MIRA
INFORM REPORT
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Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISTEON AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
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Formerly known as : |
ACD AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered Office : |
Keelakaranai Village, Malrospuram Post, Chengalpattu - 603204,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
18-37782 |
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CIN No.: [Company
Identification No.] |
U35911TN1997PTC037782 |
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IEC No.: |
0497005964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02304B |
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PAN No.: [Permanent
Account No.] |
AAACM6890R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Climate Control Systems, Interior and Exterior Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 10541680 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The information was parted by Mr. R. Srivathsan (General Manager –
Finance) after a lot of follow-ups. |
INFORMATION PARTED
BY
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Name : |
Mr. R. Srivathsan |
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Designation : |
General Manager – Finance |
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Contact No.: |
91-44-27416956 |
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Date : |
07.03.2008 |
LOCATIONS
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Registered/Corporate Office/ Factory : |
Keelakaranai Village, Malrospuram Post, Chengalpattu - 603204,
Tamilnadu, India |
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Tel. No.: |
91-4114-254280/ 44-2745280 |
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Fax No.: |
91-4114-253858/44-27453858 |
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E-Mail : |
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Website : |
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Area : |
1256720 sq. ft. |
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Location : |
Leased by company |
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Branch : |
Sr. No. 283/2, Plot III, Raisoni Industrial Park, Village Mann, Taluk
Manshi, Pune – 411057, Maharashtra, India |
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Area : |
89237 sq. ft. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Horst H Herzog |
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Designation : |
Director |
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Address : |
1, First Floor, Riverview Apartments, 3rd Avenue, Boat Club Road, Chennai - 600 028, Tamil Nadu, India |
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Date of Birth/Age : |
10.01.1938 |
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Date of Appointment : |
22.04.2007 |
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Date of Ceasing : |
01.10.1999 |
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Name : |
Mr. Steve Gawne |
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Designation : |
Director |
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Address : |
Old School House Road, 216, Ferry Road, Hullbridge, Essxe – 5556 ND |
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Date of Birth/Age : |
29.04.1955 |
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Date of Appointment : |
22.04.1987 |
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Date of Ceasing : |
07.12.2000 |
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Name : |
Mr. Sung Woo Oh |
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Designation : |
Director |
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Address : |
Eope Apartments, 303-501, Chumin Ding, Yusung Gu, Taejon, Korea |
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Date of Birth/Age : |
18.07.1952 |
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Date of Appointment : |
20.05.1987 |
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Date of Ceasing : |
18.03.2006 |
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Name : |
Mr. Bruce A Shallcross |
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Designation : |
9, Second Floor, Riverview Apartments, 3rd Avenue, Boat Club Road, Chennai - 600 028, Tamil Nadu, India |
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Address : |
15.07.1952 |
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Date of Appointment : |
30.06.1987 |
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Date of Ceasing : |
30.06.2000 |
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Name : |
Mr. Eric Mang |
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Designation : |
Whole time Director |
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Address : |
No.64, Windoor Palace, Lane 2222, Jianha Road, Shanghai-200338, China |
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Date of Birth/Age : |
16.04.1950 |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. Biran J. Tait |
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Designation |
Chairman and Managing Director |
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Address : |
1/F Plot 30 and 30A, Within limits of Akkarai, Sholinganakar Village,
New Mahabalipuram Road, Chennai-600098 |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
08.08.2002 |
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Name |
Mr. Kenneth Miller |
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Designation |
Director |
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Address |
12400, Glenview Court, Plymouth, Michigan 48170, USA |
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Date of Birth |
15.11.1948 |
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Date of Appointment : |
18.05.1998 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. J. S. Yoo |
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Designation |
Director |
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Address |
1 B, South Gate, 17-18, Kasturi Ranga Iyengar Road, Chennai – 600 018,
Tamil Nadu, India |
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Date of Birth |
30.09.1956 |
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Date of Appointment : |
20.05.1998 |
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Date of Ceasing : |
20.11.2001 |
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Name |
Mr. Mark Critz |
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Designation |
Chairman & Managing Director |
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Address |
Anusai Villa, Second and Third Floor, 8A, Crescent Street, Boat Club,
Chennai – 600 028, Tamil Nadu, India |
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Date of Birth |
01.11.1950 |
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Date of Appointment : |
01.10.1998 |
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Date of Ceasing : |
08.08.2002 |
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Name |
Mr. George Peck |
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Designation |
Director |
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Address |
Street of Dreams, Hannon Dong 2, Yongsan Ku, Seoul, Korea |
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Date of Birth |
10.03.1945 |
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Date of Appointment : |
07.12.1999 |
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Date of Ceasing : |
20.11.2001 |
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Name |
Mr. Gopal Chandra Moulee |
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Designation |
Director |
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Address |
9, Bay View Drive, New Mahabalipuram Road, Akkarai, Chennai, Tamil
Nadu, India |
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Date of Birth |
22.12.1960 |
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Date of Appointment : |
24.06.1999 |
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Date of Ceasing : |
07.12.1999 |
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Name |
Mr. C. H. Lee |
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Designation |
Director |
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Address |
Flat 1E, First Floor, 182, St. Marys Road, Chennai – 600 028, Tamil
Nadu, India |
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Date of Birth |
17.02.1954 |
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Date of Appointment : |
23.02.2000 |
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Date of Ceasing : |
27.09.2004 |
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Name |
Mr. N. K. Shah |
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Designation |
Director |
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Address |
9, River View, Second Floor, Third Avenue, Boat Club Road, Chennai –
600 028, Tamil Nadu, India |
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Date of Birth |
15.09.1947 |
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Date of Appointment : |
30.06.2000 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. Douglas Reynolds |
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Designation |
Director |
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Address |
3, Samarpan, Flat 7, 5th Avenue, Besant Nagar, Chennai –
600 090, Tamil Nadu, India |
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Date of Appointment : |
30.06.2000 |
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Date of Ceasing : |
28.11.2001 |
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Name |
Mr. Tara Chand Jain |
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Designation |
Director |
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Date of Birth |
01.02.1945 |
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Address |
SP 818 A, Industrial Area, Phase II, Bhiwadi – 301 019, Rajasthan,
India |
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Date of Appointment : |
17.02.1998 |
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Date of Ceasing : |
24.06.1999 |
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Name |
Mr. Bruce Crawford |
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Designation |
Director |
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Date of Birth |
03.04.1946 |
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Address |
16, Casuarina Drive, Neelangari, Chennai – 600 041, Tamil Nadu, India |
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Date of Appointment : |
20.05.1998 |
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Date of Ceasing : |
30.06.2000 |
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Name |
Mr. Steve G. |
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Designation |
Director |
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Address |
Old School House Road, 216, Ferry Road, Hullbridge, Essxe – 5556 ND |
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Date of Birth |
29.04.1955 |
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Name |
Mr. Robert Pallash |
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Designation |
Director |
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Address |
Minami-Aoyana, Minato, Ku, Tokyo – 107 |
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Date of Birth |
02.09.1921 |
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Date of Appointment : |
28.11.2001 |
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Name |
Mr. N. S. Mohan |
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Designation |
Alternate Director to Robert Pallash |
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Address |
Atrium, Flat M 201, First Floor, Kalakshetra Road, Tiruvanmiyur,
Chennai – 600 001, Tamil Nadu, India |
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Date of Appointment : |
28.11.2001 |
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Date of Ceasing : |
08.08.2002 |
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Name |
Mr. Cliff Dawson |
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Designation |
Additional Director |
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Address |
101, Bella Saison Hiroo, 3-4-6, Hiroo Shibiya, KU, Tokyo 1500012,
Japan |
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Date of Birth |
16.10.1949 |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. K. T. Choi |
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Designation |
Director |
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Address |
18, Westend Street, Gopalapuram, Chennai – 600 086, Tamil Nadu, India |
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Date of Birth |
23.02.1960 |
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Date of Appointment : |
29.11.2001 |
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Name |
Mr. A. Viswanathan |
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Designation |
Managing Director |
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Address |
B28, Palani Apartments, 146, Luz Church Road, Chennai – 600 004,
Tamilnadu, India |
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Date of Birth |
04.10.1962 |
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Date of Appointment : |
15.12.1997 |
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Date of Ceasing : |
29.11.2001 |
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Name |
Mr. D. Vardhan |
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Designation : |
Director (Alternate to Robert Pallash) |
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Address : |
3, Krish Apartments, Plot No. 2, Balambal Nagar, Thangal Street,
Virugambakkam, Chennai – 600092, Tamilnadu, India |
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Date of Birth |
06.03.1961 |
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Date of Appointment |
08.08.2002 |
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Name |
Mr. Y S Choi |
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Designation |
Alternate Director |
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Address : |
Keelakaranai Village, Maraimalai Nagar, Chengalput - 603204 |
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Date of Birth |
07.05.1953 |
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Date of Ceasing : |
27.09.2004 |
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Name |
Mr. Y H Park |
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Designation |
Director |
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Keelakaranai Village, Maraimalai Nagar, Chengalput - 603204 |
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Date of Birth |
26.10.1956 |
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Date of Appointment : |
15.03.2005 |
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Name |
Mr. David Paborsky |
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Designation |
Additional Director |
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Address |
1919, Honggiao Road, Shanghai-200336, China |
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Date of Birth |
08.05.1967 |
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Date of Appointment : |
15.04.2006 |
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Other Directorships : |
Viseton Powertrain Control Systems India Private Limited |
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Name |
Mr. V. Murali |
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Designation |
Alternate Director |
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Address |
A-207, Mansarovar, 19, III, Seaward Road, Valmiki Nagar,
Chenai-600041, Tamilnadu |
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Date of Birth |
26.10.1963 |
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Date of Appointment : |
15.04.2006 |
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Name |
Mr. B Swaminathan |
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Designation |
Alternate Director |
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Address |
Flat No. 7,Kaveri Apartments, Z-185, Anna Nagar, Chennai – 600040,
Tamilnadu, India |
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Date of Birth |
03.03.1963 |
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Date of Appointment : |
26.12.2006 |
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Other Directorship : |
Visteon Powertrain Control Systems India Private Limited CIN No. : U35911TN1997PTC037783 |
KEY EXECUTIVES
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Name : |
Mr. S. Sriram |
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Designation : |
Company Secretary |
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Address : |
17, Kuppaih Street, West Mambalam, Chennai - 600 033, Tamil Nadu,
India |
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Date of Birth/Age : |
29.11.2001 |
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Date of Appointment : |
28.03.2003 |
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Name : |
Mr. R Brivashaan |
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Designation : |
Company Secretary |
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Address : |
17.07.1974 |
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Date of Appointment : |
30.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Climate Control Systems LLC, Korea |
124133300 |
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Halla Climate Control Corporation, Korea |
8088300 |
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Total |
132221600 |
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Equity Share
Breakup |
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Category |
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Climate Control Systems, Interior and Exterior Systems. |
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Products : |
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Imports : |
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Countries : |
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Exports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Climate control products |
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Capacity would vary depending on products manufactured due to the
multiplicity of products. Hence it is not feasible to mention the capacity.
However there has been substantial expansion in capacity during the year
under review. |
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Clusters |
In Units |
250000 |
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Heater and Blower units |
Nos. |
-- |
180184 |
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Radiators |
Nos. |
-- |
254952 |
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Air con assembly |
Nos. |
-- |
250020 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
1700 (200 – Office, 200 – Branch, 1300 – Factory) |
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Bankers : |
N.V.,191, Haddows Road, Chennai – 600 006, Tamilnadu, India
30, Rajaji Salai, Chennai – 600 001, Tamilnadu, India The machinery of the factory had been hypothecated for Rs. 400.000 millions
748, Anna Salai, Chennai – 600 002, Tamilnadu, India
Kothari Building, GF, 114 MG Road, Chennai – 600 034, Tamilnadu, India
751 B Mariam Centre, III Floor, Anna Salai, Chennai – 600002
Presidium Topwers, Nungambakkam High Road, Chennai - 600004 |
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Facilities : |
Rs.75.000 Millions Non Fund Based from HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lovelock and Lewis Chartered Accountants |
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Address : |
32, Khadar Nawaz Khan Road, Nungambakkam, Chennai – 600034, Tamilnadu, India, India |
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Tel No.: |
91-44-42285000 |
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Fax No.: |
91-44-42285100 |
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Email : |
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Memberships : |
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Parent Company : |
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Holding Company : |
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Associates/Subsidiaries : |
[CIN No. : U35911TN1997PTC037783]
Software Services, IT Enabled Services and Back Office Operations
SP – 812 A, Industrial Area, Phase II, Bhiwadi – 301019 Manufacturer of Radiators Fellow Subsidiaries
:
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
132221600 |
Equity Shares |
Rs.10/- each |
Rs.1322.216 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1322.220 |
1322.216 |
1422.216 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1313.200 |
871.605 |
699.008 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2635.420 |
2193.821 |
2121.224 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
220.200 |
112.390 |
61.383 |
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TOTAL BORROWING |
220.200 |
112.390 |
61.383 |
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DEFERRED TAX LIABILITIES |
111.480 |
142.008 |
169.999 |
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TOTAL |
2967.100 |
2448.219 |
2352.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1653.700 |
1714.619 |
1791.989 |
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Capital work-in-progress |
281.090 |
6.797 |
16.153 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
810.560
|
605.352
|
617.406 |
|
|
Sundry Debtors |
975.180
|
867.855
|
686.862 |
|
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Cash & Bank Balances |
837.480
|
961.247
|
510.346 |
|
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Other Current Assets |
7.020
|
4.234
|
0.815 |
|
|
Loans & Advances |
291.330
|
88.368
|
116.760 |
|
Total
Current Assets |
2921.570
|
2527.056
|
1932.189 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1838.280
|
1155.018
|
1117.929 |
|
|
Provisions |
50.980
|
645.235
|
269.796 |
|
Total
Current Liabilities |
1889.260
|
1800.253
|
1387.725 |
|
|
Net Current Assets |
1032.310
|
726.803
|
544.464 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2967.100 |
2448.219 |
2352.606 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
7131.500 |
5738.000 |
5167.323 |
|
|
Other Income |
119.530 |
47.000 |
98.987 |
|
|
Total Income |
7251.030 |
5785.000 |
5266.310 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1361.200 |
1141.000 |
1098.000 |
|
|
Provision for Taxation |
467.300 |
364.000 |
413.000 |
|
|
Profit/(Loss) After Tax |
893.900 |
777.000 |
685.000 |
|
|
|
|
|
|
|
|
Total Earnings |
36.310 |
59.000 |
53.990 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
2283.130 |
0.000 |
1850.020 |
|
|
Stores & Spares |
60.230 |
2331.000 |
23.170 |
|
|
Capital Goods |
85.550 |
0.000 |
247.540 |
|
Total Imports |
2428.910 |
2331.000 |
2120.730 |
|
|
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Expenditures : |
|
|
|
|
|
|
Cost of Goods |
4515.830 |
|
3160.516 |
|
|
Salaries, Wages, Bonus, etc. |
321.720 |
|
164.361 |
|
|
Managerial Remuneration |
0.000 |
4644.000 |
35.950 |
|
|
Payment to Auditors |
0.000 |
|
1.000 |
|
|
Power & Fuel |
0.000 |
|
108.434 |
|
|
Depreciation |
239.480 |
|
697.414 |
|
|
Other Expenditure |
812.800 |
|
0.635 |
|
Total Expenditure |
5889.830 |
4644.000 |
4168.310 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
12.33
|
13.43
|
13.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.09
|
19.88
|
21.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.75
|
26.90
|
56.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.52
|
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
0.87
|
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.40
|
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 21st March, 1997 under the
name and style of Motive Engineering India Private Limited. Name changed to ACD Automotive India Private
Limited with effect from 22nd July, 1997 and again changed to
present name and style with effect from 12th August, 1998. Its’
Company Registration Number is 37782.
The company’s registered office was shifted from 3rd Floor,
TNPL Building, 38, Mount Road, Anna Salai, Guindy, Chennai - 600 032, Tamilnadu
to the above address.
Though this is the address registered, the staff and the office in whole
had been shifted to their factory at Maraimalainagar from where it is operating
currently.
This is a foreign company promoted by Ford Motor Company, USA and Halla
Climate Control Corporation, Korea for manufacture of Automobile Accessories of
every description such as air conditioning machine consisting of motor drives
and elements.
BUSINESS
The company is engaged in manufacturing and exporting of parts and
accessories of Motor vehicles and Air Conditioner Machines Comprising Motor
Driven Fans and Elements.
FIXED ASSETS
- Leasehold
land
- Buildings
- Plant and
machinery
- Furniture and
fittings
- Office
equipments
- Computers
- Vehicles
PRESS CLIPPINGS:
Visteon Announces Financial Agreement with
Ford; Strategic and Structural Discussions Continue
VAN BUREN TOWNSHIP, Michigan, March 10, 2005 — Visteon Corporation (NYSE:VC) today announced a financial agreement with Ford Motor Company that will improve Visteon’s operating results and cash flow and strengthen the operations that directly serve the automaker. The details of the financial agreement are being reported in a Securities and Exchange Commission filing.
“This financial agreement is the right step forward with Ford and supports the operations that directly serve our largest customer,” said Mike Johnston, president and chief executive officer. “The commitments made by Ford and Visteon under this agreement will improve Visteon’s operating results and cash flow. It’s a mutually beneficial agreement that is in the best interest of both companies.”
Under the financial agreement, Ford agreed to reduced wage reimbursements from Visteon for hourly Ford-UAW employees assigned to Visteon facilities; accelerate payment terms to Visteon; and pay for capital expenditures at certain Visteon plants in North America. Visteon agreed to continue uninterrupted supply to Ford and to comply with contractual agreements with Ford and the UAW.
Visteon to create
jobs with new manufacturing plant in Eureka, Missouri, to support business
growth
VAN BUREN TOWNSHIP, Mich., June 20, 2007 — Global automotive supplier Visteon Corporation (NYSE: VC) has begun building a manufacturing and assembly facility in Eureka, Mo., to support new business in North America with automakers including Chrysler Group. The plant is expected to begin production in the summer of 2008 and employ about 200 people by early 2009.
Visteon officially launched the project today in a ceremony at the plant site in Eureka Commercial Park, located along I-44 about 20 miles southwest of St. Louis. The event was attended by representatives of Visteon, the City of Eureka, the St. Louis County Economic Council and the St. Louis Regional Chamber and Growth Association.
The Visteon plant initially will supply door panels, consoles and cockpits to Chrysler Group’s St. Louis North Assembly Plant.
Visteon President and Chief Operating Officer Donald J. Stebbins said the new plant supports Visteon’s three-year plan to restructure, improve base operations and grow the business.
“Our significant business growth requires us to add strategic manufacturing capacity, and we’re pleased to be creating new jobs in Missouri,” Stebbins said. “This project demonstrates the confidence our customers are placing in Visteon to meet their quality, delivery and cost requirements for vehicle systems.”
The new Missouri facility will use innovative manufacturing processes designed to deliver interior products for in-sequence, just-in-time installation in vehicles. Visteon’s products and production processes are designed to reduce tooling costs, cycle time and scrap, while promoting recyclability.
Julie Fream, vice president of Visteon’s North America customer groups, commended the efforts of state, regional and local officials in helping Visteon select the site. Visteon received property tax abatements, payroll tax incentives and training grants for the new facility.
“We are very appreciative of the assistance and support received from the Missouri Department of Economic Development, the St. Louis County Economic Council and the St. Louis Regional Chamber and Growth Association,” Fream said.
“Business growth is a key component of Visteon’s improvement plan,” she added. “Through the commitment of our employees and the cooperation of state and local governments, this will be a cost-competitive manufacturing operation that will effectively serve our customers, while creating opportunities for our employees and the local community.”
Eureka Mayor Kevin M. Coffey welcomed Visteon’s decision to build in the community. “We are pleased to have a global company of Visteon’s caliber choose our community for its new manufacturing plant, and we look forward to the new jobs and economic stimulus that this new facility will generate,” Coffey said.
St. Louis County Executive Charlie A. Dooley said: “I am extremely pleased to welcome Visteon Corporation to St. Louis County. This commitment to our community is exciting and welcome news.”
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 45,000 people.
Visteon
selected to help Department of Energy with fuel-efficiency initiative
VAN BUREN TOWNSHIP, Mich., Dec. 19, 2007 – Visteon
Corporation (NYSE:VC) will share some of its powertrain electronics technology
with the United States Department of Energy as part of a project to help foster
the use of ethanol-fueled E85 optimized vehicles.
Visteon is part of a project that the Department of Energy
has initiated for its High Efficiency Clean Combustion E85 Optimized Engine
(HECCE) program. The project involves fuel-efficiency research as part of the
Bush administration's "20-in-10" initiative, which calls for
displacing 20 percent of gasoline usage in the next 10 years by increasing the
use of alternative fuels and boosting efficiency.
Visteon’s participation is part of a joint collaboration,
led by Mahle Powertrain, to develop the next generation of engines by
optimizing operation to achieve gasoline-like fuel economy when using E-85.The
world-class team of technology experts includes representatives from Visteon,
Mahle Powertrain, Argonne National Laboratory and Michigan State University.
Visteon’s contribution to the project features powertrain
electronics and control technology for the engine management system through the
use of low pressure direct injection and ionization closed loop combustion
control in a commercially viable E85 optimized engine. The goal is to allow the
engine to run at various levels of ethanol fuel content up to 85 percent with
minimal impact on fuel economy and no degradation in engine-out exhaust.
Visteon Corporation is a leading global
automotive supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle manufacturers,
and also provides a range of products and services to aftermarket customers.
With corporate offices in Van Buren Township, Mich. (U.S.);
Shanghai, China; and Kerpen, Germany; the company has facilities in 26
countries and employs approximately 43,000 people.
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 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.40.53 |
|
UK Pound |
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|