MIRA
INFORM REPORT
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Report Date : |
22.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TATA FICOSA
AUTOMOTIVE SYSTEMS LIMITED |
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Registered Office : |
Survey 236 &
237 Village Hinjewadi, Taluka Mulshi, Pune - 411057, |
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Country : |
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Financials (as
on) : |
31.03.2004 |
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Date of
Incorporation : |
14.01.1998 |
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Com. Reg. No.: |
11-112992 |
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CIN No.: [Company Identification No.] |
U74999MH1998PTC112992 |
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TAN No.: [Tax Deduction & Collection Account No.] |
PNET01181F |
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PAN No.: [Permanent Account No.] |
AAACT5755A |
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Legal Form : |
Closely held
public limited liability company |
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Line of
Business : |
Designer,
Developers and Manufactures of Rear view mirroring
systems, Command and control cables,
Gear shifter lever systems, Washing systems, Grabhandles,
Sunvisors. |
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 400000 |
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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
successful joint venture of Tata and Ficosa of Spain. Tata is a premiere and most trusted and
respectable industrial house in The company can
be considered good for any normal business dealings. It can be regarded as a promising business
partner in a medium to long-run. |
LOCATIONS
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Registered Office / Factory : |
Survey 236 &
237 Village Hinjewadi, Taluka Mulshi, Pune - 411057, |
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Tel. No.: |
91-20-66745382 |
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Mobile No.: |
91-9324215034 |
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Fax No.: |
91-20-66745350 |
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E-Mail : |
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Website : |
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Factory : |
Plot #1,
Survey #235/245, Hinjewadi, Taluka
Mulshi, Pune 411 057 , |
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Tel. No.: |
91-20-6674 5300 |
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Fax No.: |
91-20-6674 5350 |
DIRECTORS
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Name : |
Mr. Devender S.
Gupta |
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Designation : |
Chairman |
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Address : |
Panorama
Co-operative Housing Society, Ground Floor, 203, |
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Date of
Birth/Age : |
19.03.1950 |
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Date of
Appointment : |
14.01.1998 |
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Name : |
Mr. Raman Kailash
Nanda |
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Designation : |
Director |
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Address : |
V 16, Sacred
Heart, Town Wanowrie, Pune – 411040, |
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Date of
Birth/Age : |
15.03.1956 |
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Date of
Appointment : |
14.01.1998 |
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Name : |
Mr. Rajiv Dube |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age
: |
04.02.1962 |
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Date of
Appointment : |
14.01.1998 |
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Name : |
Larramendi Ruiz
De Saturnino |
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Designation : |
Director |
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Address : |
C Vilaseca 16,
08191 Sant Cugat |
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Date of
Birth/Age : |
06.10.1937 |
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Date of
Appointment : |
04.08.1998 |
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Date of Casing
: |
09.03.2004 |
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Name : |
Mr. Artigas J.
Francisco [Foreign] |
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Designation : |
Director |
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Address : |
Avda Pedralbes 30
202 A, |
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Date of
Birth/Age : |
16.05.1962 |
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Date of
Appointment : |
31.03.1999 |
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Name : |
Mr. Josep M.
Serra [Foreign] |
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Designation : |
Director |
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Address : |
Coviegia 4, 10
Sabadel, |
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Date of
Birth/Age : |
27.05.1965 |
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Date of
Appointment : |
28.03.2000 |
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Name : |
Ms. Jose Maria T.
Pujol [Foreign] |
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Designation : |
Director |
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Address : |
Calle De Las
Acacias No. 10, E – 08193, Bellatera, |
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Date of
Birth/Age : |
06.03.1955 |
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Date of
Appointment : |
09.03.2004 |
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Name : |
Mr. Jeevan Pra Kash
Mahaldar |
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Designation : |
Manager |
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Address : |
A 4, Flat No.
201, Ganga Satellite, Wanowri, Pune, 400040, |
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Date of
Birth/Age : |
31.12.1958 |
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Date of
Appointment : |
15.11.2002 |
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Name : |
Mr. Ravindra Raja
Ram Dhupkar |
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Designation : |
Company Secretary
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Address : |
1835/1/1,
Sadashiv Peth, Deshmukh Wadi, Pune – 411030, |
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Date of
Birth/Age : |
21.08.1977 |
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Date of
Appointment : |
07.04.2003 |
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Date of Casing
: |
28.10.2004 |
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Name : |
Somnath Saha |
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Designation : |
Company Secretary
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Address : |
C 38/S 13 Kum Kum
Chs. MG Complex Sector – 14, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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PAN No.: |
AZUPS1893C |
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Date of
Birth/Age : |
01.07.1973 |
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Date of
Appointment : |
10.09.2005 |
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Name : |
Rudra Shantanu |
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Designation : |
Director |
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Address : |
A 14, Press
Enclave, Saket, New |
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Name : |
Mr. T. A.
Ramkumar |
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Designation : |
Director |
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Address : |
402, Vinspa, |
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Tel No. : |
91-20-56085124 |
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Fax No. : |
91-20-56085034 |
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Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names
of Shareholders |
No. of Shares |
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Tata Autocomp
Systems Limited |
4699400 |
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Ficosa
International S.A. [ |
4700000 |
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Tata Autocomp
Systems Limited |
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Mr. S. H.
Rajadhyaksha |
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Tata Autocomp
Systems Limited |
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Mr. Noshir Driver |
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Tata Autocomp
Systems Limited |
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Mr. Rajiv Dhar |
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Tata Autocomp
Systems Limited |
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Mr. T A Ramkumar |
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Tata Autocomp
Systems Limited |
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Mr. Deepak
Bhandari |
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BUSINESS DETAILS
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Line of Business : |
Designer,
Developers and Manufactures of Rear view mirroring
systems, Command and control cables,
Gear shifter lever systems, Washing systems, Grabhandles,
Sunvisors. |
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Products : |
Ř
Rear View
Mirros Ř
Command
Cable System Ř
Cable
Components Export |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Rear View Mirrors
– Outer |
Nos. |
500000 p.a. |
325029 |
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Rear View Mirror
- Inner |
Nos. |
630000 p.a. |
132582 |
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Washer Systems |
Nos. |
N.A. |
23275 |
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Cable’s |
Nos. |
272180 p.a. |
2172369 |
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Gear Shifters |
Nos. |
45000 |
18346 |
GENERAL INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
Ř
Indian
Bank Ř
Societe
Generale Bank |
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Facilities : |
Secured Loan :
Cash Credit from Both Banks |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. B. Billimoria
& Company Chartered
Accountants |
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Address : |
No. 5, The
Landmark, 42, |
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Tel. No.: |
91-20-25819891 |
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Associates/Subsidiaries : |
TATA
Autocomp Systems Limited Beck House Damle Path off Tel No: 91-20-25438500 Fax No: 91-20-25438499 Email : taco@tacogroup.com Registered Office : Ficosia
International SA, |
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Group Company : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9400000 |
Equity Shares |
Rs. 10/- each |
Rs. 94.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
94.000 |
82.000 |
94.300 |
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2] Advance
Towards Share Capital |
0.306 |
12.307 |
0.000 |
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3] Share
Application Money |
0.000 |
0.000 |
0.000 |
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4] Reserves &
Surplus |
9.026 |
2.622 |
0.000 |
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5] (Accumulated
Losses) |
0.000 |
0.000 |
[4.900] |
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NETWORTH
|
103.332 |
96.929 |
89.400 |
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LOAN FUNDS |
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1] Secured Loans |
74.703 |
5.711 |
7.300 |
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2] Unsecured
Loans |
1.409 |
0.023 |
24.500 |
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TOTAL BORROWING
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76.112 |
5.734 |
31.800 |
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DEFERRED TAX
LIABILITIES |
9.101 |
7.315 |
0.000 |
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TOTAL
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188.545 |
109.978 |
121.200 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
103.179 |
89.654 |
74.000 |
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Capital work-in-progress
|
44.711 |
1.535 |
0.000 |
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Pre-operative Expenses
|
4.160 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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34.480
|
31.508 |
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Sundry Debtors
|
75.444
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60.515 |
110.000 |
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Cash & Bank Balances
|
0.550
|
13.665 |
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Other Current Assets
|
0.000
|
0.000 |
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Loans & Advances
|
23.093
|
11.878 |
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Total Current Assets
|
133.567
|
117.566 |
110.000 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities &
Provisions
|
97.758
|
99.996 |
64.500 |
Total Current Liabilities
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97.758
|
99.996 |
64.500 |
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Net Current Assets
|
35.809
|
17.570 |
45.500 |
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MISCELLANEOUS EXPENSES
|
0.686 |
1.219 |
1.700 |
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TOTAL
|
188.545 |
109.978 |
121.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other
income]
|
302.487 |
211.824 |
145.600 |
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Profit/(Loss) Before Tax
|
21.674 |
21.083 |
11.900 |
Provision for Taxation
|
8.558 |
9.948 |
0.900 |
Profit/(Loss) After Tax
|
13.116 |
11.135 |
11.000 |
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Export Value
|
0.473 |
0.196 |
N.A. |
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Import Value
|
0.435 |
0.282 |
N.A. |
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Total Expenditure
|
284.974 |
190.742 |
133.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
4.33
|
5.25 |
7.55 |
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Net Profit Margin
(PBT/Sales) |
(%) |
7.16
|
9.95 |
8.17 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
16.22
|
17.93 |
10.81 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.20
|
0.21 |
0.13 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.94
|
1.03 |
0.72 |
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Current Ratio
(Current
Asset/Current Liability) |
|
1.36
|
1.17 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
Directors
Report:
The company’s
revenues streams for the year 2003 – 2004 mainly comprised mirrors, cables,
washer systems and gear shifter sales.
The company has also made export of components worth Rs. 47.330 million.
The company
continued to export cable components to various companies of the Ficosa Group
in
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Name of the Company |
TATA FICOSA
AUTOMOTIVE SYSTEMS LIMITED |
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Presented By |
Jointly by the Company and Charge Holder |
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1) Date and description of instrument creating the change |
Agreement dated
09.03.2004 including for Hypothecation of tolls to be used for supply of
goods. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 14.972
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 |
Tools procured by
the Tata Ficosa Automotive Systems Limited company both directly as well as
through its Sub-vendors for use in manufacture of parts / components as
mentioned in Annexure A appended herewith and part of the Agreement. Details
of Tools hypothecated is given in Annexure B Appended here with a part of the
agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company
procured the special custom made tools mentioned in Annexure B of the
Agreement directly as well as through
its Sub-vendors for use in manufacture of parts / components as per the
technical specifications and the design specifications and conditions of he
Charge holders. The charge holder
provided the design specifications and all other information relating to the
parts / components, which enabled the company to procure form sources in Terms of
Disbursement of Funds v
30 %
of the tool cost as advance against indemnity bond. v
60 %
of he tool cost to be paid after trials in Pune at company’s plant. v
10 %
of the tool cost to be paid on sign off of.
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5) Name and Address and description of the person entitled to the charge. |
Ford India
Private Limited S.P. Koil,
Chenglapattu – 603204, Kancheepuram, Tamilnadu |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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Name of the Company |
TATA FICOSA AUTOMOTIVE
SYSTEMS LIMITED |
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Presented By |
Jeevan Mahaldar, Manager |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of movable dated March 28, 2002 Agreement of
Hypothecation of Stocks and Book Debts dated 28.03.2002 Counter Guarantee
dated 28.03.2002 All the above
documents constitute a single charge (Original charge
registered at Sr. No. 21 dated 09.10.2002) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 52.500 Millions
Constituting of cash credit for Rs. 15.000 millions Term Loan for Rs. 32.500
millions and Non Fund based for Rs. 5.000 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
stock of raw materials, semi finished goods and finished goods, consumables,
stores and spares, book debts, outstanding monies, recoverable claims,
contracts, other current assets, Movable Plant and Machineries, Vehicles and
consumers durables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security created
by way of first charge on Stocks, receivable, Plant and Machinery, Vehicles
and consumer durables. Interest @ PLR + 0.50
% on cash credit presently at 12.50 % p.a. Interest @ PLR +
0.50 % on Term Loan presently at 12.50 % p.a. Security to cover
the total funded and non-funded facilities amount together with interest
costs, etc The company shall
insure the hypothecated goods. Repayment of term
loan – 20 quarterly installments of Rs. 1.625 millions each Margin 25 % on
Inventory and Bills discounted and 63 % on Plant and Machinery The above will be
continuing security till the charge is satisfied. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank Pune – 411004 |
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6) Date and brief description of instrument modifying the charge |
Agreement for Hypothecation
of Movables dated 04.06.2004 Agreement for
open cash credit limit – hypothecation dated 04.06.2004 No documents
equitable mortgage created by submission of the title deeds and extension of
mortgage on 04.06.2004 on title deeds already submitted. All together
purporting to be single modified of the aforesaid charge. |
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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. |
Present Modification Cash credit facility enhanced form Rs. 15.000 Millions to Rs. 41.000
Millions including sub limit of Rs. 24.000 Millions for EPC/FBN/FBP.
Hypothecation of Goods, Produce, Merchandise and stock stored or to be stored
at Sr. No. 235/245 & 236/237
village Hinjewadi, taluka Mulsi, Pune for the purpose of above enhanced
facility. Term loan in local currency reduced from Rs. 22.000 millions to Rs.
8.500 Millions New Term loan in foreign currency of US $ 1 Million sanctioned (Margin
– 22.84 % and Interest – LIBOR + 3.5
%). Hypothecation of Goods, Produce, merchandise, Stock stored or to be
stored at Sr. No. 235/245, Village Hinjewadi, Mulsi, Pune Plant and Machinery
situated at Sr. No. 236/237, Village Hinjewadi, Mulsi Pune and Book debts,
receivables and other claims for the purpose of above new facility. Additional security created by way of first charge on immovable
property at Survey No. 236/4, 236/8 and 237 Village Hinjewadi, Mulsi Pune –
411027 for all facility extended to the company. Hence total local currency facility enhanced to Rs. 54.500 Millions
with additional facility of FC term loan of US $ 1 million. Movable and
immovable security enhanced and extended as mentioned hereabove. All other terms and conditions, including security already created
continued as same. Past
Mentioned On 30.04.2002, no document were executed. The equitable mortgage
created by submission of the title deeds for creation of additional security
by way of first charge on immovable property at Survey No. 235/245, Village
Hinjewadi, Pune All other terms and conditions, including security already created
continues as same. (Charge Registered at Sr. No. 20 dated 09.10.2002) |
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|
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Name of the Company |
TATA FICOSA
AUTOMOTIVE SYSTEMS LIMITED |
|
Presented By |
Jointly by the Company and Charge Holder |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of current assets dated December, 13, 1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.000
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 Stock
of Raw Materials, semi finished goods, consumables, stores and spares,
tooling being developed major buyer, book debts, outstanding and other and
other current assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security created
by way of first charge. Interest @ PLR +
interest Tax presently at 16.32 % p.a. Security to cover
the total funded and non-funded facilities amount together with interested,
charges, expenses, costs etc. Margin – 10 % on
Inventory and Bills discounted and 5 % on Letter of credit. |
|
5) Name and Address and description of the person entitled to the charge. |
Societe Generale Maker Chamber IV,
13th Floor, Nariman Point Mumbai – 400021 |
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6) Date and brief description of instrument modifying the charge |
Supplementary
agreement of Hypothecation of Stocks / Goods and Book debts and Hypothecation
of Plant and Machinery dated 20.12.2003 |
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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. |
Additional
security created by way of First Hypothecation charge on the current assets
and movable machinery and plant of the company to secure working capital
facilities of Rs. 6.000 Millions and to additionally secure the term loan
facility of Rs. 24.000 Millions for as
aggregate advance limit of Rs. 29.000 Millions All other terms
and conditions, including security already created continues as same. |
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Name of the Company |
TATA FICOSA
AUTOMOTIVE SYSTEMS LIMITED |
|
Presented By |
Raman Nanda, Director |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of movable dated March 28, 2002 Agreement of Hypothecation
of Stocks and Book Debts dated 28.03.2002 Counter Guarantee
dated 28.03.2002 All the above
documents constitute a single charge (Original charge
registered at Sr. No. 21 dated 09.10.2002) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 52.500
Millions Constituting of cash credit for Rs. 15.000 millions Term Loan for
Rs. 32.500 millions and Non Fund based for Rs. 5.000 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 |
Hypothecation of
stock of raw materials, semi finished goods and finished goods, consumables,
stores and spares, book debts, outstanding monies, recoverable claims,
contracts, other current assets, Movable Plant and Machineries, Vehicles and
consumers durables. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security created
by way of first charge on Stocks, receivable, Plant and Machinery, Vehicles and
consumer durables. Interest @ PLR +
0.50 % on cash credit presently at 12.50 % p.a. Interest @ PLR +
0.50 % on Term Loan presently at 12.50 % p.a. Security to cover
the total funded and non-funded facilities amount together with interest
costs, etc The company shall
insure the hypothecated goods. Repayment of term
loan – 20 quarterly installments of Rs. 1.625 millions each Margin 25 % on
Inventory and Bills discounted and 63 % on Plant and Machinery The above will be
continuing security till the charge is satisfied. |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Bank Pune – 411004 |
|
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 |
PRESS RELEASE
Tata
Ficosa Automotive Systems Limited inaugurates world-class manufacturing
facility in Pune
New
export-oriented unit will offer global auto manufacturers an outsourcing option,
leveraging company's strengths to meet customer expectations of cost and
performance
6
April 2005
Tata
Ficosa Automotive Systems Limited (TFAS), the 50:50 joint venture between Tata
AutoComp Systems Limited (TACO) and Ficosa International,
Tata
Ficosa's new export-oriented plant at Hinjewadi, Pune was inaugurated by David
Friedman, President and Managing Director, Ford
A
full-service provider to the auto industry, Tata Ficosa Automotive Systems
Limited offers end-to-end solutions for parking-brake, automotive
command-and-control, rod-and-cable gear-shifting and washer systems and
rear-view mirror systems. The new plant has been recommended for the coveted
TS16949 certification within five brief months of operations.
TFAS
has two plants at
D. S.
Gupta, Managing Director, TACO, observed: "While this a milestone for Tata
Ficosa, I believe the EOU represents TACO's on-going commitment to invest in
technology upgradation to offer world-class outsourcing options to auto
manufacturers. This development will contribute to TACO's vision of becoming a
top 100 auto components manufacturer by the end of the decade."
Javier
Pujol, Chairman, Ficosa International, said: "The new facility in Pune
further strengthens the capabilities of this centre of excellence for Ficosa.
We look forward to the new Tata Ficosa plant playing a key role in our
worldwide operations as a centre of excellence."
A
recent joint study commissioned by consulting firm McKinsey and the
Confederation of Indian Industry (CII) highlights India as the most favoured
country to capitalise on emerging trends that increasingly favour global
delivery models in automotive technology development and manufacturing, owing
to a skilled workforce coupled with low-cost technology design and
manufacturing capabilities.
About
Tata AutoComp Systems Limited (TACO)
Tata AutoComp Systems Limited (TACO),
The
company's capabilities span engineering, manufacturing and supply chain
management. TACO has promoted various Strategic Business Units in partnership
with leading companies from the global auto component industry. With 14
manufacturing plants, three engineering centres and three export-oriented
units, TACO is rapidly expanding its business across a host of areas in auto
components, with partners that include Chuo Springs Co, Faurecia, Ficosa,
Johnson Controls, Knorr Bremse, Menzolit Fibron, MobiApps Holdings, Nifco, Owen
Corning, Sungwoo Hitech, Stadco, Toyo Radiator, Yazaki Corp, and Yutaka Giken.
Currently, TACO designs and manufactures a wide variety of components: these
include aluminium radiators, brake discs and braking systems, coil springs,
control cables, exhaust systems, plastic interior and exterior parts, rear view
mirrors, seating systems, SMC parts and wiring harnesses.
Shirish
Shewalkar
Education: BE
from
Shirish
Shewalkar has over 22 years of industrial experience in manufacturing /
operations. Before joining Tata Ficosa, he was with Tata Johnson Controls
Automotive Limited since March 1997. He has earlier worked with Bajaj Auto
Limited, Akurdi, Pune.
Marketing:
BP Shiv, Head (Business Development)
Tel: 91-20-6674 5338 (Direct)
Email: bpshiv@tataficosa.com
Tata Ficosa opens 2nd plant in Pune
Bureau
Pune ,
April 6
TATA
Ficosa Automotive Systems Limited (TFAS), the 50:50 joint venture between Tata
AutoComp Systems Limited (TACO) and Ficosa International,
Talking
to reporters, Mr Javier Pujol, Chairman, Ficosa International, said the current
capacity of both the units put together is 1.2 million pieces (the new plant is
TFAS' second unit in Pune). Tata Ficosa is planning to ramp up this production
capacity to three million pieces within three years. The new facility will
enable the company to supply inner rear-view mirrors to global automotive
original equipment manufacturers. The total investment that has gone into these
plants is Rs 220 Millions, he said. The 100 per cent export-oriented plant at
Hinjewadi was inaugurated by Mr David Friedman, President and Managing
Director, Ford
Mr
Pujol said the Hinjewadi plant has already begun to supply inner rear-view
mirrors for Toyota Innova. There are plans to bring in more products from the
Ficosa product line into the new facility. Depending on the business that would
come in, the company would also think of setting up another unit, mostly in the
South. No details of the project were given. Ficosa has deemed the Pune facility
as a Centre of Excellence.
Tata
Ficosa's customers include Fiat, Ford, General Motors, Hindustan Motors, Honda
Siel Cars, Mahindra & Mahindra, Tata Motors and
Tata Ficosa's Pune facility
By Our Staff Correspondent
MUMBAI, APRIL 6. Tata Ficosa Automotive Systems Limited
(TFAS), a 50:50 joint venture between Tata AutoComp Systems Limited (TACO) and
Ficosa International,
While the new export-oriented facility will be supplying
inner rear view mirrors, it will mainly cater to the needs of Ford,
The aim is to supply products to global automotive original
equipment manufacturers (OEMs).
TFAS has two plants at Pune and Ficosa has deemed the Pune
facility as a centre of excellence.
TFAS' domestic and international customers include Brose,
Fiat, Ford, General Motors, Hindustan Motors, Honda Siel Cars, Mahindra &
Mahindra, Tata Motors and
The current capacity of the plant is around 1.2 million
pieces and the company plans to expand this facility and increase the capacity
to around two million units by August-September. The total investment that has
gone into the new facility is around Rs. 220 Millions.
TFAS would also develop `Rain-sensor rear view mirrors' — an
advanced technological solution at this plant, Jeevan Mahaldar, Chief Executive
Officer, TFAS, said.
D. S. Gupta, Managing Director, TACO said, "While this
is a milestone for Tata Ficosa, I believe the export oriented unit represents
TACO's ongoing commitment to invest in technology upgradation.''
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 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.40.64 |
|
|
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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 |
|