MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TATA YAZAKI
AUTOCOMP LIMITED |
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Registered Office : |
Gate #93, Survey #166, High Cliff Industrial Estate, Wagholi Rahu
Road, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
111098 (Old) 25-15436 (New) |
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CIN No.: [Company
Identification No.] |
U99999MH1997PTC111098
/ U34300PN2000PTC015436 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET01192C |
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PAN No.: [Permanent
Account No.] |
AAACT5570F |
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Legal Form : |
A closely held public
limited liability company. |
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Line of Business : |
Subject is a
manufacturer of wiring harnesses for the automotive industry. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD200900 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed Joint Venture of Tata Autocomp Systems of India and
Yazaki Corporation of Company’s Profitability
is under severe pressure. It has huge accumulated losses. Payments are
reported as slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Gate # 93, Survey # 166, High Cliff Industrial Estate, Wagholi Rahu
road, |
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Tel. No.: |
91-20-27051132 / 33 / 27050133 – 137/ 66315100 |
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Fax No.: |
91-20-27050131 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Devendra
Sarup Gupta |
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Designation : |
Chairman |
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Address : |
Panorama Co –
operative Housing Society, Ground Floor , 203, Walkeshwar Road, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
19.03.1950 |
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Date of Appointment : |
06.10.1997 |
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Name : |
Mr. Rajendra
Ramdas Bhinge |
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Designation : |
Director |
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Address : |
17, Shashidhar,
Dr, Rajabali Patellane, Off. |
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Date of Birth/Age : |
29.05.1952 |
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Date of Appointment : |
16.02.1998 |
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Name : |
Mr. Prakash
Raghunath Nayak |
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Designation : |
Director |
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Address : |
Flat No. 503, Building
No. A 5, Karishma Apartment, Kothrud, Pune – 411029, |
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Date of Birth/Age : |
06.03.1971 |
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Date of Appointment : |
09.12.2000 |
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Name : |
Kiyohiro K
Hiramatsu |
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Designation : |
Director |
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Address : |
3921 – 1, Nakanogu,
Arai Chou, hamana Gun, Shizouka – Ken, japan |
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Date of Birth/Age : |
16.07.1940 |
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Date of Appointment : |
17.03.2003 |
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Name : |
Mr. Sataro
Kuniaki Matsuda (Foreigner) |
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Designation : |
Director |
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Address : |
Cluster No. 4-8, |
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Date of Birth/Age : |
21.07.55 |
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Date of Appointment : |
10.12.2002 |
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Name : |
Shinichi
Morishita |
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Designation : |
Director |
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Address : |
600 – 21, Nishi
Kumndo, |
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Date of Birth/Age : |
11.03.1947 |
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Date of Appointment : |
27.03.2002 |
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Name : |
Mr. Nagarajan
Viswanathan |
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Designation : |
Director |
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Address : |
B – 1703 |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. A T Ramkumar |
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Designation : |
Director |
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Address : |
402, Vinspa, 6, |
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Date of Birth/Age : |
29.12.1965 |
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Date of Appointment : |
23.07.2005 |
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Name : |
Mr. Takashi Y
Ikeda (Foreigner) |
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Designation : |
Director |
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Name : |
Mr. Rajiv J
Bakshi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Mohan Prem
Rawat |
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Designation : |
Secretary |
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Address : |
19, Wilson Garden
Opp. Pune Railway Station, Pune – 411001, |
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Date of Birth/Age : |
01.05.1970 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Prashanth Nayak |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Sameer M Bakshi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Tata Autocomp
Systems Limited |
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21499500 |
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Yazak Corporation
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21500000 |
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Tata Autocomp
Systems Limited Rama K. Nanda |
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150 |
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Tata Autocomp
Systems Limited Shailesh
Harishchandra Rajadhyaksha |
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150 |
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Tata Autocomp
Systems Limited T A Ramkumar |
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50 |
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Tata Autocomp
Systems Limited Rajeev |
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100 |
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Tata Autocomp
Systems Limited Noshir Driver |
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50 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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50.00 |
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Foreign holdings (Foreign institutional investor(s), Foreign
companies(s) Foreign financial institutional(s), Non – resident Indian(s) or
overseas corporate bodies. |
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50.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a
manufacturer of wiring harnesses for the automotive industry. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Wiring Harnesses and |
Sets |
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0.500 millions |
1.357 millions |
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Glow Plug Strips |
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0.133 millions |
GENERAL INFORMATION
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Suppliers : |
v
Abhijeet
Surface Coating Private Limited v
Print
Graphics v
B R
Auto Connector and Spares v
Rapid
Electronics v
Chaitanya
Dip Moulding Works v
v
Futura
Electrodesign v
San Stampings
Private Limited v
Ganesh
packing v
Shree
Samarth Industries v
Global
Packaging v
Ganesh
Plastic v
Hosur
Fibres v
ID
Technologies v
Ideas
Toolings v
Instrumentation
v
Lords
Enterprises v
Pethkar
Industries v
Stendfab
Products v
Sony v
Trimoorty
Enterprises v
Yash
Engineers v
Chetna
Engineering Company v
Creative
Components Private Limited v
PMP
Components Limited v
Shree
Stampings v
R
Engineering v
Hosur
Fibres v
Auro
Works v
Anil
Plastics and Enterprises v
Ultra
Wiring Connectivity Systems Private Limited |
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No. of Employees : |
About 800 |
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Bankers : |
State Bank of Industrial Finance Branch Tara Chambers, Warewadi,
Pune – 411003, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins
& Sells Chartered
Accountants (Mr. G Shankar,
Partner, M No.27023) |
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Address : |
5, The Landmark,
42, |
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Venture in the company : |
Yazaki
Corporation, Tata Autocomp
Systems Limited |
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Associates/Subsidiaries : |
v
Thai
Arrow Products v
Yazaki
Europe v
Yazaki
North America, Inc. v
Yazaki
Saltano De v
Yazaki
Saltano De Over v
PTEDS
Manufacturing v
Yazaki
Do Brazil Singapore Components Private Limited v
Tata
Ficosa Automotive Systems Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7800000 |
Equity Shares |
Rs.10/- each |
Rs.780.000 millions |
|
250000 |
Preference Shares |
Rs.10/- each |
Rs.25.000 millions |
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Total |
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Rs.805.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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63000000 |
Equity Shares |
Rs.10/- each |
Rs.630.000
millions |
|
2300000 |
Preference Shares |
Rs.10/- each |
Rs.23.000
millions |
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Total |
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Rs.63.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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453.000 |
453.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(402.775) |
(433.611) |
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NETWORTH |
|
50.225 |
19.389 |
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LOAN FUNDS |
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1] Secured Loans |
|
303.260 |
164.866 |
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2] Unsecured Loans |
|
201.720 |
237.492 |
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TOTAL BORROWING |
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504.980 |
402.358 |
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DEFERRED TAX LIABILITIES |
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28.567 |
30.636 |
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TOTAL |
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583.772 |
452.383 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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431.000 |
344.268 |
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Capital work-in-progress |
|
5.112 |
7.612 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
28.567 |
30.636 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
472.597 |
355.518 |
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Sundry Debtors |
|
225.865 |
181.071 |
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Cash & Bank Balances |
|
13.716 |
52.597 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
77.308 |
29.045 |
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Total
Current Assets |
|
789.486 |
618.231 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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663.791 |
543.432 |
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Provisions |
|
6.602 |
4.932 |
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Total
Current Liabilities |
|
670.393 |
548.364 |
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Net Current Assets |
|
119.093 |
69.867 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
583.772 |
452.383 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Total Income |
|
1892.550 |
1188.810 |
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Profit/(Loss) Before Tax |
|
33.340 |
(144.900) |
|
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Provision for Taxation |
|
2.500 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
30.840 |
(144.900) |
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Total Earnings |
|
326.899 |
188.327 |
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Imports : |
|
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|
|
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Raw Materials |
|
957.898 |
673.240 |
|
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Stores & Spares |
|
23.726 |
11.846 |
|
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Capital Goods |
|
0.076 |
0.043 |
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Total Imports |
|
1057.808 |
727.884 |
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Expenditures : |
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Prior Period Items |
|
0.000 |
52.700 |
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Depreciation & Amortization |
|
51.820 |
34.340 |
|
|
Other Expenditure |
|
1755.570 |
1159.630 |
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Total Expenditure |
|
1807.390 |
1246.670 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.63 |
(12.19) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.76 |
(12.19) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.73 |
(15.05) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.66 |
(7.47) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
13.34 |
49.03 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.17 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Land
v
Building
v
Plant
and Machinery
v
Furniture,
Fixture and Office Equipments
v
Vehicles
The company was
originally incorporated on 06.10.1997 having Company Registration No.
111098.
The Registered Office of the company has been shifted from
Mumbai to Pune with effect from 12.10.2000 and a new Company Registration
Number 15436 of Pune ROC was obtained.
Financial Result
The
main reason for the loss incurred in the current year is on account of the
excise duty liability of Rs. 116 millions, including interest thereon, the
details of which are covered in note 2 (d) of Schedule P to the account
Performance
analysis
Operational
Performance
During
the year the company’s income increased by 46.5 %. Export increased from Rs.
225 millions to Rs. 251 millions while domestic sales increased form Rs. 931
millions to Rs. 566 million. The domestic sales increased on account of higher
sales to Tata Motors, Toyota Kirloskar and Honda, while two new domestic
programs were added with Tata Cub, GM
Tavera and Toyota Innova Programs.
At the end of the financial year
ended March 31, 2005 the accumulated losses of the company at Rs. 433.6
million. Exceeded 50 % of its paid up equity share capital of Rs. 453 million.
The company is potentially sick company under the provisions of Sanction 23 of
the Sick Industrial companies Act. The company would be taking necessary steps
requirement under the said ACT.
Export
The
company increased its exports to Rs. 251 million from Rs. 225 million. The
company’s exports to Yazaki Corporation increased form Rs. 66 million to Rs.
123 million with the addition of new customer programs. The company has received orders for new customer
program and suppliers would commence the current financial year.
Industry
Structure and development
Industry
scenario
2004-05
was a year of continued growth and built on the growth of the past two years.
Demand growth was very strong across all segments, and this has created a very
positive feeling across the industry.
The
growth drivers continue to be higher industrial activity, lower interest rates,
improved credit facilities and a strong agricultural growth. Launch of several
new models also strengthened the demand for vehicles.
In
2004-05 production in the passenger vehicles witnessed a growth of 20 % while
commercial vehicles witnessed a growth of 36 %. Tractor production increased by
26 % and is showing a strong growth charter after the growth in 2002-03 which
was after recording decline for four continuous years. Two wheelers production
witnessed a growth of 16 % supported by lower interest rates and a spate of new
launches.
The
industry is increasingly upgrading its products to global quality and
standards. The gap between a global launch and launch in
The company also believes that the Government and needs to
dialogue continuously to ensure that the country’s interest would be protected
while dealing with the realities of a multi – lateral world and FATs.
Overall the company believes that the automotive sector would continue to show
growth and have strong long term potential.
Status
of initiatives
During
the year company increased its production capacity by 75000 Manhour p. m. by
setting up a new factory building at the same location. The company
underwent its first assessment with TBEM
and scored 207 in its first assessment.
Opportunities
and Threats for the Company
The
company believes that it has great growth opportunity both in the domestic
market and also with exports. In the domestic market. The company is the
largest suppliers to automakers who are in an aggressive growth curve in the
Indian market. The customer is well placed to win the business for all new
programs of General Motors, Tata Motors, Honda Siel and Toyota Kirloskar.
Claims
not acknowledgments as debts :
The
company has received a demand notice from the Ventral Excise department for Rs.
3052 thousand against which an appeal has been field.
Bills
discounted with bank outstanding as on March 31, 2005 : Rs. 174.819 millions
Excise Duty
In
January, 2005, the central excise authorities had detected certain significant
regulatory lapses in the manner in which goods manufactured in the Export
oriented Unit of the company were cleared to domestic customers and the
consequent shortfall in payments of excise duties on such clearances.
Consequent
to this the company has paid the deficient duties of Rs. 116.072 millions.
these payments have been provided for in the accounts of the company for the
year ended march 2005. However no provision has been made in the accounts for
any penalties that may be levied due to regulatory lapses since the authorities
have so far not made any demand for the same and the same are not ascertainable
on a reasonably accurate basis. The penalties could be levied under the
provisions of the Central Excise Act , 1944, the Customs Act, 1962. and the
Foreign Trade Development and Regulation Act, 1992.
NFE Calculations
Vide
letter dated 15th July 2002, the SEEPZ authorities has laid down
condition on the company to achieve an average Net Foreign Exchange Earning as
a percentage of Exports of 2 % over the period of five years form the date of
commencement of commercial productions.
The
company has entered into an agreement for import of capital goods of Rs.
136.031 millions on CIF basis and is requirement to achieve an export turnover
of Rs. 675.023 millions during the same period failing which the company may be
liable for penal action. The company has also been permitted to purchase
indigenous capital goods, components and raw material without payment of
Central Excise Duty, wherever applicable and import raw material, components
and consumable free of import duty.
The
excess of foreign exchange outflow over foreign exchange earnings of Rs.
241.310 millions as at the end of the current year is in excess of the
projections by Rs. 208.460 millions. the company excepts to make up the
shortfall in the future years. In the opinion over the period of the agreement.
Going Concern
The
company has incurred a loss of Rs. 144.898 millions during the year and as at
that date the accumulated losses amount to Rs. 433.611 millions resulting in a
substantial erosion of the company net worth. However the account have been
prepared on a going concern basis on the assurance of the continuance of the
existing business and ongoing financial support form the shareholders of the
company to the company.
Operating Leases
The
company has taken various residential and office premises under operating lease
or leave and license agreements. These are generally non cancellable and range between
11 and 22 months under leave and license, and are renewable by mutual consent
on mutually agreeable terms.
Lease
payments in respect of rent paid towards office premises and residential
premises are recognized in the profit and loss accounts under Rent, Rates and
Taxes in schedules N and Under salaries and Wages in schedule m respectively.
Promoters (Enterprises where control exists) :
v Tata AutoComp Systems
Limited
v
Yazaki Corporation ,
Form 8 Particular for creation or modification of charges
|
Name of the company |
TATA YAZAKI AUTOCOMP LIMITED |
|
Presented By |
State bank of |
|
1) Date and description of instrument creating the change |
Memorandum of deposit for creation of charge for overall limit dated December, 12, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 142.500 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 |
Land admeasuring hectores 4-70 equivalent to 47000 sq. ft. situate at gat No. 93 S No. 166 High Cliff Industrial Estate Wagholi rahu Road Pune |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI as would be determined by the bank form time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial Finance Branch Tara Chambers, Warewadi,
Pune – 411003 |
|
6) Date and brief description of instrument modifying the charge |
No instrument memorandum of deposit for modification the charge created by way of mortgage by deposit title deeds dated 08.11.2005 |
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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. |
The original charge was created on 12.12.2001 for Rs.142.500 millions 1st modified on for Rs. 142.500 millions. 3rdly modified on 11.04.2002 for Rs.152.500 millions. Now by the present modification dated 23.06.2005 the limit increased form Rs.152.500 millions to Rs. 180.000 millions. Bank of Tokyo Mitsubshi Limited Mumbai branch for its term loan of Rs. 150.000 millions for the way of first propriety charge State Bank of Tara Chambers, Warewadi, Pune – 411003 for its existing working capital limits of Rs. 180.000 millions by way of subsequent charge second schedule are as follow : The first schedule of the properties Continuing security : All that piece and parcel of land bearing gat 93 S No. 166, High Cliff Industrial Estate , Wagholi Rahu Road, Kesnand, Pune – 412207, haveli Pune. And within the limits of Gram Panchyat Kesnand and in the registration sub detract of Haveli and bounded as under : On or towards the East : By Gat No 90 & 91 On or towards the South : By Gat No 94 On or towards the West: By Gat No 101 On or towards the North : By Gat No 91 & 92 Together with construction thereon and additions made thereon and plant and machinery and all fixed assets therein Second schedule of the property over which right of way is granted to land described in first schedule above :
All that piece and parcel of land or growing admg hectors 2 52 acres equivalent 25.265 sq. ft. being a portion Haveli and bounded as under : On or towards the East : By Gat No94 On or towards the South : By Gat No 100 On or towards the West: By Gat No 101 On or towards the North : By Gat No 93 Part III : All that piece and parcel of land of ground admeasuring hectares 5-02 acres equitable to 50.020 sq. ft. of land bearing Gat No 100 situate lying and being at village Gram Panchyat Kesnand and in the registration sub detract of Haveli and the same is bounded as follows that is to say :
On or towards the East : By Gat No 98 & 98 On or towards the South : By On or towards the West: By Gat No 100 On or towards the North : By Gat No 94 |
|
Corporate
identity number (CIN) Foreign company registration number |
U34300PN1997PLC015436 |
|
Name of the
Company |
TATA YAZAKI
AUTOCOMP LIMITED |
|
Address |
Gate #93, Survey #166, High
Cliff Industrial Estate, Wagholi Rahu road, |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
property |
|
Particulars of
the charge holder |
State Bank of Industrial Finance Branch Tara Chambers, Warewadi, Pune – 411003 |
|
Amount secured by
the charge |
Rs.530.000
millions |
|
Brief of the
principal terms and conditions |
Rate of Interest
– As Per Sanction Letter Terms of
Repayments – As Per Sanction Letter Margin – As Per
Sanction Letter Extent and
operation of the charge – As Per Sanction Letter |
|
Brif description
of the instrument modifying the charge under section |
Gate #93, Survey #166, High Cliff
Industrial Estate, Wagholi Rahu road, Off, |
|
Date of
Instrument |
14.11.2006 |
|
Particular of the
present modification |
Vide 1st
Modification charge of Rs.36.000 millions is enhanced to Rs.53.000 millions
on 14/11/2006 now by this modification additional security of immovable
property is provided for the same amount of loan of Rs. 53.000 millions |
AS PER WEBSITE
Subject is a manufacturer
of wiring harnesses for the
automotive industry. The company has established capabilities in product
design, development and manufacturing and is highly respected by its global
clientele for its reliability and timely delivery at highly competitive costs.
The Tata Yazaki edge
Cost-effective manufacturing capabilities
Wiring harnesses for a variety of segments of the automobile
industry, including passenger cars, commercial vehicles and two-wheelers
Design and manufacturing technologies
from Yazaki Corporation,
Products
Subject can manufacture wiring harnesses for various segments of the
automobile industry, including passenger cars, commercial vehicles and
two-wheelers. It also supplies wiring harnesses for applications such as
air bag assemblies.
The company's products include:
v
Integrated modular wiring
harnesses providing power to the vehicle
v
High-tension cables capable of
carrying heavy currents from the battery to other parts of the vehicle. These
are exclusively used for petrol vehicles.
v
Connectors and terminals that connect
various sections and modules of the vehicle. The product range includes
specially designed double-locking, waterproof connectors and terminals.
v
Junctions and fuse boxes for car safety and protection
Customers
Subject has the necessary supply-chain and logistics capabilities to deliver on
time to customer locations around the world and provides Subject with a well-established
base to service the requirements of carmakers in
Its customers include:
v
Behr
v
Escorts
v
General Motors
v
Honda India
v
Nissan
v
Piaggio
v
Tata Motors
v
Customer
testimonials
"Excellent quality systems…" Tim Casey, Behr
"Preferred sourcing base…" R. Wasan, Honda Siel
Cars
"High potential for export…" Victor Rosas,
electrical commodity Director, General Motors
"High efficiency and good quality…" Erich Woitsch,
Behr
"Best among wiring harness manufacturers…" P. M.
Kamath, ADD division, Tata Motors
Promoters and partners
Tata AutoComp Systems
Limited
Established by the Tata
Group, which has several decades of experience in the automotive industry, the
TACO group of companies offers a range of products and services in the field of
auto components to automotive vehicle manufacturers all over the world.
TACO has three major
businesses - manufacturing, engineering and supply chain management. The group
comprises the holding company, Tata AutoComp Systems Limited (TACO), its joint
ventures with global auto component leaders and two subsidiaries in the
plastics and stampings product areas.
The TACO group, with its 13
manufacturing plants, three engineering centres and three export-oriented
units, is rapidly expanding its business with vehicle manufacturers and tier-II
suppliers to the automotive industry. Its current original equipment customers
include DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai, Mahindra
and Mahindra, Piaggio, Tata Motors,
Yazaki Corporation,
Tata
Yazaki is a joint venture between Tata AutoComp Systems and Yazaki Corporation,
Yazaki, the world's largest
producer of wire harnesses, consists of 97 companies involved in either of two
industries: automotive components and energy and environment.
A vertically integrated
provider of complete electrical distribution solutions to the automotive
industry, Yazaki has spread across 37 countries through business ties with
major automakers worldwide. It now has more than 300 operations the world over.
Through its full range of
design, development and manufacturing facilities - plating, copper smelting and
drawing, rubber and plastic compound manufacturing, tooling and die, testing,
computer-aided design and automated manufacturing and engineering - Yazaki
manufactures all the components of the wiring harness electrical distribution
system:
Cables
Housings
Connectors
and terminals
Fuses and
relay blocks
Protector
retainers
Grommets
Tapes
Tubes
Manufacturing capabilities
Tata Yazaki's integrated manufacturing facility near Pune,
India, which includes a
100-percent export-oriented unit, uses globally best quality
control systems based on Yazaki's manufacturing processes to ensure the highest
quality levels (defect levels as low as zero parts per million) for its
customers.
The plant has the ability to handle a variety of customer-specific requirements
as evidenced by the company's broad range of products and customers, and is
capable of highly cost-effective just-in-time supplies to customers globally.
The plant has the capacity to satisfy the growing global demands.
Its unique and globally benchmarked learning centre and
training programmes develop employee skills in machine operations, assembly,
maintenance, quality systems and defect prevention. This enables quick design
changes and ramping up of production to meet customer requirements.
Manufacturing processes at the plant include:
Wire cutting
Wire stripping
Wire crimping
Joints
Insertion
Assembly
Taping
Visual inspection
Packing
The company is certified for the ISO 14001 and QS 9000
environmental and quality standards and is likely to receive TS 16949
certification by 2005.
Chief Executive Officer
Prashanth Nayak
Education: BE (Electronics and Communication)
from KREC, Surathkal and MBA from IIM,
Prashanth Nayak joined TACO in June 1996. He has been part of
the initial management team of TACO. He has nine years of experience in
planning, projects, joint venture negotiations and human resources. Before
joining TACO, Mr. Nayak worked with Wipro Systems for one year
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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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 |
|