MIRA INFORM REPORT

 

 

Report No. :

511783

Report Date :

31.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

TRACTORS AND FARM EQUIPMENT LIMITED

 

 

Registered Office :

861, Anna Salai, Chennai – 600002, Tamilnadu

Tel. No.:

91-44-28228782

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

28.11.1960

 

 

Com. Reg. No.:

18-004337

 

 

Capital Investment / Paid-up Capital :

INR 120.000 Million

 

 

CIN No.:

[Company Identification No.]

U29129TN1960PLC004337

 

 

IEC No.:

[Import-Export Code No.]

0488024838

 

 

TIN/CST No.:

33111500330

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

 

 

 

PAN No.:

[Permanent Account No.]

AAACT2761Q

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of tractors (Registered Activity)

 

 

No. of Employees :

Not Available

 

 

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 143000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1960. The company manufactures tractors in Madurai (Tamilnadu) and Doddaballapur (Karnataka).


For the financial year 2017, the company has reported dip in its revenue by 1.64% as compared to the previous year but has managed to maintain a decent profit margin of 10.23%.


The sound financial profile of the company is marked by adequate net worth base along with debt free balance sheet profile.


Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters.


These rating strengths are partially offset by the moderate diversity in TAFE-TMTL combine's revenue profile and its susceptibility to downturns in the tractor industry.

Payment seems to be regular.


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 Borrowing = AA+

Rating Explanation

High degree of safety and very low credit risk.

Date

28.02.2018

 

Rating Agency Name

CRISIL

Rating

Short Term Borrowing = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

28.02.2018

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

 

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 31.05.2018

 

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.

 

LOCATIONS

 

Registered Office :

861, Anna Salai, Chennai – 600002, Tamilnadu, India

Tel. No.:

91-44-28228782 / 28279073 / 66919001

Fax No.:

91-44-28260224

E-Mail :

info@tafe.com

pbs@tafe.co.in

Website :

http://www.tafe.com

Area :

15000 sq. ft.

Location :

Owned

 

 

Branch Office :

Plot No. 13,14,15 Industrial Area, Maraimalai Nagar, Kanchipuram - 603209, Tamilnadu, India

 

 

Corporate Office :

77, Nungambakkam High Road, Nungambakkam, Chennai - 600034, Tamilnadu, India 

Tel. No.:

91-44-6691 9000

Fax No.:

91-44-2826 0224

 

 

Management Development Consultancy Centre:

105, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India

Tel. No.:

91-44-28476872

Fax No.:

91-44-28472572

E-Mail :

webmaster@tafe.co.in

 

 

Factory 1  :

Huzur Gardens, Sembium, Chennai - 600011, Tamilnadu, India

Tel. No.:

91-44-25375861 / 25371535 / 25375862 / 25375867 / 25375355

Fax No.:

91-44-25372478 / 25375865

 

 

Factory 2 :

10/205, Kalladaipatti, P O – 624201, Dindigul District, Tamilnadu, India

Tel. No.:

91-4543-254602-04 / 254476

Fax No.:

91-4543-54515

 

 

Factory 3 :

Engineering Plastics and Tool Room Division, Plot No.1, KIADB Industrial Area, Doddaballapur, District Bangalore – 561203, Karnataka, India

Tel. No.:

91-8119-223560

 

 

Factory 4 :

Plot No.1, Sector-D, Mandideep Industrial Area, Bhopal – 462046, Madhya Pradesh, India 

 

 

Factory 5 :

Alwar, Rajasthan, India

 

 

Factory 6 :

Parwanoo, Himachal Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Ramesh Chander Banka

Designation :

Whole-Time Director

Address :

New No.6 Old No.14, 1st Avenue, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

15.10.1934

Qualification :

BE

Date of Appointment :

01.04.2007

DIN No.:

00036997

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U15499TN1992PLC023544

TAFE ACCESS LIMITED

25/01/2011

-

U29211TN2005PLC055476

TAFE MOTORS AND TRACTORS LIMITED

26/08/2013

-

 

 

Name :

Ms. Mallika Srinivasan

Designation :

Whole-Time Director

Address :

West Side House, 2, Adyar Club Gate Road, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

19.11.1959

Qualification :

MBA

Date of Appointment :

01.04.2007

PAN No.:

AALPS2708J

DIN No.:

00037022

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L01132TZ1922PLC000234

THE UNITED NILGIRI TEA ESTATES COMPANY LIMITED

25/01/2011

-

L15491WB1962PLC031425

TATA GLOBAL BEVERAGES LIMITED

22/10/2008

-

L27100MH1907PLC000260

TATA STEEL LIMITED

14/08/2012

-

U15499TN1992PLC023544

TAFE ACCESS LIMITED

04/05/1994

-

U29211TN2005PLC055476

TAFE MOTORS AND TRACTORS LIMITED

31/08/2015

-

U45201TN1983PTC010043

TRUST PROPERTIES DEVELOPMENT CO PRIVATE LIMITED

27/06/1983

-

U50300TN2003PLC051918

TAFE REACH LIMITED

07/11/2003

-

U65991TN1921NPL001337

CHENNAI WILLINGDON CORPORATE FOUNDATION

03/08/2015

-

U70109TN2017PLC119698

TAFE PROPERTIES LIMITED

27/11/2017

-

Name :

Mr. Srinivasan Natesan

Designation :

Director

Address :

T-19, VI Avenue, Besant Nagar – 600090, Tamilnadu, India

Date of Birth/Age :

27.07.1931

Qualification :

ACA

Date of Appointment :

22.02.1995

PAN No.:

AABPN3313Q

DIN No.:

00004195

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L01132TZ1922PLC000234

THE UNITED NILGIRI TEA ESTATES COMPANY LIMITED

30/06/1999

-

L26942TN1946PLC000931

THE INDIA CEMENTS LIMITED

07/08/2009

-

L61200GJ2010PLC060285

ESSAR SHIPPING LIMITED.

09/09/2011

-

L63011TG1995PLC020121

GATI LIMITED

18/10/2000

-

U29211TN2005PLC055476

TAFE MOTORS AND TRACTORS LIMITED

24/02/2005

-

U29309TN1996PTC036527

SCM MICROSYSTEMS (INDIA) PRIVATE LIMITED

27/06/2008

-

U93090MH2006PLC163779

ESSAR OILFIELD SERVICES INDIA LIMITED

23/09/2013

-

 

 

Name :

Mr. Sankar Datta Datta

Designation :

Director

Address :

8/1, Vaidya Rama Iyer Street, T.Nagar, Chennai, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

21.10.1948

Qualification :

ACA

Date of Appointment :

16.03.2015

PAN No.:

ACWPD6224F

DIN No.:

00025380

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L01132TZ1922PLC000234

THE UNITED NILGIRI TEA ESTATES COMPANY LIMITED

28/12/2005

-

U29211TN2005PLC055476

TAFE MOTORS AND TRACTORS LIMITED

11/09/2013

-

 

 

Name :

Mr. Chittranjan Dua

Designation :

Director

Address :

88, Sunder Nagar, New Delhi - 110003, India

Date of Birth/Age :

30.10.1953

Qualification :

Legal Professional

Date of Appointment :

25.01.2011

PAN No.:

AACPD7256P

DIN No.:

00036080

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L28931MH1984PLC267130

GILLETTE INDIA LIMITED

31/07/2002

-

L35921TN1992PLC022845

TVS MOTOR COMPANY LIMITED

27/12/2001

-

L74899DL1989PLC036849

PEARL GLOBAL INDUSTRIES LIMITED

12/09/2006

-

U13203DL2007PTC158380

LAND MINERALS EXPLORATION PRIVATE LIMITED

24/01/2007

-

U13203DL2007PTC158515

CCRI EXPLORATION PRIVATE LIMITED

29/01/2007

-

U14291DL2007PTC158715

NEWFOUND EXPLORATION PRIVATE LIMITED

02/02/2007

-

U18101DL2013PTC248406

NORLING PRIVATE LIMITED

18/02/2013

-

U21098MH1962PLC012488

CABOT INDIA LIMITED

09/04/1987

-

U24291MH1923PLC001082

WIMCO LIMITED

21/04/1998

-

 

 

Name :

Mr. Ved Prakash Ahuja

Designation :

Additional Director

Address :

Kaasgraben-7 1190 Vienna Vienna Na A

Date of Appointment :

08.11.2017

DIN No.:

00036914

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U29130TN1997PTC037909

AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED

21/08/2017

-

 

 

Name :

Mr. Pillapakam Bahukudumbi Sampath

Designation :

Director

Address :

31/1, Bhagirathi Ammal Street, T.Nagar, Chennai, 600017, Tamilnadu, India

Date of Birth/Age :

11.10.1944

Qualification :

ACA, ACS, AICWA

Date of Appointment :

16.03.2015

PAN No.:

ANUPS3158E

DIN No.:

00037043

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U01132TN1986PLC013469

SOUTHERN TREE FARMS LIMITED

01/04/1993

-

U07010KA1999PLC026125

AMCO PROPERTIES AND INVESTMENTS LIMITED

15/06/2001

-

U15499TN1992PLC023544

TAFE ACCESS LIMITED

28/09/1992

-

U27209TN1976PLC007164

ALPUMP LIMITED

30/06/2005

-

U29211TN2005PLC055476

TAFE MOTORS AND TRACTORS LIMITED

06/09/2017

-

U31400TN1955PLC080755

AMCO BATTERIES LIMITED

06/12/2006

-

U34300TN2003PLC051919

TAL PRECISION PARTS LIMITED

07/11/2003

-

U65993TN1994PLC028002

EQUITAS MICRO FINANCE LIMITED

11/06/2012

-

U70109TN2017PLC119698

TAFE PROPERTIES LIMITED

27/11/2017

-

 

 

Name :

Mr. Majundar Laxman Satyanarainrao

Designation :

Director

Address :

No.7/3, O No.84/3, S Block, Rajeshwari Apartments, Anna Nagar, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

19.02.1932

Qualification :

BE

Date of Appointment :

22.02.1995

PAN No.:

AALPS4121K

DIN No.:

00208969

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U15499TN1992PLC023544

TAFE ACCESS LIMITED

28/09/1992

-

U27209TN1976PLC007164

ALPUMP LIMITED

30/06/2005

-

U28930TN1962PTC004872

L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED

21/02/1977

-

U28939TN1914PLC000008

ADDISON & CO. LIMITED

01/11/2015

-

U34300TN2003PLC051919

TAL PRECISION PARTS LIMITED

07/11/2003

-

 

 

Name :

Mr. Gary Lee Collar

Designation :

Director appointed in casual vacancy

Address :

4177, Tamil Lane, Central Point, Orgon 97052 United State

Date of Birth/Age :

06.08.1956

Date of Appointment :

08.06.2012

DIN No.:

05283713

 

 

KEY EXECUTIVES

 

Name :

Mr. Chandramohan Sitaraman

Designation :

Chief Finance Officer

Address :

Sindur Sep Princess, Flat No: T-3, Block-2, 9 Coastal Road, Beasant Nagar, Chennai, 600090, Tamilnadu, India

Date of Birth/Age :

3.10.1953

Qualification :

ACA

Date of Appointment :

25.07.2014

PAN No.:

AANPC9908J

 

Name :

Mr. Comandur Parthasarathy Sounderarajan

Designation :

Company Secretary

Address :

Al - 203, Flat 7, III Floor, 14th Main Road, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Appointment :

01.02.2017

PAN No.:

AALPS5390J




MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

Simpson and Company Limited, India

 

9148918

A. Krishnamoorthy – Nominee of Simpson and Company Limited, India

 

60

Amalgamations Private Limited, India – Nominee of Simpson and Company Limited, India

 

120

S. Ramanujachari  – Nominee of Simpson and Company Limited, India

 

2

Associates Printers (Madras) Private Limited, India 

 

600

Mallika Srinivasan

 

140

Sudarshan Venu

 

5

Lakshmi Venu

 

5

Shriram Murali

 

150

AGCO Holding BV, Netherlands

 

2850000

Total

 

12000000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 07.09.2017

 

Category

Percentage

Promoters (Individual/Hindu undivided Family – Indian)

0.00301667

Promoters (Body corporate)

76.24698333

Public/Other than promoters (Body corporate)

23.75

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of tractors (Registered Activity)

 

 

Products :

ITC Code No.

Product Description

87012010

Tractors

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name

Not Available

Branch

--

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

8th Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006, Tamilnadu, India

Income-tax PAN of auditor or auditor's firm :

AAEFP3641G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company : 

·         Simpson and Company Limited

 

 

Ultimate Holding company:

·         Amalgamations Private Limited

 

 

Entities with joint control or significant influence over entity:

·         Agco Holding Netherlands B.V

 

 

 

 

Subsidiary Companies :

·         Tafe Access Limited, India

·         Tafe Motors And Tractors Limited, India

·         Tafe International Traktör Ve, Turkey

·         Tafe Usa Inc, United States

·         Alpump Limited, India

·         Tafe Tractors Changshu Company Limited

·         India Pistons Limited

·         Associated Printers  (Madras) Private Limited]

·         Higginbothams Private Limited

·         Shardlow India Limited

·         Stanes Motors

·         South India Limited

·         The Madras Advertising Company Private Limited

·         Southern Tree Farms Limited

·         Tafe Reach Limited

·         Kuduma Fasteners Private Limited

 

 

Associates :

·         A G C O Corporation

·         Amco Batteries Limited

·         Kuduma Fasteners Private Limited

·         Amco Saft India Private Limited

·         Addison and Company Limited

 

 

Other related parties

·         George Oakes Limited

·         Sri Rama Vilas Service Limited

·         Speed-A-Way Private Limited

·         Amalgamations Valeo Clutch Private Limited

·         T Stanes And Company Limited

·         Amalgamations Repco Limited

·         Stanes Amalgamated Estates Limited

·         The United Nilgiri Tea Estates Company Limited

·         Tvs Motor Company Limited

·         Tafe Usa Inc

·         Simpson & General Finance Company Limited

·         L.M.Van Moppes Diamond Tools India Private Limited

·         T.V. Sundram Iyengar & Sons Private Limited

·         Wheel & Precision Forgings India Limited

·         Wallace Cartwright and Company Limited

·         Ip Rings Limited

·         Stanadyne India Private Limited

 

 

CAPITAL STRUCTURE

 

As on 07.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

INR 10/- each

INR 120.000 Million

2000000

Preference shares

INR 10/- each

INR 20.000 Million

 

Total

 

INR 140.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

INR 10/- each

INR 120.000 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

120.000

120.000

120.000

(b) Reserves & Surplus

49976.321

44904.314

38685.956

(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)

50096.321

45024.314

38805.956

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

194.355

150.807

179.700

(c) Other long term liabilities

503.541

423.842

412.435

(d) long-term provisions

136.289

163.861

147.020

(e) Deferred government grants, Non-current

18.075

21.686

0.000

Total Non-current Liabilities (3)

852.260

760.196

739.155

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

6659.515

7760.356

7487.501

(c) Other current liabilities

1393.103

1431.525

1055.731

(d) Short-term provisions

280.353

285.755

592.905

(e) Deferred government grants, Current

3.611

3.611

0.000

Total Current Liabilities (4)

8336.582

9481.247

9136.137

 

 

 

 

TOTAL

59285.163

55265.757

48681.248

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4326.082

4229.506

3991.123

(ii) Intangible Assets

374.592

416.190

0.000

(iii) Capital work-in-progress

132.025

28.948

85.679

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

28720.569

28542.025

25437.253

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

17.160

14.415

1232.574

(e) Other Non-current assets

530.577

630.775

0.000

Total Non-Current Assets

34101.005

33861.859

30746.629

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

12833.549

1337.128

1224.000

(b) Inventories

3834.763

4366.871

3423.817

(c) Trade receivables

5194.826

6805.168

6193.260

(d) Cash and cash equivalents

1550.209

7023.704

5677.857

(e) Short-term loans and advances

83.565

119.938

1340.901

(f) Other current assets

1687.246

1751.089

74.784

Total Current Assets

25184.158

21403.898

17934.619

 

 

 

 

TOTAL

59285.163

55265.757

48681.248

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Revenue from operations

51877.600

52744.993

59879.887

 

Other Income

1764.864

1242.045

1103.313

 

TOTAL               

53642.464

53987.038

60983.200

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

31509.646

33864.302

36936.389

 

Purchases of Stock-in-Trade

2326.392

2461.207

2349.715

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

598.528

(856.381)

710.957

 

 

Employee benefit expense

3706.160

3486.869

3277.959

 

Other expenses

7442.331

7131.152

9948.192

 

CSR expenditure

0.000

0.000

18.500

 

TOTAL               

45583.057

46087.149

53241.712

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

8059.407

7899.889

7741.488

 

 

 

 

 

 

Less

FINANCIAL EXPENSES

15.537

17.159

46.633

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

8043.870

7882.730

7694.855

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

489.037

415.102

427.745

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

7554.833

7467.628

7267.110

 

 

 

 

 

Less

TAX

2245.946

2235.182

2126.080

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

5308.887

5232.446

5141.030

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

10805.708

12674.598

551.222

 

TOTAL EARNINGS

10805.708

12674.598

551.222

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

947.420

1176.399

 

Chemicals/ Consumables

NA

9.454

30.327

 

Capital Goods

NA

270.666

109.571

 

TOTAL IMPORTS

NA

1227.540

1316.297

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

442.40

436.04

428.42

 

 

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

0.000

Cash generated from operations

NA

NA

7880.214

Net cash flows from (used in) operations

7873.274

6073.795

7880.214

Net cash flow from operating activity

5694.024

3964.351

5775.497

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

36.55

47.09

37.75

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

9.99

7.75

9.67

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

71.84

77.98

69.57

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.10

1.81

2.26

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.67

1.69

1.90

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.14

0.17

0.19

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.17

0.21

0.24

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.10

0.10

0.11

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

518.72

460.39

166.01

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

10.23

9.92

8.59

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

8.95

9.47

10.56

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.60

11.62

13.25

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

3.02

2.26

1.96

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

2.56

1.80

1.59

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.85

0.81

0.80

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

3.02

2.26

1.96

 

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

120.000

120.000

120.000

Reserves & Surplus

38685.956

44904.314

49976.321

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

38805.956

45024.314

50096.321

 

 

 

 

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

59879.887

52744.993

51877.600

 

 

(11.915)

(1.645)

 

 

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

59879.887

52744.993

51877.600

Profit

5141.030

5232.446

5308.887

 

8.59%

9.92%

10.23%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

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

No

21

Banking facility details

No

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

Litigations that the firm/promoter involved in

No

32

Market information

--

33

Payments terms

No

34

Negative Reporting by Auditors in the Annual Report

No

 

OPERATIONS

The gross revenue from operations of the Company was INR 51877.600 million during the financial year ended March 31, 2017 as against INR 52744.993 million in the previous financial year.

 

OUTLOOK

 

Outlook for the year The Union Budget gave a major thrust push to the agricultural sector with market reforms, increased funding for crop insurance and a higher target for farm credit. Export volumes, volatility of currencies and inflation continue to pose major challenges to the industry in the year ahead. With the expectation of a normal monsoon, the outlook for the tractor industry for the current year is positive Engineering Plastics Division During the current year, the growth in revenue from operations was led by an increase in the demand for both tool room products as well as moulding business. Focus on cost reduction coupled with turnover increase improved the division’s profitability. With the expectation of better performance of the Automobile sector – two wheeler and four wheeler segments, to which the division caters, the performance of the division is expected to be robust. Power Source Division During the year, the off take of batteries for the 2 Wheeler segment decreased marginally while the demand for the company’s 4 Wheeler batteries increased, resulting in increased overall turnover. Increase in raw material prices was more than offset by enhanced process efficiency and cost reduction initiatives that resulted in improved profits. Steps are being taken to augment the capacity and the performance is expected to further improve in the coming year. Sivasailam Learning Centre “The Sivasailam Learning Centre”, instituted in the memory of the Company’s former chairman and reflecting his passion for learning was inaugurated in July 2017. The Centre aims to foster individual and collaborative learning and innovation in an inspirational environment. The Centre is equipped with the state-of-art discussion rooms and auditorium, an e library, smart class rooms and learning content that incorporates contemporary and creative digital tools and techniques.

 

AWARDS

The directors are happy to record the receipt of the following awards by the Company during the year:

  • First prize for “Building Manufacturing Competitiveness” given by CII received by Madurai Plant
  • Excellence award in the “National Excellence Practise Competition” given by CII received by Madurai Plant.
  • Par excellence and excellence awards in the National convention on quality convention held in Raipur received by Bangalore and Madurai plants.

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

C03590015

10491094

CENTRAL BANK OF INDIA CORPORATE BRANCH

24/03/2014

-

-

280000000.0

Central Bank of India Corporate Branch, Addison Building, 803, Anna Salai, Chennai – 600002, Tamilnadu, India

2

Y10421066

90298139

THE CENTRAL BANK EXECUTOR AND TRUSTEE CO.; LTD.

17/06/1994

-

-

50000000.0

Jehangir Wadia Building 51, Mahatma Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India

3

Y10418581

90295654

THE CENTRAL BANK OF INDIA

02/03/1971

-

-

42800000.0

158, Mount Road, Madras – 600002, Tamilnadu, India

4

C38275343

10132202

CENTRAL BANK OF INDIA AND STATE BANK OF INDIA

10/11/2008

28/07/2009

15/12/2014

1600000000.0

Central Bank of India, 803, Anna Salai, State Bank of India, Corp. Accts. Gr Br. Greams Road, Chennai – 600002, Tamilnadu, India

5

C35656024

90295628

CENTRAL BANK OF INDIA

10/04/1963

01/03/2004

15/11/2014

3500000.0

Addison Building Br.803; Anna Salai, Madras – 600002, Tamilnadu, India

6

B07533227

90290686

CENTRAL BANK OF INDIA

30/06/2005

-

17/02/2011

1100000000.0

Addison Buildings 803, Anna Salai, Chennai – 600002, Tamilnadu, India

7

A89338552

10159929

HDFC BANK LIMITED

15/05/2009

-

18/06/2010

240000000.0

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

8

A11487857

90296394

STANDARD CHARTERED BANK

30/08/1997

-

05/03/2007

100000000.0

58, Armenian Street, Chennai, Tamilnadu, India

9

Y10419107

90296180

THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED

14/12/1992

17/02/1994

23/04/1999

55000000.0

163, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

 

FIXED ASSETS

 

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Motor vehicles

·         Office equipment

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 67.52

UK Pound

1

INR 91.48

Euro

1

INR 80.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

RKI

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.