MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA AUTOCOMP SYSTEMS LIMITED |
|
|
|
|
Formerly Known
As : |
TATA AUTOCOMP SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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|
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|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.10.1995 |
|
|
|
|
Com. Reg. No.: |
11-093733 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2547.814
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH1995PLC093733 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability
Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Vehicle Parts and Components to the
Automotive Sector. |
|
|
|
|
No. of Employees
: |
1370 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7700000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of Tata Group, a highly reputed industrial house. It is having satisfactory
track. Trade relations are fair. Payments are slow but correct. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Nitin Natu |
|
Designation : |
Accounts Manager |
|
Date : |
05.09.2011 |
|
|
|
|
Name : |
Mr. Rajendran |
|
Designation : |
Finance Manager |
|
Date : |
05.09.2011 |
LOCATIONS
|
Registered
Office : |
|
|
Tel. No.: |
91-22-22049131/
66658282 |
|
Fax No.: |
91-22-22845523/
66658160 |
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E-Mail : |
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|
Website : |
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|
Area: |
3000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
Taco House, Damle
Path, Off |
|
Tel. No.: |
91-20-66085000 |
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Fax No.: |
91-20-25438499/
66085034/ 66085102 |
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E-Mail : |
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Corporate Office 2: |
Taco Technical Centre, Rajiv Gandhi
IT Park, Hinjewadi, Phase 2, S No 280 ands 281, Pune - 411 057, |
|
|
|
|
Factory 1 : |
Muttha Chambers,
3rd Floor, |
|
Tel. No.: |
91-20-25672782 /
25660691 |
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Fax No.: |
91-20-25660699 |
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|
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Factory 2 : |
Plot 28, Bidadi
Industrial Area, Ramnagar, |
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Overseas
Office : |
35488 Crescent Court, |
|
Tel. No.: |
1-248-4744607 |
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Fax No.: |
1-248-4744668 |
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|
|
|
Branches : |
Located at:- ·
·
Vadodara,
·
Mumbai,
·
Pune,
·
·
·
Chennai,
Tamilnadu |
DIRECTORS
AS ON 07.06.2010
|
Name : |
Mr. Ramabadran Gopalkrishnan |
|
Designation : |
Director |
|
Address : |
Baug – E, Abbas Flat No. 101, Captain Prakash Peth Marg, 21/A, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1945 |
|
Date of Appointment : |
27.06.2001 |
|
DIN No.: |
00027858 |
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|
|
|
Name : |
Mr. Kishor Anant Chaukar |
|
Designation : |
Director |
|
Address : |
72, NCPA Apartments, 7th Floor, Dorbabji Tata Road,
Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
01.08.1947 |
|
Date of Appointment : |
30.03.1999 |
|
DIN No.: |
00033830 |
|
|
|
|
Name : |
Mr. Rajendra Ramdas Bhinge |
|
Designation : |
Director |
|
Address : |
83 Land Mark, |
|
Date of Birth/Age : |
04.11.1951 |
|
Date of Appointment : |
30.07.2004 |
|
DIN No.: |
00036557 |
|
|
|
|
Name : |
Mr. Satish Bhaskar Pradhan |
|
Designation : |
Director |
|
Address : |
173 NCPA Apartments 17 Floor, Apsara CHS, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Date of Birth/Age : |
04.01.1955 |
|
Date of Appointment : |
03.05.2002 |
|
DIN No.: |
00175969 |
|
|
|
|
Name : |
Mr. Rameshwar Singh Thakur |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 205, |
|
Date of Birth/Age : |
06.09.1948 |
|
Date of Appointment : |
28.12.2007 |
|
Other Directorship: |
Tata Motors Limited |
|
DIN No.: |
00020126 |
|
Email : |
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|
|
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|
Name : |
Mr. Praveen P Kadle |
|
Designation : |
Director |
|
Address : |
224, NCPA, Apartments, Nariman Point, Mumbai- 400021, |
|
Date of Birth/Age : |
21.01.1957 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00016814 |
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|
|
|
Name : |
Mr. Naushad Forbes |
|
Designation : |
Additional Director |
|
Address : |
410 Sheridan AV Apt 454, Palo Alto CA94306 |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
00630825 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Rakesh Mohan |
|
Designation : |
Additional Director |
|
Address : |
E-57, Panch Shila Park, New Delhi – 110017, India |
|
Date of Birth/Age : |
14.01.1948 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
02790744 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Lakshman Lakshminarayan |
|
Designation : |
Additional Director |
|
Address : |
17, Crescent Street, Arch Bishop Mathias Avenue, Abhiramapuram,
Chennai – 600028, Tamilnadu, India |
|
Date of Birth/Age : |
17.07.1946 |
|
Date of Appointment : |
09.12.2010 |
|
DIN No.: |
00012554 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ramesh Amrut Savoor |
|
Designation : |
Additional Director |
|
Address : |
No.201, Pine View, 9 Edward Road, Bangalore – 560052, Karnataka, India
|
|
Date of Birth/Age : |
24.04.1944 |
|
Date of Appointment : |
09.12.2010 |
|
DIN No.: |
00149089 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Hari Lakshminarayan Mundra |
|
Designation : |
Additional Director |
|
Address : |
A-61, Twin Towers, Off Veer Savarkar Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1949 |
|
Date of Appointment : |
09.12.2010 |
|
DIN No.: |
00287029 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ram Nath Mukhija |
|
Designation : |
Additional Director |
|
Address : |
Varsha, Flat No.501, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra,
India |
|
Date of Birth/Age : |
05.02.1944 |
|
Date of Appointment : |
09.12.2010 |
|
DIN No.: |
00001653 |
|
Email : |
KEY EXECUTIVES
|
Name : |
Mr. Ajay S Nagale |
|
Designation : |
Director |
|
Address : |
18/204, Nilgiri Sidhanchal Phase- 3, Near |
|
Date of Birth/Age : |
26.07.1966 |
|
Date of Appointment : |
10.07.2008 |
|
PAN No.: |
AAAPN8667N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.06.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Tata Industries
Limited, |
|
69244903 |
|
Tata Motors Limited, |
|
52333170 |
|
Tata Capital Limited, |
|
48307333 |
|
Tata Sons Limited, |
|
28675598 |
|
Tata Investment Corporation Limited
|
|
2720054 |
|
Tata Industries
Limited, |
|
150 |
|
Tata Industries
Limited, |
|
50 |
|
Tata Industries
Limited, |
|
50 |
|
Dilip S. Pendse |
|
50 |
|
|
|
|
|
TOTAL |
|
201281358 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Tata Motors Limited, |
|
21000000 |
|
Tata Investment Corporation Limited, |
|
15000000 |
|
Rajuvalika Investments Limited, |
|
7000000 |
|
Tata Consultancy Services Limited |
|
5000000 |
|
Ratan Naval Tata Jointly with Naval
H Tata |
|
3000000 |
|
N A Soonaala |
|
2000000 |
|
Tata Simone Naval Jointly with Naval H
Tata |
|
500000 |
|
|
|
|
|
TOTAL |
|
53500000 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Vehicle Parts and Components to the
Automotive Sector. |
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Products : |
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PRODUCTION STATUS – AS ON 31.03.2010
|
Particulars |
Unit |
Installed Capacity |
|
Plastic Parts for Motor Vehicles |
MT |
11350 |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
1370 (Approximately) |
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Bankers : |
·
State
Bank of Industrial
finance Branch, Tara Chambers, Wakdewadi, Pune-411 003, Maharashtra, India ·
HDFC
Bank Limited, HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India ·
HSBC Bank Limited- Amar Avinash Corporate City, Sector No. 11, Bund Garden Road, Pune-
411001, Maharashtra, India ·
Corporation Bank- Industrial Finance Branch, 14, Wakedewadi, Mumbai Pune Road, Pune-
411003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
6th Floor, Millenia Tower, D, 1 and 2, Murphy Road, Ulsoor,
Bangalore – 560008, Karnataka, India |
|
|
|
|
Promoter
Group Companies
: |
·
Tata Industries Limited ·
Tata Motors Limited ·
Tata Motors Thailand Limited ·
Tata Capital Limited ·
Tata Sons Limited |
|
|
|
|
Subsidiaries |
·
Tata Toyo Radiator Limited CIN No. U99999PN1997PLC110139 ·
Taco Composites Limited ( formerly
known as Automotive Composite Systems (International) Limited) CIN No.
U34300PN200PLC015253 ·
Tata Autocomp Mobility Telematics
Limited CIN No. U32109PN2005PLC020334 ·
Taco Sasken Automotive Electronics
Limited CIN No. U32109PN2007PLC129527 ·
TC Springs Limited (upto January 12,
2010) ·
Taco Holdings (Mauritius) Limited ·
Taco Kunststofftechnik GmbH ·
Taco Grundstuckverwaltungs GmbH ·
Nanjing Tata Autocomp Systems Limited |
|
|
|
|
Joint
Ventures |
·
Tata Johnson Controls Automotive
Limited ·
Tata Ficosa Automotive Systems
Limited ·
Tata Yazaki Autocomp Limited ·
Tata Nifco Fasteners Limited ·
Taco FAURECIA Design Center Private
Limited (upto December 1, 2009) ·
Tata Autocomp GY Batteries Limited ·
Taco Visteon Engineering Private
Limited (upto February 15, 2010) ·
Tata Visteon Automotive Private
Limited ( upto February 15, 2010) ·
Taco Hendrickson Suspensions Private
Limited ·
Automotive Stampings and Assemblies
Limited ·
Technical Stampings Automotive
Limited |
|
|
|
|
Associates
: |
· KNORR-BREMSE Systems for Commercial Vehicles India Private Limited (upto January 27, 2010) |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
210000000 |
Equity Shares |
Rs.10/- each |
Rs.2100.000 Millions |
|
70000000 |
Preference Shares
|
Rs.10/- each |
Rs.700.000 Millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs.2800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
201281358 |
Equity Shares |
Rs.10/- each |
Rs.2012.814
Millions |
|
53500000 |
Preference Shares |
Rs.10/- each |
Rs.535.000
Millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs.2547.814 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 |
2547.814 |
2547.814 |
2377.345 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.939 |
6.939 |
1281.073 |
|
|
4] (Accumulated Losses) |
(641.089) |
(946.668) |
0.000 |
|
|
NETWORTH |
1938.664 |
1608.085 |
3658.418 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2272.635 |
3342.700 |
2720.511 |
|
|
2] Unsecured Loans |
1588.300 |
738.300 |
500.000 |
|
|
TOTAL BORROWING |
3860.935 |
4081.000 |
3220.511 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
62.917 |
|
|
|
|
|
|
|
|
TOTAL |
5799.599 |
5689.085 |
6941.846 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1952.286 |
2012.828 |
1461.903 |
|
|
Capital work-in-progress |
134.053 |
249.182 |
913.137 |
|
|
|
|
|
|
|
|
INVESTMENT |
3417.816 |
3490.018 |
3516.580 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
444.878
|
592.909 |
604.565 |
|
|
Sundry Debtors |
1266.259
|
989.401 |
1080.347 |
|
|
Cash & Bank Balances |
247.533
|
260.706 |
94.431 |
|
|
Other Current Assets |
2.816
|
70.432 |
165.065 |
|
|
Loans & Advances |
706.131
|
925.943 |
992.853 |
|
Total
Current Assets |
2667.617
|
2839.391 |
2937.261
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1839.678
|
1311.967 |
1126.159 |
|
|
Other Current Liabilities |
381.036
|
1546.006 |
664.542 |
|
|
Provisions |
151.459
|
44.361 |
96.334 |
|
Total
Current Liabilities |
2372.173
|
2902.334 |
1887.035
|
|
|
Net Current Assets |
295.444
|
(62.943) |
1050.226 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5799.599 |
5689.085 |
6941.846 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9183.907 |
6593.580 |
5000.070 |
|
|
|
Interest |
9.002 |
3.784 |
2.233 |
|
|
|
Dividend |
201.562 |
146.917 |
168.327 |
|
|
|
Other Income |
560.674 |
758.430 |
255.524 |
|
|
|
TOTAL (A) |
9955.145 |
7502.711 |
5426.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases and outsourced Services Cost |
857.586 |
900.187 |
835.83 |
|
|
|
Material Consumed and Manufacturing
Expenses |
5961.895 |
3893.253 |
2278.434 |
|
|
|
Personnel, Sales and Administrative Expense |
1909.705 |
3800.609 |
1299.916 |
|
|
|
Prior Period Expense |
0.000 |
73.363 |
6.088 |
|
|
|
TOTAL (B) |
8729.186 |
8667.412 |
4420.268 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1225.959 |
(1164.701) |
1005.886 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
471.061 |
464.377 |
240.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
754.898 |
(1629.078) |
765.126 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
331.616 |
326.168 |
249.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
423.282 |
(1955.246) |
515.998 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.529 |
(30.605) |
107.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
417.753 |
(1924.641) |
408.971 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(946.668) |
985.071 |
633.428 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on preference Share |
82.808 |
6.067 |
49.000 |
|
|
|
Tax on Dividend |
4.366 |
1.031 |
8.328 |
|
|
|
Transfer to Debenture Redemption Reserve |
25.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(641.089) |
(946.668) |
985.071 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1347.851 |
921.385 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials an d Tools |
419.668 |
575.801 |
NA |
|
|
|
Consumable and Spares |
14.548 |
149.904 |
NA |
|
|
|
Capital Goods |
67.884 |
90.429 |
NA |
|
|
TOTAL IMPORTS |
502.100 |
816.134 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.84 |
(11.05) |
2.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.20
|
(25.65) |
7.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.61
|
(29.65) |
15.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.16
|
(40.10) |
11.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
(1.22) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
4.36 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
0.98 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs.
In Millions) |
||
|
|
|
|
|
|
Sundry
Creditors |
1839.678
|
1311.967 |
1126.159 |
|
|
|
|
|
|
Total |
1839.678
|
1311.967 |
1126.159 |
BUSINESS
DESCRIPTION
Subject is a manufacturer and supplier of vehicle parts and components
to the automotive sector. The company manufactures a range of suspension
systems and mobility tracking solutions. In addition, it supplies a variety of
car interiors that includes dashboards, instrument panels, air vents, door
trims, grab handles and floor consoles. The company also manufactures
plastic-moulded exteriors, including bumpers, spoilers, hoods, grilles and
bumper guards. It supplies radiators, fuel tanks, and clutch and accelerator
cables. The company’s other product range includes heating systems, antiglare
tilts, and blinker, hydrophilic, articulated, power foldable and
electro-chromatic mirrors. It also manufactures coil springs, stabiliser and
torsion bars, and accelerator, transmission, door opening and window adjusting
cables. Additionally, the company owns and manages a research centre that
designs and tests embedded software for various automotive systems.
BUSINESS
PERFORMANCE:
In view of the unprecedented slow down and global recession during
2008-09, the year started with utmost caution and a low degree of optimism.
However, due to government of India’s timely actions and various measures, like
easing of credit availability, reduction in the interest rate, reduction in the
excise duty and service tax rates for most part of the year, the Indian
economy, came back to recovery path. The Auto Industry also started showing
improvements, after the first quarter in the current financial year and later
witnessed strong growth, both in the Commercial and Passenger Vehicle segment,
in the second half of the year. Driven by the necessity in recessionary times,
in addition, the Company took a close look at operational efficiency, cost
competitiveness, productivity of each of its units and asset sweating. The
Company reviewed performance and future growth prospect of each of its business
unit. Accordingly, the Company exited some of its business units by divesting
its stake. In certain cases where there was no viable opportunity the
businesses have been closed down. As a part of this restructuring, the Company
has also acquired stakes held by its JV partner in one of its subsidiary and
thus making it a 100% owned business.
The turnover increased from Rs.6590.000 Millions to Rs.9180.000 Millions (growth of 39%) for the year 2009-10.
SUBSIDIARY AND
JOINT VENTURE COMPANIES:
Subsidiaries: During the year
the Company restructured its portfolio and in this regard changes were effected
in the following subsidiaries:
Pirangut Springs Limited (formerly TC Springs Limited): The Company divested its complete stake in the subsidiary during the year.
Automotive Composite Systems (International) Limited (ACSI): During the year, the Company acquired the 26% stake of its joint venture partner. Further the name of ACSI was changed to “TACO Composites Limited” with effect from March 5, 2010 and is now a wholly owned subsidiary of the Company.
TACO Sasken Automotive Electronics Private Limited (TSAE):
In view of the continuing losses incurred since its inception, the long gestation period for the
business, it is not viable to continue with the venture. Consequently, the
operation of TSAE has been shut down and is being considered for a voluntary
winding up
Taco Kunststofftechnik GmbH (TKT) – TKT which is a step down subsidiary
was acquired in the year 2005, which was in the business of automotive plastic
parts. However, this unit could never be made profitable due to various
operational and financial issues. Beginning October, 2008, the off take from
the Company came down significantly due to global economic slowdown,
consequently the Company incurred huge losses. The turnaround plan made for TKT
could not be achieved. As there is no likelihood of turnaround, the Company
decided to exit this business and accordingly, provided for the loss towards
entire investment and loan guarantees. In view of this the Company provided for
diminution in the value of all its investments and guarantees. During the year,
Company discharged its obligations under the guarantees devolving.
Subsequently, the Company was run under the charge of a court appointed
Administrator and is currently subject to liquidation.
Joint Ventures
(JVs): During the year the Company divested its stake in the following JVs as
a part of the restructuring exercise:
· Knorr-Bremse Systems for Commercial Vehicles India Private Limited
· TATA Visteon Automotive Private Limited
· TACO Visteon Engineering Private Limited
· TACO FAURECIA Design Centre Private Limited
Consequently the JVs with their respective partners stand terminated.
In respect of Automotive Stampings and Assemblies Limited, the Company
sold 6.36% of its stake through open market operations, so as to comply with
the applicable stock exchange guidelines for maintaining minimum public
holding.
MANAGEMENT
DISCUSSION AND ANALYSIS:
BUSINESS OVERVIEW:
The automotive sector of India was impacted severely during 2008-09 due
to the global recession and economic slowdown in India. However, unlike most of
the other countries, India could revive their economy fast, by taking various
timely measures like reduction of excise duty, lowering the interest rate,
increasing the liquidity and undertaking various infrastructural projects.
The demand for passenger vehicle accordingly, increased by 26% in
2009-10. The demand for heavy and commercial vehicle also moved up by around
28%. All these were possible due to favorable financing environment, softened
interest rates, new launches, improved infrastructure, improved customer
sentiment, increase in index of industrial production, possible advancement of
purchases due to expected price hike and impending regulatory changes. As the
demand for auto component is directly related to the increase in the vehicle
production, it has resulted in a positive development for auto components also.
The Company has taken steps to gear up to meet increased demand. With the
restructuring of business portfolio, the Company is poised to take new
challenges and driving action plan to achieve the growth potential for each of
the remaining businesses.
Due to robust economic recovery in the later part of the year, the
Company’s revenue witnessed a healthy growth during 2009-10.
The turnover increased from Rs.6590.000 Millions to Rs.9180.000 Millions (growth of 39%) for the year 2009-10.
FUTURE OUTLOOK:
To meet the future challenges, the Company has initiated steps to
improve its operations, cost optimization and implementing benchmark processes
across the group. The Company is also taking a number of HR initiatives like
defining and deploying standard and common HR practices across all business
units, implementation of Succession Planning and Development Plan of identified
employees etc., so that the Company has adequate trained , skilled and capable
human resources and leadership pipeline to meet future growth requirements.
Regarding external environments, the country will be witnessing a number of new
players in the passenger and commercial vehicle segment in next one to three
years, to take advantage of the vast Indian market which is expanding at a
rapid pace. The existing companies are also coming with various new models to
take care of each market segment. The recent launches in small and mid-sized
car segment have created huge opportunity for component business. In view of
government’s continuing measures for improving rural economy, it is expected
that the demand for consumer durable items as well as vehicles will
substantially go up in future and accordingly auto components requirements also
will go up.
The demand for Passenger vehicle and Commercial vehicle is expected to
grow at a CAGR of 11% to 12% and 7% to 8% respectively over a period of five
years starting from 2010 to 2015.
To meet the growing demand the new plants are being set up in
Uttaranchal, Sanand, Jamshedpur and Bangalore by the TACO Companies.
The Company is confident that it will successfully meet the new demand
of the market and will improve its performance further during coming years
FINANCIAL
PERFORMANCE (STANDALONE):
As explained above, the Company’s financial performance in 2009-10 has
improved significantly compared to 2008-09. The turnover, at Rs.9180.000
Millions is higher by 39%, as compared to previous year figure of Rs.6590.000
Millions. The Company has achieved turnaround result with profit before tax at
Rs.4180.000 Millions compared to loss of Rs.1950.000 Millions during previous
year, mainly because of one-time loss of Rs.1150.000 Millions towards bank
guarantee issued for one of its BU.
Bankers Charges
Report as per Registry
|
Name of the company |
TATA AUTOCOMP
SYSTEMS LIMITED |
|
Presented By |
Mr. T A.
Ramkumar, General Manager (Treasury and Accounts), Company Secretary |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and assets (C2) dated 27.11.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.100.000
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 |
Current Assets of the company comprising Book Debts/
Receivables, Present and Future, as may be appearing in the of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The principal
amount together with accured interest and all related dues is payable on or
before 03.06.2003 Interest is
payable quarterly at the rate of 2.25 % over 6 months LIBOR |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
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 |
|
Corporate
identity number of the company |
U34100MH1995PLC093733 |
|
Name of the
company |
TATA AUTOCOMP
SYSTEMS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property
(Not being pledge) |
|
Particular of
charge holder |
Corporation Bank- Industrial Finance Branch, 14, Wakedewadi, Mumbai Pune Road, Pune-
411003, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Common Deed of
Hypothecation of Movables/ Assets/ Debts dated 26th December, 2009 |
|
Date of
instrument Creating the charge |
26.12.2009 |
|
Amount secured by
the charge |
Rs.500.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest COBAR -1% i. e.
11.00% p. a. at present. Terms of
Repayment To be repaid in one
installment at the end of 35th month from the date of disbursement of the
loan. Margin Nil Extent and
Operation of the charge Hypothecation
/1st Charge on inventory cum Book Debts/Current Assets of Services Div (viz.
Eng, Supply Chain mgt, Corporate, Retail and other Business) stored/ stocked/
maintained at TACO House, V G Damale Path, Off Law College Road, Erandwane,
Pune - 411004 and/or at such other places notified from time to time; 2nd
Charge on Fixed Movable Assets of Interior and Plastics Div of the Co, with
Gross Block : Rs.1582.700 millions and Net Block : Rs.766.400 millions as on
31-03-09 [1st Charge with SBI and LIC of India] |
|
Short particulars
of the property charged |
Hypothecation/
First Charge on inventory cum Book Debts/Current Assets of the Services
Division (viz. Engineering, Supply Chain management, Corporate, Retail and
other Business) of the Company, Stored / stocked/
maintained at TACO House, V G Damale Path, Off Law College Road, Erandwane, Pune
– 411 004 and/or at such other places notified from time to time. Second Charge on
the Fixed Movable Assets of Interior and Plastics Division of the Coma, with
Gross Block: Rs.1582.700 millions and Net Block: Rs.766.400 millions as on
31.03.09 -1st Charge with SBI and LIC of India. |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Work Station/ office
Equipments
·
Furniture, Fittings and
Other Equipments
·
Vehicles
·
Vehicles on Finance
Lease
·
Computer and
Peripherals on financial lease
·
Specialised software
·
Engineering and
Development cost
DIRECTORS PROFILE:
Mr. Ramabadran
Gopalakrishnan
Chairman of the Board
- Chairman RT
Mr. Ramabadran Gopalakrishnan is Chairman of the Board of Subject Mr.
Ramabadran Gopalakrishnan is a director of Tata Sons Limited, a member of Group
Corporate Centre, chairman of Rallis India Limited and Advinus Therapeutics
Private Limited, and vice chairman of Tata Chemicals Limited. A graduate in
physics from the Calcutta University, Mr. Gopalakrishnan also has a degree in
engineering from IIT. He is a director of other Tata companies such as Tata
Power Company Limited and Tata Technologies Limited. He joined Hindustan Lever
(HLL) (now Hindustan Unilever Limited) as a management trainee in 1967. In
1987, he joined HLL's management committee as executive director of exports. In
1991, he was appointed chairman of Unilever Arabia, based in Jeddah, to
establish and manage Unilever's consumer products business in Arab countries.
On his return to India in 1995, he was appointed managing director of Brooke
Bond Lipton. After the company's merger with HLL, he was designated vice
chairman of Hindustan Unilever Limited. After 31 years with HLL, Mr.
Gopalakrishnan joined Tata Sons in September, 1998 as executive director. He
has been president of the All India Management Association. He is on the
Company’s Board since June 27, 2001 and as the Chairman since September 26, 2008.
Mr. Rajendra
Ramdas Bhinge
Non-Executive
Director - Director/Board Member- RT
Mr. Rajendra Ramdas Bhinge is Non-Executive Director of Subject Mr.
Rajendra Bhinge is the Chief Executive Officer of Tata Strategic Management
Group, the Indian owned management consulting firm in South Asia. Mr. Bhinge
obtained a bachelors degree in technology (electrical engineering) in 1973 from
the Indian Institute of Technology, Mumbai. He completed his Post Graduation
Diploma in Business Administration in 1975 from the Indian Institute of
Management, Ahmedabad. Mr. Bhinge started his career with Tata companies in
1975 and since then has held cross-functional portfolios across finance,
operations and planning in senior management roles. He also established the
telecom equipment business of Nelco Limited. Mr. Bhinge has authored the
strategic plan for Tata Industries Limited in 1990 and was responsible for its
implementation. He held a key role in joint venture planning and negotiations
with AT&T, Bell Canada, Liebert, ALCAN, on behalf of Tata Industries
Limited. He has conceptualized and established Tata Strategic Management Group
(TSMG), the Indian owned management consulting firm. At TSMG, Mr. Bhinge
specialises in strategy formulation, portfolio review and public policy. Mr.
Bhinge also serves on the board of directors of several companies like the
Company, Nelco Limited, Infiniti Retail Limited, TJCAL and Computational
Research Laboratories Private Limited. He is on the Company’s Board since July
30, 2004.
Mr. Kishor Anant
Chaukar
Non-Executive
Director - Director/Board Member- RT
Mr. Kishor Anant Chaukar is Non-Executive Director of Subject. He as
managing director of Tata Industries Limited, Mr. Chaukar is responsible for
providing strategic direction and support the Tata companies that have been
promoted by Tata Industries. Mr. Chaukar is a post-graduate diploma in
management from the Indian Institute of Management, Ahmadabad and holds a
bachelor's degree in arts (economics) from the Karnataka University. He is also
involved in strengthening Tata Industries' role as a catalyst for the
introduction of new businesses within the Tata group, especially in areas of
high technology and future economic potential. Mr. Chaukar's responsibilities
as mentor and strategist are further enhanced by his membership of the Group
Corporate Centre, which formulates strategy at the group level. He was
previously the managing director of the ICICI Securities and Finance Company
Limited, as well as a member of the board of directors of ICICI Limited. He has
also worked with Bhartiya Agro Industries Foundation, a public trust engaged in
rural development, and Godrej Soaps. He has been a director of Company since
March 30, 1999.
Mr. Praveen
Purushottam Kadle
Non-Executive Director-
Director/Board Member RT
Mr. Praveen Purushottam Kadle is Non-Executive Director of Subject Mr.
Praveen Kadle is the managing director and chief executive officer of Tata
Capital Limited, a wholly owned subsidiary of Tata Sons Limited. Mr. Kadle is a
graduate (with honours) in commerce and accountancy from the Bombay University.
Mr. Kadle is a Chartered Accountant, Cost Accountant and Company Secretary. Mr.
Kadle has been working with the Tata group for the last 18 years. Mr. Kadle
joined Tata Motors Limited as the vice president (finance) and in the year 2001
he was promoted to the board of Tata Motors Limited as executive director
(finance and corporate affairs). Mr. Kadle is a member of the board on various
companies in the Tata group and other companies. He is also actively involved
with various public charitable institutions notably as the board member and
honorary treasurer of Child Rights and You (CRY). Mr. Kadle has won a number of
awards in recognition of his contribution to Tata Motors Limited, namely,
CNBC-TV18, the "Country's performing CFO in the Auto and Auto Ancillaries
sector for 2006"; 'The CFO of the year 2005' in India by Business Today;
the 'CFO of the year 2004' by IMA (formerly known as Economist Intelligence
Unit). He has been on the Company’s Board since March 18, 2009.
Mr. Satish Bhaskar
Pradhan
Non-Executive
Director- Director/Board Member RT
Mr. Satish Pradhan
is Non-Executive Director of subject Mr. Satish Pradhan, Chief, Group HR, Tata
Sons, heads the Tata Group HR function. Prior to joining the group in April
2001, he was with ICI Plc in London at their Head Office as Organisation Design
and Development Manager (Group HR). He has a Masters in History from Delhi
University and has worked in Public and Private Sector companies. During the
last 30 years he has worked with Steel Authority of India, CMC, ICI India,
Brooke Bond Lipton India Limited (now Unilever India), ICI Plc in various
capacities in the HR area. He is also a member of the Governing Body of Tata
Institute of Social Sciences (TISS) and National HRD Network; the Executive
Committee of the Bombay Natural History Society; Confederation of Indian
Industries (CII) and National Committee on HRD and Women's Empowerment. He is
on the Company’s Board since May 3, 2002.
Mr. Rameshwar
Singh Thakur
Chief Executive
Officer, Managing Director, Executive Director - Director/Board Member -
RT
Mr. Rameshwar Singh
Thakur is Chief Executive Officer, Managing Director; Executive Director of
Subject Mr. Rameshwar Singh Thakur holds a Bachelor's degree in mechanical
engineering and a post graduate diploma in Business Management from XLRI. He is
also chartered management accountant from CIMA, London, having passed all their
examinations. Prior to joining the Company, he worked with Tata Motors Limited
(TML) for over 35 years and was also last designated as vice president (MD’s
Office). During his tenure with TML, he was responsible for finance, business
planning, treasury, M&A, negotiations with State Governments for new projects
and manufacturing engineering. Mr. Rameshwar Singh Thakur was appointed as the
executive Director of the Company on December 28, 2007 for a term of five
years. He was re-designated as the executive Director and chief operating
officer of the Company with effect from November 27, 2008, and was later
re-designated as executive Director and chief executive officer of the Company
with effect from June 4, 2010. Further on December 9, 2010 Mr. Rameshwar Singh
Thakur was redesignated as the Managing Director and chief executive officer of
the Company with immediate effect.
Mr. Naushad D. Forbes
Non-Executive
Independent Director- Director/Board Member- RT
Mr. Naushad Forbes is Non-Executive Independent Director of Subject Mr. Forbes
received Bachelor’s and Master’s Degrees from Stanford University and Ph. D in
Industrial Engineering. He also holds the B.A.S. in Industrial Engineering and
History from the Stanford University. Mr. Forbes is Director of Forbes
Marshall, in Steam Engineering and Control Instrumentation Company. He has been
a Consulting Professor in the Management Science and Engineering program at
Stanford University from 1987 to 2004. He has a number of publications to his
credit including the following: Forbes N. and D. Wield, From Followers to
Leaders: Managing Technology in Newly Industrializing Countries. He was
instrumental in developing courses in Technology and Policy in Newly
Industrialized Countries and the Management of Technology in Firms in Newly
Industrialized Countries. Mr. Forbes is on the board of Kirloskar Engines India
Limited, Godrej Industries Limited, Ruby Hall Hospital, Jump Associates LLC,
California, Stanford Alumni Association, Indian Institute of Technology, Bombay
and Vishwakarma Institute of Technology, Pune. He was also the Chairman of the
Confederation of Indian Industry (Western Region) in 2009-10. He has recently
joined the Board as an Independent Director.
Mr. Lakshman
Lakshminarayan
Non-Executive
Independent Director- Director/Board Member- RT
Mr. Lakshman Lakshminarayan is Non-Executive Independent Director of
Subject Mr. Lakshman Lakshminarayan is currently the Executive Chairman of Rane
Holdings Limited, the apex company of the Rs.16 billion (US$ 371 million) Rane
Group and an acknowledged leader in the auto component industry. He is also on
the board of several public limited companies. He is a Mechanical Engineer from
the University of Madras and an alumnus of London Business School, London, UK.
Joining one of the Rane group companies as a Management Trainee in 1970, he
worked his way up to become the Chairman of the group in 1992. He steered the
Rane Group during a challenging and exciting phase in the automobile industry's
evolution and transformation in India. Under his leadership, Rane Brake Lining
Limited, Rane Engine Valve Limited, Rane TRW Steering Systems Limited and Rane
(Madras) Limited have won the coveted Deming Prize. Having served as President
of ACMA, Madras Chamber of Commerce and Industry and ASSOCHAM, he has been an
active member in various industry forums. He has recently joined the Company’s
Board as an Independent Director.
Mr. Rakesh Mohan
Non-Executive
Independent Director- Director/Board Member- RT
Dr. Rakesh Mohan is Non-Executive Independent Director of Subject Dr.
Rakesh Mohan is a Professor in the Practice of International Economics of
Finance, School of Management, and Senior Fellow, Jackson Institute of Global
Affairs, Yale University from July 2010 where he teaches during the fall
semester. Dr. Rakesh Mohan is also on the board of Sona Koyo Steering Systems
Limited, a listed company engaged in the automotive component business. He is
also Non Resident Senior Research Fellow of Stanford Centre for International
Development, Stanford University. He is the chairman, National Transport
Development Policy Committee and chairman of the High Level Committee on
Financing of Infrastructure, Government of India, as a Minister of State. In
addition, he is vice-chairman, Indian Institute of Human Settlements and Senior
Adviser, McKinsey and Company. During June 15, 2009 to December 15, 2009, he
was Distinguished Consulting Professor at Stanford Centre for International
Development at Stanford University. Dr. Rakesh Mohan received his Masters
Degree and Doctorate in Economics from Princeton University and Bachelors in
Arts in Economics from the Yale University. He is also a Bachelor of Science in
Electrical Engineering from Imperial College of Science and Technology,
University of London. He recently co-chaired the "Committee on Financial
Sector Assessment" (2009) set up by the Government of India and the
Reserve Bank of India. He also cochaired the G20 Working Group "Enhancing
Sound Regulation and Strengthening Transparency" (2009). He has recently
joined the Company’s Board as an Independent Director.
Mr. Ram Nath
Mukhija
Non-Executive
Independent Director- Director/Board Member- RT
Mr. Ram Nath Mukhija is Non-Executive Independent Director of Subject
Mr. R. N. Mukhija, recently retired as President (Operations) and Member of the
Board of Larsen and Toubro Limited, Mumbai and continues to be an advisor to
the chairman. He is an Electrical Engineering Graduate of 1965 from IIT
Kharagpur with Honours. He was also the President of Electrical Engineering Society
at the Institute. After graduation he joined L&T in Delhi and worked in
L&T's offices at Lucknow, Calcutta & Mumbai. He has been exposed to
Marketing, Manufacturing, R&D and all Senior Management functions and has
an performance record throughout his career. He was member of the TQM Task
Force and led the Change Management Process effectively. Amongst other
responsibilities in Larsen and Toubro, Mr. Mukhija was the director in charge
of corporate social responsibility and sustainability initiatives. Mr. Mukhija
has been associated with the relevant industry and social bodies and was the
President of Indian Electrical and Electronics Manufacturers' Association
(IEEMA) in 2002-03. He was also the Chairman of ELECRAMA 2002.He was on the
Advisory council of the "Vinod Gupta School of Management" at IIT
Kharagpur and also the Managing Trustee Board of Vivekanand Education Society's
Institute of Technology. He was the Member of National Advisory Board of Power
World Expo 2003 and the National Advisory Council for Power India 2003. Lately
he was in the panels of various intellectual forums like the Beijing World CEO
Forum, IIMA Confluence and IITKGP Kshitij He has recently joined the Company’s
Board as an Independent Director.
Mr. Hari
Lakshminarayan Mundra
Non-Executive
Independent Director- Director/Board Member- RT
Mr. Hari Lakshminarayan Mundra is Non-Executive Independent
Director of Subject Mr. Mundra, a Visiting Professor, IIM Ahmedabad and
Chairman and Director, Future Focus Infotech Private Limited, is an alumnus of
the Indian Institute of Management, Ahmedabad (1971). He was with Hindustan
Lever Limited, India, for about 24 years, joining them as management trainee,
accounts in 1971. He worked in two countries (India and Indonesia), across
three businesses (personal products, detergents and exports) and has held
several positions both in the financial and general management domain. In 1990,
he joined the Managing Committee of HLL and in 1991, took charge of its Exports
Business as Vice President/Executive Director. In 1995, he joined the RPG
Group, in the dual capacity of Chief Financial Officer of the Group and
President and Chief Executive of the Carbon Black Business. During his 7 year
tenure with the RPG Group, he handled several M&A deals in India and
overseas and led its financing and cost control initiatives. In 2002, Mr.
Mundra joined the Wockhardt Group as Executive Vice Chairman of Wockhardt
Limited, in charge of its domestic pharma business. In September 2003, he
joined Essar Group, as Deputy Managing Director and Director Finance of Essar
Oil Limited, an integrated Oil & Gas and was responsible for resurrecting,
refinancing and restarting its Rs.150,000 million oil refinery project.He is
currently advising Wockhardt Group in their turn around efforts and as Joint
Managing Trustee, helping Indian Cancer Society to become a NGO. He has
recently joined the Company’s Board as a Independent Director and is also the
Chaiman of the Audit Committee of the Board.
Mr. Ramesh Amrut
Savoor
Non-Executive
Independent Director- Director/Board Member- RT
Mr. Ramesh Amrut Savoor is Non-Executive Independent Director of Subject
Mr. Savoor is the former managing director of Castrol India Limited. He has
over 34 years of experience in the field of sales, marketing, R and D,
production, projects, supply chain and human resource. Mr. Savoor holds a
bachelor's degree in science, chemistry and a bachelor of technology from Ruia
College, Mumbai. He is also a director in other companies namely Foseco India
Limited, E.I.D. Parry Limited, Divgi Warner Private Limited, Fidelity Fund
Management Private Limited, Parry Infrastructure Company Private Limited,
Coromandel International Limited and Thomas Cook India Limited. He has recently
joined the Company board as an Independent Director.
NEWS:
INDIA'S TATA
AUTOCOMP SAYS IPO LIKELY OVER NEXT TWO WEEKS
Asia Pulse Business wire: 22 June 2011
[What follows is
the full text of the news story]
MUMBAI, June 22Asia Pulse - The Tata group-promoted Tata AutoComp Systems (TACO) Tuesday said its Rs.7500.000 Millions (US$167 million) initial public offering (IPO) is likely to hit the market over the next two weeks.
The automobile components manufacturer had filed its draft prospectus
with the capital market regulator, Securities and Exchange Board of India
(SEBI) in December last year to raise Rs.7500.000 Millions.
"We have received SEBI permission for the IPO. If everything goes
well, we will be able to hit the capital market over the next two-weeks,"
Tata AutoComp Systems' Managing Director and CEO R S Thakur told PTI here.
The issue will include the sale of nearly 35.63 million shares by its
shareholders that include Tata Motors (BSE: 500570), Tata Industries, Tata
Sons, Tata Capital and Tata Investment Corporation. The face value of the
equity shares is Rs.10 each.
The company has roped in JM Financial Consultants, Tata Capital Markets
and JP Morgan India as lead managers to its issue.
"We plan to use the proceeds for repayment of loans, investment in TACOCL,
one of our subsidiaries and general corporate purposes," Thakur said.
Apart from Tata Motors, the company plans to increase its business from
other automobile companies. Presently, Tata Motors holds a 26 per cent stake in
TACO.
"Our 50 per cent business comes from Tata Motors and the rest from
other automobile companies. Going forward, we want to increase our business
from other auto majors," he said.
With more global auto majors entering India, the company is eyeing to
double its revenue over the next four years.
"We want to double our revenue by 2015," he said.
The company posted revenue of Rs 2,900-crore in FY11.
On impact of hike in interest rates, Thakur said, "It (increasing
interest rates) will not affect for a long-term. The industry will recover
soon."
Tata AutoComp provides products and services to the Indian and global
automotive OEMs as well as Tier 1 suppliers.
Its clients include Ashok Leyland, BMW, Fiat, Force Motors, Ford Motors
India and General Motors India, among others.
TATA AUTOCOMP TO
RAISE FUNDS VIA IPO
Mint: 22 June 2011
[What follows is
the full text of the news story]
New Delhi, June 22 - Tata AutoComp Systems Limited, the Tata group company that makes automobile parts, plans to raise '7500.000 Millions by selling shares to the public for the first time in July to expand its operations and cut debt, chief executive R.S. Thakur said.
The initial share sale will be followed by the sale of the company's shares
in the open market by Tata group companies including Tata Motors Limited, Tata
Sons, Tata Industries and Tata Capital Limited to help the group raise '350
crore, said Thakur. The Tata group will own 60% of the company after the IPO.
Analysts said the current volatility in the stock markets may impact
valuations. "The timing of the IPO is not good," said Umesh Karne,
analyst at brokerage Brics Securities Limited. "Shares of most auto and
auto part firms have been trading at low prices."
The automobile parts maker has appointed JM Financial Consultants
Private Limited, Tata Capital Markets Limited and JP Morgan India Private
Limited as advisers to the sale.
"Once we get listed, the scrutiny by the investor community will
spur the performance of the company," Thakur said.
Tata AutoComp plans to double its revenue by 2015 and set up research
and development centres in India in collaboration with its joint venture
partners.
Tata AutoComp's consolidated revenue in fiscal 2011 was 29000.000
Millions. The company has 47 manufacturing units across the country and has
joint ventures with 12 global component makers.
Supplies of auto parts to Tata Motors Limited accounts for almost half
of the company's revenue. Its other clients include Ashok Leyland Limited,
Toyota Kirloskar Motors private Limited, BMW India Private Limited, Fiat India
Automobiles Limited and Force Motors Limited.
TATA AUTOCOMP IPO
IN 3 WEEKS
Hindustan Times (India): 21 June 2011
[What follows is
the full text of the news story.]
Mumbai, June 21 - Tata Autocomp Systems, the auto part maker from the
house of Tatas, is likely to launch its initial public offering in two-three
weeks. This is first time a Tata group company is coming up with an IPO since
Tata Consultancy Service (TCS) got listed in 2004. Tata Autocomp will raise
Rs.7500.000 Millions through IPO. Promoters including Tata group, Tata Sons and
Tata Motors will later sell another 35 million shares or 17% of the existing
equity. "After the IPO, promoters will have well over 60% of the
equity," said RS Thakur, managing director and CEO, Tata Autocomp Systems.
He said the company had finished all formalities required for launching
an IPO. "Now it is more of a question of when. It might take two- three
weeks," he said.
The company which makes a dozen auto parts including seats, commercial
vehicle suspension systems, mirrors, radiators, control cable and radiators
posted a revenue of Rs.29000.000 Millions and a net profit of Rs.1250.000
Millions for the year ending March 31.
Tata Motors accounts for the 50% of its supply while others including
Fiat, Force Motors, GM, Volkswagen, Eicher and Ashok Leyland make up for the
rest.
The company has a Rs.3000.000 Millions capital expenditure plan for the
expansion of its 47 units across the country.
MAKARAND ANASPURE
APPOINTED BRAND AMBASSADOR OF UNIQUE EARN AND LEARN SCHEME
India PRwire: 05 May 2011
[What follows is the full text of the
news story.]
Pune, Maharashtra, May 5 -- Famous Marathi Actor Makarand Anaspure will now
be the brand ambassador for the "Unique Learn and Earn Scheme". The
scheme is the outcome of an institute-industry partnership model involving the
Nashik-based Yashwantrao Chavan Maharashtra Open University (YCMOU), the
city-based Yashaswi Institute of Technology (YIT) and Tata Autocomp Systems
Limited. The scheme has been approved by the Maharashtra government as part of
it's overall effort towards contributing to the Prime Minister's ambitious
national skill development mission that has targeted raising a mammoth 500.000
Millions technically skilled manpower by 2022. The learn and earn scheme,
enables class X and XII drop-outs pursue engineering diploma studies while
simultaneously undertaking a four-year on-job practical training. The scheme
was formally launched in Pune by the state's higher and technical education
minister, Rajesh Tope in August 2010.
Makarand Anasapure said that many students from rural areas cannot
afford college fees. I am happy to be able to endorse this unique scheme which
gives an opportunity to poor students who can now get access to technical
education through this scheme .I would try and take this scheme to as many
students possible.
Vishwesh Kulkarni, president, Yashaswi Institute of Technology (YIT),
The scheme provides access to students seeking technical education but who
cannot afford it. The company sponsoring the student pays the fees, a monthly
stipend and also for the uniform, shoes, insurance cover, etc. The four-year
diploma in mechanical engineering will involve eight hours of work at the
factory and two hours of classroom work, which will be conducted at the
government-owned engineering colleges and polytechnics. The course, is a mix of
classroom teaching and shopfloor work. This is an ideal way for honing technical
skills. In the first year itself we have received an enthusiastic response.
About four thousand students are currently pursuing the program in Pune at our
Chinchwad Campus.
NOTES TO EDITOR
At the Yashaswi Education Society, for more than 2 decades, we have
created professionals ready to take on the corporate world. We have honed their
skills, enhanced their knowledge and given them exposure to today's business
scenario so that when they step into the corporate world, they are equipped to
leap ahead from the word 'go'.
Known for its diverse and talented faculty, staff, students and alumni,
the Yashwaswi Education Society has a very rich culture of learning.
Established by the flagship company "Yashaswi Personnel Services Private
Limited", Yashaswi has experienced tremendous growth not only in terms of
turnover but have also acquired privileged data bank of professionals from
different sphere of business like manufacturing, banking, retailing and
information technology.
Yashaswi Personnel Services Private Limited has rich experience and
organizational expertise to identify the "right people for the right
job"; and have been at the forefront of HR consulting in Pune. The work
and recognition that Yashaswi Personnel Services Private Limited has earned laid
a very strong foundation for the creation of Yashaswi Educational Society,
which in turn moulded the National Institute of Management Science to provide
the best in academics to its students who in turn will fulfill the demands of
the corporate world. Published by HT Syndication with permission from India PR
wire.
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
46 |
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.