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MIRA
INFORM REPORT
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Report No. : |
510233 |
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Report Date : |
25.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TENOVA INDIA PRIVATE LIMITED (w.e.f 06.11.2015) |
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Formerly Known
As : |
TENOVA METALS INDIA PRIVATE LIMITED (w.e.f 24.12.2013) TENOVA MULTIFORM PRIVATE LIMITED (w.e.f 07.05.2009) SHREEJI MULTIFORM ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
94/3, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu |
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Mob. No.: |
91-9167620874 (Mr. Atul Kulkarni) |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
05.12.2008 |
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Com. Reg. No.: |
11-101179 |
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Capital
Investment / Paid-up Capital : |
INR 232.247 Million |
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CIN No.: [Company Identification
No.] |
U28990TN2008PTC101179 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAMCS6453Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Installation of Cold Rolling Mills, Galvanizing Lines, Skin Pass Mills, Thermal Process Equipment, Steel Mill Reheating Furnaces, Specialized Engineering Equipments and Equipment in the area of Open-Cast Mining, Bulk Material Handling. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 4211900 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Tenova Spa”, Italy. The company was
incorporated in the year 2008. It is a manufacturer of Electrical Equipments. For the financial year 2017, the company has achieved 35.87% growth in
its revenue as compared to the previous year revenue along with decent profit
margin of 6.49%. The sound financial profile of the company is marked by strong
networth base along with negligible debt level. The rating takes into consideration strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. Business is active. Payment seems to be usually correct. 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 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 25.05.2018.
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 BY
|
Name : |
Mr. Atul Kulkarni |
|
Designation : |
Vice President |
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Contact No.: |
91-9167620874 |
|
Date : |
19.05.2018 |
LOCATIONS
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Registered Office : |
94/3, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Tel. No. : |
91-44-24995514 |
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Mobile No.: |
91-9167620874 (Mr. Atul Kulkarni) |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Bangalore Office : |
6th Main Road 108/D, III Phase Peenya Industrial Area, Bangalore-560058 |
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Tel. No. : |
91-80-42621000 |
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Mumbai Office 1 : |
5th Floor, Ithink Techno Campus, Pokhran Road 2, Mumbai-400607, Maharashtra, India |
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Mumbai Office 2 : |
601, 6th Floor, Boomerang, B2 Wing, Chandivali, Andheri (East), Mumbai-400072, Maharashtra, India |
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Tel. No. : |
91-22-61045700 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Andrea Biagio Di Prisco |
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Designation : |
Director |
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Address : |
Flat No. T1-1002, L&T Emrald Isle, Sakivihar Road, Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
30.11.2017 |
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DIN No.: |
07979208 |
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Name : |
Diego Francesco Scotti |
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Designation : |
Director |
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Address : |
Via Terraggio 011 20123 Milano Mi Milano 20123 IT |
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Date of Appointment : |
30.11.2017 |
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DIN No.: |
03273314 |
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Name : |
Mr. Ramesh Mahadevan |
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Designation : |
Managing Director |
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Address : |
B-2082, Prestige Kensington Gardens, No.17, Hmt Road, Jalahalli (West), Bangalore - 560013, Karnataka, India |
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Date of Appointment : |
01.11.2015 |
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PAN No.: |
ACCPR4168E |
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DIN No.: |
01488855 |
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Name : |
Mr. Shirish Raghuvir Shirvaikar |
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Designation : |
Managing Director |
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Address : |
C - 9, Sai Sadan, Saibaba Complex, Off W E, Highway, Goregaon [East], Dindoshi, Mumbai - 400063, Maharashtra, India |
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Date of Appointment : |
01.11.2015 |
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DIN No.: |
02158719 |
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Name : |
Mr. Rajagopalan Ramanathan |
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Designation : |
Managing director |
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Address : |
Flat C, Nutech Vaibhav No. 57, 53rd Street, Ashok Nagar, Chennai - 600083, Tamilnadu, India |
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Date of Birth/Age : |
24.04.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.11.2015 |
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PAN No.: |
AAEPR4886K |
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DIN No.: |
02584122 |
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Name : |
Mr. Kalyanakrishna Gopal |
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Designation : |
Managing Director |
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Address : |
4-6-3, Arhant Majestic Tower, Koyambedu, Chennai - 600107, Tamilnadu, India |
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Date of Appointment : |
01.11.2015 |
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PAN No.: |
AADPG8200B |
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DIN No.: |
02584125 |
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Name : |
Mr. Ramesh Karur Raghavendran |
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Designation : |
Whole-time director |
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Address : |
A-Block, 402, Purva Belmont, Kanakapura Main Road, J.P Nagar, 6th Phase, Bangalore - 560078, Karnataka, India |
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Date of Birth/Age : |
14/01/1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.11.2015 |
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PAN No.: |
AHOPR7975A |
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DIN No.: |
03572425 |
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|
Name : |
Mr. Hubrich Frank Rudolf |
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Designation : |
Director |
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Address : |
Sonnenleite 15, Dt Cossebaude, Dresden, 01156, Germany |
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Date of Appointment : |
01.11.2015 |
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DIN No.: |
07322903 |
KEY EXECUTIVES
|
Name : |
Mr. Sankar Ram |
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Designation : |
Company Secretary |
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Address : |
231/3/43 J2, Emerald Gardens, Narasothipatty, Alagapuram,
Salem-636004, Tamilnadu, India |
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Date of Appointment : |
02.11.2015 |
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PAN No.: |
COCPS9375E |
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|
|
Name : |
Mr. Atul Kulkarni |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Tenova SpA., Italy |
12401978 |
53.40 |
|
Tenova Deutschland Holding GMBH, Germany |
10822746 |
46.60 |
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|
|
|
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Total |
23224724 |
100.00 |
AS ON: 30.11.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Installation of Cold Rolling Mills, Galvanizing Lines, Skin Pass Mills, Thermal Process Equipment, Steel Mill Reheating Furnaces, Specialized Engineering Equipments and Equipment in the area of Open-Cast Mining, Bulk Material Handling. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· The Royal Bank of Scotland N.V. No.1,
Harrington Road, KRM Towers, Chetpet, Chennai - 600031, Tamilnadu, India · Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · Bank of India |
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Auditors : |
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Name : |
Price Waterhouse LLP Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400028, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Tenova SpA., Italy |
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Ultimate Holding
Company : |
San Faustin S.A., Luxembourg |
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Intermediate
Holding Companies : |
· Techint Holdings S.A.R.L, Luxembourg · AROTEC Investment BV, Netherland · Teur S.p.A (formerly Nova Tehol S.p.A.), Italy · Techint Industrial Corporation S.p.A, Italy |
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Fellow Subsidiary companies : |
· Bateman Engineering (India) Private Limited · Delkor Peru SAC, Peru · Delkor UK Ltd · Takraf Canada Inc, Canada · Takraf GmbH, Germany · Takraf (South East Asia) Ltd · Takraf GmbH Mining & Minerals · Techint, Argentina · Tenova Australia (Pty) Ltd, Australia · Tenova Chille SpA · Tenova DeutschlandHolding GmbH · Tenova Do Brasil · Tenova Inc, USA · Tenova Industrial Technologies (Bejing) · Tenova Minerals (Pty) Ltd, South Africa · Tenova Mining & Minerals Usa., Inc · Tenova Do Brasil Equipamentos Para Mineracao e Manuseio de Materiais Ltda, Brazil (Tenova Do Brazil) · Takraf Tenova Mining Technology (Beijing) Co., Limited., China (Takraf Tenova, China) · BENV N.V. (Formerly known as Bateman Engineering N.V), Netherlands · Tenova South Africa (PTY) Limited. (Formerly known as Tenova Mining and Minerals (PTY) Ltd), South Africa |
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Entities in which Key Management Personnel
have substantial control : |
HEPL Engineers Private Limited |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and their
relatives : |
Key Technologies |
CAPITAL STRUCTURE
AS ON: 30.11.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24200000 |
Equity Shares |
INR 10/- each |
INR 242.000 Million |
|
|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23224724 |
Equity Shares |
INR 10/- each |
INR 232.247 Million |
|
|
|
|
|
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23500000 |
Equity Shares |
INR 10/- each |
INR 235.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23224724 |
Equity Shares |
INR 10/- each |
INR 232.247
Million |
|
|
|
|
|
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 |
232.247 |
232.247 |
13.997 |
|
(b) Reserves and Surplus |
1232.614 |
880.735 |
672.477 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
9.331 |
0.000 |
218.250 |
|
Total
Shareholders’ Funds (1) + (2) |
1474.192 |
1112.982 |
904.724 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.800 |
15.000 |
15.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
14.183 |
11.748 |
6.269 |
|
(d) long-term
provisions |
76.924 |
65.417 |
52.408 |
|
Total Non-current
Liabilities (3) |
93.907 |
92.165 |
73.677 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
535.566 |
134.081 |
637.795 |
|
(b) Trade
payables |
1160.212 |
1009.567 |
970.641 |
|
(c) Other
current liabilities |
1502.570 |
1539.473 |
1981.858 |
|
(d) Short-term
provisions |
182.753 |
242.780 |
63.555 |
|
Total Current
Liabilities (4) |
3381.101 |
2925.901 |
3653.849 |
|
|
|
|
|
|
TOTAL |
4949.200 |
4131.048 |
4632.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
240.635 |
199.957 |
171.188 |
|
(ii)
Intangible Assets |
134.102 |
4.539 |
5.718 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
4.059 |
9.591 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
171.437 |
139.697 |
49.840 |
|
(d)
Long-term loans and advances |
258.084 |
119.287 |
218.381 |
|
(e) Other
Non-current assets |
487.878 |
191.921 |
399.849 |
|
Total Non-Current
Assets |
1292.136 |
659.460 |
854.567 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
190.852 |
207.729 |
104.705 |
|
(c) Trade
receivables |
1459.390 |
1232.269 |
1433.735 |
|
(d) Cash and
bank balances |
240.358 |
548.011 |
794.559 |
|
(e)
Short-term loans and advances |
683.624 |
819.037 |
566.921 |
|
(f) Other
current assets |
1082.840 |
664.542 |
877.763 |
|
Total
Current Assets |
3657.064 |
3471.588 |
3777.683 |
|
|
|
|
|
|
TOTAL |
4949.200 |
4131.048 |
4632.250 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
5442.842 |
4005.733 |
4145.799 |
|
|
Other Income |
188.034 |
130.713 |
168.837 |
|
|
TOTAL |
5630.876 |
4136.446 |
4314.636 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2990.469 |
1643.810 |
1824.459 |
|
|
Purchases of
Stock-in-Trade |
152.056 |
198.726 |
102.275 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
17.746 |
(5.657) |
(4.476) |
|
|
Employee benefit expense |
728.271 |
613.311 |
542.455 |
|
|
CSR expenditure |
0.140 |
0.011 |
0.000 |
|
|
Other expenses |
1215.803 |
1276.918 |
1252.677 |
|
|
Prior period items |
0.000 |
0.000 |
(11.027) |
|
|
TOTAL |
5104.485 |
3727.119 |
3706.363 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
526.391 |
409.327 |
608.273 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
57.685 |
53.482 |
101.101 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
468.706 |
355.845 |
507.172 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
97.013 |
26.672 |
37.191 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
371.693 |
329.173 |
469.981 |
|
|
|
|
|
|
|
Less |
TAX |
18.342 |
114.655 |
(17.967) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
353.351 |
214.518 |
487.948 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
15.21 |
9.24 |
346.60 |
|
|
Diluted |
14.64 |
9.30 |
19.88 |
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 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(513.738) |
387.137 |
438.905 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(595.967) |
305.752 |
281.440 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
97.87 |
112.28 |
126.23 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.73 |
3.25 |
2.89 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
134.76 |
199.99 |
183.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.76 |
1.97 |
5.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.40 |
1.96 |
3.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.68 |
0.71 |
0.79 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.37 |
0.13 |
0.72 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.29 |
2.63 |
4.04 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.25 |
0.19 |
0.21 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.13 |
7.65 |
6.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.49 |
5.36 |
11.77 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.14 |
5.19 |
10.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
23.97 |
19.27 |
53.93 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.08 |
1.19 |
1.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.03 |
1.12 |
1.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.30 |
0.27 |
0.20 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.32 |
0.64 |
46.64 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.08 |
1.19 |
1.03 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
13.997 |
232.247 |
232.247 |
|
Reserves & Surplus |
672.477 |
880.735 |
1232.614 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
218.250 |
0.000 |
9.331 |
|
Net
worth |
904.724 |
1112.982 |
1474.192 |
|
|
|
|
|
|
long-term borrowings |
15.000 |
15.000 |
2.800 |
|
Short term borrowings |
637.795 |
134.081 |
535.566 |
|
Total
borrowings |
652.795 |
149.081 |
538.366 |
|
Debt/Equity
ratio |
0.722 |
0.134 |
0.365 |
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 |
4145.799 |
4005.733 |
5442.842 |
|
|
|
(3.379) |
35.876 |
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 |
4145.799 |
4005.733 |
5442.842 |
|
Profit/ (Loss) |
487.948 |
214.518 |
353.351 |
|
|
11.77
% |
5.36
% |
6.49
% |
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 |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 |
C40590572 |
10264308 |
YES BANK LIMITED |
07/12/2010 |
20/12/2014 |
- |
764000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
2 |
Y10251950 |
90152180 |
BANK OF INDIA |
06/08/2003 |
- |
- |
681000.0 |
TUBHE BRANCHSECTOR 24 TARBHE NAVIMUMBAIMH400705IN |
|
3 |
C78214103 |
10580069 |
The Royal Bank of Scotland N. V. |
24/06/2015 |
- |
09/02/2016 |
65000000.0 |
NO.1, HARRINGTON ROADKRM TOWERS, CHETPETCHENNAITN600031IN |
|
4 |
C67327304 |
10546994 |
IndusInd Bank Ltd. |
28/01/2015 |
- |
07/10/2015 |
7498549.0 |
Ground Floor, Centenary Building,No. 28, M.G. Road,BangaloreKA560001IN |
|
5 |
C52585403 |
10100107 |
Bank of India |
30/01/2008 |
18/02/2015 |
25/04/2015 |
350000000.0 |
Sakinaka Mid Corporate Br., Sagar Tech Plaza"B", Andheri-Kurla Road, Andheri (E), Sakinaka,MumbaiMH400072IN |
|
6 |
C44375111 |
90232327 |
ICICI BANK LTD. |
24/08/2005 |
- |
17/02/2015 |
60000000.0 |
NO - 1; CMMISSARIAT ROADBANGALOREKA560025IN |
|
7 |
C44652691 |
10308206 |
YES BANK LIMITED |
23/08/2011 |
19/11/2013 |
06/02/2015 |
484000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
8 |
C42311829 |
10340555 |
THE INDUSIND BANK LIMITED |
21/02/2012 |
- |
03/02/2015 |
257500000.0 |
28th, Centenary building,5th Floor, M.G. Road,BangaloreKA560001IN |
|
9 |
C42171181 |
10160761 |
Axis Bank Limited |
28/05/2009 |
- |
02/02/2015 |
50000000.0 |
NO.9, M G ROADBANGALOREKA560001IN |
|
10 |
C42164616 |
10074146 |
Axis Bank Limited |
05/11/2007 |
06/06/2012 |
02/02/2015 |
747500000.0 |
INDIAN EXPRESS BUILDINGNO.1, 2ND FLOOR, QUEENS ROADBANGALOREKA560001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Fully convertible debentures intercorporate |
2.800 |
15.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
220.000 |
0.000 |
|
|
|
|
|
Total |
222.800 |
15.000 |
GENERAL INFORMATION
Tenova India Private Limited (Formerly known as Tenova Metals India Private Limited ("the Company" or "TIPL") has principal activities of manufacturing and installation of cold rolling mills, galvanizing lines, skin pass mills, thermal process equipment, steel mill reheating furnaces, specialized engineering equipments and equipment in the area of open-cast mining, bulk material handling.
PERFORMANCE OF BUSINESS UNITS
The performance and the forecast of future prospects for the above mentioned Business Units are as follows:
TAKRAF
The steady revenues due to exports of goods and services has been the significant contributor this year like it has been in the previous financial years. However, the strong performance of TAKRAF during the financial year is the result of the rising equipment business in India. The fresh capital investments into mining projects in India may continue to give a thrust to the business in the coming years.
TAKRAF team works with close project & cost monitoring, setting tight time schedules and even realising them ahead of schedules. Project business is prone to risk and opportunities. TAKRAF remains committed to identifying risks, taking timely actions with mitigation of risks and turning them into fresh opportunities.
DELKOR
The year was good for Tenova Delkor in terms of business both exports and domestic and the Order in-take and Backlog at the end of the year was higher compared to that of the previous year. FAST Filter press, a new technology introduced few years ago has resulted in an Order during the year which is a welcome sign for the domestic market. Similar to previous year Tenova Delkor is successful in completion of projects in Morocco and that has resulted in repeat orders. Tenova Delkor has consolidated all its small manufacturing facilities into a larger one in Nelamangala for better cost control and to obtain efficiency in quality and control of the procedures.
METALS
The situation of steel industry has seen a very slow upturn. Since June, there has been a steady price increase. The steel plants are able to run at 70-80% of installed capacity. This is primarily because of steady increase in local demand and secondarily due to global steel demand and the actions taken by several governments to stall import of cheap steel in their respective countries. In spite out this slow upturn, new investments in Indian steel industry have been limited as funding is limited. RBI issued a list of top 12 defaulters of loans, in which 5 out of 12 are steel companies! Bankruptcy proceedings against these companies are in progress in NCLT and until these companies are restructured, fresh lending to steel industry is very difficult except for two major producers Tata Steel and JSW. Since both these companies are also in race to acquire these stressed assets, investments are limited to few brown field projects.
Metals Business, which relies almost entirely on steel industry, therefore continues to be affected in India. Fortunately, thier parent company in Italy was able to acquire a large order for a Cold Rolling Mill Complex in Vietnam with the help of Metals Division. A large part of this contract is being executed from India. In addition, almost a third part of another order in USA is being executed by Metals Division. As far a local business is concerned, Metals Division continued to focus on revamps and services.
In continuation of its policies to cut costs, the Division has decided to close down manufacturing operations near Mumbai and rely completely on vendors for manufacturing. Efforts to dispose of land that was acquired for building own factory of the Division have still not shown results.
The Metals Division was successful in giving up its premises in Mumbai and move to a more cost effective office in Thane. This will greatly reduce general and administrative expenses of the division.
On the backdrop of all above and the actions taken so far, it is expected that Metals Division will perform much better in future.
FINANCIAL HIGHLIGHTS
SCHEME OF DEMERGER
During the year, the Schemeof Arrangement between BATEMAN ENGINEERING (INDIA) PRIVATE LIMITED, TENOVA INDIA PRIVATE LIMITED and its Shareholders was sanctioned by the Hon’ble National Company Law Tribunal, Division Bench, Chennai vide the Order under Section 232 in Form CAA-7 dated 24th November 2017 and the same was filed with the Registrar of Companies on the same date. The Appointed date of the Scheme was April 01, 2016 and the said financials have been complied with the Scheme of Arrangement as sanctioned by the Tribunal vide which the Turnkey Undertaking of BATEMAN Engineering (India) Private Limited has been Merged with TENOVA India Private Limited.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
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 68.39 |
|
UK Pound |
1 |
INR 91.44 |
|
Euro |
1 |
INR 80.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
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 |
NO |
|
--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.