|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA AUTOCOMP SYSTEMS LIMITED |
|
|
|
|
Formerly Known
As : |
TATA AUTOCOMP SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bombay House, 24,
Homi Mody Street, Fort, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.10.1995 |
|
|
|
|
Com. Reg. No.: |
11-093733 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2012.814
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH1995PLC093733 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1848E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Designs, Manufacturer and supplier a variety of components, assemblies to automotive original equipment. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 31000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Tata
Group, a highly reputed industrial house. It is a well established and reputed company having fine track record.
The company is progressing well. Directors are reported to be experienced and
respectable industrialist. Trade relations are reported as trustworthy.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
29.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
29.07.2013 |
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.
LOCATIONS
|
Registered
Office : |
Bombay House, 24,
Homi Mody Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22049131/
66658282/ 66657352 |
|
Fax No.: |
91-22-22845523/
66658160 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
3000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
Taco House, Damle
Path, Off Law College Road, Pune – 411004, Maharashtra, India |
|
Tel. No.: |
91-20-66085000 |
|
Fax No.: |
91-20-25438499/ 66085034/
66085102 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2: |
Taco Technical Centre, Rajiv
Gandhi IT Park, Hinjewadi, Phase 2, S No 280 and 281, Pune – 411057,
Maharashtra, India |
|
|
|
|
Factory 1 : |
Muttha Chambers,
3rd Floor, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
Tel. No.: |
91-20-25672782/
25660691 |
|
Fax No.: |
91-20-25660699 |
|
|
|
|
Factory 2 : |
Plot 28, Bidadi Industrial
Area, Ramnagar, Bangalore – 562109, Karnataka, India |
|
|
|
|
Overseas
Office : |
35488 Crescent Court, |
|
Tel. No.: |
1-248-4744607 |
|
Fax No.: |
1-248-4744668 |
|
|
|
|
Branches : |
Located at:-
|
DIRECTORS
As on 05.07.2013
|
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 |
|
|
|
|
Name : |
Mr. Kishor Anant Chaukar |
|
Designation : |
Director |
|
Address : |
143-B, 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 : |
Flat No.3051, Tower 2 Planet Godrej, Keshav Rao Khadye Road, Mahalaxmi
Road, Mumbai – 400011, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1952 |
|
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 : |
Managing 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 |
|
|
|
|
Name : |
Mr. Praveen Purushottam 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 |
|
|
|
|
Name : |
Mr. Naushad Forbes |
|
Designation : |
Additional Director |
|
Address : |
74, Koeegaon Park, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
00630825 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
---
KEY EXECUTIVES
|
Name : |
Mr. Ajay Suresh Nagale |
|
Designation : |
Company Secretary |
|
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 05.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Industries
Limited, |
|
69244903 |
|
Tata Motors Limited, |
|
52333170 |
|
Tata Capital Limited, |
|
48307333 |
|
Tata Sons Limited, |
|
28675598 |
|
Tata Investment Corporation Limited, India |
|
2720054 |
|
Tata Industries
Limited, |
|
150 |
|
Tata Industries
Limited, |
|
50 |
|
Tata Industries
Limited, |
|
50 |
|
Dilip S. Pendse |
|
50 |
|
|
|
|
|
Total |
|
201281358 |
As on 05.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designs, Manufacturer and supplier a variety of
components, assemblies to automotive original equipment. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Muttha Towers, 5th
Floor, Suite No.8, Off Airport Road, Yerwada, Pune 411006, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Promoter
Group Companies
: |
·
Tata Industries Limited ·
Tata Motors Limited ·
Tata Capital Limited ·
Tata Sons Limited (Ultimate
holding company) |
|
|
|
|
Subsidiaries |
· Tata Toyo Radiator Limited · Taco Composites Limited (Formerly known as Automotive Composite Systems International Limited) · Taco Sasken Automotive Electronics Limited (Under Liquidation) · Tata Autocomp Mobility Telematics Limited (Upto December 8 2010) · Taco Holdings Mauritius Limited · Taco Kunststofftechnik GmbH · Taco Grundstuckverwaltungs GmbH · Nanjing Tata Autocomp Systems Limited · Automotive Stampings and Assemblies Limited (from December 10 2010) · Taco engineering (UK) Limited (from January 17, 2012) |
|
|
|
|
Fellow Subsidiaries (with whom transactions have taken place during
the year): |
· Tata AIG General Insurance Company Limited · e-Nxt Financials Limited · Tata Teleservices Limited · Tata Teleservices (Maharashtra) Limited · Tata Consultancy Services Limited · Infiniti Retail Limited · Computational Research Laboratories Limited · Tata Investment Corporation Limited ·
Tata Sky Limited ·
TCS Serve Limited (Formerly Known as Citigroup
Global Services Limited) |
|
|
|
|
Joint
Ventures |
· Tata Johnson Controls Automotive Limited · Tata Ficosa Automotive Systems Limited · Tata Yazaki Autocomp Limited · Tata Autocomp GY Batteries Limited · Tata Nifco Fasteners Limited · Taco Hendrickson Suspensions Private Limited · Automotive Stampings and Assemblies Limited (Upto December 9 2010) |
CAPITAL STRUCTURE
As on 05.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
329600000 |
Equity Shares |
Rs.10/- each |
Rs.3296.000 Millions |
|
80400000 |
Preference Shares
|
Rs.10/- each |
Rs.804.000 Millions |
|
|
Total |
|
Rs.4100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
201281358 |
Equity Shares |
Rs.10/- each |
Rs.2012.814
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2012.814 |
2547.814 |
2547.814 |
|
(b) Reserves & Surplus |
5847.156 |
483.075 |
93.018 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
7859.970 |
3030.889 |
2640.832 |
|
|
|
|
|
|
(3)
Minority Interests |
0.000 |
0.000 |
587.907 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1350.000 |
1762.764 |
3042.594 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
139.630 |
|
(c) Other long term
liabilities |
0.000 |
8.032 |
58.197 |
|
(d) long-term
provisions |
440.291 |
49.389 |
138.130 |
|
Total Non-current
Liabilities (3) |
1790.291 |
1820.185 |
3378.551 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
187.463 |
968.931 |
2031.581 |
|
(b) Trade
payables |
1225.008 |
1599.924 |
4388.930 |
|
(c) Other
current liabilities |
466.928 |
979.416 |
2014.355 |
|
(d) Short-term
provisions |
494.231 |
296.489 |
257.288 |
|
Total Current
Liabilities (4) |
2373.630 |
3844.760 |
8692.154 |
|
|
|
|
|
|
TOTAL |
12023.891 |
8695.834 |
15299.444 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2351.232 |
2086.552 |
5891.603 |
|
(ii)
Intangible Assets |
106.135 |
146.028 |
779.061 |
|
(iii)
Capital work-in-progress |
29.849 |
56.561 |
367.841 |
|
(iv)
Intangible assets under development |
0.000 |
5.317 |
0.000 |
|
(b) Non-current Investments |
2255.375 |
3385.255 |
12.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
636.887 |
381.871 |
651.491 |
|
(e) Other
Non-current assets |
3.358 |
0.000 |
28.279 |
|
Total Non-Current
Assets |
5382.836 |
6061.584 |
7730.775 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4530.696 |
302.301 |
864.292 |
|
(b)
Inventories |
617.151 |
519.610 |
2456.749 |
|
(c) Trade
receivables |
704.896 |
1128.856 |
2666.642 |
|
(d) Cash
and cash equivalents |
222.814 |
73.522 |
495.873 |
|
(e)
Short-term loans and advances |
510.840 |
487.087 |
900.541 |
|
(f) Other
current assets |
54.658 |
122.874 |
184.572 |
|
Total
Current Assets |
6641.055 |
2634.250 |
7568.669 |
|
|
|
|
|
|
TOTAL |
12023.891 |
8695.834 |
15299.444 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9314.879 |
9136.162 |
9908.316 |
|
|
|
Other Income |
679.176 |
800.770 |
72.156 |
|
|
|
TOTAL
(A) |
9994.055 |
9936.932 |
9980.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Material Consumed |
4968.650 |
5334.260 |
5400.450 |
|
|
|
Purchases of Stock In Trade |
933.840 |
940.605 |
1117.659 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
67.502 |
(38.527) |
66.642 |
|
|
|
Employee benefit expense |
1105.761 |
832.143 |
816.304 |
|
|
|
Other expenses |
1524.362 |
1242.486 |
1271.280 |
|
|
|
Exceptional Items |
(6646.930) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1953.185 |
8310.967 |
8672.335 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8040.870 |
1625.965 |
1308.137 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
302.698 |
395.854 |
390.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7738.172 |
1230.111 |
917.525 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
405.971 |
355.068 |
376.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7332.201 |
875.043 |
541.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1291.166 |
2.636 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6041.035 |
872.407 |
541.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.90 |
4.11 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
60.45
|
8.78
|
5.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
78.71
|
9.58
|
5.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
75.29
|
16.67
|
3.63
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.93
|
0.29
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20
|
0.90
|
1.92
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80
|
0.69
|
0.87
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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 |
|
LITIGATION DETAILS |
|||||||
|
HIGH COURT OF BOMBAY |
|||||||
|
Bench:- Bombay |
|||||||
|
Stamp No:- |
ITXAL/1527/2012 |
Failing Date:- |
10/10/2012 |
Reg. No.:- |
ITXA/1320/2012 |
Reg. Date:- |
05/11/2012 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
TATA AUTOCOMP SYSTEMS LIMITED |
||||
|
Petn.Adv:- |
SURESH KUMAR |
Reso. Adv. |
ATUL K. JASANI |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
Single |
Category:- |
Tax Appeals |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||
|
Last Date:- |
11/11/2013 |
||||||
|
Last Coram:- |
According to sitting List According to sitting List |
||||||
|
Act:- |
Income Tax Act, 1961 |
||||||
CORPORATE INFORMATION
"Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company provides products and services in the automotive industry to Indian and Global customers. The Company designs, manufactures and supplies a variety of components, assemblies to automotive original equipment manufacturers (""OEM"") and other customers. The Company’s debentures are listed on the Wholesale Debt Market of the National Stock Exchange.
The Company caters to its customers through its five operating divisions, four subsidiaries and three joint ventures with leading companies in the global auto component industry (together known as the TACO Group)
Pursuant to a Scheme of Amalgamation approved by the High Court of Judicature at Bombay vide its Order dated August 3, 2012, TACO Composites Limited (TaCL), the wholly owned subsidiary of the Company, has merged with the Company with effect from April 1, 2011 – refer Note Amalgamation of Subject and TACO Composites Limited."
STANDALONE FINANCIAL
PERFORMANCE
During the year, the company earned a total income of Rs.9718.700 Millions for the year ended March 31, 2013 as against Rs.9855.800 Millions for the previous year ended March 31, 2012, a decrease of 1.4%. The Profit before tax for the year has been Rs. 7332.201 Millions as compared to Rs. 8750.43 Millions in the previous year. During the year the Company divested its holding in two of its Joint Ventures and this resulted in income of Rs. 6646.900 Millions from such divestment which has been shown as exceptional income. The profit after tax for the year has been Rs. 6041.035 Millions as against Rs.872.407 Millions during the previous year.
AMALGAMATION OF
SUBJECT AND TACO COMPOSITES LIMITED
a) Pursuant to the Order of the High Court of Judicature at Bombay passed on August 3, 2012 approving the Scheme of Amalgamation (the Scheme") of its wholly owned subsidiary, TACO Composites Limited ("TaCL") with the Company, the assets and liabilities of TaCL were transferred to and vested in the Company with effect from April 1, 2011 (Appointed date) as per the Scheme. The Company completed the process of amalgamation on September 7, 2012 by filing the aforesaid Order with the Registrar of Companies in accordance with section 391 and other applicable provisions of the Companies Act, 1956, thereby giving effect to the Scheme in the current year
.
b) Since all assets and liabilities of TaCL have been transferred to and vested in the Company with effect from April 1, 2011, the balances as per the audited financial statements of TaCL as at March 31, 2012, duly adopted by its shareholders, have been considered at the respective book values for the purposes of accounting for amalgamation under the Pooling of Interests method as prescribed under notified ?Accounting Standard (?AS?) 14 Accounting for Amalgamations and the Scheme. There were no differences in the accounting policies followed by TaCL. The financial statements of the Company as at and for the year ended March 31, 2013 include the figures of TaCL and hence are not comparable with the previous year.
c) In accordance with the Scheme, the balances appearing as Investments in Equity shares of TACO Composites Limited and Investments in Preference shares of TACO Composites Limited in the books of the Company have been cancelled/extinguished against the Equity Share Capital and "Preference Share Capital" appearing in the books of TaCL. The excess amount of the Investments in Equity shares of TACO Composites Limited over the "Share Capital" of TaCL aggregating Rs. 6.506 Millions has been adjusted against the surplus in Statement of Profit and Loss as at April 1, 2012.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Non-convertible debentures others |
1000.000 |
1000.000 |
|
Loans and advances from related Parties |
0.000 |
350.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
187.463 |
214.239 |
|
Intercorporate deposits |
0.000 |
238.300 |
|
Total |
1187.463 |
1805.525 |
|
|
|
|
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435151 |
07/06/2013 |
300,000,000.00 |
ICICI BANK
LIMITED |
"A"
WING, SHANGRILA GARDEN, 3RD FLOOR, BUND GARDEN ROAD, PUNE, MAHARASHTRA -
411001, INDIA |
B78891397 |
|
2 |
10167377 |
19/11/2009 * |
550,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 14, WAKDEWADI, MUMBAI |
A73281412 |
|
3 |
10155945 |
13/05/2009 |
350,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI- 400001, MAHARASHTRA
-400001, INDIA |
A61769683 |
|
4 |
10035083 |
06/03/2009 * |
2,989,500,000.00 |
STATE BANK OF
INDIA INDUSTRIAL FINANCE BRANCH |
TARA CHAMBERS,
2ND FLOOR, PUNE-MUMBAI HIGHWAY, NEAR MARI AAI POLICE STATION,WAKDEWADI, PUNE,
MAHARASHTRA - 411003, INDIA |
A59238956 |
* Date of charge modification
FIXED ASSETS
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] 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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.