MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TATRA VECTRA MOTORS LIMITED |
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Formerly Known As : |
TATRA TRUCKS INDIA LIMITED |
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Registered Office : |
Vectra House, 4th Floor, 15, 1st Main, 6th
cross, Gandhi Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1997 |
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Com. Reg. No.: |
08-22498 |
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CIN No.: [Company
Identification No.] |
U00341KA1997PLC022498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT01091G / CHET09723A |
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PAN No.: [Permanent
Account No.] |
AAACT5190R |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturing, importing, exporting and trading of all
kinds of heavy transport vehicles, spares and accessories, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track records.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered Office : |
Vectra House, 4th Floor, 15, 1st Main, 6th
cross, Gandhi Nagar, |
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Tel. No.: |
91-80-22207739 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 7 and 8, SIPCOT, Industrial Area, Phase-I, Hosur,
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Tel. No.: |
91-4344-277203 / 277996 / 278191 |
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Fax No.: |
91-4344-278262 |
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E-Mail : |
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Regional Office : |
2 F, Brij Tarang, |
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Tel. No.: |
91-40-55822971 / 2 |
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Mobile No. : |
91-9985462724 |
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Fax No.: |
91-40-55822971 / 2 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rakesh Jinsi |
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Designation : |
Managing Director |
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Address : |
No. 600, 17th Main, 2nd Cross, 3rd
Block, Koramangala, 91-9845247393 |
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Date of Birth/Age : |
15.01.1955 |
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Date of Appointment : |
26.02.2003 |
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Date of Ceasing : |
03.06.2004 |
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Name : |
Mr. |
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Designation : |
Managing Director |
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Address : |
373, Sector-37, Noida-201303, Uttar Pradesh |
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Date of Birth/Age : |
08/04/1939 |
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Date of Appointment : |
14/01/1998 |
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Name : |
Mr. R. K. J. Rishi |
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Designation : |
Director |
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Address : |
31, |
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Date of Birth/Age : |
09/09/1955 |
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Date of Appointment : |
09/07/1997 |
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Name : |
Mr. Jojo Joseph Alexander |
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Designation : |
Director |
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Address : |
11, Thorny Croft, Court, 214, |
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Date of Birth/Age : |
20/04/1961 |
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Date of Appointment : |
09/07/1997 |
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Name : |
Mr. Zbynek Jan Keisler |
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Designation : |
Director |
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Address : |
Razuovsk 342, 74401, Frenstar P/R, |
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Date of Birth/Age : |
08/04/1963 |
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Date of Appointment : |
09/07/1997 |
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Name : |
Mr. J. Z. Olsak |
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Designation : |
Director |
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Address : |
Palachecho 72, Noveyjieiu |
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Date of Birth/Age : |
21/10/1960 |
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Date of Appointment : |
01/01/1999 |
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Date of Ceasing : |
03/06/2004 |
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Name : |
Mr. Brus Jiri Petr |
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Designation : |
Director |
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Address : |
Komenskeho 416, Koprivnice, PSC 74221 |
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Date of Birth/Age : |
29.04.1960 |
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Date of Appointment : |
04.05.2001 |
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Date of Ceasing : |
03.06.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Malhotra |
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Designation : |
Vive President – Marketing |
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Tel No. / Email : |
91-9845007649 |
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Name : |
Mr. V. Subramanian |
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Designation : |
Vice President – Finance |
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Tel No. / Email : |
91-9994645557 |
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Name : |
Mr. P. R. Rao |
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Designation : |
Vice President – Service |
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Tel No. / Email : |
91-9845799994 |
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Name : |
Mr. H. N. Krishnamurthy |
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Designation : |
General Manager – Materials |
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Tel No. / Email : |
91-9880655114 |
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Name : |
Mr. G. Sankar |
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Designation : |
Senior Manager – Spares |
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Tel No. / Email : |
91-9994386331 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Bhal S. Bharatbhushan |
|
10 |
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Rishi J Ravindrakumar |
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10 |
|
Jojo J Alexander |
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10 |
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Nitin B Bhal |
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10 |
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Richard F Kral |
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10 |
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Vladislav F Bohac |
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10 |
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Keisler J Zbynek |
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10 |
|
Karel K Zilak |
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10 |
|
Vectra Investments Private Limited |
|
8330240 |
|
Tatra a.s. |
|
1666048 |
|
Vectra Limited |
|
6664192 |
|
Total |
|
16660560 |
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Equity Share
Breakup |
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|
Category |
|
Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, importing, exporting and trading of all
kinds of heavy transport vehicles, spares and accessories, etc. |
GENERAL INFORMATION
|
No. of Employees : |
110 |
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Bankers : |
v
Indian Bank, v
ING Vysya Bank Limited 22, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Raiji and Company Chartered Accountants |
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Address : |
4401, |
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Tel. No.: |
91-80-2260163 |
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Joint Venture : |
• Tatra Vectra Motors Limited - Hosur ( http://www.terexvectra.com
) |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs. 10.00 each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16,660,560 |
Equity Shares |
Rs. 10.00 each |
Rs. 166.606 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
166.606 |
166.606 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
|
[74.352] |
[33.810] |
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NETWORTH |
|
92.254 |
132.796 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
|
253.048 |
137.624 |
|
|
2] Unsecured Loans |
|
69.939 |
69.959 |
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|
TOTAL BORROWING |
|
322.987 |
207.583 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
415.241 |
340.379 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
215.833 |
169.607 |
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Capital work-in-progress |
|
27.866 |
47.412 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
12.186 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
369.547 |
283.342 |
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Sundry Debtors |
|
144.882 |
152.420 |
|
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Cash & Bank Balances |
|
7.519 |
8.028 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
44.888 |
19.435 |
|
Total
Current Assets |
|
566.836 |
463.225 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
391.582 |
347.109 |
|
|
Provisions |
|
3.712 |
4.942 |
|
Total
Current Liabilities |
|
395.294 |
352.051 |
|
|
Net Current Assets |
|
171.542 |
111.174 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
|
415.241 |
340.379 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
7.79 |
4.21 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.43 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Subject was originally incorporated as ‘TATRA UDYOG LIMITED’. Its name
was changed to ‘TATRA TRUCKS INDIA LIMITED’ w.e.f. 08.08.2003.
Further the company’s name was changed to the present.
FIXED
ASSETS
- Land
- Building
- Plant
& Machinery
Bankers Charges
Report as per Registry
|
Name of the company |
TATRA UDYOG
LIMITED |
|
Presented By |
Indian Bank, M.
G. Road Branch, |
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1) Date and description of instrument creating the change |
Dated :
19.06.1998 Agreement of
Hypothecation of Movable D. 101 Letter of
Undertaking to create Equitable Mortgage. Agreement of
Hypothecation of Goods received under advance payment Guarantees / LCs etc D.
73 All the above
pertain to same charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 130.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
each and all of the borrowers present and future goods, produce and
merchandise described in the schedule which has been stored in the premises of
the borrower or wherever stored from time to time and the goods which shall
thereafter be stored therein the whole of the stock whether raw or in the
process of manufacture and all articles manufactured therefore which now or
hereafter from time to time during the continuance of this security shall be
brought into, stored or be in or about the borrower Godown or premises. Vehicles existing
and / or those to be purchased. Plant and
machinery which are now in possession of the borrower and / or to be purchased.
Borrower’s book
debts, outstanding moneys, receivable claims, bills, contracts, engagements,
securities, investments, rights and assets by way of first charge. Hypothecation and
charge by way of first charge of all goods including all goods, stock in
trade, raw materials, merchandise goods, finished goods suchas imported
C.K.D. Kits Dumper Vehicles, Stores and Spares, Chassis cabines and Goods
covered by document to title to goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 4.35 % Over banks PLR with a minimum of 17.85 % per a with quarterly rests,
Repayment : On Demand Margin : 25 % on
Stocks, 50 % on Book debts and 15 % on Pref. Guarantee Company has
undertaken to create equitable mortgage on Plot No. 7 & 8, Phase I,
SIPCOT Industrial Estate, Hosur, |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Bank, M.
G. Road Branch, |
|
6) Date and brief description of instrument modifying the charge |
Date 01.06.2002 Extension of
equitable mortgage by deposit of title deeds Letter confirming
deposit of title deeds enclosed. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above, the
company has extended the security of its immovable properties situated at
Plot No. 7 & 8, Phase I, SIPCOT Industrial Estate, Hosur, All other terms
and conditions remain unchanged. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80014634 |
|
Corporate
identity number of the company |
U00341KA1997PLC022498 |
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Name of the
company |
TATRA VECTRA MOTORS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Vectra House, 4th Floor, 15, 1st Main, 6th
cross, Gandhi Nagar, |
|
Type of charge |
|
|
Particular of charge
holder |
ING Vysya Bank Limited 22, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Hypothecation Agreement |
|
Date of
instrument Creating the charge |
06.11.2006 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: IVRR 3.5 %
Present IVRR is 13 % p.a. Supply Bill
Discounting / Bill Discounting : Bills upto 89 days: IVRR-4.5 % Supply Bill
Discounting / Bill Discounting : Bill with a tenor of 90-120 days : IVRR – 3
% Terms of
repayment On Demand Margin CC – 25 % on
stock and 30 % on Book debts Extent operation
of the charge First pari-passu
charge on entire current assets with Indian Bank. |
|
Short particulars
of the property charged |
Entire current of
the company at 7 & 8, SIPCOT, Hosur or elsewhere |
|
Particulars of
the present modification |
The total limit has been enhanced from Rs. 50.000 Millions to Rs. 70.000 Millions by addition of Rs. 20.000 Millions bill discounting facility. |
AS PER WEBSITE
Tatra Vectra Motors Limited (TVML), formerly known as Tatra Trucks
India Limited, is a joint venture between Tatra a.s. of Czech Republic (a part
of Terex corporation, USA) and the Vectra group, a UK based NRI company, having
substantial business interests in UK, the Czech Republic, Slovakia, CIS,
Singapore and India.
The manufacturing plant is located in Hosur, Tamil Nadu, around 35
kms from
Tatra trucks are based on the unique "Tatra Design"
featuring a spine tube frame with a covered central tube carrying the drive
line and independently swinging half-axles. Tatra “Hemang” and “T-815” dump
trucks have a significant presence in the construction and mining sectors and
are running successfully in the harshest of terrains across
TATRA a.s.
As early as 1850 when half of the world was riding on
horse backs, a wagon shop was established in Koprivnice, a Moravian village in
Tatra
has ever since been the pioneers in Truck making with their unique design
incorporating a central back bone tube chassis and swinging half axles. It is
keeping pace with the increasing expectations of the markets across the world
and is already stepping towards the Euro III and Euro IV versions.
Since
end 2002, Terex Corporation and Vectra Group have become the principal
shareholders of Tatra a.s. Terex corporation, a US$ 4 Billion company is the
worlds 3rd largest manufacturer of construction equipment. It has presence in
100 countries across the globe and owns reputed brands like O&K, Unit Rig,
Demag, American etc.
Vectra Group
The Vectra group, based in
Milestones
July 1997 : Joint venture between Tatra a.s. and Vectra
Group registered
June 1998 : First Truck ( T 815 Dumper ) rolls out of the
plant
March 2002 : Launched “Hemang” state of the art 28 Ton
payload dumper
Jan 2003 : Cabin Welding Shop for manufacturing cabins
inhouse commissioned
Dec 2003 : Received ISO 9001 certification from NSA - QSR
Registrar
Feb 2004 : Engine Assembling and testing facility
commissioned
News
Tatra
to set up Seating Systems plant
Auto
Monitor, June 1st, 2004
Tatra
Trucks India Limited is in the process of setting up a manufacturing plant for
Seating Systems for buses in Hosur, Tamil Nadu. It is expected to be
commissioned by October this year.
The
project is fuelled by a technical collaboration that the company recently
forged with
Tatra
to launch on road Trucks by year-end
The
Pioneer,
While
the off road dumper “Hemang” has been quite a success in Mines and hydel
project sites, Tatra Trucks India Limited plans to roll out an on-road high
tonnage truck model by the end of this year.
“The
market for off road applications is comparatively small - nearly 400 units a
year, while the on-road trucks have a market of 80,000 nos per annum which they
plan to tap” said RIS Kahlon , Chairman, Tatra Trucks India Limited.
Terex
Vectra begins
The
Economic Times, 4th May, 2004
Terex
Corporation, the third largest construction equipment manufacturer in the
world, announced the launch of its Indian manufacturing operations. Terex has
entered the domestic market as a 50:50 JV with Vectra Limited, a NRI promoted
Terex
corp. chairman, president and CEO Ron Defeo told ET “ The biggest growth
markets are
Vectra
to expand its helicopter operations
Financial
Express, 4th May, 2004
The
Vectra group, a NRI promoted
Vectra
to set up JV in
Times
of
This
is another first for the Indian Automotive Industry. The
The JV
agreement has already been inked and the venture - Intercontinental Industries
- expects to commence operations by this year-end. The JV will build Luxury,
commuter and mini school buses for the region.
Tatra
Shapes up Management
Economic
Times, March 1st, 2004
The
“ With
the US based construction equipment firm Terex Corp. owning majority interest
in Tatra, new business strategies have been chalked out for India and these
management changes are also a part of these initiatives” an official said.
Tatra
parent sets up JV in
The
Times of
Terex
Corporation, the
Tatra
Udyog Limited, changes its name to Tatra Trucks India Limited.
September
22nd, 2003
The
Czech Truck makers Indian JV-Tatra Udyog Limited recently changed its name to
Tatra Trucks India Limited. “The new name will reflect their line of business,
which is in producing off road trucks”, said it’s MD RIS Kahlon. He said that
an additional 60 crores will be invested in its Hosur plant in the next three
years for indigenization.
Tatra
Trucks supplies cabins to BEML
September
22nd, 2003
TTIL
has supplied locally made cabins and engines to the
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.36 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|