MIRA
INFORM REPORT
|
Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED |
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Registered Office : |
Taco House, Damle Path, Off Law College Road, Pune-411004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
23.06.2006 to 31.03.2007 |
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Date of Incorporation : |
23.06.2006 |
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Com. Reg. No.: |
25 –128649 |
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CIN No.: [Company
Identification No.] |
U29130PN2006PTC128649 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET05955F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers
and Exporters of Suspension Systems, Accessories and Auto Components for Automotive
Vehicle Manufacturers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
New Project |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and project is under implementation.
Directors are well known industrialists. Their trade relations are fair. Payments are usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and condition with slight caution. |
LOCATIONS
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Registered Office : |
Taco House, Damle Path, Off Law College Road, Erandawne, Pune-411004, Maharashtra |
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Tel. No.: |
91-20-56085430 / 66085000 |
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91-20-25438499 |
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E-Mail : |
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Plant : |
Beck House, 1st Floor, VG Demple Path, Off Law College
Road, Pune-411004, Maharashtra, India |
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Tel. No.: |
91-20-66085000 / 56085430 |
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Fax No.: |
91-20-25438499 |
DIRECTORS
|
Name : |
Mr. T V Anannthanarayan |
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Designation : |
Director |
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Address : |
402, Vinspa, 6, Boat Club Road, Pune-411001, Maharashtra, India |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr. James Hodge Colley |
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Designation : |
Additional Director |
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Address : |
302, Forest Street, Winnetka-60093, United States of America |
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Date of Birth/Age : |
24.11.1956 |
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Date of Appointment : |
04.11.2006 |
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Name : |
Mr. Michael Jesse Keeler |
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Designation : |
Additional Director |
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Address : |
1065, Poppy Hills Drive, Blackick 43004, United States of America |
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Date of Birth/Age : |
30.01.1954 |
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Date of Appointment : |
04.11.2006 |
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Name : |
Mr. John Kelleher |
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Designation : |
Additional Director |
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Address : |
36, Hunsbury Close, West Hunsbury, Northampton NN49UE |
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Date of Birth/Age : |
10.05.1938 |
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Date of Appointment : |
11.07.2006 |
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Name : |
Mr. Keith Dwayne Stephenson |
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Designation : |
Director |
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Address : |
12307, Spring Lake Drive, Homer Glen, Illionois - 060491, NA, US |
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Name : |
Mr. John Harper Walker |
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Designation : |
Director |
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Address : |
35, Deverell Drive, North Barrington, Illionois – 060010, NA. US |
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Name : |
Mr. Ohn Kelleher |
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Designation : |
Director |
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Name : |
Mr. Gajendra Chandel |
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Designation : |
Director |
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Name : |
Mr. Ashutosh Tyagi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Narendra Chavan |
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Designation : |
Head Project |
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Name : |
Mr. Sudhir Kadam |
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Designation : |
Company Secretary |
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Name : |
Mr. D S Gupta |
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Designation : |
Chairman |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Hendrickson Investment Asia |
6210000 |
|
Tata Auto Comp Systems Limited |
6210000 |
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Total |
12420000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign holdings (Foreign institutional
investor(s), Foreign Companie(s), Foreign financial institution(s), Non
resident Indian(s) or Overseas corporate bodies or Others |
50.00 |
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2 |
Bodies
corporate |
50.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Suspension Systems, Accessories and Auto Components for
Automotive Vehicle Manufacturers. |
GENERAL
INFORMATION
|
Bankers : |
Industrial Development Bank of India
limited Address: IDBI Towerwtc Complex, Cuffe
parade, Mumbai – 400 005 Email ID: sn.baheti@idbi.co.in CIN :
L65190MH2004GOPI48838 |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins and sells Chartered Accountants |
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Address : |
706, “B” Wing, 7th Floor, ICC Trade Tower, International
Convention Centre, S Bapat Road, Pune – 411 016, Maharashtra |
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Tel No: |
91-20-66244600 |
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Fax No: |
91-20-66244605 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.00
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
23.06.2006 to 31.03.2007 |
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
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|
90.100 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
[44.402] |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
|
|
45.698 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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45.698 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.160 |
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Capital work-in-progress |
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|
0.070 |
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Capital advances |
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|
2.242 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
9.991 |
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Sundry Debtors |
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|
4.914 |
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Cash & Bank Balances |
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|
32.625 |
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Other Current Assets |
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|
0.201 |
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Loans & Advances |
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|
6.934 |
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Total
Current Assets |
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54.665 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26.619 |
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Provisions |
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|
0.820 |
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Total
Current Liabilities |
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27.439 |
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Net Current Assets |
|
|
27.226 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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45.698 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
23.06.2006 to 31.03.2007 |
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Sales Turnover |
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|
5.940 |
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Other Income |
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|
0.000 |
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Total Income |
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|
5.940 |
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Profit/(Loss) Before Tax |
|
|
[44.120] |
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Provision for Taxation |
|
|
0.280 |
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Profit/(Loss) After Tax |
|
|
[44.400] |
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Imports : |
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Raw Materials, Component and spares |
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17.980 |
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Capital Goods |
|
|
6.149 |
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Total Imports |
|
|
24.129 |
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Expenditures : |
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Depreciation & Amortization |
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|
1.600 |
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Financial Charges |
|
|
0.030 |
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Other Expenditure |
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|
46.800 |
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Total Expenditure |
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|
48.430 |
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KEY RATIOS
|
PARTICULARS |
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|
23.06.2006 to 31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
[747.47] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[742.76] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[32.54] |
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Return on Investment (ROI) (PBT/Networth) |
|
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[0.96] |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.60 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.99 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U29130PN2006PTC128649 |
|
Name of the company |
TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED |
|
Address |
Taco House, Damle Path, Off Law College Road, Pune-411004, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
|
Industrial Development Bank of India
limited Address: IDBI Towerwtc Complex, Cuffe
parade, Mumbai – 400 005 Email ID: sn.baheti@idbi.co.in CIN : L65190MH2004GOPI48838 |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 09.11.2007 |
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Date of the instrument creating charge |
09.10.2007 |
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Amount Secure by the charge |
Rs. 200.900 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate
of interest: BPLR less 200 bps Term
of repayment: 48 equal installments commencing on 01
November 2007 Margin: NA Extent
and operation of charge: First charge on the entire movable assets including
movable machinery, machinery assets spare, tools and accessories both present
and future of the Company as a security for due repayment by the company of
the Rupee Term Loan of Rs. 200.900 millions together with interest, further
interest and all other monies payable by the company to IDBI , in terms of
the loan Agreement dated 09th October 2007 |
|
Short particulars of the
Property charged |
Entire movable assets of the company
including movable machinery, machinery spares, tools and accessories both
present and future situated at Pune, Jamshedpur and any other location. |
OTHER INFORMATION:
Business
To establish facilities to design, assemble, manufacture, distribute, market,
import, export and sell the commercial vehicle axies and suspension systems for
trucks, tractors, buses and trailers (Products) for the market, to source
products, components and sub assemblers or systems in respect of the products,
to provide services related to the development of a customer base with respect
to Tata Motors Limited and other commercial vehicle Original Equipment
manufacturers in India, to provide services related to modification of designs
that fit new vehicle application (Application Engineering Services) for
products and services related to design, development, design verification and
design release (Development Engineering Services) for new products.
Note:
The subject company is currently manufacturing prototypes at its
incubation facility in rented premises near Pune and hence the revenue
generation from commercial sales had not commenced during the financial year
2006-2007. The revenue of Rs. 5.940 millions has resulted from the sales of
Prototypes.
WEBSITE DETAILS:
Subject offers comprehensive state-of-the-art truck, bus and
trailer suspension systems ranging from medium to heavy duty applications,
providing air, steel and rubber as the spring media.
v Access
to latest technology from 19 global facilities of Hendrickson International
v Regular
updates on advances in technology
v Ninety
years of commercial vehicle experience in the global market
v All
components manufactured conform to the proven and demanding standards laid down
by Hendrickson International
Products
Subject manufactures cost effective solutions in the
following categories:
Bus suspension systems
v Air
suspension system for front and rear.
v Front:
Parabolic springs - Independent front suspension
v Rear
air suspension
v 4 bag
system
v 2 bag
system
v Cow-horn
suspension
v For
ultra low floor, low floor, high deck bus applications
v HA4 -
4 bag suspension system
Truck suspension systems
v Tandem
bogie suspension
v 6 rod
v Walking
beam
v Tipper
suspension systems
v Truck
air suspension systems
Auxiliary axles systems
v Self
steer lift axle – pararev
v Mid
lift axle
v Tag
lift axle
Engineering capabilities
Subject provides end-to-end technical solution. The
capabilities include services from initial discussions to final design
sign-off, prototype supply and complete testing back up conforming to
international standards.
Subject takes responsibility to fine tune customers vehicles
to meet desired performance norms
Subject has a proto type manufacturing facility at Tathwade
near Pune where complete assembly and testing of above products is done
Subject is a 50:50 joint venture between Tata Auto Comp
Systems Limited and Hendrickson International, USA
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.
Subject has three major businesses - manufacturing,
engineering and supply chain management. The group comprises the holding
company, Tata Auto Comp 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 24 manufacturing plants, 5
engineering centres and three export-oriented units, is rapidly expanding its
business with vehicle manufacturers and Tier I suppliers to the automotive
industry. Its current original equipment customers include DaimlerChrysler,
Fiat, Ford, General Motors, Honda, Hyundai, Mahindra and Mahindra, Piaggio,
Tata Motors, Toyota, and Volvo.
Hendrickson International, USA
Hendrickson International was founded in 1913 by a Swedish
emigrant engineer, Magnus Hendrickson. Headquartered in Chicago, Hendrickson is
the world's largest independent manufacturer of commercial vehicle suspension
systems with 2,700 people at 19 facilities in the United States, Canada,
Mexico, the United Kingdom, Spain, Australia, the Pacific Rim and India.
The company focuses on the commercial vehicle industry and
is a leading global independent axle and suspension system supplier. It
manufactures 250,000 tonnes of steel springs annually.
Hendrickson's products include:
v Truck
suspension
v Medium
duty and up to heavy-duty air suspension systems, front and rear application
v Heavy-duty
steel spring, single and double drive suspensions
v Bus
suspension
v Air
suspension systems in four and two bag configuration for front and rear
application, for tourist coach, low floor, ultra low floor, high desk, chassis
type buses monocoque buses application and school bus application
v Trailer
suspension
v Trailer
axles up to 25-tonne capacity, complete with steel and air suspension systems
v Parabolic
springs
v Full
range of high stress parabolic steel springs, 140,000 tonnes per annum.
v The
company's customers include DAF trucks, DaimlerChrysler, Hino, Mack,
Mitsubishi, Navistar, Nissan, Paccar, Sterling and Volvo / White among others.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.39.68 |
|
UK Pound |
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.58.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
--- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
--- |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
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 |
|