MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TATA YAZAKI AUTOCOMP LIMITED |
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Registered Office : |
Gate No.93, Survey No.166, High
Cliff Industrial Estate, Wagholi Rahu Road, |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
015436 |
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CIN No.: [Company
Identification No.] |
U34300PN1997PLC015436 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET01192C |
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PAN No.: [Permanent
Account No.] |
AAACT5570F |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Subject is a
manufacturer of wiring harnesses for the automobile industry. |
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 3265000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a reputed Indo – Japanese joint venture company having
moderate track. Company’s profitability is under severe pressure having good
amount of accumulated losses. Trade relations are fair. Business is active.
Payments are reported as usually made as per commitments. In view of strong promoters the company can be considered normal for
business dealings at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Miss. Tanuja Sardesai |
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Designation : |
Company Secretary |
LOCATIONS
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Registered Office /Factory : |
Gate # 93, Survey # 166, High Cliff Industrial Estate,
Wagholi Rahu road, |
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Tel. No.: |
91-20-27051132 / 33 / 27050133 –
137/ 66315100 |
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Fax No.: |
91-20-27050131 |
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E-Mail : |
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Area : |
60000 sq ft |
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Location : |
Owned |
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Units : |
1) Anandi – Pune 2) Jamshedpur |
DIRECTORS
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Name : |
Mr. Devendra Sarup Gupta |
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Designation : |
Chairman |
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Address : |
Panorama Co – operative Housing Society, Ground Floor , 203,
Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth : |
19.03.1950 |
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Date of Appointment : |
06.10.1997 |
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Name : |
Mr. Rajendra Ramdas Bhinge |
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Designation : |
Director |
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Address : |
17, Shashidhar, Dr, Rajabali Patellane, Off. Bhulabhai Desai Road,
Mumbai – 400036, Maharashtra, India |
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Date of Birth : |
29.05.1952 |
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Date of Appointment : |
16.02.1998 |
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Name : |
Mr. Prakash Raghunath Nayak |
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Designation : |
Director |
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Address : |
Flat No. 503, Building No. A 5, Karishma Apartment, Kothrud, Pune –
411029, Maharashtra, India |
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Date of Birth : |
06.03.1971 |
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Date of Appointment : |
09.12.2000 |
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Name : |
Kiyohiro K Hiramatsu |
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Designation : |
Director |
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Address : |
3921 – 1, Nakanogu, Arai Chou, hamana Gun, Shizouka – Ken, japan |
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Date of Birth : |
16.07.1940 |
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Date of Appointment : |
17.03.2003 |
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Name : |
Mr. Sataro Kuniaki Matsuda (Foreigner) |
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Designation : |
Director |
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Address : |
Cluster No. 4-8, Kumar City, Kalyani Nagar, Pune – 411006,
Maharashtra, India |
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Date of Birth : |
21.07.55 |
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Date of Appointment : |
10.12.2002 |
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Name : |
Shinichi Morishita |
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Designation : |
Director |
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Address : |
600 – 21, Nishi Kumndo, Numazu, Shizuoka 410 0051, Japan |
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Date of Birth : |
11.03.1947 |
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Date of Appointment : |
27.03.2002 |
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Name : |
Mr. Nagarajan Viswanathan |
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Designation : |
Director |
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Address : |
B – 1703 Chaitanya Tower Appasaheb, Marathe Marg. Prabhadevi, Mumbai –
400025, Maharashtra. |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. A T Ramkumar |
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Designation : |
Director |
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Address : |
402, Vinspa, 6, Boat Club Road, Pune – 411001, Maharashtra |
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Date of Birth : |
29.12.1965 |
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Date of Appointment : |
23.07.2005 |
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Name : |
Mr. Takashi Y Ikeda (Foreigner) |
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Designation : |
Director |
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Name : |
Mr. Rajiv J Bakshi |
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Designation : |
Director |
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Name : |
Mr. Ito Hitoshi |
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Designation : |
Director |
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Name : |
Mr. R.S. Thakur |
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Designation : |
Director |
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Name : |
Mr. Hiroshi Matsumato |
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Designation : |
Director |
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Name : |
Mr. Fuku Kawa |
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Designation : |
Director |
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Name : |
Mr. Gaukon |
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Designation : |
Director |
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Name : |
Mr. Yamashi Ta |
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Designation : |
Director |
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Name : |
Mr. Prashanth Nayak |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Mohan Prem Rawat |
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Designation : |
Secretary |
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Address : |
19, Wilson Garden Opp. Pune Railway Station, Pune – 411001,
Maharashtra. |
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Date of Birth : |
01.05.1970 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Prashanth Nayak |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Sameer M Bakshi |
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Designation : |
Company Secretary |
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Name : |
Mrs. Anagha Jitendra Shah |
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Designation : |
Company Secretary |
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Address : |
173/5 Meghdoot Building, Mukundnagar, Pune
– 411037, Maharashtra, India |
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Date of Birth : |
10.12.1977 |
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Date of Appointment : |
24.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2007
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Names of Shareholders |
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No. of Shares |
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Tata Autocomp Systems Limited |
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21499500 |
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Yazak Corporation |
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21500000 |
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Tata Autocomp Systems Limited Rama K. Nanda |
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150 |
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Tata Autocomp Systems Limited Shailesh Harishchandra Rajadhyaksha |
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150 |
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Tata Autocomp Systems Limited T A Ramkumar |
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50 |
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Tata Autocomp Systems Limited Rajeev |
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100 |
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Tata Autocomp Systems Limited Noshir Driver |
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50 |
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List of Allottees (Equity
Share as on 19.09.2007) |
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No. of Shares |
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Tata Autocomp Limited |
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10000000 |
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Yazaki Corporation |
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10000000 |
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Details of Share Issued |
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Tata Yazaki Autocomp Limited |
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3600000 |
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Yazaki Corporation |
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3600000 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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50.00 |
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Foreign holdings (Foreign institutional
investor(s), Foreign companies(s) Foreign financial institutional(s), Non –
resident Indian(s) or overseas corporate bodies. |
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50.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a manufacturer of wiring harnesses for the
automobile industry. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Wiring Harnesses and Battery Cables |
Sets |
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0.500 millions |
1.357 millions |
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Glow Plug Strips |
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0.133 millions |
GENERAL INFORMATION
|
Suppliers : |
v
Abhijeet
Surface Coating Private Limited v
Print
Graphics v
B R Auto
Connector and Spares v
Rapid
Electronics v
Chaitanya
Dip Moulding Works v
Samar
Engineering v
Futura
Electrodesign v
San
Stampings Private Limited v
Ganesh
packing v
Shree
Samarth Industries v
Global
Packaging v
Ganesh
Plastic v
Hosur Fibres
v
ID
Technologies v
Ideas
Toolings v
Instrumentation
India v
Lords
Enterprises v
Pethkar
Industries v
Stendfab
Products v
Sony
Enterprise v
Trimoorty
Enterprises v
Yash
Engineers v
Chetna
Engineering Company v
Creative
Components Private Limited v
PMP
Components Limited v
Shree
Stampings v
R
Engineering v
Hosur Fibres v
Auro Works v
Anil
Plastics and Enterprises v
Ultra Wiring
Connectivity Systems Private Limited |
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Customers : |
Manufacturer |
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No. of Employees : |
2000 (Including Contract Workers) |
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Bankers : |
State Bank of India Industrial Finance Branch Tara Chambers, Warewadi,
Pune – 411003, Maharashtra |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants (Mr. G Shankar, Partner, M No.27023) |
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Address : |
5, The Landmark, 42, Aundh Road, Rangehills, Khadki, Pune-411020,
Maharashtra |
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Address 2 : |
706, B Wing, 7th Floor, ICC Trade Flower, International
Convention Center, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Venture in the company : |
Yazaki Corporation, Japan Tata Autocomp Systems Limited |
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Associates/Subsidiaries : |
v
Thai Arrow
Products v
Yazaki
Europe Belgium v
Yazaki North
America, Inc. v
Yazaki
Saltano De Portugal v
Yazaki
Saltano De Over v
PTEDS
Manufacturing Indonesia v
Yazaki Do
Brazil Singapore Components Private Limited v
Tata Ficosa
Automotive Systems Limited |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115500000 |
Equity Shares |
Rs. 10/- Each |
Rs.1155.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
65300000 |
Equity Shares |
Rs. 10/- Each |
Rs.653.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
653.000 |
653.000 |
453.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(487.030) |
(429.416) |
(402.775) |
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NETWORTH |
165.970 |
223.584 |
50.225 |
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LOAN FUNDS |
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1] Secured Loans |
476.020 |
393.255 |
303.260 |
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2] Unsecured Loans |
35.430 |
119.034 |
201.720 |
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TOTAL BORROWING |
511.450 |
512.289 |
504.980 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
28.567 |
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TOTAL |
677.420 |
735.873 |
583.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
488.484 |
475.744 |
431.000 |
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Capital work-in-progress |
59.476 |
25.060 |
5.112 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
28.567 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
417.471 |
527.838 |
472.597 |
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Sundry Debtors |
250.818 |
288.529 |
225.865 |
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Cash & Bank Balances |
11.523 |
16.609 |
13.716 |
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Other Current Assets |
1.181 |
0.930 |
0.000 |
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Loans & Advances |
130.865 |
123.575 |
77.308 |
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Total
Current Assets |
811.858
|
957.481 |
789.486 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
665.108 |
712.142 |
663.791 |
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Provisions |
17.290 |
10.270 |
6.602 |
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Total
Current Liabilities |
682.398
|
722.412 |
670.393 |
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Net Current Assets |
129.460
|
235.069 |
119.093 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
677.420 |
735.873 |
583.772 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
2539.900 |
2418.049 |
1881.005 |
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Other Income |
24.324 |
29.951 |
11.543 |
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Total Income |
2564.224 |
2448.000 |
1892.548 |
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Profit/(Loss) Before Tax |
(54.856) |
(25.261) |
33.336 |
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Provision for Taxation |
2.758 |
1.379 |
2.500 |
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Profit/(Loss) After Tax |
(57.614) |
(26.640) |
30.836 |
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Expenditures : |
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Raw Material Consumed |
1790.541 |
1866.918 |
1415.825 |
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Consumption of stores and spares parts |
33.600 |
29.402 |
27.297 |
|
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Increase/(Decrease) in Finished Goods |
28.806 |
(16.039) |
(37.496) |
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Salaries, Wages, Bonus, etc. |
207.561 |
180.949 |
142.328 |
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Managerial Remuneration |
2.454 |
2.170 |
2.023 |
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Payment to Auditors |
0.800 |
0.800 |
0.810 |
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Interest |
47.726 |
41.546 |
32.645 |
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Insurance Expenses |
8.000 |
5.798 |
2.981 |
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Power & Fuel |
11.725 |
10.989 |
7.693 |
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Depreciation & Amortization |
74.670 |
59.364 |
51.818 |
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Other Expenditure |
413.197 |
291.364 |
213.288 |
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Total Expenditure |
2619.080 |
2473.261 |
1859.212 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(02.24)
|
(01.08) |
01.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
(02.15)
|
(01.04) |
01.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(04.03)
|
(01.73) |
02.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
(33.08)
|
(11.29) |
66.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.20
|
5.52 |
13.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.32 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
·
Sony
enterprises
·
Creative Component Private Limited
Fixed
Assets
v Land
v
Building
v
Plant and
Machinery
v
Furniture,
Fixture and Office Equipments
v
Vehicles
The company was
originally incorporated on 06.10.1997 having Company Registration No.
111098.
The
Registered Office of the company has been shifted from Mumbai to Pune with
effect from 12.10.2000 and a new Company Registration Number 15436 of Pune ROC
was obtained.
Promoters (Enterprises where control exists) :
v Tata AutoComp Systems
Limited
v
Yazaki Corporation , Japan
Form 8 Particular for creation or modification of charges
|
Name of the company |
TATA YAZAKI AUTOCOMP LIMITED |
|
Presented By |
State bank of India, Indl. Finance Branch Warewadi,
Pune – 3 |
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1) Date and description of instrument creating the change |
Memorandum of deposit for creation of charge for overall limit dated December, 12, 2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 142.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Land admeasuring hectores 4-70 equivalent to 47000 sq. ft. situate at gat No. 93 S No. 166 High Cliff Industrial Estate Wagholi rahu Road Pune |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI as would be determined by the bank form time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch Tara Chambers, Warewadi,
Pune – 411003 |
|
6) Date and brief description of instrument modifying the charge |
No instrument memorandum of deposit for modification the charge created by way of mortgage by deposit title deeds dated 08.11.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge was created on 12.12.2001 for Rs.142.500 millions 1st modified on for Rs. 142.500 millions. 3rdly modified on 11.04.2002 for Rs.152.500 millions. Now by the present modification dated 23.06.2005 the limit increased form Rs.152.500 millions to Rs. 180.000 millions. Bank of Tokyo Mitsubshi Limited Mumbai branch for its term loan of Rs. 150.000 millions for the way of first propriety charge State Bank of India Industrial Finance Branch Tara Chambers, Warewadi, Pune – 411003 for its existing working capital limits of Rs. 180.000 millions by way of subsequent charge second schedule are as follow : The first schedule of the properties Continuing security : All that piece and parcel of land bearing gat 93 S No. 166, High Cliff Industrial Estate , Wagholi Rahu Road, Kesnand, Pune – 412207, haveli Pune. And within the limits of Gram Panchyat Kesnand and in the registration sub detract of Haveli and bounded as under : On or towards the East : By Gat No 90 & 91 On or towards the South : By Gat No 94 On or towards the West: By Gat No 101 On or towards the North : By Gat No 91 & 92 Together with construction thereon and additions made thereon and plant and machinery and all fixed assets therein Second schedule of the property over which right of way is granted to land described in first schedule above :
All that piece and parcel of land or growing admg hectors 2 52 acres equivalent 25.265 sq. ft. being a portion Haveli and bounded as under : On or towards the East : By Gat No94 On or towards the South : By Gat No 100 On or towards the West: By Gat No 101 On or towards the North : By Gat No 93 Part III : All that piece and parcel of land of ground admeasuring hectares 5-02 acres equitable to 50.020 sq. ft. of land bearing Gat No 100 situate lying and being at village Gram Panchyat Kesnand and in the registration sub detract of Haveli and the same is bounded as follows that is to say :
On or towards the East : By Gat No 98 & 98 On or towards the South : By Wagholi Rahu Road On or towards the West: By Gat No 100 On or towards the North : By Gat No 94 |
|
Corporate
identity number (CIN) Foreign company registration number |
U34300PN1997PLC015436 |
|
Name of the
Company |
TATA YAZAKI
AUTOCOMP LIMITED |
|
Address |
Gate #93, Survey #166, High
Cliff Industrial Estate, Wagholi Rahu road, |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
property |
|
Particulars of
the charge holder |
State Bank of India Industrial Finance Branch Tara Chambers, Warewadi, Pune – 411003 |
|
Amount secured by
the charge |
Rs.530.000
millions |
|
Brief of the principal
terms and conditions |
Rate of Interest
– As Per Sanction Letter Terms of
Repayments – As Per Sanction Letter Margin – As Per
Sanction Letter Extent and
operation of the charge – As Per Sanction Letter |
|
Brif description of
the instrument modifying the charge under section |
Gate #93, Survey #166, High
Cliff Industrial Estate, Wagholi Rahu road, Off, Pune Ahmednagar Road, |
|
Date of
Instrument |
14.11.2006 |
|
Particular of the
present modification |
Vide 1st
Modification charge of Rs.36.000 millions is enhanced to Rs.53.000 millions
on 14/11/2006 now by this modification additional security of immovable
property is provided for the same amount of loan of Rs. 53.000 millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90088460 |
|
Corporate
identity number of the company |
U34300PN2000PTC015436 |
|
Name of the
company |
TATA YAZAKI
AUTOCOMP LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gate #93, Survey #166, High
Cliff Industrial Estate, Wagholi Rahu road, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of India Industrial Finance Branch Tara Chambers, Warewadi, Pune – 411003 |
|
Nature of description
of the instrument creating or modifying the charge |
Supplementary
Agreement of Hypothecations of goods and assets for increase in overall
unit |
|
Date of
instrument Creating the charge |
14.11.2006 |
|
Amount secured by
the charge |
Rs.530.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As Per Sanction Letter Terms of
Repayments – As Per Sanction Letter Margin – As Per
Sanction Letter Extent and operation
of the charge – As Per Sanction Letter |
|
Short particulars
of the property charged |
Hypothecated
goods and assets, as per records maintaining at the registered office,
Pune |
|
Date of latest
modification prior to the present modification |
01.08.2006 |
|
Particulars of
the present modification |
Charges is
enhanced upto Rs.530.000 Millions |
AS PER WEBSITE
Subject is a manufacturer
of wiring harnesses for the automotive
industry. The company has established capabilities in product design,
development and manufacturing and is highly respected by its global clientele
for its reliability and timely delivery at highly competitive costs.
The Tata Yazaki edge
·
Cost-effective manufacturing capabilities
·
Wiring
harnesses for a variety of segments of the automobile industry, including
passenger cars, commercial vehicles and two-wheelers
·
Design and manufacturing technologies from Yazaki
Corporation, Japan, the world's largest producer of wire harnesses
Products
Subject can manufacture wiring harnesses for various segments of the
automobile industry, including passenger cars, commercial vehicles and
two-wheelers. It also supplies wiring harnesses for applications such as
air bag assemblies.
The company's products include:
·
Integrated modular wiring harnesses providing power
to the vehicle
·
High-tension cables capable of
carrying heavy currents from the battery to other parts of the vehicle. These
are exclusively used for petrol vehicles.
·
Connectors and terminals that connect
various sections and modules of the vehicle. The product range includes
specially designed double-locking, waterproof connectors and terminals.
·
Junctions and fuse boxes
for car safety and protection
Customers
Subject has the necessary supply-chain and logistics capabilities to deliver on
time to customer locations around the world and provides Subject with a
well-established base to service the requirements of carmakers in Japan and
Europe. The company is on the top-supplier lists of companies like Toyota,
Honda, Tata Motors and General Motors.
Its customers include:
·
Behr
·
Escorts
·
General Motors
·
Honda India
·
Nissan
·
Piaggio
·
Tata Motors
·
Toyota
Customer
testimonials
·
"Excellent quality systems…" Tim Casey, Behr
·
"Preferred sourcing base…" R. Wasan, Honda Siel
Cars
·
"High potential for export…" Victor Rosas,
electrical commodity Director, General Motors
·
"High efficiency and good quality…" Erich Woitsch,
Behr
·
"Best among wiring harness manufacturers…"
P. M. Kamath, ADD division, Tata Motors
Promoters and partners
Tata AutoComp Systems
Limited
Established by the Tata
Group, which has several decades of experience in the automotive industry, the
TACO group of companies offers a range of products and services in the field of
auto components to automotive vehicle manufacturers all over the world.
TACO has three major
businesses - manufacturing, engineering and supply chain management. The group
comprises the holding company, Tata AutoComp Systems Limited (TACO), its joint
ventures with global auto component leaders and two subsidiaries in the
plastics and stampings product areas.
The TACO group, with its 13
manufacturing plants, three engineering centres and three export-oriented
units, is rapidly expanding its business with vehicle manufacturers and tier-II
suppliers to the automotive industry. Its current original equipment customers
include DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai, Mahindra
and Mahindra, Piaggio, Tata Motors, Toyota, and Volvo.
Yazaki Corporation, Japan
Tata
Yazaki is a joint venture between Tata AutoComp Systems and Yazaki Corporation,
Japan.
Yazaki, the world's largest
producer of wire harnesses, consists of 97 companies involved in either of two
industries: automotive components and energy and environment.
A vertically integrated
provider of complete electrical distribution solutions to the automotive
industry, Yazaki has spread across 37 countries through business ties with major
automakers worldwide. It now has more than 300 operations the world over.
Through its full range of
design, development and manufacturing facilities - plating, copper smelting and
drawing, rubber and plastic compound manufacturing, tooling and die, testing,
computer-aided design and automated manufacturing and engineering - Yazaki
manufactures all the components of the wiring harness electrical distribution
system:
·
Cables
·
Housings
·
Connectors
and terminals
·
Fuses
and relay blocks
·
Protector
retainers
·
Grommets
·
Tapes
·
Tubes
Manufacturing capabilities
Tata Yazaki's integrated manufacturing facility near Pune,
India, which includes a
100-percent export-oriented unit, uses globally best quality
control systems based on Yazaki's manufacturing processes to ensure the highest
quality levels (defect levels as low as zero parts per million) for its
customers.
The plant has the ability to handle a variety of customer-specific requirements
as evidenced by the company's broad range of products and customers, and is
capable of highly cost-effective just-in-time supplies to customers globally.
The plant has the capacity to satisfy the growing global demands.
Its unique and globally benchmarked learning centre and
training programmes develop employee skills in machine operations, assembly,
maintenance, quality systems and defect prevention. This enables quick design
changes and ramping up of production to meet customer requirements.
Manufacturing processes at the plant include:
·
Wire cutting
·
Wire stripping
·
Wire crimping
·
Joints
·
Insertion
·
Assembly
·
Taping
·
Visual inspection
·
Packing
The company is certified for the ISO 14001 and QS 9000
environmental and quality standards and is likely to receive TS 16949 certification
by 2005.
Chief Executive Officer
Prashanth Nayak
Education: BE (Electronics and Communication)
from KREC, Surathkal and MBA from IIM, Calcutta
Prashanth Nayak joined TACO in June 1996. He has been part
of the initial management team of TACO. He has nine years of experience in
planning, projects, joint venture negotiations and human resources. Before
joining TACO, Mr. Nayak worked with Wipro Systems for one year
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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. |
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 |
|