MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VISTEON AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
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Formerly known as : |
ACD AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
37782 |
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CIN No.: [Company
Identification No.] |
U35911TN1997PTC037782 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02304B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting of parts and accessories of Motor vehicles and Air Conditioner Machines Comprising Motor Driven Fans and Elements. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/ Corporate Office/ Factory : |
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Tel. No.: |
91-4114-254280/ 424280 |
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Fax No.: |
91-4114-253858/ 254375/ 453857/ 858/ 126 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Horst H Herzog |
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Designation : |
Director |
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Address : |
1, First Floor,
Riverview Apartments, |
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Date of Birth/Age : |
10.01.1938 |
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Date of Appointment : |
22.04.2007 |
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Date of Ceasing : |
01.10.1999 |
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Name : |
Mr. Steve Gawne |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.04.1955 |
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Date of Appointment : |
22.04.1987 |
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Date of Ceasing : |
07.12.2000 |
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Name : |
Mr. Sung Woo Oh |
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Designation : |
Director |
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Address : |
Eope Apartments,
303-501, Chumin Ding, Yusung Gu, |
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Date of Birth/Age : |
18.07.1952 |
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Date of Appointment : |
20.05.1987 |
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Date of Ceasing : |
18.03.2006 |
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Name : |
Mr. Bruce A Shallcross |
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Designation : |
9, Second Floor,
Riverview Apartments, |
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Address : |
15.07.1952 |
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Date of Appointment : |
30.06.1987 |
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Date of Ceasing : |
30.06.2000 |
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Name : |
Mr. Eric Mang |
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Designation : |
Whole time Director |
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Address : |
No.64, |
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Date of Birth/Age : |
16.04.1950 |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. Biran J. Tait |
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Designation |
Chairman & Managing Director |
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Address : |
# 1/F Plot 30 and 30A, Within limits of Akkarai, |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
08.08.2002 |
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Name |
Mr. Kenneth Miller |
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Designation |
Director |
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Date of Birth |
15.11.1948 |
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Address |
12400, |
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Date of Appointment : |
18.05.1998 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. J. S. Yoo |
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Designation |
Director |
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Date of Birth |
30.09.1956 |
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Address |
1 B, South Gate, 17-18, Kasturi Ranga Iyengar Road, Chennai – 600 018,
Tamil Nadu, India |
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Date of Appointment : |
20.05.1998 |
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Date of Ceasing : |
20.11.2001 |
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Name |
Mr. Mark Critz |
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Designation |
Chairman & Managing Director |
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Date of Birth |
01.11.1950 |
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Address |
Anusai Villa, Second and Third Floor, 8A, Crescent Street, Boat Club,
Chennai - 600 028, Tamil Nadu, |
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Date of Appointment : |
01.10.1998 |
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Date of Ceasing : |
08.08.2002 |
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Name |
Mr. George Peck |
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Designation |
Director |
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Date of Birth |
10.03.1945 |
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Address |
Street of Dreams, Hannon Dong 2, Yongsan Ku, |
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Date of Appointment : |
07.12.1999 |
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Date of Ceasing : |
20.11.2001 |
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Name |
Mr. Gopal Chandra Moulee |
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Designation |
Director |
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Date of Birth |
22.12.1960 |
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Address |
9, Bay View Drive, New Mahabalipuram Road, Akkarai, Chennai, Tamil
Nadu, India |
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Date of Appointment : |
24.06.1999 |
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Date of Ceasing : |
07.12.1999 |
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Name |
Mr. C. H. Lee |
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Designation |
Director |
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Date of Birth |
17.02.1954 |
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Address |
Flat 1E, First Floor, 182, |
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Date of Appointment : |
23.02.2000 |
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Date of Ceasing : |
27.09.2004 |
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Name |
Mr. N. K. Shah |
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Designation |
Director |
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Date of Birth |
15.09.1947 |
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Address |
9, River View, Second Floor, |
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Date of Appointment : |
30.06.2000 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. Douglas Reynolds |
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Designation |
Director |
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Address |
3, Samarpan, Flat 7, |
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Date of Appointment : |
30.06.2000 |
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Date of Ceasing : |
28.11.2001 |
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Name |
Mr. Tara Chand Jain |
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Designation |
Director |
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Date of Birth |
01.02.1945 |
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Address |
SP 818 A, Industrial Area, Phase II, Bhiwadi - 301 019, |
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Date of Appointment : |
17.02.1998 |
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Date of Ceasing : |
24.06.1999 |
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Name |
Mr. Bruce Crawford |
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Designation |
Director |
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Date of Birth |
03.04.1946 |
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Address |
16, |
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Date of Appointment : |
20.05.1998 |
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Date of Ceasing : |
30.06.2000 |
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Name |
Mr. Steve G. |
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Designation |
Director |
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Date of Birth |
29.04.1955 |
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Address |
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Name |
Mr. Robert Pallash |
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Designation |
Director |
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Date of Birth |
02.09.1921 |
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Address |
Minami-Aoyana, Minato, Ku, |
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Date of Appointment : |
28.11.2001 |
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Name |
Mr. N. S. Mohan |
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Designation |
Alternate Director to Robert Pallash |
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Address |
Atrium, Flat M 201, First Floor, |
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Date of Appointment : |
28.11.2001 |
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Date of Ceasing : |
08.08.2002 |
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Name |
Mr. Cliff Dawson |
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Designation |
Additional Director |
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Date of Birth |
16.10.1949 |
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Address |
101, Bella Saison Hiroo, 3-4-6, Hiroo Shibiya, KU, |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. K. T. Choi |
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Designation |
Alternate Director to Mr. Sung Woo |
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Date of Birth |
23.02.1960 |
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Address |
18, |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. A. Viswanathan |
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Designation |
Director |
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Date of Birth |
04.10.1962 |
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Address |
B28, Palani Apartments, 146, |
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Date of Appointment : |
15.12.1997 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. D. Vardhan |
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Designation : |
Director (Alternate to Robert Pallash) |
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Date of Birth |
06.03.1961 |
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Date of Appointment |
08.08.2002 |
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Name |
Mr. Y S Chol |
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Designation |
Alternate Director |
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Date of Birth |
07.05.1953 |
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Date of Ceasing : |
27.09.2004 |
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Name |
Mr. Y H Park |
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Designation |
Director |
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Date of Birth |
26.10.1956 |
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Date of Appointment : |
15.03.2005 |
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Name |
Mr. David Paborsky |
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Designation |
Additional Director |
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Date of Birth |
08.05.1967 |
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Address |
1919, |
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Date of Appointment : |
15.04.2006 |
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Other Directorships : |
Viseton Powertrain Control Systems India Private Limited |
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Name |
Mr. Murali |
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Designation |
Alternate Director |
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Date of Birth |
26.10.1963 |
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Address |
A-207, Mansarovar, 19, III, |
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Date of Appointment : |
15.04.2006 |
KEY EXECUTIVES
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Name : |
Mr. S. Sriram |
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Designation : |
Company Secretary |
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Address : |
17, |
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Date of Birth/Age : |
29.11.2001 |
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Date of Appointment : |
28.03.2003 |
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Name : |
Mr. R Brivashaan |
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Designation : |
Company Secretary |
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Address : |
17.07.1974 |
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Date of Appointment : |
30.12.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Viseton International Holdings Inc. |
124133300 |
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Halla Climate Control Corporation |
8088300 |
As on 31.03.2006
Foreign holdings : 100.00%
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of parts and accessories of Motor vehicles and Air Conditioner Machines Comprising Motor Driven Fans and Elements. |
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Products : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Climate control products |
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Capacity would vary depending on products manufactured due to the
multiplicity of products. Hence it is not feasible to mention the capacity.
However there has been substantial expansion in capacity during the year
under review. |
-- |
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Clusters |
In Units |
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250000 |
-- |
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Heater and Blower units |
Nos. |
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180184 |
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Radiators |
Nos. |
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254952 |
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Air con assembly |
Nos. |
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250020 |
GENERAL INFORMATION
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Suppliers : |
v
v
Srihari Auto Rubbers v
Sathya Auto Accessories v
Kowski Toolings v
Shubby Plastics |
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No. of Employees : |
430 |
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Bankers : |
v
ABN Amro Bank N.V.,191, v
The Hongkong and Shanghai Banking Corporation Limited,
30, Rajaji Salai, Chennai – 600 001, Tamil Nadu, v The machinery of the factory had been hypothecated for Rs. 400.000 v millions v
Bank of v
Deutsche Bank AG, |
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Facilities : |
Unsecured Loans
: Book Overdraft : Rs.0510 millions Deferred Sales Tax Loan : Rs.60.870 millions Total :
Rs.61.380 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lovelock and Lewis Chartered Accountants |
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Address : |
32, |
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Memberships : |
Confederation of Indian Industry |
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Parent Company : |
v
Ford Motor Company, v
Halla Climate Control Corporation, |
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Holding Company : |
Visteon International Holdings Inc., |
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Associates/Subsidiaries : |
v All companies of Visteon Group v Viseton Power Control Systems India Private Limited v Visteon Sistemas Interiores Espana S L v Visteon Portuguesa Limited v Visteon Ardennes Industries, SAS v Viseton United Kingdom Limited v
Halla Climate Control Corporation, v Viseton Global Technologies Inc. v
VisetonSistemas Automotives Limited, v Halla Climate Control Thailand Limited v Climate Systems Maxicana v
Duckyang v
Viseton Interior v Fuchang Climate Systems, china v
Visteon Aftermarket, v
Visteon Corporation, Fellow Subsidiaries
: v Visteon Powertrain Control Systems India Private Limited v Climate Systems India Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
132221600 |
Equity Shares |
Rs.10/- each |
Rs.1322.216
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1422.216 |
1422.216 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
699.008 |
164.365 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2121.224 |
1586.581 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
233.350 |
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2] Unsecured Loans |
|
61.383 |
9.544 |
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TOTAL BORROWING |
|
61.383 |
242.894 |
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DEFERRED TAX LIABILITIES |
|
169.999 |
103.342 |
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TOTAL |
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2352.606 |
1932.817 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1791.989 |
1611.221 |
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Capital work-in-progress |
|
16.153 |
60.898 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
617.406 |
520.843 |
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Sundry Debtors |
|
686.862 |
563.208 |
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Cash & Bank Balances |
|
510.346 |
265.360 |
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Other Current Assets |
|
0.815 |
0.121 |
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Loans & Advances |
|
116.760 |
147.239 |
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Total
Current Assets |
|
1932.189 |
1496.771 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1117.929 |
1107.720 |
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Provisions |
|
269.796 |
128.353 |
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Total
Current Liabilities |
|
1387.725 |
1236.073 |
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Net Current Assets |
|
544.464 |
260.698 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2352.606 |
1932.817 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
|
5167.323 |
4074.677 |
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Other Income |
|
98.987 |
47.696 |
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Total Income |
|
5266.310 |
4122.373 |
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Profit/(Loss) Before Tax |
|
1098.634 |
707.018 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1098.634 |
707.018 |
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Total Earnings |
|
53.990 |
2.990 |
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Imports : |
|
|
|
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|
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Raw Materials |
|
1850.020 |
1421.320 |
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Stores & Spares |
|
23.170 |
11.700 |
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Capital Goods |
|
247.540 |
136.130 |
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Total Imports |
|
2120.730 |
1569.150 |
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Expenditures : |
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Raw Material Consumed |
|
3160.516 |
2444.201 |
|
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Salaries, Wages, Bonus, etc. |
|
164.361 |
133.838 |
|
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Managerial Remuneration |
|
35.950 |
33.940 |
|
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Payment to Auditors |
|
1.000 |
0.800 |
|
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Power & Fuel |
|
108.434 |
84.008 |
|
|
Other Expenditure |
|
697.414 |
649.235 |
|
Total Expenditure |
|
4167.675 |
3415.355 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
20.86 |
17.15 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
20.86 |
17.15 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
29.50 |
22.75 |
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.52 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.68 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.39 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
INDUSTRY
India's automotive component industry manufactures the entire range of
parts required by the domestic automobile industry for various vehicles including
cars, jeeps, light and heavy commercial vehicles (LCV's and HCV's), tractors,
two and three wheelers. The total domestic production of auto-components in
FY99 was estimated at approximately Rs126.8bn (US$ 2.95bn). Output (in terms of
value) grew by 5.4%yoy in FY99 and the industry registered a compound annual
growth rate (CAGR) of 19.5% between 1994 and 1999. Most components required by
the Indian automobile industry are manufactured locally. Import dependence is
low, approximately 13% of domestic demand, and usually restricted to items
requiring special steels and materials or precision engineering (gearboxes for
instance).
The Indian auto components industry started out small in the 1940s
supplying components to Hindustan Motors and Premier Automobiles. In the 1950s,
the arrival of Telco, Bajaj, Mahindra & Mahindra led to steadily increasing
production. It was however in the 1980s with Maruti, that growth suddenly
accelerated and the industry came of age. Boom time for the auto components industry
started with the arrival of
The new car required components that would adhere to its stringent
quality standards. It virtually gave birth to a variety of new age auto
component manufacturers who manufactured components that combined the best of
technology with quality. As Maruti became
The influx of foreign auto majors ranging from Mercedes Benz, Ford,
General Motors to Daewoo two years ago presented a world of opportunity for the
industry. The auto components industry went overboard with huge capacity
expansion and modernization programs.
However, the global auto giants soon realized that the Indian market was
not as big as it appeared to be. Their targets went haywire, inventories piled
up and bookings were canceled. This also coincided with a general slowdown in
the Indian economy in the last one or two years. The auto component industry in
Some Indian companies have used the interim period to trim down by
cutting costs and improving productivity. Several companies have entered into
technological collaboration and equity partnership with world leaders in auto
components. They have not only adopted their systems but also their work ethics
and management practices. Strict quality controls, sound technology and high
volumes will enable the Indian auto component industry to chart greater
progress in the coming future.
The number of players in the automotive components sector is large with
over 300 small and medium sized firms servicing 24 automobile companies.
Typically, most auto ancillary firms have small capacities, however in certain
segments, the top two or three companies control 80-90% of the market. To meet
the international quality requirements and for tapping the global markets, the
Indian auto ancillary units have entered into joint ventures with foreign
majors. At present, the Indian auto component industry has about 225 active
collaborations, out of which 67 were with
According to ACMA, the production of automobiles is estimated to grow at
a CAGR of 10% in the next four years. This augurs well for the ancillary
sector, whose demand growth is expected to be around 12% in FY2000.
In the passenger car segment, which has witnessed tremendous growth in
recent months, especially with the launch of several economy car models,
capacity is expected to more than double from 415,000 units in FY98 to around
850,000 in FY02. This is one segment that will provide stimulus for auto
component growth.
A pick up in commercial vehicle (CV) demand in the first five months of
FY2000 (at 20%yoy) will prove to be good news to companies catering to the
sector. The CV segment is expected to operate at a fleet utilization capacity
of around 94% in FY99 and 99% in FY2000.
The two wheeler segment is projected to register a growth of 10%-11%
over the next three to four years. With foreign majors like Honda setting up
facilities in the near future and every major player keen to launch new models,
the two wheeler segment, along with the economy car segment, is expected to
stimulate growth in the auto ancillary sector over the next two years.
Tierisation
The global automobile industry is operating at a capacity utilization level
of 65% leading to excess capacity in the industry. As per some estimates the
world will be having just five automobile majors by year 2010 compared to
present level of 13 leading players. This will lead to intense competition
among the majors to curtail the manufacturing costs and remain slim. One way to
achieve it will be to opt for sourcing assemblies or systems instead of
individual components from auto ancillaries. This is called tierisation, and
will help in reducing costs substantially by reducing number of direct
suppliers (i.e. purchase cost), providing economies of scale to suppliers
through large volumes, sharing design and development costs of components,
reducing time for vendor development, reducing capital investment for
assembling subsystems etc.
Typically, the supplier who has the highest contribution in terms of
value addition to the assembly and is closest in supply chain to vehicle
manufacturer, undertakes the responsibility to integrate and supply complete
systems. For example, a producer of suspension systems would supply an assembly
of suspension links, shock absorbers, wheel hubs and brakes and will be
recognized as tier-I supplier. He will in turn source sub-assemblies from
tier-II supplier. The tier-II supplier will be sourcing the components required
for sub-assemblies from auto component vendors who form tier-III. The tier-I
supplier will bear higher risk in terms of system design, development,
integration, testing and supply. This will help in obtaining higher quality
standards at the input levels of automobile manufacturer and also reduce the
capital requirement for auto major.
With the development of tierisation in the global automobile industry
the tier-I level will be occupied by auto component majors like
Looking at this trend it will be clear that, in the long run India will
be having a very few players in tier-II level with the major portion being
concentrated with tier-III level, which will be of high volume low margin
business. But tier-III suppliers will be able to garner large volumes from
different parts of world leading to substantially higher exports from the
sector.
In
TACO hierarchy, Tier-2 joint venture feed onto Tier-1 companies.
The preferred ratio of equity divide is 50:50 in Tier-1 joint ventures
and 50% to majority stake for Tier-2 companies.
Currently, TACO has in place six Tier-1 joint ventures covering seats,
interior plastics, wiring harness, radiators, rear-view mirrors and plastic
fasteners. Its collaborators include Johnson Controls of the
The WTO Regime
Another significant event to happen in the near future is the coming in
force of the World Trade Organization (WTO) guidelines in less than two years
time. This would mean that the industry would have to contend with a
liberalized import regime from March 2001 onwards. Passenger cars, including
second-hand cars, CKD kits and auto components will be allowed to be imported
under an open general license (OGL). Undoubtedly, this poses a major threat to
the well being of the Indian auto and auto component sector.
The question, which is exercising many a mind, pertains to the state of
our readiness for the new scheme of things. An important concern is the problem
of overcapacity in the automobile industry which is stated to be about 3 times
than that required. Also, there are too many manufacturers. Take for example,
the market in
Then again with car majors like Daewoo, Hyundai, Ford, GM and others
setting shop in the country, demand for better quality, lower prices and timely
delivery will be the order of the day. A recent study involving automakers has
revealed that they are not very satisfied with Indian component manufacturers
and would prefer free imports. This should ring a warning bell among Indian
players.
But there’s an apparent silver lining in this doomsday scenario. Indian
auto manufacturers have the advantage of lower prices, which will be difficult
for international giants to match. However, there is no gainsaying the fact
that Indian component manufacturers have to shed their complacency and learn to
survive in a changed environment.
HISTORY
The company was incorporated on 21st March, 1997 under the
name and style of Motive Engineering India Private Limited. Name changed to ACD Automotive India Private
Limited with effect from 22nd July, 1997 and again changed to
present name and style with effect from 12th August, 1998.
Its’ Company Registration Number is 37782.
The company’s registered office was shifted from 3rd Floor,
TNPL Building, 38, Mount Road, Anna Salai, Guindy, Chennai - 600 032, Tamilnadu
to the above address.
Though this is the address registered, the staff and the office in whole
had been shifted to their factory at Maraimalainagar from where it is operating
currently.
This is a foreign company promoted by Ford Motor Company,
Operations :
The company has performed well in 2005 with a
substantial increase in revenues and profits helped by new business. The
localization efforts and other cost reduction measures adopted by the company
have yielded good results. During the year the company has established
additional manufacturing facility in Pune to cater to the needs of customers
like Tata Motors and Mahindra & Mahindra.
The company has also completed substantial
expansion of Chennai plant in respect of HVAC and established new compressor
manufacturing facility which will fuel growth in coming years.
BUSINESS
The company is engaged in manufacturing and exporting of parts and
accessories of Motor vehicles and Air Conditioner Machines Comprising Motor
Driven Fans and Elements.
Fixed Assets :
v
Leasehold land
v
Buildings
v
Plant and machinery
v
Furniture and fittings
v
Office equipments
v
Computers
v
Vehicles
Contingent
Liabilities :
Claims against the company for excise duty and customs duty liability
not acknowledged as debts and not provided for Rs.141.380 millions (Previous year
Rs.7.900 millions)
PRESS CLIPPINGS:
Visteon Announces Financial
Agreement with Ford; Strategic and Structural Discussions Continue
VAN BUREN TOWNSHIP, Michigan, March 10, 2005 — Visteon Corporation
(NYSE:VC) today announced a financial agreement with Ford Motor Company that
will improve Visteon’s operating results and cash flow and strengthen the
operations that directly serve the automaker. The details of the financial
agreement are being reported in a Securities and Exchange Commission filing.
“This financial agreement is the right step forward with Ford and
supports the operations that directly serve our largest customer,” said Mike
Johnston, president and chief executive officer. “The commitments made by Ford
and Visteon under this agreement will improve Visteon’s operating results and
cash flow. It’s a mutually beneficial agreement that is in the best interest of
both companies.”
Under the financial agreement, Ford agreed to reduced wage
reimbursements from Visteon for hourly Ford-UAW employees assigned to Visteon
facilities; accelerate payment terms to Visteon; and pay for capital
expenditures at certain Visteon plants in
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.40.75 |
|
|
1 |
Rs.81.17 |
|
Euro |
1 |
Rs.54.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|