MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA AUTOCOMP SYSTEMS LIMITED |
|
|
|
|
Formerly Known
As : |
TATA AUTOCOMP SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
|
|
|
|
|
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 |
|
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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to influence
each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating AA- |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
30.07.2014 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Sathyajeet |
|
Designation : |
Office Executive |
|
Contact No.: |
91-20-25672782 |
|
Date : |
13.08.2014 |
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:- · Lucknow, Uttar Pradesh · Vadodara, Gujarat · Mumbai, Maharashtra · Pune, Maharashtra · Jamshedpur · Bangalore, Karnataka · Chennai, Tamilnadu |
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. 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. 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 |
|
|
|
|
Name : |
Mr. Sathyajeet |
|
Designation : |
Office Executive |
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 : |
· State Bank of India, Industrial Finance Branch, 2nd Floor, Tara Chambers, Pune-Mumbai Highway, Near Mariaai Mandir, Wakdewadi, Pune - 411003, Maharashtra, India · DBS Bank Limited, Elbee House, Siddharth Path, Off Dhole Patil Road, Pune – 411001, Maharashtra, India · Corporation Bank, No.14, Mumbai-Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India · ICICI Bank Limited · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · HSBC Bank (Mauritius) Limited, 5th Floor, Les Cascades Building, Edith Cavell Street, Port Louis, Mauritius - 000000, Mauritius · The Hongkong And Shanghai Banking Corporation Limited, Amar Avinash Corporate City, Sector No. 11, Bund Garden Road, Pune - 411001, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
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
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2547.814 |
2547.814 |
2012.814 |
|
Reserves & Surplus |
93.018 |
483.075 |
5847.156 |
|
Net
worth |
2640.832 |
3030.889 |
7859.970 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9908.316 |
9136.162 |
9314.879 |
|
|
|
(7.793) |
1.956 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9908.316 |
9136.162 |
9314.879 |
|
Profit |
541.000 |
872.407 |
6041.035 |
|
|
5.46% |
9.55% |
64.85% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
435.112 |
342.569 |
|
|
|
|
|
|
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 |
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 |
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
· Freehold Land
· Buildings
· Plant and Machinery
· Work Station/ office Equipments
· Furniture, Fittings and Other Equipments
· Vehicles
· Vehicles on Finance Lease
· Computer and Peripherals on financial lease
· Specialised software
· Engineering and Development Cost
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.61.25 |
|
|
1 |
Rs.103.02 |
|
Euro |
1 |
Rs.81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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.