MIRA INFORM REPORT
|
Report
Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
T. S. TECH SUN (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
J – 286,
Saket, New Delhi – 110017 |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
21.11.1996 |
|
|
|
|
Com.
Reg. No.: |
55-83402 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U45202DL1996PLC083402 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELT04296F |
|
|
|
|
Legal
Form : |
Closely Held Public Limited Liability Company |
|
|
|
|
Line
of Business : |
Manufacturers of Assembly and Sale of Automobile
Components |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
1250000 |
|
|
|
|
Status
: |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established company having satisfactory
track. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade relations are reported as fair. Financial
position is good. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
J – 286,
Saket, New Delhi - 110017, India |
|
Tel.
No.: |
91-11-26963192/26563309 |
|
Fax
No.: |
91-11-26563309 |
|
E-mail
: |
sanjay@tstechindia.com |
|
Website
: |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Owned (Commercial) |
|
|
|
|
Factory
1 : |
·
Plot
No. A-6 & A-7, Sector 81, Phase II, Noida, Uttar Pradesh ·
Plot
No. A-627, Sector –81, Phase-II, Noida - 201 305, Uttar Pradesh Tel. 91-120-2568631 / 2568632 Fax. 91-120-2568581 Location - Industrial ·
Plot
No. 11, Sector –6 IMT Manesar, Gurgaon - 122 050, Haryana Tel. 91-124-2291084 Fax. 91-124-2291086 |
DIRECTORS
|
Name : |
Mr.
Yoshinori Hasegawa |
|
Designation
: |
Managing
Director |
|
Address
: |
B – 45,
Defence Colony, New Delhi – 110024, Inia |
|
Date
of Birth/Age : |
11th
August, 1951 |
|
Date
of Appointment : |
23rd
March, 2002 |
|
|
|
|
Name : |
Mr. Isamu
Nishiguchi |
|
Designation
: |
Whole
Time Director (Foreigner) |
|
Address
: |
S – 352,
Greater Kailash – II, New Delhi – 110048, India |
|
Date
of Birth/Age : |
26th
May, 1964 |
|
Date
of Appointment : |
8th
December, 2000 |
|
|
|
|
Name : |
Mr.
Subhash Sathe |
|
Designation
: |
Director |
|
Address
: |
Flat No.
74, SFS DDA Gautam Nagar, New Delhi, India |
|
Date
of Birth/Age : |
21st
April, 1955 |
|
Date
of Appointment : |
13th
July, 2002 |
|
|
|
|
Name : |
Mr. Hideki Suzuki |
|
Designation
: |
Whole Time Director |
|
Address
: |
E – 421, Greater Kailash – II, New Delhi – 110048, India |
|
Date
of Birth/Age : |
16.10.1953 |
|
Date
of Appointment : |
06.05.2005 |
|
|
|
|
Name : |
Mr.
Toshiyuki Hayashi |
|
Designation
: |
Director
(Japan) |
|
Address
: |
3 – 7 – 27,
Sakae-Cho, Asaka-shi, Saitama-Ken, Japan |
|
Date
of Birth/Age : |
9th
November, 1950 |
|
Date
of Appointment : |
28th
June, 2001 |
|
|
|
|
Name : |
Mr.
Satoru Tanaka |
|
Designation
: |
Whole
Time Director |
|
Address
: |
W – 119,
Greater Kailash – I, New Delhi |
|
Date
of Appointment : |
01.05.1998 |
|
|
|
|
Name : |
Mr. Takuo
Arai |
|
Designation
: |
Additional
Director |
|
Address
: |
1-152-42
Sagami Cho, Koshgaya Chi Saita 3430823, Japan |
|
Date
of Birth/Age : |
23.11.1953 |
|
Date
of Appointment : |
22.09.2006 |
|
PAN
No. : |
00953174 |
KEY EXECUTIVES
|
Name : |
Mr.
Sanjay Virmani |
|
Designation
: |
Financial
Controller and Company Secretary |
|
Address
: |
189
Sector 15A, Faridabad – 121001, Haryana, India |
|
Date
of Birth/Age : |
07th
April, 1970 |
|
Date
of Appointment : |
15th
November, 1999 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Sun
Vacuum Formers Private Limited |
13,41,400 |
26.00 |
|
T. S.
Tech Company Limited |
38,18,400 |
74.00 |
|
Ms.
Indrani Sathe |
100 |
-- |
|
Mr.
Subhash Sathe |
100 |
-- |
|
Total |
51,60,000 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers of Assembly and Sale of Automobile
Components |
|
|
|
|
Products
: |
v
Automotive
Components It’s product range
includes :- v
Door
Lining v
Seats
v
Roof
Lining v
Boot
Change Lever v
Lid
Component Console v
Console
Rear Assembly v
Pillow
Head Rest v
Scooter
Seats Trading v
Furnishing
Fabric Pipe for Pillar Head Rest v
Head
Rest Frame v
Nut v
Panel
|
GENERAL INFORMATION
|
Customers
: |
·
Honda
Shell Cars India Limited ·
Honda
Motor Cycle and Scooter India Limited |
|
|
|
|
No. of
Employees : |
114 |
|
|
|
|
Bankers
: |
v
The
Bank of Tokyo Mitsubishi Limited v
Sumitomo
Mitsui Banking Corporation v
Central
Bank of India v
Standard
Chartered Bank |
|
|
|
|
Facilities : |
- |
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Deloitte,
Haskins & Sells Chartered Accountants, 3rd Floor, MCT House, One Okhla Centre, Block
A, Okhla Institutional Area, New Delhi – 110025, India PAN No. : AABFD2095B |
|
Tel.
No. : |
91-11-5562200 |
|
Fax
No. : |
91-11-55622012 |
|
E-Mail
: |
|
|
|
|
|
Associates
: |
·
Sun
Vaccum Formers Private Limited Plot No. 4, Maruti Industrial Area, Sector 18, Gurgaon, Haryana Tel. 91-124-2340015 / 18 ·
Sun
Steering Wheels Private Limited Plot No. 35, Huda Industrial Area, Sector 18, Gurgaon,
Haryana Tel. 91-124-2343001 / 1 ·
T.
S. Tech Thailand Company Limited |
|
|
|
|
Subsidiaries
: |
·
Kyusyu
TS Company Limited Line of
Business -- Motorcycle Seats and Resins Parts. ·
TS
Logistics Company Limited Line of
Business -- Logistics and Non life insurance agency business ·
Honda
Primo TS Company Limited Line of
Business -- Sales and repair of cars and car parts. ·
TS
Tech North America, Inc, U.S.A. Line of
Business -- Development, Sales, quality assurance and general administration. ·
TS
Techs U.S.A. Corporation, U.S.A. Line of
Business -- Vehicle seats and seat frames (welded) ·
Tri-Con
Industries Limited, U.S.A. Line of
Business -- Motorcycle seats, door trim, golf cart seats, water sports
vehicle seats and leisure goods ·
TS
Trim Industries, Inc., U.S.A. Line of
Business -- Door and roof trim ·
TS
Tech Alabama LLC, U.S.A. Line of
Business -- Vehicle seas and seat frames (welded) ·
TS
Tech Canada Inc., Canada Line of
Business -- Vehicle Seat, door trim and seat frames (welded) ·
Trimont
Manufacturing Inc., Canada Line of
Business -- Trim Covers (Cutting and Sewn) ·
Industrias
Tris-Con De Mexico S. A. DE C. V. Line of
Business -- Trim Covers (sewn) ·
TS
Tech Do Brasil Limited, Brazil Line of
Business -- Vehicle Seats, door trim and seat frames (welded) ·
TS
Tech Trim Philippines, Inc., Philippines Line of
Business --Trim Covers (Sewn), roof trim and pillar trim ·
TS
Tech Philippines, Inc. Line of
Business -- Vehicle Seats, door trim, roof trim, motorcycle seats, pillar
trim and bumpers. ·
TS
Tech (Thailand) Company Limited, Thai Line of
Business -- Trim Covers (Sewn), roof trim, steering wheels and trim covers
(sewn) ·
PT
TS Tech Indonesia, Indonesia Line of
Business -- Manufacturing equipment for four wheel vehicles. ·
TS
Tech U.K. Limited, U.K. Line of
Business -- Manufacturers of Vehicle Seats. ·
Guangzhou
TS Automotive Interior Systems Company Limited, China Line of
Business -- Manufacturer of Vehicle Seats ·
Tianjin
TS Plastic Products Company Limited, China Line of
Business -- Manufacturers of Motorcycle seats, plastic parts and precision
molded parts for CD-Roms and PCs ·
Chongoing
TS Plastic Products Company Limited, China Line of
Business -- Motor Seats, plastic parts and resin partsmers electronics ·
TS
Tech (HongKong) Company, China Line of
Business -- Trade administration |
|
|
|
|
Holding
Company |
T. S.
Tech Company Limited, Japan |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/-each |
Rs. 10.000 millions. |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
51,60,000 |
Equity
Shares |
Rs. 10/-each |
Rs. 51.600 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
51.600 |
51.600 |
51.600 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
261.399 |
169.854 |
87.781 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
312.999 |
221.454 |
139.381 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
37.148 |
|
TOTAL
BORROWING
|
0.000 |
0.000 |
37.148 |
|
|
DEFERRED
TAX LIABILITIES |
5.198 |
6.608 |
4.697 |
|
|
|
|
|
|
|
TOTAL
|
318.197 |
228.062 |
181.226 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
221.142 |
139.457 |
114.055 |
|
Capital work-in-progress
|
15.876 |
2.538 |
0.081 |
|
|
Capital
Advance |
0.000 |
0.000 |
0.122 |
|
|
Technical
Fees |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
107.899
|
91.795
|
104.109 |
|
|
Sundry Debtors
|
174.867
|
145.196
|
122.939 |
|
|
Cash & Bank Balances
|
33.323
|
13.411
|
2.196 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
166.998
|
127.335
|
74.981 |
Total Current Assets
|
483.087
|
377.737 |
304.225 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
239.905
|
173.153
|
171.750 |
|
|
Provisions
|
162.016
|
118.548
|
65.557 |
Total Current Liabilities
|
401.921
|
291.701 |
237.307 |
|
Net
Current Assets
|
81.166
|
86.036 |
66.918 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.013 |
0.031 |
0.050 |
|
|
|
|
|
|
|
TOTAL
|
318.197 |
228.062 |
181.226 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1538.085 |
1160.566 |
710.760 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
167.799 |
159.050 |
73.723 |
Provision for Taxation
|
0.000 |
59.449 |
26.568 |
Profit/(Loss) After Tax
|
167.799 |
99.601 |
47.155 |
|
|
|
|
|
Export Value
|
0.084 |
0.003 |
2.084 |
|
|
|
|
|
Import Value
|
N.A. |
237.838 |
198.180 |
|
|
|
|
|
Total Expenditure
|
1370.286 |
1001.516 |
637.036 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
10.90
|
8.58
|
6.63 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
10.90
|
11.52
|
8.84 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
23.82
|
30.60
|
17.61 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.53
|
0.72
|
0.53 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.28
|
1.32
|
1.97 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.20
|
1.29
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
History:
The company was promoted by T. S. Tech Company Limited,
Japan and Sun Vacuum Formers Limited, New Delhi for The Registered office is
situated at Saket, New Delhi and the manufacturing unit is located at Noida,
Uttar Pradesh.
Subject is partially owned by Tokyo Seat Limited (Japanese
Company).
Business:
The disclosures as required under Accounting standard on
segment reporting has not been provided as the company deals in one business
segment and sale of goods outside India are less than 10% of the total sales.
Manufacturing assembly and sale of automobile components.
Fixed Assets :
Leasehold Land, Building, Leasehold Improvements, Plant
& Machinery, Office Equipments, Furniture & Fixtures, Technical Know
How Fees, Vehicles, etc.
|
Name
of the company |
TS
TECH SUN [INDIA] LIMITED |
|
Presented By |
Sanjay Virmani, Company Secretary |
|
1) Date
and description of instrument creating the change |
Agreement
of hypothecation dated 5th November, 2004 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
INR
50.000 millions |
|
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 |
All
stocks of raw materials, goods in progress, finished goods, stock in trade,
consumable stores, both present and future All
present and future book debts, outstanding monies, receivables, claims,
bills, etc. All
tangible movable machineries and plant, both present and future |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
The bank will extend the short term loan or overdraft
facilities for a term upto 1 year at a rate of interest of ‘Sub-BLR / Short
Term Floating Rates’ or BPLR less 2% p.a. |
|
5) Name
and Address and description of the person entitled to the charge. |
The Bank of Tokyo – Mitsubishi Limited Jeevan Vihar, 3, Parliament Street, New Delhi – 110001,
India |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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. |
Not
Applicable |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.09 |
|
UK Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
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 |