Til Limited

TIL is an established player in providing technology intensive equipment for the infrastructure sector. The company, over thelast seven decades, has consistently introduced new products in the material handling and construction equipment. Manufacturing and technical collaborations with leading international players TIL, over the years, has entered into long term manufacturing and technical alliances with leading equipment manufacturers

TIL, over the years, has entered into long term manufacturing and technical alliances with leading equipment manufacturers across the globe to offer superior products to its customers. Moderate order book position with reputed clientele and wide service network The order book of the company remained moderate and stood at about Rs.333 crore as on March 31, 2022 as against Rs.300 crore as on August 18, 2021. The orderbook also includes around 65% of total order book from defence equipment.

The order book of the company remained moderate and stood at about Rs.333 crore as on March 31, 2022 as against Rs.300 crore as on August 18, 2021. The orderbook also includes around 65% of total order book from defence equipment. Consistent source of revenue from maintenance & repair contracts and sale of component & spare parts TIL, while selling its products, also enters into long term maintenance and repair contracts with various customers thereby

TIL, while selling its products, also enters into long term maintenance and repair contracts with various customers thereby providing stable and consistent source of future income. Applicable criteria Policy in respect of Non-cooperation by issuer Policy on default recognition Policy on Withdrawal of Ratings Factoring Linkages Parent Sub JV Group

Policy in respect of Non-cooperation by issuer Policy on default recognition Policy on Withdrawal of Ratings Factoring Linkages Parent Sub JV Group Financial Ratios – Non-financial Sector Liquidity Analysis of Non-financial sector entities Rating Outlook and Credit Watch

Total operating income 64.99 43.83 36.34 PBILDT -117.96 -54.26 -99.05 PAT -416.48 -88.28 85.26 Overall gearing (times) NM NM NM Interest coverage (times) NM NM NM A: Audited UA: Unaudited; NM: Not meaningful; Note: ‘the above results are latest financial results available’ Status of non-cooperation with previous CRA: Not applicable.

There were delays in debt servicing of bank facilities and outstanding dues were repaid by the company as per One Time Settlement (OTS). No due certificate has been received from the lenders along with NOC for withdrawal of ratings from SBI. Weak financial performance in FY23 and 9MFY24 Despite healthy order book position, the turnover declined to Rs.65 crore in FY22 from Rs.312 crore in FY21 mainly due to inability of the company to execute the order due to paucity of adequate working capital.

Despite healthy order book position, the turnover declined to Rs.65 crore in FY22 from Rs.312 crore in FY21 mainly due to inability of the company to execute the order due to paucity of adequate working capital. The Company has incurred loss of Rs.416 crore in FY22 as compared to loss of Rs.67 crore in FY21 mainly due to provisioning and writing - off of inventory, trade receivables 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s public

Debt coverage indicators continued to remain not meaningful in FY23 as the company continued to incur losses. Increased working capital intensity of operations TIL requires high level of working capital to support and maintain its large inventory of raw materials, finished goods as well as stores & spare parts. The inventory and debtors’ levels have continued to remain high as on Mar 31, 2023. Exposure to foreign exchange risk

TIL requires high level of working capital to support and maintain its large inventory of raw materials, finished goods as well as stores & spare parts. The inventory and debtors’ levels have continued to remain high as on Mar 31, 2023. Exposure to foreign exchange risk The major raw materials/inputs required by TIL are high quality steel, engines, chassis for auto mobiles, valves, axle, hoistunits, hydraulic ram and cylinder etc. A large part of the material requirement is met through imports (

The major raw materials/inputs required by TIL are high quality steel, engines, chassis for auto mobiles, valves, axle, hoistunits, hydraulic ram and cylinder etc. A large part of the material requirement is met through imports (about 50% of the total raw material is imported). This exposes the company to risk of foreign exchange fluctuation. Key strengths Long track record of operations TIL is an established player in providing technology intensive equipment for the infrastructure sector. The c

Long track record of operations TIL is an established player in providing technology intensive equipment for the infrastructure sector. The company, over thelast seven decades, has consistently introduced new products in the material handling and construction equipment. Manufacturing and technical collaborations with leading international players TIL, over the years, has entered into long term manufacturing and technical alliances with leading equipment manufacturers