MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAL MANUFACTURING SOLUTIONS LIMITED (w.e.f. 30.01.2002) |
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Formerly Known As : |
TELCO AUTOMATION LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
13.03.2000 |
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Com. Reg. No.: |
11-130290 |
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Capital
Investment/ Paid-up Capital: |
Rs.650.000
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29100PN2000PLC130290 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacturing of capital goods (including
parts thereof) and services in respect thereof. |
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|
No. of Employees : |
733 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4269000 |
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|
|
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of ‘TATA Motors Limited’. It is a
well-established company having a good track record. Financial position of the company appears to be strong as it receives strong
financial support from its holding company. The company has recorded better growth in its total income earned
during 2012; however, the profitability was affected due to increase in
operating cost as well as the employee and other expenses. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported as regular and as per commitment. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
19.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
very strong degree of safety and lowest credit risk. |
|
Date |
19.11.2012 |
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 PARTED BY
|
Name : |
Mr. Anil |
|
Designation : |
Finance Officer |
|
Contact No.: |
91-20-66135509 |
|
Date : |
02.01.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
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Tel. No.: |
91-20-66135509 |
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Fax No.: |
91-20-66136318 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
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Factory 2 : |
Aerospace Division, Sector-3, |
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|
|
|
Regional Office
(South) : |
Tata Motor Office, 7th floor, Kasi Arcade, 116, |
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Tel. No.: |
91-44-28153815 |
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E-Mail : |
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|
Regional Office (North) : |
Tata Motor Office, No.1, Ghazipur Industrial Area, Patpargani, |
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Tel. No.: |
91-11-22232033 |
DIRECTORS
As on 28.07.2012
|
Name : |
Mr. |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
A-3, Pallonji Mansion, 43, Cuffe Parade, Near President Hotel, Colaba,
Mumbai - 400 005, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1944 |
|
Qualification : |
Bachelor of
Technology from IIT, Kharagpur and a Masters in Science from the |
|
Date of Appointment : |
17.05.2007 |
|
DIN No. : |
00016184 |
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|
|
|
Name : |
Mr. Atam Prakash Arya |
|
Designation : |
Managing Director |
|
Address : |
Bunglow No.C-7 |
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Date of Birth/Age : |
15.10.1947 |
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Qualification : |
Engineering with
B. Sc Engg. (Honours) in Mechanical Engg. |
|
Experience : |
42 Years |
|
Date of Appointment : |
17.05.2007 |
|
DIN No. : |
00020001 |
|
|
|
|
Name : |
Mr. Rameshwar Singh Thakur |
|
Designation : |
Director |
|
Address : |
Flat No.205, |
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Date of Birth/Age : |
06.09.1948 |
|
Qualification : |
Bachelor in
Mechanical Engineering and a MBA from XLRI. |
|
Date of Appointment : |
17.07.2006 |
|
DIN No. : |
00020126 |
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|
|
|
Name : |
Mr. Satish Bhaskar Pradhan |
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Designation : |
Director |
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Address : |
Flat No.173, Apsara Housing Society, NCPA Complex, Nariman Point,
Mumbai - 400 021, |
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Date of Birth/Age : |
04.01.1955 |
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Qualification : |
Masters in
History from |
|
Date of Appointment : |
08.08.2001 |
|
DIN No. : |
00175969 |
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|
|
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Name : |
Mr. Niranjan Shankar Kulkarni |
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Designation : |
Director |
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Address : |
221, Falcons Crest, Tata Colony, |
|
Date of Birth/Age : |
25.06.1956 |
|
Qualification : |
Mechanical
Engineer from |
|
Date of Appointment : |
24.07.2009 |
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DIN No. : |
02667029 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Finance Officer |
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|
|
|
Name : |
Ms. Kavita Sethi Jain |
|
Designation : |
Secretary |
|
Address : |
J-703, |
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Date of Birth/Age : |
06.04.1970 |
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Date of Appointment : |
15.04.2008 |
|
PAN No.: |
ALOPS1417J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors Limited, |
|
64999930 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, |
|
20 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, |
|
10 |
|
Tata Motors Limited, |
|
10 |
|
Total |
|
65000000 |
As on 28.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of capital goods (including parts
thereof) and services in respect thereof. |
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Products : |
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Exports : |
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Products : |
Tools and Equipments |
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Countries : |
v
v
v
v
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Imports : |
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Products : |
Finished Goods and Raw Materials |
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Countries : |
v v |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Metal Cutting and Grinding Machines (including machining centrers) (on
maximum utilization basis) |
Nos. |
* |
184 |
|
Jigs and Fixtures |
Nos. |
* |
616 |
|
Material handling equipment and parts thereof |
Nos. |
* |
# |
|
Paint Shop and Parts thereof |
Nos. |
* |
# |
|
Parts of Assembly Line |
Nos. |
* |
# |
|
Brake Dynamometer |
Nos. |
* |
1 |
|
Fluid Power Solutions – Hydraulic Pumps and Telescopic Cylinders |
Nos. |
* |
48275 |
|
Other products (including parts of machines and equipment etc.) |
Nos. |
* |
# |
Notes:
# The sale / production / stocks of such categories
include various parts of machines and equipments which are dis-similar in
nature and size and therefore the quantitative information has not been given.
* Installed Capacity is based on the
product-mix, which varies from year to year and therefore is not ascertainable.
GENERAL INFORMATION
|
Customers : |
Others (Manufacturer) |
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No. of Employees : |
733 (Approximately) |
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Bankers : |
v State Bank of
India, Industrial Finance Branch, “Tara Chambers”, 2nd Floor,
Pune-Mumbai Highway, Near Mari Aai Police Chowky Wakdewadi, Pune - 411 003,
Maharashtra, India v Union Bank of v HDFC Bank
Limited, Pune, |
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Facilities : |
Note: (1) Cash Credit and
buyers credit from banks are secured by hypothecation by way of first charge
on stock of raw material, work-in-progress, stores, spares, finished goods
and book debts. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, |
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Income-tax PAN
of auditor or auditor’s firm : |
AABFD7919A |
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Holding Company : |
Tata Motors
Limited CIN No.: L28920MH1945PLC004520 |
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Companies under
common control with the Company : |
v
TML Drivelines Limited, v
Tata Marcopolo Motors Limited, v
Tata Technologies Limited, v
Tata Motors (SA) (PTY) Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000
millions |
|
|
|
|
|
Reconciliation of
number of shares outstanding at the beginning and the end of the year:
|
Particulars |
As at March 31, 2012 |
|
|
No. of shares |
Amount (Rs. in
millions) |
|
|
No. of shares
outstanding at the beginning of the year - Equity Shares |
65000000 |
650.000 |
|
Add: Additional
shares issued during the year-Equity Shares |
-- |
-- |
|
Less: Shares forfeited/
Bought back during the year -Equity Shares |
-- |
-- |
|
No. of equity
shares outstanding at the end of the year -Equity Shares |
65000000 |
650.000 |
Number of Shares held
by each shareholder holding more than 5 percent shares in the Company are as
follows:
|
Particulars |
No. of shares as
at March 31, 2012 |
|
Equity Shares : |
|
|
Tata Motors Limited |
64999930 |
|
|
64999930 |
65000000 equity shares
are held by the holding company and its nominees.
The Share Capital
as above is after reduction of Equity Share Capital, under sections 100 to 105
of the Companies Act, 1956, amounting to Rs.850.000 millions which was
registered on 24th November, 2004.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
650.000 |
650.000 |
650.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
417.150 |
349.593 |
259.206 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1067.150 |
999.593 |
909.206 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
134.308 |
146.677 |
217.804 |
|
|
2] Unsecured Loans |
0.000 |
120.000 |
55.000 |
|
|
TOTAL BORROWING |
134.308 |
266.677 |
272.804 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1201.458 |
1266.270 |
1182.010 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
335.247 |
345.995 |
336.232 |
|
|
Capital work-in-progress |
333.296 |
924.926 |
934.649 |
|
|
|
|
|
|
|
|
Incidental expenditure during construction period pending allocation
to fixed assets |
0.000 |
0.000 |
86.123 |
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
467.810
|
313.436
|
220.737
|
|
|
Sundry Debtors |
561.021
|
550.787
|
403.597
|
|
|
Cash & Bank Balances |
74.685
|
20.474
|
56.729
|
|
|
Other Current Assets |
562.701
|
506.458
|
451.219
|
|
|
Loans & Advances |
282.509
|
229.021
|
146.314
|
|
Total
Current Assets |
1948.726
|
1620.176
|
1278.596
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
482.048
|
502.267
|
626.073
|
|
|
Other Current Liabilities |
808.611
|
976.263
|
691.486
|
|
|
Provisions |
125.152
|
146.297
|
136.031
|
|
Total
Current Liabilities |
1415.811
|
1624.827
|
1453.590
|
|
|
Net Current Assets |
532.915
|
(4.651)
|
(174.994)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1201.458 |
1266.270 |
1182.010 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2188.563 |
2157.151 |
1622.287 |
|
|
|
Other Income |
445.445 |
342.715 |
238.853 |
|
|
|
TOTAL (A) |
2634.008 |
2499.866 |
1861.140 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1665.921 |
|
1584.090 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(93.071) |
(24.980) |
|
|
|
|
Employee benefit expense |
500.079 |
423.319 |
|
|
|
|
Expenditure on
production, transportation and other expenditure pertaining to E&P activities |
(51.043) |
(28.688) |
|
|
|
|
Other expenses |
391.748 |
379.360 |
|
|
|
|
TOTAL (B) |
2413.634 |
2243.673 |
1584.090 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
220.374 |
256.193 |
277.050 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.647 |
26.394 |
50.423 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.727 |
229.799 |
226.627 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.832 |
44.653 |
37.207 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
130.895 |
185.146 |
189.420 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.566 |
38.100 |
36.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
105.329 |
147.046 |
153.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
349.552 |
259.206 |
105.786 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Dividend |
32.500 |
48.800 |
0.000 |
|
|
|
Tax on Dividend |
5.200 |
7.900 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
417.181 |
349.552 |
259.206 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of
Exports *[excluding exports
of Rs.41.000 millions (31st March, 2011 - Rs.306.068 millions)
where payment is receivable in Rupees] |
51.475 |
39.897 |
9.976 |
|
|
|
Interest |
12.837 |
0.000 |
0.000 |
|
|
|
Other income (Commission income) |
0.846 |
31.819 |
0.000 |
|
|
TOTAL EARNINGS |
65.158 |
71.716 |
9.976 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
174.451 |
226.464 |
91.843 |
|
|
|
Capital Goods |
265.294 |
19.342 |
162.253 |
|
|
TOTAL IMPORTS |
439.745 |
245.806 |
254.096 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.62 |
2.26 |
2.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.00
|
5.88
|
8.24
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.98
|
8.58
|
11.68
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.73
|
9.42
|
11.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.19
|
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
1.89
|
1.90
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.00
|
0.88
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
482.048
|
502.267
|
626.073
|
|
|
|
|
|
|
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 |
No |
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
|
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 |
Yes |
Note:
The registered office of the company has been shifted from C/o Tata
Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi, Mody Street,
Hutatma Chowk, Mumbai – 400 001, Maharashtra, India to the present address w.e.f.
03.04.2007.
BUSINESS OVERVIEW
On an overall basis, the capital goods industry showed a negative growth
during FY12. While the order book showed healthy improvement in some of the
business segments, such as low end standard machines; the high value machines
and project investments continued to get postponed, leading to a significantly
decreased order booking figures. Similarly, the actual collection of these
machines, at the time of delivery by full payment, were deferred in many cases,
which resulted in lower revenues and high inventories.
The Tipper hydraulics business posted better business results, compared
to the previous year, on account of increased demand for tipper trucks fitted
with underbody tipping kits.
The Company has taken various steps to increase the spread of its
products and solutions’ offerings, to other (over and above the automotive)
industry sectors, in order to maintain its growth. This will reduce their
dependency on the automotive segment. Accordingly, the Company is continuing to
focus on the new customers and players viz: in aerospace, earth moving and
construction, railway and other allied engineering sectors. TAL’s knowledge and
capabilities in precision engineering, machining, fabrication and integration
of complex and heavy equipment systems will be leveraged, to the maximum extent
to secure business from these new sectors.
The contracts signed with The Boeing Company earlier, for supply of
Hybrid Titanium Floor Beams, for its 787 Dreamliner airplanes, has undergone significant
changes in configuration of the product requirements, due entirely to the
Boeing Company. The modified agreements for the Advanced composite floor beams
(ACFP) was re-negotiated and signed off during the year. Accordingly, new set
of facilities and other project activities are being progressed in line with
the mutually agreed project schedule.
OPERATIONS
Despite the economic slow down and corresponding market situation, the
Company was able to neutralize this slow down and post a modest growth in the
top line through tapping of new opportunities.
The Company sold 186 standard machining centers in the FY 12. The
Company continued to serve the construction industry customers like Telcon and
Ashok Leyland and John Deere etc. Several new important projects to provide
manufacturing solutions for a number of industries such as Jigs and Fixtures,
Paint-shop and Assembly Lines for the aerospace, railways and construction
machinery sectors. Significant progress was also achieved on large projects
like the Paint Shop for Tata Motors, Dharwad, pre-paint shop from AMW and C130
Aircraft Empennage Assembly from Tata Lockheed Martin project.
The Company launched a variety of new products. In Car Parking System,
Over Ground Puzzle Parking System (OGP) was launched, targeting customer in
commercial complexes, hotels and retail outlet etc. Similarly, enhancing the
hydraulics offerings, the Company brought out a front end tipping kit and a new
Underbody tipping kit. The supply of these kits has been started to TML. The
Company also ramped up its supply support to TML for their Armored Vehicle
Program. It completed the delivery of 52 Armored Hulls to TML during the
financial year.
As mentioned earlier, the modified construction of the TAL Nagpur
facility to undertake the production of new advanced composite floor beam
project have been pursued during the year quite actively, in line with the
customers requirement. Boeing and TAL are working together to build-up the
engineering and technological, facilities and the factory set-up for their new
changed configuration. The company expects to start the production and supply
of metallic fittings for the initial sets of beams being produced by Boeing at
their development center (ADC) during FY 12-13. The manufacture and supply of
the complete floor beam are likely to pick up in FY 13-14.
PERFORMANCE
Inspite of delay in finalization of many Project Business Orders, the
total income of the Company is of Rs.2634.000 millions, an increase by 5% as
compared to the previous year. However, the profitability was affected, due to
increase in operating cost, on account of increase in input costs, as well as
the employee and other expenses. This increase was also due to multiple
strategic growth initiatives, undertaken by the Company to increase future
business potential in line with the strategic growth plan of the Company.
Despite these costs increases, the Company was able to report profit before tax
of Rs.130.900 millions and Profit after tax of Rs.105.300 millions.
During the year, the Company has achieved an order booking (excluding
excise duty) of over Rs.2460.300 millions, showing an increase of 15 % over the
previous year.
OUTLOOK
The Company plans to tap the opportunities provided by the Auto Component
sector to manufacture the “production ready high speed standard machines” The
Features provided in these machines include: high speed pallet changing
systems, high rapids, high spindle speeds for faster material removal. The
thrust on expanding the new product portfolio, through the NPI Program will
continue, with introduction of three new models in Standard Machines during the
next year. The Target industry segments also include, Pumps and Valves
industry, Aerospace and the Heavy engineering industry. Customer awareness
about TAL will be further enhanced through various customer interaction
workshops, seminars and exhibitions.
The Company is actively pursuing the serious enquiries, received for
paint shops, conveyor systems, robotic welding cells and fixtures in
automotive, construction and farm equipment sectors. These enquiries and
proposals cover both the existing customers as well as the new customers in new
segments.
The additional growth avenues identified in the aerospace tooling market
are progressing well. Tipper hydraulics business will be augmented by the
addition of new front end kits to the product portfolio, and also by increasing
retail business through SPD.
While the Company will fully support TML by aligning the new products
with TML new tipper model range. New focus will be brought by targeting on Non
-TML OEMs for the U/B cylinder Kits
CONTINGENT LIABILITIES (AS ON 31.03.2012):
Bill discounted
with bank outstanding as on 31st March, 2012 Rs.69.373 millions.
Claims against the
Company not acknowledged as debts as on March 31, 2012:
Income Tax Demand
- Rs.0.290 million
Other Matters - Rs.35.054 millions
FORM 8:
|
Corporate identity number of the company |
U29100PN2000PLC130290 |
|
Name of the company |
TAL MANUFACTURING SOLUTIONS LIMITED |
|
Address of the registered office or of the
principal place of business in |
E-Mail: kavita.jain@tal.co.in
|
|
This form is for |
Modification of charge |
|
Charge identification number of the charge
to be modified |
10159428 |
|
Type of charge |
Others (Bill drawn on TATA Motors Limited
and duly accepted) |
|
Particular of charge holder |
CIN No.:
U99999MH1919PTC000615 Union Bank of |
|
Nature of instrument creating charge |
Letter of Union Bank of |
|
Date of instrument Creating the charge |
09.08.2011 |
|
Amount secured by the charge |
Rs.20.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
a)
Rate
of interest BPLR i.e.12.5% at present b)
Terms
of Repayments As and when Tata Motors Limited pays
specific bill of exchange, the liability in respect of that bill of exchange
will get liquidated. c)
Margin NIL d)
Extent
and operation of the charge Charge on Bill drawn on Tata Motors
Limited and duly accepted by them. |
|
Short Particulars of the property charged |
Hypothecation of Bills drawn on Tata
Motors Limited and duly accepted by them |
|
Particulars of the present modification |
By present modification dated 09.08.2011,
the Bill Discounting facility has been reduced from Rs.300.000 millions to
Rs.20.000 millions and accordingly the security created earlier for Bill Discounting
has also been reduced to Rs.20.000 millions. |
FIXED ASSETS:
Tangible Assets
v
v Plant and Machinery
v Office Equipment
v Furniture and Fixtures
v Vehicles
Intangible Assets
v Software
v Technical Knowhow
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 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.54.39 |
|
|
1 |
Rs.88.75 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
54 |
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.