600 |
13087.700 |
12366.100 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2034.200 |
1895.300 |
1567.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.300 |
18.400 |
44.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
1982.900 |
1876.900 |
1523.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
253.000 |
208.900 |
190.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
1729.900 |
1668.000 |
1333.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
299.900 |
511.700 |
409.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
1430.000 |
1156.300 |
923.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
431.000 |
400.200 |
527.600 |
|
|
TOTAL EARNINGS |
431.000 |
400.200 |
1055.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2155.300 |
1732.400 |
1864.707 |
|
|
|
Capital Goods |
7.100 |
5.500 |
3.023 |
|
|
TOTAL IMPORTS |
2162.400 |
1737.900 |
1867.730 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
122.81 |
99.33 |
79.30 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
8.100 |
|
|
|
|
|
|
Cash Generated from Operations |
1682.600 |
1137.000 |
1047.600 |
|
|
|
|
|
|
Cash generated from / (used in) operations |
1346.500 |
781.100 |
674.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
357.02 |
337.52 |
370.89 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
1.02 |
1.08 |
0.98 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
55.30 |
52.14 |
47.77 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.63 |
0.58 |
0.57 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.55 |
0.57 |
0.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.23 |
0.24 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.31 |
0.33 |
0.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.43 |
0.46 |
0.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
39.65 |
103.01 |
35.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
8.92 |
7.77 |
6.65 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.27 |
11.60 |
10.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
16.68 |
15.99 |
13.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.50 |
2.64 |
2.83 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.27 |
1.27 |
1.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.74 |
0.73 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.07 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.50 |
2.64 |
2.83 |
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 6230.00/- |
FINANCIAL DATA
[all figures are
in Indian Rupees 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 |
116.500 |
116.500 |
116.600 |
|
Reserves & Surplus |
6652.600 |
7114.400 |
8454.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6769.100 |
7230.900 |
8571.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
13882.900 |
14879.300 |
16036.400 |
|
|
|
7.177 |
7.777 |
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 |
13882.900 |
14879.300 |
16036.400 |
|
Profit |
923.200 |
1156.300 |
1430.000 |
|
|
6.65% |
7.77% |
8.92% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016* |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
116.600 |
116.500 |
|
(b) Reserves & Surplus |
|
8419.600 |
7114.400 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
8536.200 |
7230.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
1132.300 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
353.700 |
291.500 |
|
(c)
Other long term liabilities |
|
50.000 |
50.000 |
|
(d)
long-term provisions |
|
12.900 |
18.000 |
|
Total
Non-current Liabilities (3) |
|
1548.900 |
359.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
1562.200 |
1321.600 |
|
(c)
Other current liabilities |
|
1117.700 |
1025.400 |
|
(d)
Short-term provisions |
|
146.000 |
31.200 |
|
Total
Current Liabilities (4) |
|
2825.900 |
2378.200 |
|
|
|
|
|
|
TOTAL |
|
12911.000 |
9968.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3701.900 |
3285.900 |
|
(ii)
Intangible Assets |
|
14.700 |
13.900 |
|
(iii)
Capital work-in-progress |
|
15.300 |
30.900 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
238.700 |
238.900 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.000 |
0.000 |
|
(e)
Other Non-current assets |
|
219.300 |
123.100 |
|
(f)
Goodwill |
|
1142.200 |
0.000 |
|
Total
Non-Current Assets |
|
5332.100 |
3692.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
747.700 |
442.600 |
|
(b)
Inventories |
|
3798.900 |
3247.300 |
|
(c)
Trade receivables |
|
2153.000 |
1752.600 |
|
(d)
Cash and cash equivalents |
|
653.000 |
312.300 |
|
(e)
Short-term loans and advances |
|
0.000 |
187.500 |
|
(f)
Other current assets |
|
226.300 |
333.600 |
|
Total
Current Assets |
|
7578.900 |
6275.900 |
|
|
|
|
|
|
TOTAL |
|
12911.000 |
9968.600 |
Note: *Figures for the
previous year represent Standalone numbers of TTK Prestige Limited, as the
subsidiaries were acquired only during 2016-17.
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016* |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
17451.400 |
14879.300 |
|
|
|
Other Income |
|
67.400 |
103.700 |
|
|
|
TOTAL (A) |
|
17518.800 |
14983.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
4453.300 |
4930.800 |
|
|
|
Purchases of Stock-in-Trade |
|
5896.100 |
4321.600 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
79.100 |
-380.000 |
|
|
|
Employees benefits expense |
|
1377.100 |
1101.700 |
|
|
|
Other expenses |
|
3500.800 |
3076.200 |
|
|
|
Exceptional Items |
|
40.700 |
37.400 |
|
|
|
TOTAL (B) |
|
15347.100 |
13087.700 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2171.700 |
1895.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
75.800 |
18.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
|
2095.900 |
1876.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
257.300 |
208.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
|
1838.600 |
1668.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
332.100 |
511.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
|
1506.500 |
1156.300 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
|
129.38 |
99.33 |
|
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 |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G08758682 |
100016762 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
05/04/2016 |
07/07/2016 |
- |
1447831000.0 |
NO 7M G ROADBANGALOREKA560001IN |
|
2 |
B32489197 |
10336405 |
HDFC BANK LIMITED |
31/12/2011 |
- |
- |
350000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER
PAREL WMUMBAIMH400013IN |
|
3 |
B16415929 |
10295807 |
HDFC BANK LIMITED |
27/06/2011 |
- |
- |
700000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER
PAREL WMUMBAIMH400013IN |
|
4 |
C35516954 |
10173018 |
CANARA BANK |
13/08/2009 |
07/11/2014 |
- |
2565000000.0 |
PRIME CORPOPRATE BRANCHNO.25, M G
ROADBANGALOREKA560001IN |
|
5 |
A53490926 |
10135033 |
CANARA BANK |
05/12/2008 |
- |
- |
556000000.0 |
PRIME CORPORATE BRANCHSHANKARANARAYANA BUILDING,25,M.G.ROADBANGALOREKA560001IN |
|
6 |
C35514496 |
10071379 |
CANARA BANK |
04/10/2007 |
07/11/2014 |
- |
2565000000.0 |
PRIME CORPOPRATE BRANCHNO.25, M G
ROADBANGALOREKA560001IN |
|
7 |
A04899811 |
10019932 |
BANK OF BARODA |
05/09/2006 |
- |
- |
590000000.0 |
CORPORATE FINANCIAL SERVICES
BRANCH,RICHMOND ROAD,BANGALOREKA560025IN |
|
8 |
A26870352 |
80038866 |
BANK OF BARODA (LEADER BANK) |
31/03/2004 |
22/11/2007 |
- |
829000000.0 |
CORPORATE FINANCIAL SERVICES BRANCHRICHMOND
ROADBANGALOREKA560025IN |
CORPORATE INFORMATION
The Company is a public
limited company domiciled and incorporated in India having its registered
office at Plot No.38, SIPCOT Industrial Complex, Hosur, Tamilnadu– 635126. The
Company’s shares are listed and traded on Stock Exchanges in India. The Company
is primarily engaged in manufacture of Kitchen Appliances.
The financial statements
were approved by the Board of Directors and authorized for issue on 30th May
2017.
REVIEW OF
PERFORMANCE
a. Each quarter of FY 16-17
witnessed different sets of external factors having a bearing on the overall
economy including the Company. The first quarter reeled under severe drought
conditions across the domestic market due to deficient monsoon in the preceding
couple of years. Owing to the arrival of bountiful monsoon during the second
quarter, certain buoyancy was seen till October 2016, the beginning of the 3rd
quarter. A few key geographies like Tamil Nadu, Kerala and parts of Karnataka
continued to suffer under severe drought conditions. The demonetization
initiative in November 2016 sucked the liquidity in the market leading to sharp
decline in consumption both in November and December. This adverse impact
continued in the fourth quarter also, except for players who adopted different strategies
to attract consumers and to tap the release of pent up demand of the previous
quarter. The Company tailored its strategies in each of these situations and
could deliver a domestic growth of around 8%. The YoY growth for the fourth
quarter alone was 22% reflecting the resilience of The Company and its Brands.
The overall growth was around 8% including exports.
b. As compared to FY 15-16
the commodity prices hardened during FY 16-17; comparatively the capacity
utilization was also moderate hampering full absorption of overheads. In
addition some overheads arising out of absorption of the Kitchen Appliance
Division under a Scheme of Demerger with Triveni Bialetti Industries P Limited
(TBI) were accounted for. Notwithstanding all these factors the EBIDTA
registered a moderate growth and EBIDTA margin was maintained at about 12%.
c. As stated in the past
years, the company does not follow a stand-alone margin led policy but is
focused on growth with a fair long-term return on capital employed. In spite of
substantial additions to manufacturing asset base in recent years the operating
ROCE was maintained at a healthy 27%.
d. The net profit after tax
for the year was INR 1430.000 Million. The net tax charge was lower as compared
to previous year on account of reversal of excess provisions/MAT credit arising
out of the retrospective appointed date of 1.4.2012 provided under the Scheme
of Arrangement with TBI. Hence the stand alone EPS was INR 122.81(PY INR 99.33)
e. The Company continued to
be debt-free as at the end of 31st March, 2017 and was carrying significant net
free cash after investing INR 970.000 Million in the UK subsidiary.
f. As shareholders are
aware, the Company acquired through its UK subsidiary the business of Horwood
Homewares Limited effective from April 2016. On a consolidated basis taking
into account the performance of UK Subsidiaries, the Sales was INR 18370.100
Million EBIDTA was INR 2212.400 Million and EPS INR 133.23.
g. The Board had already
paid an interim dividend of INR 15/- per share for the FY 16-17; a final
dividend of INR 12/- is now recommended by the Board.
To sum up, the Board of
Directors is of the view that the current year performance is commendable
against the background of variothem external factors described earlier as well
as continuing dismal global economic conditions. The market share of the key
product categories was maintained across geographies. The e-commerce channel
contribution to total sales is on the increase and is less disruptive.
MANAGEMENT
DISCTHEMSION AND ANALYSIS
ECONOMY/
INDTHEMTRY SCENARIO
The overall domestic
economic scenario was somewhat chequred. Government’s initiatives to unearth
black money, though beneficial for the economy in the long-run, impacted
liquidity in the short-run dampening the Private Final Consumption Expenditure.
Despite a good monsoon benefiting major parts of India the trickle down to
consumption was moderate. As mentioned earlier, certain geographies in the
southern states continue to suffer from severe drought conditions. The global
picture was also not encouraging.
Specific initiatives of the
Government such as providing gas connections to BPL families, direct cash
benefit transfer etc., and the rural and infrastructure trust envisaged under
the Union Budget for 2017-18 coupled with a normal monsoon can drive up the GDP
growth in FY 2017-18. The proposed implementation of GST from 1st July, 2017 is
expected to augur well for the organized players in the long-run.
The Company predominantly
operates in the kitchen appliances segment with a wide range of product
categories. The product categories broadly consist of Pressure Cookers,
Cookware, Gas Stoves and Domestic Kitchen Electrical Appliances. The market for
Pressure Cookers is shared amongst organized national branded players, regional
players and unorganized players. Over the years, the share of the unorganized
players has been gradually coming down as there has been a shift in the
consumer preference to reliable branded products. The market for organized
brands is estimated at about 60% of the total market. The share of unorganized
players is greater for cookware as compared to pressure cookers. For the rest
of the product categories, the market structure is fragmented and the share and
the role of regional brands and unorganized players continue to be significant.
As mentioned in the last year’s Annual Report the company is entering
categories adjacent to Kitchen thus expanding the business to cover select home
appliances and requisites keeping in view the ‘mind share’ of the Company’s
core customer, the home maker and building around the trust and goodwill the
Company and its brands enjoy with its core customer base. This extended segment
would henceforth include Cleaning Solutions, Irons, Lanterns, Water filters
etc., Each of the product-line within the Home portfolio has competition both
from organized and unorganized players. The company’s focus is to bring in
upgraded differentiated products at several price points to get a sizable
addition to the overall turnover of the Company to start with and establish a
decent market share in the long run.
Continued sluggish economic
scenario is hampering spend from core middle-class giving room for downtrading
by some regional brands and cropping up of some unorganised players. As a
result, value added products in general witnessed a better performance.
The
kitchen appliance category is also witnessing entry of quite a few players -
regional, national as well as global
players
who have brand strength mostly in non-kitchen appliance business.
Going
forward, proactive innovation and product differentiation will be the key to
stay ahead in the market place.
OUTLOOK
The Central Government Budget
for 2017-18 has a major threat on rural economy including investments in
infrastructure and direct transfer of subsidies. The overall consumer sentiment
is expected to pick up. The demonetization and the digital payment policies
coupled with the expected implementation of GST is expected to drive the formal
economy and render the market more organized. Depending on the progress of a
normal monsoon and the impact of the Central Government’s budget on rural
economy and infrastructure, a GDP growth of 7.5% is expected. All these augur
well for the overall economy. The Company’s specific plans such as category
expansion, market expansion to enlarge its customer base in select rural areas,
global and
export initiatives, etc.,
can help the Company to grow at a better pace than the economy.
SCHEME OF ARRANGEMENT:
During FY 2012-13, the
Board of Directors of the Company approved a Scheme of Arrangement (Demerger)
whereby the Kitchen Appliances Division of Triveni Bialetti Industries Private
Limited (TBI), (a subsidiary of Bialetti Industries SpA., Italy) with all its
assets, rights, liabilities, obligations, etc., would be vested in TTK Prestige
Limited (Company) at book values, the Appointed Date being 1st April, 2012. All
profits, losses etc. on and from 1.4.2012 and the benefit of accumulated losses
relating to the said Division as on that date would accrue to the Company.
The Scheme was approved by
the Stock Exchanges and further approved by the Honourable High Court, Madras
on 13.12.2013 subject to sanction of the Scheme by the Hon’ble High Court,
Bombay being the jurisdictional court of the Transferor. The Hon’ble High
Court, Bombay by its order of 28.1.2016 sanctioned the Scheme. With the
sanction of the Scheme by the Hon’ble High Court, Bombay (the jurisdictional
Court of the Transferor) the Scheme acquired the necessary legal sanction.
However, the Scheme could not be given effect due to the ‘status quo’ orders on
account of some disputes raised by a 6% minority shareholder of TBI before
various forums. Pending admission of the appeal of the said minority by the
Division Bench of High Court, Bombay, the status quo orders ceased during the
FY 2016-17 and the said Division stands fully absorbed in to the Company with
effect from the appointed date of 1.4.2012.
Consequently, necessary
effect has been given in the books of accounts during FY 2016-17 and necessary
disclosures have been made in the financial statements and the notes thereto.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
(a) Guarantees /LC* |
1333.100 |
135.400 |
|
(b) Tax matters under appeal (IT/ST/ED etc.) |
84.000 |
84.100 |
|
|
|
|
|
Total |
1417.100 |
219.500 |
Note: *INR 1132.300 Million
(Previous Year-NIL) relates to guarantees to banks against credit facilities
extended to TTK British Holdings Limited (100% Subsidiary).
FIXED ASSETS:
Tangible Assets
· Freehold Buildings
· Leasehold Buildings
· Plant and Machinery
· Electrical Installations
· Tools, Moulds and Dies
· Furniture and Fixtures
· Office equipment
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.38 |
|
|
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
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 be considered as unfavorable.
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.