MIRA
INFORM REPORT
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Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TATA VISTEON AUTOMOTIVE PRIVATE LIMITED |
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Registered Office : |
Beck House Damle Path off Law College Road, Erandwane, Pune – 411 004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.2005 |
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Com. Reg. No.: |
11-20905 |
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CIN No.: [Company
Identification No.] |
U31902PN2005PTC020905 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET05648G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Head lamps and Tail Lamps. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 39000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Tata and Visteon, both strong
promoters and leading companies in automobile industry. Their trade relations
are fair. Payments are correct and as per commitments. Profit margin is under
severe pressure and with the result financial position is moderate with some
accumulated losses. However the company can be regarded as good for normal business
dealings. It can be regarded as a business partner in medium to long run. |
LOCATIONS
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Registered Office/Factory : |
Beck House Damle Path off Law College Road, Erandwane, Pune – 411 004,
Maharashtra, India |
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E-Mail : |
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Head Office : |
A -205/206, 2nd Floor, ICC Trade power, Pune – 411 016,
Maharashtra, India |
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Tel. No.: |
91-20-66081831 |
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Fax No.: |
91-20-66081888 |
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Corporate Office : |
S # 279, Hissa # 1/2, Village Maan, Taluka Mulshi, Pune – 411 057,
Maharashtra, India |
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Tel. No.: |
91-20-66740055 |
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Fax No.: |
91-20-66740053 |
DIRECTORS
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Name : |
Mr. Richard Jeou Ding |
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Designation : |
Director |
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Address : |
Block -3, Unit 3A, 168, Anfu Road, Shanghai – 201 107, China |
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Date of Birth/Age : |
27.04.1965 |
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Date of Appointment : |
07.03.2006 |
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Directorship in the other Companies: |
CIN of the Company: U29299PN2005PTC020907 Name of the Company: Taco Visteon Engineering Private Limited Name of the Company: Japan Uimate Systems Corporation Designation: Director |
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Name : |
Mr. Dieter Friedrich Schaper |
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Designation : |
Director |
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Address : |
Ginsterweg 2, 78048, V S Villingen, Germany |
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Date of Birth/Age : |
07.01.1948 |
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Date of Appointment : |
07.03.2006 |
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Directorship in the other Companies: |
CIN of the Company: U29299PN2005PTC020907 Name of the Company: Taco Visteon Engineering Private Limited |
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Name : |
Mr. Michale Andrew Campbell |
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Designation : |
Director |
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Address : |
Level -9/750, Yong Jia Road, Shanghai, China |
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Date of Birth/Age : |
30.11.1960 |
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Date of Appointment : |
28.06.2005 |
SHAREHOLDING
PATTERN
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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50.00% |
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Bodies corporate |
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50.00% |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Head lamps and Tail Lamps. |
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Products: |
· Head lamps (Auto) · Tail Lamps (Auto) · Injection Mouldings · Lamps |
GENERAL
INFORMATION
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No. of Employees : |
Around 200 |
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Bankers : |
Indian Bank Address: Deccan Gymkhana Branch, Prabhat Road, Pune – 411 004,
Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A F Ferguson and Company Chartered Accountants |
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Address : |
Allahabad Bank Buildings, Bombay Samachar Marg, Mumbai – 400 001,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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53010000 |
Equity shares |
Rs. 10/- each |
Rs.530.100 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23010000 |
Equity shares |
Rs. 10/- each |
Rs. 230.100
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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230.100 |
0.100 |
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2] Share Application Money |
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0.000 |
115.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[220.598] |
[82.036] |
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NETWORTH |
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9.502 |
33.064 |
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LOAN FUNDS |
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1] Secured Loans |
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297.572 |
0.000 |
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2] Unsecured Loans |
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0.000 |
14.962 |
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TOTAL BORROWING |
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297.572 |
14.962 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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307.074 |
48.026 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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174.407 |
0.813 |
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Capital work-in-progress |
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210.764 |
49.829 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.022 |
0.000 |
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Sundry Debtors |
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0.038 |
0.000 |
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Cash & Bank Balances |
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13.518 |
77.122 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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113.312 |
4.692 |
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Total
Current Assets |
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143.890 |
81.814 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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147.874 |
27.177 |
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Provisions |
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74.113 |
57.253 |
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Total
Current Liabilities |
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221.987 |
84.430 |
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Net Current Assets |
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[78.097] |
[2.616] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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307.074 |
48.026 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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600.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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54.67 |
3.00 |
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Current Ratio (Current Asset/Current Liability) |
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0.64 |
0.96 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U31902PN2005PTC020905 |
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Name of the company |
TATA VISTEON AUTOMOTIVE PRIVATE LIMITED |
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Address |
Beck House Damle Path off Law College Road, Erandwane, Pune – 411 057,
Maharashtra, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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Indian Bank Address: Deccan Gymkhana Branch, Prabhat
Road, Pune – 411 004, Maharashtra, India Email: ibdeccan@vsnl.net
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Nature or description of the instrument creating charge |
Agreement of hypothecation of movables Medium Term Loan Agreement |
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Date of the instrument creating charge |
10.07.2006 |
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Amount Secure by the charge |
Rs. 300.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Medium Term Loan of Rs. 300.000 millions, Letter of credit facility of
Rs. 200.000 millions as sub limit of Term Loan Facility. Rate of interest
9.50% p.a Repayable in 20 Quarterly installments of Rs. 15.000 millions each
from April 2009 onwards. |
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Particulars of the Property charged
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Plant and Machinery to located at S No.
279, Village Mann, Taluka Mulshi, Pune |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.38 |
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UK Pound |
1 |
Rs.77.48 |
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Euro |
1 |
Rs.58.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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