MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1, Survey No. 235/ 245, Hinjewadi, Taluka Mulshi, Pune – 411
027, |
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.01.1996 |
|
|
|
|
Com. Reg. No.: |
25-15038 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.127.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1996PLC015038 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01036A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6342D |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Manufacturing of Automotive Seating Systems and Providing Engineering
Services. |
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|
|
|
No. of Employees
: |
600
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1965000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Tata and Johnson Control Inc., The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Manufacturing Division : |
Plot No. 1, Survey No. 235/ 245, Hinjewadi, Taluka Mulshi, Pune – 411
027, |
|
Tel. No.: |
91-20-22932115/ 66738888/
66738723 |
|
Fax No.: |
91-20-22932638/
66738989 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
Factory 1: |
Pune plant and foam
unit Plot #1, Survey #235/245, Hinjewadi, Taluka Mulshi,
Pune - 411057, |
|
Tel No: |
91-20-22932115 |
|
Fax No: |
91-20-22932638 |
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|
|
|
Factory 2: |
Engineering business 301-309, Sohrab Hall, 21, |
|
Tel No: |
91-20-26000100 |
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Fax No: |
91-20-26059104 |
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|
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Factory 3: |
Chennai plant Plot #2, Ford India Supplier Park, SP Koil Post, Chengalpattu, Chennai – 603 204, Tamilnadu, India |
|
Tel No: |
91-44-27452811 |
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Fax No: |
91-44-27453011 |
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|
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Factory 4 : |
Engineering
Division 301, 3rd Floor, |
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Tel. No.: |
91-20-66757777 |
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Fax No.: |
91-20-66757788 |
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|
|
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Overseas
Office 1 : |
Tata
Johnson Systems Engineering |
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Overseas
Office 2 : |
Tata
Johnson Controls Automotive Limited C/o Johnson Controls GmbH, |
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|
Corporate Office: |
Taco House, Damle Path,
Off |
|
Fax No: |
91-20-66085034/ 66085102 |
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Representative
Office 1: |
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|
Tel No: |
1-248-205-7853 |
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Fax No: |
1-248-404-9533 |
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Representative
Office 2: |
3403 |
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Tel No: |
86-21-58781986 |
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Fax No: |
86-21-58784667 |
DIRECTORS
As on 11.08.2010
|
Name : |
Mr. Rajendra R.
Bhinge |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
Flat No. 3501,
Tower 2, Planet Godrej, Keshavrao Khadye Road, Mumbai- 400011, Maharashtra,
India |
|
Date of
Birth/Age : |
29.05.1952 |
|
Date of Appointment
: |
25.07.1996 |
|
|
|
|
Name : |
Mr. Kulbhushan
Girotra |
|
Designation : |
Director |
|
Address : |
D- 4, Melody 12,
ICS Colony, Ganesh Khind Road, Pune- 411007, Maharashtra, India |
|
Date of
Birth/Age : |
01.10.1947 |
|
Date of
Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Ajay Hari
Tandon |
|
Designation : |
Director |
|
Address : |
Rose Land
Residency, Row House No. 93, Gate No. 3, Pimple Saudagar, Pune- 411027, |
|
Date of
Birth/Age : |
07.01.1959 |
|
Date of Appointment
: |
12.04.2008 |
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|
|
|
Name : |
Mr. Rameshwar
Singh Thakur |
|
Designation : |
Director |
|
Address : |
Flat No. 205, |
|
Date of
Birth/Age : |
06.09.1948 |
|
Date of
Appointment : |
29.09.2009 |
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|
|
|
Name : |
Mr. Jurgen Kemper |
|
Designation : |
Director |
|
Address : |
394, |
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Date of
Birth/Age : |
24.04.1971 |
|
Date of
Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Chetan P.
Tolia |
|
Designation : |
Director |
|
Address : |
Flat No. C 302,
Plot No. 47, Viman Nagar, Pune- 411014, |
|
Date of
Birth/Age : |
02.10.1963 |
|
Date of
Appointment : |
29.09.2009 |
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|
|
|
Name : |
Mr. James Donnachie |
|
Designation : |
Director |
|
Address : |
68, Bayshore
Road, 27-04, |
|
Date of
Birth/Age : |
15.01.1955 |
|
Date of
Appointment : |
29.09.2009 |
|
|
|
|
Name : |
Mr. Stevens David
Mark |
|
Designation : |
Director |
|
Address : |
237, |
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Date of
Birth/Age : |
25.05.1961 |
|
Date of
Appointment : |
26.09.2007 |
|
|
|
|
Name : |
Mr. Treier
Matthias |
|
Designation : |
Director |
|
Address : |
23, |
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Date of
Birth/Age : |
16.12.1961 |
|
Date of
Appointment : |
26.09.2007 |
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|
|
|
Name : |
Mr. Terence
Stuart Bloomer |
|
Designation : |
Director |
|
Address : |
27, |
|
Date of Birth/Age
: |
06.09.1946 |
|
Date of
Appointment : |
29.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Terence
Thomas Bloomer |
|
Designation : |
Manager |
|
Address : |
27, Wilby Road, 06-03,
Wilby Residence, |
|
Date of
Birth/Age : |
01.05.1960 |
|
Date of
Appointment : |
01.10.2008 |
|
|
|
|
Name : |
Mr. Umesh M.
Gosavi |
|
Designation : |
Company Secretary |
|
Address : |
Vasant, 61B,
Rambaug Colony, |
|
Date of
Birth/Age : |
07.02.1963 |
|
Date of
Appointment : |
14.03.2000 |
|
|
|
|
Name : |
Mr. Belani Ashok
Kumar |
|
Designation : |
Manager |
|
Address : |
Flat No. 1412, Building
No. 1, Clover Highlands, Near Nimba Road, Pune- 411048, Maharashtra, India |
|
Date of
Birth/Age : |
01.05.1960 |
|
Date of
Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tata Autocomp Systems Limited, |
|
6350000 |
|
Johnson Controls Internationals, |
|
6350000 |
|
Total |
|
12700000 |
As on 11.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Automotive Seating Systems and Providing Engineering Services. |
||||
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||||
|
Products : |
·
Automobile
Sealing Systems ·
Accessories
(Seat Covers) for automotive seating systems ·
Seating
Systems and Components
|
GENERAL INFORMATION
|
Customers : |
·
Audi ·
Araco
Automative ·
BMW ·
Daimler
Chyrsler ·
Fiat ·
Ford ·
General
Motors ·
Honda
·
Royal
·
Hyundai
– ·
Mitsubishi ·
Nissan
·
Tata
Motors ·
Peugeot
·
Renault
·
Rover
·
Skoda
·
·
Vokswagon Export ·
John
Deere ·
Johnson
Controls |
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No. of Employees : |
600
(Approximately) |
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Bankers : |
·
Corporation
Bank, Aditi Commerce Centre, ·
HSBC
Bank Mauritius Limited, 5th Floor, |
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Facilities : |
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|
Banking
Relations : |
Satisfactory |
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Tower, Senapati Bapat Road,
Pune- 411016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-56244605 |
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|
|
|
Joint Venture : |
ISRI TJC Automotive Seating Limited |
|
|
|
|
Associates / Subsidiaries: |
·
Tata Autocomp
Systems Limited, ·
Johnson
Controls International BV, 2 Mertinus Nijhofflan, 2624 EF Delet ·
Tata
Industries Limited, ·
Johnson
Controls Seatin SRL ·
Tata
Johnson Systems Engineering LLC |
CAPITAL STRUCTURE
As on 11.08.2010
Authorized
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12700000 |
Equity Shares |
Rs.10/- each |
Rs.127.000
Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12700000 |
Equity Shares |
Rs.10/- each |
Rs.127.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
127.000 |
127.000 |
127.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
364.302 |
266.067 |
139.667 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
491.302 |
393.067 |
266.667 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
216.100 |
212.700 |
225.451 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
216.100 |
212.700 |
225.451 |
|
|
DEFERRED TAX LIABILITIES |
5.000 |
5.000 |
9.200 |
|
|
|
|
|
|
|
|
TOTAL |
712.402 |
610.767 |
501.318 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
576.280 |
579.699 |
492.962 |
|
|
Advance on Capital Account |
44.176 |
11.284 |
54.019 |
|
|
Capital work-in-progress |
42.621 |
68.063 |
47.168 |
|
|
Incidental expenditure during construction period pending allocation
to fixed assets |
0.000 |
0.000 |
7.227 |
|
|
INVESTMENT |
23.319 |
33.405 |
53.568 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
213.883
|
206.573
|
225.111 |
|
|
Sundry Debtors |
535.831
|
449.128
|
371.768 |
|
|
Cash & Bank Balances |
492.641
|
265.921
|
176.489 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
319.018
|
252.240
|
243.122 |
|
Total
Current Assets |
1561.373
|
1173.862
|
1016.490 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1218.264
|
908.568 |
878.487 |
|
|
Other Current Liabilities |
66.272
|
93.605 |
123.227 |
|
|
Provisions |
250.831
|
253.373
|
168.402 |
|
Total
Current Liabilities |
1535.367
|
1255.546
|
1170.116 |
|
|
Net Current Assets |
26.006
|
(81.684)
|
(153.626) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
712.402 |
610.767 |
501.318 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (Net) |
4403.238 |
3496.556 |
3447.609 |
|
|
|
Engineering Services |
882.743 |
1261.194 |
900.016 |
|
|
|
Other Income |
87.633 |
54.933 |
72.321 |
|
|
|
TOTAL (A) |
5373.614 |
4812.683 |
4419.946 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials and Components |
3541.621 |
2866.116 |
2734.747 |
|
|
|
(Increase)/ Decrease in Finished Goods and
work-in-progress stocks |
1.427 |
(1.223) |
2.099 |
|
|
|
Purchase for resale |
0.000 |
0.000 |
47.301 |
|
|
|
Employees Cost |
743.578 |
771.423 |
631.276 |
|
|
|
Other Expenses |
535.149 |
685.942 |
578.238 |
|
|
|
TOTAL (B) |
4821.775 |
4322.258 |
3993.661 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
551.839 |
490.425 |
426.285 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
(D) |
22.334 |
34.034 |
12.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
529.505 |
456.391 |
413.898 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.627 |
109.803 |
108.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
426.878 |
346.588 |
305.577 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.371 |
95.378 |
105.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
279.507 |
251.210 |
199.991 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
162.699 |
61.420 |
15.154 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
72.000 |
31.750 |
50.800 |
|
|
|
Proposed Dividend |
82.940 |
74.930 |
63.500 |
|
|
|
Tax on Dividend |
26.332 |
18.130 |
19.425 |
|
|
|
Transfer to General Reserve |
27.951 |
25.121 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
232.983 |
162.699 |
61.420 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Engineering Services |
845.243 |
1207.483 |
851.429 |
|
|
|
FOB Value of Exports |
33.337 |
33.737 |
65.456 |
|
|
|
Recovery for employee deputation |
4.055 |
6.393 |
5.419 |
|
|
|
Dividend |
0.000 |
0.000 |
15.844 |
|
|
|
Recovery for toll development |
0.000 |
0.000 |
13.137 |
|
|
|
Others |
3.519 |
0.000 |
10.225 |
|
|
TOTAL EARNINGS |
886.154 |
1247.613 |
961.510 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
226.249 |
429.444 |
330.673 |
|
|
|
Capital Goods |
28.087 |
17.996 |
14.013 |
|
|
|
Spare Parts |
0.603 |
2.354 |
4.006 |
|
|
|
Others |
1.923 |
1.513 |
3.839 |
|
|
TOTAL IMPORTS |
256.862 |
451.307 |
352.531 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.01 |
19.78 |
15.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.20
|
5.22
|
4.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.69
|
9.91
|
8.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.97
|
19.76
|
20.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.87
|
0.88
|
1.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
3.73
|
5.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.93
|
0.87 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The Company’s
revenue streams for the year 2009-10 mainly comprised of Automotive Seating
Systems and components Rs.4403.230 Millions (previous year Rs.3496.550
Millions) and Engineering Services Rs.882.740 Millions (previous year
Rs.1261.190 Millions).
NEW PLANTS
The Company is
setting up plants at Sanand, Gujarat and Bidadi,
SUBSIDIARY AND
JOINT VENTURES
Joint Venture with
Isringhausen
During previous
financial year, the Company has formed 50:50 joint ventures with Isringhausen,
GmbH of Germany for entry into high end commercial vehicle seating. The total
investment in the share capital of the JV Company has been Rs.10.250 millions.
TATA BUSINESS
EXCELLENCE MODEL (TBEM)
During the
Financial Year 2009-10, the Company has filed a combined application for MBU
and EBU for TBEM Assessment. The Company secured a score of 570 out of 1000
points. The previous years score was 555 out of 1000 points.
TJC Community
Development Cell at various units has conducted Community Development
initiatives during the last financial year.
The key
initiatives include:
- Financial aid to Mother Teresa Old Age
Home at Chinchwad, Pune,
- Health Check up of Pregnant women in nearby
villages in association with the local Primary Health Care center.
- Drinking water arrangement for school
at Ghotawade, Hinjewadi by installing pipe line upto the school.
- Scholarships for 4th, 7th and 10th
class students.
- Providing solar cooker to
- Adoption of Orphanage at Pachane
village by supporting 24 inmates through this initiative,
- Blood donation camp organized with
Janakalyan Rakta Pedhi, Pune.
- Pulse Polio immunization camp organized
jointly with Mann Primary Health Care Centre for the people staying in
nearby villages.
- Tree plantation was done at
- Providing educational tools, Conducting
medical test for students and funding one teachers salary at
- Mushroom Seeds and other inputs were
provided to self help Group at Coaching Institute at Chennai.
- Donating Sewing Machines to six poor
and under privileged women and training them at Government Tailoring
Coaching Institute, Chennai.
- Financial support to build classrooms
and basic infrastructure to the Primary School at Rudrapur.
|
Corporate
identity number of the company |
U34300PN1996PLC015038
|
|
Name of the
company |
TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 1, Survey No. 235/ 245, Hinjewadi, Taluka Mulshi, Pune – 411
027, E-Mail: umesh_gosavi@tjc.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90084668 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Plant and
Machinery, Furniture and Fixture, Other Movables) |
|
Particular of
charge holder |
Corporation Bank,
Aditi Commerce Centre, E-Mail: cb132@corpbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Sixth
supplemental common deed of hypothecation of movable/assets/debts (for
additional security) 2. Letter of
continuity Both constitute a
single charge |
|
Date of instrument
Creating the charge |
29/03/2010 |
|
Amount secured by
the charge |
Rs.303.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per the sanctioned
letter dated 25.01.2010 and supplemental deed of hypothecation dated
29.03.2010 Terms of
Repayment: As per the
sanctioned letter dated 25.01.2010 and supplemental deed of hypothecation
dated 29.03.2010 Margin: As per the
sanctioned letter dated 25.01.2010 and supplemental deed of hypothecation
dated 29.03.2010 Extent and
Operation of the charge: First charge on
current assets and immovable fixed assets and movable fixed assets |
|
Short particulars
of the property charged |
All the present and
future stocks of goods, Book Debts (Receivables) and on inventory owned by
the company situated at the Plot No 1, Sy no. 235/245, Village Hinjewadi, Tal
Mulshi, Pune 411027 Hypothecation of
Fixed Movable Security namely Plant and Machinery, Furniture and Fixtures and
Licensed Software etc. Immovable
property of the Company situated at Plot No.1 comprising of land S No.235 and
S No. 245 at Village Hinjewadi, Taluka Mulsi, Pune 411 027 as continuing
security Lease hold rights
located at Village Kilkarani, Taluka Chingalput, District Kanchepuram, in
Tamil Nadu along with the building existing thereon. |
|
Date of latest
modification prior to the present modification |
31/10/2006 |
|
Particulars of
the present modification |
By way this
modification the Credit Facility has been increased by Rs.89.300 millions
from Rs.220.000 millions to Rs.309.300 millions. Now the existing
credit facilities stands are as under : 1)Cash Credit-
PCL/PCFC-FDBN/FDBP/FDBD - Rs.180.000 millions 2)Import/Inland LC
cum BG - Rs.55.000 millions (increased by Rs.15.000 millions) 3)Term Loan -
Rs.74.300 millions (New Facility) |
|
Name of the company |
TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED |
|
Presented By |
Tata Johnson Controls Automotive Limited |
|
1) Date and description of instrument creating the change |
14th
June, 2001, Loan Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.600 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
20 No. of
workstations (HP B 2000: 13 nos., HP J 6000: 2 nos., HP WIN NT XU 700 : 4
nos., HP 9000 A 400: 1 nos.) manufactured by Hewlett-Packard situated at Engineering
Division’s Office premises of the company, including all the accessories in
respect of or pertaining to the said workstations and whether lying loose or
fixed to the said workstations only and whereinsoever the same are now tying
or stored in whether in the said office premises of the Borrower or
whereinsoever situated and whether the same is held by any party to or
disposition of the Borrower or in the course of transit or otherwise, as
described in the terms and condition of the aforesaid loan agreement but does
not include any of other assets/ properties of the company hypothecated/
mortgaged or to be hypothecated/ mortgages against security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per Loan
Agreement dated 14th June 2001, Rate of Interest 11.77% p.a. and
repayment of loan within 48 months by quarterly equal installments described
in the schedule of the agreement. |
|
5) Name and Address and description of the person entitled to the charge. |
Hewlett Packard
India Limited, Registered Office at Chandiwalla Estate, Maa Anand Mai Marg,
Kalkaji, New Delhi – 110 019, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Income tax matters |
16.751 |
|
Sales tax matters |
7.427 |
|
Excise Duty matters (excluding interest) |
6.839 |
|
Bills Discounted |
998.453 |
|
Service tax matters |
0.545 |
|
Claims from suppliers not acknowledged as debts |
0.000 |
|
|
|
FIXED ASSETS:
v
v
v Buildings
v Plant and Machinery
v Furniture and Fixtures
v Infrastructure Development Costs
v Motor Vehicles
v Improvement to Leased Premises
v Licensed Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.85 |
|
|
1 |
Rs. 73.29 |
|
Euro |
1 |
Rs. 64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.