MIRA INFORM REPORT
|
Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA TECHNOLOGIES LIMITED (w.e.f.08.02.2001) |
|
|
|
|
Formerly Known
As : |
TATA TECHNOLOGIES (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi,
Hinjawadi, Pune – 411127, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.08.1994 |
|
|
|
|
Com. Reg. No.: |
11-013313 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 373.153 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN1994PLC013313 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01082E / PNET03780A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3092N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Designing of Automotive Focused Engineering Goods. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 17600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Tata Group. It is an established company having
fine track. Financial position of the company appears to be sound. Trade relations
are fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office : |
Plot No. 25, |
|
Tel. No.: |
91-20-66529090 |
|
Fax No.: |
91-20-66529035 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
|
Monarch Ramani, Ward No. 68, 3/E, 7C Main Road, 3rd Block, Industrial
Area, Koramangala, Bangalore - 560034, Karnataka, India |
|
Tel. No.: |
91-80-41713775 / or 3777 / 40937588 |
|
Fax No.: |
91-80-41713778 |
|
|
|
|
Chennai Office : |
Alexander Square 4th Floor, C–Wing, 34/ 35 Sardar Patel Road, Chennai
- 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-64522842 |
|
|
|
|
|
Jamshedpur – 831004, Jharkhand, India |
|
Tel. No.: |
91-657-2286506 |
|
Fax No.: |
91-657-2286725 |
|
|
|
|
|
Chinhut Industrial Estate, Lucknow – 226019, Uttar Pradesh, India |
|
Tel. No.: |
91-522-2818012 / 020 / 032 |
|
Fax No.: |
91-522-2818244 / 2818322 |
|
|
|
|
Mumbai Office : |
LBS Marg, Wagale Estate, Thane - 400604, Maharashtra, India |
|
Tel. No.: |
91-22-67927272 |
|
Fax No.: |
91-22-67927257 |
|
|
|
|
|
301, 3rd Floor, Rectangle One, D - 4 Saket District Centre, |
|
Tel. No.: |
91-11-46526270 / 71 |
|
Fax No.: |
91-11-46526272 |
|
|
|
|
Pune - |
SEZ Building IT-3, 6th Floor Flagship Infrastructure Private Limited,
S Number 154/6, Nr Rajiv Gandhi InfoTech Park Phase-1 Hinjawadi Pune 411021 |
|
Tel. No.: |
91-20-66526037 |
DIRECTORS
AS ON 22.06.2012
|
Name : |
Mr. Ramadorai Subramanian |
|
Designation : |
Chairman |
|
Address : |
Flat No. 1, 1st Floor, Wyoming Little Gibbs Road, Malbar
Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1944 |
|
Qualification : |
Bachelors degree
in Physics, B.E. E and TC, M.S. Computer, Attended the Sloan School of
Management's highly acclaimed Senior Executive Development Progr |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00000002 |
|
|
|
|
Name : |
Mr. Patrick Raymon Mcgoldrick |
|
Designation : |
Managing director |
|
Address : |
27, Balmoral Road, #04-27, Balmoral Tower, Singapore – 259808 |
|
Date of Birth/Age : |
08.09.1949 |
|
Qualification : |
M.S. Computer, completed
the Harvard Business School Advanced Management Program (AMP 109) |
|
Date of Appointment : |
29.03.1996 |
|
DIN No.: |
00407203 |
|
|
|
|
Name : |
Mr. Praveen Purushottam Kadle |
|
Designation : |
Director |
|
Address : |
224, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Date of Birth/Age : |
21.01.1957 |
|
Qualification : |
Honors Graduate
in Commerce & Accountancy, C.A., C.W.A., C.S. |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
00016814 |
|
|
|
|
Name : |
Mr. Gopalakrishnan Ramabadran |
|
Designation : |
Director |
|
Address : |
Baug E Abbas, Flat No. 101, Captain Prakash Pethe Marg, 21/A, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1945 |
|
Qualification : |
B.Sc., B. Tech (Electronics) |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00027858 |
|
|
|
|
Name : |
Mr. Chandrasekaran Ramakrishnan |
|
Designation : |
Director |
|
Address : |
322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth/Age : |
27.06.1955 |
|
Qualification : |
B.Com., C.A., C.W.A. |
|
Date of Appointment : |
08.03.2001 |
|
DIN No.: |
00020076 |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Kapoor |
|
Designation : |
Secretary |
|
Address : |
Flat No. C-102, Concord Proxima Baner, Pune – 411048, Maharashtra,
India |
|
Date of Birth/Age : |
21.08.1972 |
|
Date of Appointment : |
05.04.2006 |
|
PAN No.: |
ADPPK1000L |
|
|
|
|
Name : |
Agashe Suhas Chintaman |
|
Designation : |
Chief Information Officer |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
BE (Elect), MMS |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Cardozo Mildred |
|
Designation : |
Associate Manager - Human Resource |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.Com, DPM, PGDHRM |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Gupta Samrat |
|
Designation : |
Chief Financial
Officer |
|
Date of Birth/Age : |
38 Years |
|
Qualification : |
B' Com, MBA, CFA |
|
Experience : |
14 Years |
|
|
|
|
Name : |
Prabhu N G |
|
Designation : |
Executive - Finance |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
SSC |
|
Experience : |
34 Years |
|
|
|
|
Name : |
Sastry Rajasekhar R |
|
Designation : |
Project Manager - PDM |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B. Tech , M. Tech ; PGDBM |
|
Experience : |
15 Years |
|
|
|
|
Name : |
Roy Abraham Rajasingh D |
|
Designation : |
Team Leader |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B. Sc, CA, MBA |
|
Experience : |
14 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 22.06.2012
|
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] |
|
15.79 |
|
Bodies
corporate |
|
76.86 |
|
Directors
or relatives of directors |
|
2.19 |
|
Other
top fifty shareholders |
|
2.23 |
|
Others
|
|
2.93 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Designing of Automotive Focused Engineering Goods. |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ø Corporation Bank,
Industrial Finance Branch, Pune - Mumbai Road, Wakdewadi, Pune – 411003,
Maharashtra, India Ø Axis Bank
Limited, 1262/B, Sterling Plaza, Deccan Gymkhana, Jangli Maharaj Road, Pune –
411004, Maharashtra, India |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, 'B' Wing,
7th Floor, ICC Trade Tower, Senapati Bapat Road, Pune – 411016, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Parent Company : |
Tata Motors Limited [L28920MH1945PLC004520] |
|
|
|
|
Joint Venture : |
TATA HAL Technologies Limited |
|
|
|
|
Subsidiaries : |
Tata Technologies Pte. Limited Singapore |
|
|
|
|
Indirect
Subsidiaries : |
Ø Tata
Technologies Thailand Limited Ø INCAT International
Plc. Ø Tata
Technologies Europe Limited Ø INCAT SAS
liquidated w.e.f. April Ø INCAT GmbH Ø Tata
Technologies Inc. Ø Tata
Technologies de Mexico A.S. de Ø Tata
Technologies Canada Inc. |
|
|
|
|
Fellow
subsidiaries : |
Ø TAL
Manufacturing Solutions Limited Ø HV Axle Limited Ø HV Transmission
Limited Ø Sheba Properties
Limited Ø Concorde Motors
India Limited Ø Tata Daewoo
Commercial Vehicle Company Limited Ø Tata Motors
Insurance Broking and Advisory Services Limited Ø Tata Motors
European Technical Centre Plc. Ø Tata Motors
Finance Limited Ø Tata Marcopolo
Motors Limited Ø Tata Motors
Thailand Limited Ø TML Holdings Pte
Limited, Singapore Ø TML Distribution
Company Limited Ø Tata Hispano
Motors Carrocera S.A. Ø Tata Motors SA
Proprietory Limited Ø Miljobil
Grenland AS Ø Jaguar Land
Rover Limited Ø Jaguar Cars
Limited Ø Jaguar Cars
Overseas Holdings Limited Ø Jaguar Land
Rover Austria GmbH Ø Jaguar Belux NV Ø Jaguar Land
Rover Japan Limited Ø Jaguar cars
South Africa Pty Limited Ø Jaguar Italia
SPA Ø Jaguar Cars
Exports Limited Ø The Daimler
Motor Company Limited Ø The Jaguar
Collection Limited Ø Daimler
Transport Vehicles Limited Ø SS Cars Limited Ø The Lanchester
Motors Company Limited Ø Jaguar Hispania
Sociedad Ø Jaguar
Deutschland GmbH Ø Land Rover UK Ø Land Rover Group
Limited Ø Jaguar Land Rover
North America LLC Ø Land Rover Belux
S.A./N.V Ø Land Rover
Ireland Limited Ø Jaguar Land
Rover Nederland BV Ø Jaguar Land
Rover Portugal - Veiculos e Pecas LDA Ø Jaguar Land
Rover Australia Pty Limited Ø Land Rover
Exports Limited Ø Land Rover
Italia SpA Ø Land Rover
Espana SL Ø Land Rover
Deutschland GmbH Ø Jaguar Land
Rover Mexico SA de CV sold to an importer on July 12 2010 Ø Jaguar Land
Rover Korea Company Limited Ø Jaguar Land
Rover Automotive Trading Shanghai Company Limited Ø Jaguar Land
Rover Canada ULC Ø Jaguar Land Rover
France SAS Ø Jaguar Land
Rover South Africa Pty Limited Ø Jaguar Land
Rover Brazil LLC Ø Limited
Liability Company 'Jaguar Land Rover' Russia Ø Land Rover Parts
Limited Ø Land Rover Parts
US LLC Ø Tata Hispano
Carrosseries Maghreb Name changed from Carrosseries Hispano Maghreb Morocco
w.e.f. February 22 2011 Ø Tata Daewoo
Commercial Vehicle Sales and Ditsribution Company Limited Ø Tata Precision
Industries Pte. Limited w.e.f. February 15 2011 Ø Tata Engineering
Services Pte Limited w.e.f. February 15 2011 Ø Trilix Italy |
|
|
|
|
Associates of
Parent Company : |
Ø Tata Cummins
Limited Ø Tata Precision
Industries India Limited w.e.f. February 15 2011 Ø Fiat India
Automobiles Limited Ø Automobile
Corporation of Goa Limited Ø Nita Company
Limited Ø Telco
Construction Equipment Company Limited Ø Tata AutoComp
Systems Limited |
CAPITAL STRUCTURE
AS ON 22.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
700,000 |
Preference Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
|
|
Total |
|
Rs. 607.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42,977,138 |
Equity Shares |
Rs.10/- each |
Rs. 429.771
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
700,000 |
Preference Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
|
|
Total |
|
Rs. 607.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37,315,300 |
Equity Shares |
Rs.10/- each |
Rs. 373.153
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
373.153 |
372.446 |
371.581 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.204 |
|
|
3] Reserves & Surplus |
4035.505 |
3566.178 |
3276.766 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4408.658 |
3938.624 |
3648.551 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.230 |
3.985 |
424.980 |
|
|
2] Unsecured Loans |
484.469 |
405.271 |
0.000 |
|
|
TOTAL BORROWING |
496.699 |
409.256 |
424.980 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
16.386 |
10.437 |
|
|
|
|
|
|
|
|
TOTAL |
4905.357 |
4364.266 |
4083.968 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
705.769 |
686.484 |
498.447 |
|
|
Capital work-in-progress |
13.475 |
6.217 |
7.023 |
|
|
|
|
|
|
|
|
INVESTMENT |
3193.134 |
2657.396 |
2476.621 |
|
|
DEFERREX TAX ASSETS |
21.838 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
637.571
|
586.516
|
614.834 |
|
|
Cash & Bank Balances |
1108.837
|
417.985
|
60.260 |
|
|
Other Current Assets |
5.836
|
0.613
|
0.292 |
|
|
Loans & Advances |
351.768
|
1106.758
|
1071.609 |
|
Total
Current Assets |
2104.012
|
2111.872
|
1746.995 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
790.272
|
690.415 |
441.146 |
|
|
Other Current Liabilities |
43.900
|
27.781
|
39.565 |
|
|
Provisions |
298.699
|
379.507
|
164.407 |
|
Total
Current Liabilities |
1132.871
|
1097.703
|
645.118 |
|
|
Net Current Assets |
971.141
|
1014.169
|
1101.877 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4905.357 |
4364.266 |
4083.968 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4926.783 |
3823.858 |
3712.071 |
|
|
|
Other Income |
120.669 |
94.177 |
76.781 |
|
|
|
TOTAL (A) |
5047.452 |
3918.035 |
3788.852 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
564.111 |
308.566 |
|
|
|
|
Employee related expenses |
2245.716 |
1851.856 |
|
|
|
|
Administrative selling other expenses |
801.995 |
573.662 |
|
|
|
|
TOTAL (B) |
3611.822 |
2734.084 |
2834.426 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1435.630 |
1183.951 |
954.426 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.941 |
17.082 |
36.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1418.689 |
1166.869 |
917.697 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
147.597 |
93.734 |
81.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1271.092 |
1073.135 |
836.199 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
300.631 |
309.483 |
255.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
970.461 |
763.652 |
580.331 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
936.565 |
556.459 |
253.387 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
80.000 |
60.000 |
|
|
|
Interim Dividend |
260.912 |
0.000 |
111.419 |
|
|
|
Final Dividend |
186.368 |
260.312 |
74.279 |
|
|
|
Tax on Dividend |
73.568 |
43.234 |
31.559 |
|
|
BALANCE CARRIED
TO THE B/S |
1286.176 |
936.565 |
556.461 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Services |
1101.380 |
776.375 |
703.468 |
|
|
|
Commission |
4.846 |
4.713 |
12.893 |
|
|
|
Interest |
2.918 |
8.961 |
9.864 |
|
|
TOTAL EARNINGS |
1109.144 |
790.049 |
726.225 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
38.267 |
36.620 |
|
|
|
|
Revenue Items |
7.303 |
23.194 |
|
|
|
TOTAL IMPORTS |
45.570 |
59.814 |
291.127 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
26.04 |
20.54 |
15.63 |
|
|
|
Diluted
|
25.93 |
20.41 |
15.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
19.23 |
19.49 |
15.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.80 |
28.06 |
22.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.24 |
38.35 |
37.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.27 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37 |
0.38 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86 |
1.92 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
790.272 |
690.415 |
441.146 |
|
Sundry creditors |
790.272 |
690.415 |
441.146 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
COMPANY OVERVIEW
Subject (“TTL or
the Company”) was incorporated on August 22, 1994 as a Private Limited company in
the name of Core Software Systems Private Limited. The name of the Company was
subsequently changed to Tata Technologies (India) Limited. On February 8, 2001,
the Company changed its name from Tata Technologies (India) Limited to Tata
Technologies Limited. The Company’s range of services includes IT Consultancy,
SAP implementation and maintenance, providing networking solutions, CAD/CAM
engineering & design consultancy. The Company is headquartered in Pune,
India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur,
Bangalore, Puducherry, Chennai and South Korea that enables it to provide high
quality, cost-effective services to clients in India and abroad.
FINANCIAL PERFORMANCE DISCUSSION WITH RESPECT TO
OPERATIONAL PERFORMANCE
The financial
performance of Tata Technologies Limited ‘the Company’ as per Indian GAAP is
discussed hereunder in two parts:
1. Tata
Technologies Limited (Unconsolidated) which excludes the performance of
subsidiaries the Company of the Company and its share in Joint Venture Company.
2. Tata
Technologies Limited (Consolidated) which includes performance of subsidiaries
of the Company and its share in Joint Venture Company (Group Companies). The
Consolidated Financial Statements bring out comprehensively the performance of
the Tata Technologies group and are more relevant for understanding the overall
performance of the Tata Technologies group. The financial statements are
prepared in compliance with the Companies Act, 1956 and generally accepted
accounting principles in India.
MANAGEMENT DISCUSSION AND ANALYSIS
A. Company Overview
Tata Technologies
is a company of engineers, led by engineers, with more than 4,600 associates,
representing 27 nationalities. They help ambitious manufacturers create great
products. They focus on the manufacturing industry – on companies that make
wonderful products – covering every aspect of the value chain from concept to
recycling. They support these clients through comprehensive engineering
services and IT processes and tools to manage product development and the
complete manufacturing ecosystem. Tata Technologies serves clients in 25
countries, with a delivery model specifically designed for engineering and IT
engagements that offers a unique blend of deep, local expertise integrated with
their five global delivery centers, Detroit (USA), Coventry (UK), Pune (India),
Stuttgart (Germany), and Bangkok (Thailand). The international headquarters is
located in Singapore.
B. Manufacturing Industry Overview
The global
manufacturing industry was emerging from the recession in 2010-11, but
companies remained cautious in Engineering Research and Development (ER&D)
investments. Projects had much longer decision cycles and were often divided
into much smaller phases, with time delays between phases. The situation began
to improve, primarily in the latter half of the year, as companies gradually
gained confidence in economic recovery. Throughout the recession, and
continuing into the recovery, Tata Technologies’ relationships with clients
allowed them to substantially enlarge our footprint, in many cases moving up
the value chain, assuming more responsibility for projects. The manufacturing
Enterprise Systems Group won major systems integration contracts for SAP
application development and maintenance. Following a carefully calculated
growth strategy, they successfully managed to grow their aerospace business
beyond their long-established PLM engagements into aerostructures engineering,
concept to tooling. They also entered adjacent industry verticals,
Construction/Heavy Machinery. They are optimistic that investments in new
product development and in the IT technology required to support that product
development – long delayed by the recessionary economic climate – now will
accelerate. The lessons learned throughout the recession – stringent cost
control, focus on operational efficiency and a dedication to the value
proposition of offshoring – delivered tangible results. 1. Offshore Revenue
Trend: The offshore revenue has grown consistently to 12% of the total revenue
from 3% in 2006-07.
C. Industries Served
Tata Technologies
partners with the world’s leading Automotive, Aerospace, Construction/Heavy
Machinery OEMs, their tier 1 suppliers and their extended supply chains.
Automotive Market As the automotive industry emerges from the global recession,
expected to recover to pre-recession levels by 2015, according to J.D Power and
Associates; demand for new and highly differentiated products is now increasing
– especially in emerging markets – taxing the industry’s limited product and
manufacturing engineering resources. While companies, including Tata
Technologies, have learned to do more with less, OEMs require experienced,
proven engineering and IT partners to meet these demands. Also, with the demand
for innovation increasing, especially in sustainability and local
customization, automotive companies need novel solutions to vehicle development
challenges — a fresh view — to achieve success. Only a truly global
organization with a wide breadth of experience, especially in emerging markets,
deep domain knowledge and worldwide capacity can deliver total vehicle programs
and major vehicle sub systems in a time when the industry demands investment
efficiency, frugal engineering and an accelerated time-to-market. Tata
Technologies works with 11 of the top 15 automotive OEMs and 13 of the top 15
automotive suppliers. They have continuously expanded their portfolio to
deliver solutions for global clients for more than 25 years. Examining our
extensive global assets, they determined how to best offer a focused, dedicated
vehicle engineering solution to the market. This evolution led to realignment
of Tata Technologies’ engineering leadership team and global workforce to
create their Vehicle Programs and Development (VPD) Group. By drawing upon our
capacity at automotive hubs around the world, including Detroit (USA), Coventry
(U.K.), Stuttgart (Germany), Pune (India), Bangkok (Thailand) their new VPD
Group leverages their industry leaders, technology and capacity in places where
tomorrow’s automotive ideas are born and take shape. As the market for more
sustainable vehicles develops, often with the aid of governments, a number of
new players are appearing on the scene. These companies often have limited
engineering resources, and the nature of the business leads them to carefully
manage fixed costs by engaging proven engineering partners offering value for
the money. Their VPD Group is managing six vehicle programs; three of which are
electric vehicles or hybrid/ alternative energy vehicles; some employing
eco-friendly materials.
Aerospace Market: The aerospace industry experienced a
significant jump in revenues and profit in 2010. Substantial growth in
aerospace and defence is anticipated over the next several years, especially in
the Asia-Pacific region. India (along with China) is expanding aerospace and
defence investment, driving a large offset requirement. Companies are forced to
find ways to reduce expenses to improve profitability. They work with 12 of the
top 14 aerospace companies. Tata Technologies, led by their joint venture with
Hindustan Aeronautics Limited, Tata HAL Technologies, HAL’s only JV in aero
structures, has built capacity, and is positioned to take advantage of this
growth and development. They are the first Indian private sector company to
execute a joint concept definition phase for an airplane manufacturer. They
support the entire aerostructures value chain from concept to the planning,
simulation and design of production systems and tooling.
D. ESO Market Overview
The large
potential market for engineering services outsourcing, across a variety of
industries is well documented. In 2010, India’s National Association of Software
and Service Companies (NASSCOM) updated its 2006 study of the Engineering
Services Outsourcing market. The updated report identified four major trends
driving investment in Engineering Research and Development (ER&D) including
Increasing use of electronics, Fuel efficiency/ Alternate Fuels for
sustainability, the convergence of technologies, and customizing products for
local markets and developing specific products for emerging markets, all
leveraging local talent. Indian ER&D Offshoring Market The report confirmed
that 'the global corporate ER&D spend of the 11 verticals amounted to
$320-340 billion USD in 2009, a share of about 55-60 percent of the total
corporate ER&D spend. Of this, currently offshored revenue is approx. $38
billion USD; and India’s share in this is approx. 21 percent, or $7.9 billion
USD. Globally offshorable revenues are expected to reach between $90-100
billion USD, out of which India would garner a 40 percent share by 2020 – up to
$40-45 billion USD.' 'Major technology and ER&D initiatives are taking
place across these verticals: Green technology – increasing fuel efficiency and
use of alternate fuels (Aerospace, Automotive), robotics (Medical Devices,
Industrial Automation, Construction/ Heavy Machinery), real-time monitoring to
facilitate higher levels of control/reliability/efficiency (Industrial
Automation, Construction/ Heavy Machinery).' The report states 'across most
verticals, India and China are the leading destinations for off shoring due to
their strong capabilities, cost arbitrage, manufacturing base, local demand,
and large talent pool.' The growth drivers of ER&D investment efficiency,
accelerated time to market and the ability to scale up to meet the resource and
skill demands of product programs, innovation and now, the ability to manage
large projects, are increasingly critical factors. Companies that are keen to
exploit the growth opportunity in the developing markets need to leverage India
not just for cost arbitrage but also for innovative, frugal engineering capabilities.
They believe Tata Technologies is in a leadership position, because:
1. They blended
their long history and experience in both mature and emerging, markets, the
latter accounting for the majority of expected growth,
2. They are close
to their customers’ key R&D centers, understanding their processes,
challenges and opportunities,
3. Their
capabilities-driven growth strategy in the automotive, aerostructures,
construction/heavy machinery and adjacent industries,
4. And, based on
their vehicle program management experience in both mature and emerging
markets, they have moved up the value chain, achieving design responsibility
for large scale, global projects, earning the trust of key clients, a first for
India-based engineering services providers. 5. Their functional skill set in
mechanical and body engineering positions them well to tap into the aerospace
growth, particularly in India.
E PLM Market Overview
Tata Technologies
eclectic approach to optimizing product development processes and implementing
collaborative product lifecycle management tools is a major contributor to
ER&D investment efficiency and throughput, especially for global teams with
extensive supply chains. The 2010 comprehensive PLM market, including software products
and implementation services grew to to $25.8B, 9.7% over 2009, according to the
CIMdata 2011 Executive PLM Market Report; better than expected and returning to
2008 levels. PLM tools accounted for 64%, $16.3B, cPDm, collaborative Product
Definition management accounted for 34%, $8.7B, and Digital Manufacturing
accounted for the balance, 2%, $474M. Looking ahead to 2015, CIMdata forecasts
the Comprehensive PLM market to grow at a compound annual growth rate (CAGR) of
9.7% to $41.3 billion. Tata Technologies has long-standing partnerships with
the leading technology providers – Dassault Systèmes, Siemens PLM, Autodesk and
MSC Software – not only reselling products, but also conducting systems
integration and process optimization projects in most markets. Tata
Technologies engineers use these tools in their own projects, giving them
unique insight into optimal and appropriate processes and methods. They
incorporate these experiences into their PLM consulting engagements, such as
the one implemented at Ford in 2002, and with our proprietary iGETIT® learning
management system, making the learning available to their own engineers, as
well as making selected training modules available to the wider engineering
community engaged with iGETIT® and their new iSUPPORTIT® platforms. More than
110,000 engineers in over 60 countries are using their iProducts suite. They
are investing in training the current and next generation of engineers.
Engineers at Ford, GM, GE, Jaguar Land Rover, United Technologies, Boeing, 3M
and more than 5,000 other companies have adopted iGETIT® for training and
knowledge management. With affordable annual subscriptions, any engineer can
access more than 4,000 courses containing simulated real-world projects,
interactive quizzes and skills assessments. Also, their deep experience in
digital manufacturing enables them to bring a set of methods, processes and
techniques to their customers as they work to optimize production and supply
chains.
CONTINGENT
LIABILITIES
(Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
a Bills discounted |
0.000 |
515.618 |
|
b Income Tax demands disputed in appeals |
21.940 |
19.697 |
|
c Sales Tax demands disputed in appeals |
5.301 |
5.301 |
|
d Service Tax demands disputed in appeals |
31.374 |
10.091 |
|
e Corporate Guarantees issued to Bank in respect of loan taken by
subsidiary companies |
2281.351 |
2325.014 |
FIXED ASSETS
Ø
Ø Buildings
Ø Plant and Machinery
Ø Furniture and Fixtures
Ø Vehicles
Ø Software Licenses
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 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. 54.34 |
|
|
1 |
Rs. 87.09 |
|
Euro |
1 |
Rs. 70.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.