MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
YAZAKI INDIA LIMITED (w.e.f. 13.02.2013) |
|
|
|
|
Formerly Known
As : |
TATA YAZAKI AUTOCOMP LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 93, Survey No. 166, High Cliff Industrial Estate, Wagholi Rahu
Road, Kesnand, Pune – 412207, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.10.1997 |
|
|
|
|
Com. Reg. No.: |
11-015436 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN1997PLC015436 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Wiring Harness. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1970000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well-established and second largest manufacturer of wire
harnesses in India. It is having satisfactory track record. The company’s financial profile is under pressure during 2013 as a result
of accumulated losses reported in the books and a delay in correction in its
capital structure. Nevertheless, the continued strong support from the parent, Yazaki
Corporation, Japan could help partly mitigate the strees on Yazaki India’s
financial profile. The ratings also take into
consideration the established and reputed clients like TATA Motors Limited,
Toyota Kirloskar Motors Limited, Volkswagen India Private Limited, Fiat India
Automobiles Limited and Honda Siel Cars Limited which contribute to the
overall revenue. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of adequate market position in the industry, the subject can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ / Negative |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
31.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
31.07.2013 |
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.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-20-66315116).
LOCATIONS
|
Registered Office : |
Gat No. 93, Survey No. 166, High Cliff Industrial Estate, Wagholi Rahu
Road, Kesnand, Pune – 412207, Maharashtra, India |
|
Tel. No.: |
91-20-66315116/ 66315152 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 31.05.2013
|
Name : |
Mr. Koji Yoshinami |
|
Designation : |
Managing Director |
|
Address : |
4-25-16 Nishiochai, Shinjuku, KU Tokyo, Japan Indian Address: Oakwood Residency, 1C Naylor Road, Pune – 411001, Maharashtra,
India |
|
Date of Birth/Age : |
06.01.1948 |
|
Date of Appointment : |
27.07.2011 |
|
DIN No.: |
03578953 |
|
|
|
|
Name : |
Mr. Prashanth Raghunath Nayak |
|
Designation : |
Whole Time Director |
|
Address : |
803, Kumar Residency – II, Lane No.6, Koregaon Park, Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
06.03.1971 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
03371824 |
|
|
|
|
Name : |
Kazunori Nishimoto |
|
Designation : |
Director |
|
Address : |
1-13-611 Park Heim, Mizonokuchi Takat Su-Ku, Hisamoto, Kawasaki City,
Kanagawa Prefecture, Japan |
|
Date of Birth/Age : |
12.01.1955 |
|
Date of Appointment : |
27.07.2011 |
|
DIN No.: |
03581484 |
|
|
|
|
Name : |
Mr. Sanjay Sharadchandra Vamburkar |
|
Designation : |
Director |
|
Address : |
c-402, Kapil Abhijat, Daganukar Colony, Kothrud, Pune – 411038,
Maharashtra, India |
|
Date of Birth/Age : |
16.07.1960 |
|
Date of Appointment : |
05.04.2013 |
|
DIN No.: |
06547864 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Chandermohan Sehgal |
|
Designation : |
Secretary |
|
Address : |
HN 13/8, Jai Plaza, Sai Chowk Pimpri, Pune – 411017, Maharashtra,
India |
|
Date of Birth/Age : |
14.03.1984 |
|
Date of Appointment : |
15.09.2009 |
|
PAN No.: |
BYFPS2729J |
|
|
|
|
Name : |
Mr. Biswagit Chaki |
|
Designation : |
Financial Head |
MAJOR SHAREHOLDERS
As on 31.05.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Yazaki Corporation (YC), Japan |
|
94999994 |
|
YC J/W Kazunori Nishimoto |
|
1 |
|
YC J/W Nigel John Thompson |
|
1 |
|
YC J/W Naoki II |
|
1 |
|
YC J/W Satyabrata Raychudhuri |
|
1 |
|
YC J/W Mitsugu Watanabe |
|
1 |
|
YC J/W Naoki Sugie |
|
1 |
|
Total |
|
95000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Yazaki Corporation (YC), Japan |
|
5000000 |
|
Total |
|
5000000 |
As on 18.09.2013
|
Names of Allottees |
|
No. of Shares |
|
Yazaki Corporation (YC), Japan |
|
52000000 |
|
Total |
|
52000000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.05.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Wiring Harness. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Long Term Borrowings 1. Term loans (secured) are secured by an equitable mortagage (first priority charge) of immovable properties (land and building) and extension of charge (on pari passu basis) on fixed assets (existing and to be acquired ) of the company and second charge (pari passu) on the current asset of the company Details of
repayment of Term Loans (to the extent disbursed)
2. Of the above the aggregate amount guaranteed is as follows.
Short Term Borrowings
Cash credit and Short term Loans from bank are secured by hypothecation of entire current asset of the company and additionally subsequent second charge by way of mortgage properties and fixed plant and machinery. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered Accountants |
|
Address : |
706, 'B' Wing,
7th Floor, ICC Trade Towers, International Convention CENTER, Senapati Bapad Road,
Pune – 411016, Maharashtra, India |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Holding Company : |
Yazaki Corporation |
|
|
|
|
Fellow Subsidiary
Company : |
CIN No.: U63031TN1998PTC051285
CIN No.: U34100MH1995PLC093733
|
CAPITAL STRUCTURE
As on 18.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
147000000 |
Equity Shares |
Rs.10/- each |
Rs.1470.000 Millions |
|
12500000 |
Preference Shares |
Rs.10/- each |
Rs.125.000 Millions |
|
|
Total |
|
Rs.1595.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
147000000 |
Equity Shares |
Rs.10/- each |
Rs.1470.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.1520.000
Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113000000 |
Equity Shares |
Rs.10/- each |
Rs.1130.000 Millions |
|
12500000 |
Preference Shares |
Rs.10/- each |
Rs.125.000 Millions |
|
|
Total |
|
Rs.1255.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.1000.000 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 |
1000.000 |
1000.000 |
900.000 |
|
(b) Reserves & Surplus |
(506.890) |
(325.600) |
(432.290) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
25.000 |
|
Total Shareholders’
Funds (1) + (2) |
493.110 |
674.400 |
492.710 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
632.870 |
448.890 |
266.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
31.930 |
30.150 |
27.460 |
|
(d) long-term
provisions |
47.630 |
36.740 |
27.520 |
|
Total Non-current
Liabilities (3) |
712.430 |
515.780 |
320.980 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
498.000 |
667.120 |
422.720 |
|
(b) Trade
payables |
1428.920 |
1586.790 |
1505.990 |
|
(c) Other
current liabilities |
275.370 |
331.140 |
298.800 |
|
(d) Short-term
provisions |
67.870 |
63.770 |
49.630 |
|
Total Current
Liabilities (4) |
2270.160 |
2648.820 |
2277.140 |
|
|
|
|
|
|
TOTAL |
3475.700 |
3839.000 |
3090.830 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1266.190 |
1270.840 |
1044.380 |
|
(ii)
Intangible Assets |
32.120 |
16.300 |
15.210 |
|
(iii)
Capital work-in-progress |
0.910 |
34.070 |
24.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
257.140 |
210.270 |
171.710 |
|
(e) Other
Non-current assets |
29.340 |
36.640 |
30.640 |
|
Total Non-Current
Assets |
1585.700 |
1568.120 |
1286.640 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1101.360 |
1257.530 |
1092.560 |
|
(c) Trade
receivables |
621.870 |
769.660 |
515.590 |
|
(d) Cash
and cash equivalents |
29.320 |
55.400 |
25.570 |
|
(e)
Short-term loans and advances |
109.240 |
162.540 |
138.230 |
|
(f) Other
current assets |
28.210 |
25.750 |
32.240 |
|
Total
Current Assets |
1890.000 |
2270.880 |
1804.190 |
|
|
|
|
|
|
TOTAL |
3475.700 |
3839.000 |
3090.830 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
7,445.580 |
7,903.560 |
5,737.220 |
|
|
|
|
Other Income |
27.320 |
43.530 |
6.710 |
|
|
|
|
TOTAL (A) |
7,472.900 |
7,947.090 |
5,743.930 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
5,645.240 |
5,818.620 |
4,119.870 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(19.870) |
(21.530) |
(61.030) |
|
|
|
|
Employee Benefits Expenses |
871.420 |
723.770 |
406.250 |
|
|
|
|
Other Expenses |
769.960 |
958.620 |
864.910 |
|
|
|
|
TOTAL (B) |
7,266.750 |
7,479.480 |
5,330.000 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
206.150 |
467.610 |
413.930 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
179.100 |
147.570 |
118.100 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
27.050 |
320.040 |
295.830 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
207.390 |
178.370 |
120.340 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
(180.340) |
141.670 |
175.490 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.950 |
29.430 |
8.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(181.290) |
112.240 |
167.190 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(325.600) |
(432.290) |
(599.485) |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Preference Dividend |
0.000 |
4.780 |
0.000 |
|
|
|
|
Tax on Preference Dividend |
0.000 |
0.770 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
(506.890) |
(325.600) |
(432.290) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
10.160 |
16.500 |
13.340 |
|
|
|
TOTAL EARNINGS |
10.160 |
16.500 |
13.340 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
2676.230 |
2627.060 |
2334.563 |
|
|
|
|
Stores & Spares |
103.710 |
109.170 |
68.082 |
|
|
|
|
Capital Goods |
73.470 |
164.820 |
250.393 |
|
|
|
TOTAL IMPORTS |
2853.410 |
2901.050 |
2653.038 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(2.30) |
1.19 |
1.86 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.43) |
1.41 |
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.42) |
1.79 |
3.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.19) |
3.72 |
5.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.37) |
0.21 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.29 |
1.65 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.86 |
0.79 |
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 |
900.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
(432.290) |
(325.600) |
(506.890) |
|
Net
worth |
467.710 |
674.400 |
493.110 |
|
|
|
|
|
|
long-term borrowings |
266.000 |
448.890 |
632.870 |
|
Short term borrowings |
422.720 |
667.120 |
498.000 |
|
Total
borrowings |
688.720 |
1116.010 |
1130.870 |
|
Debt/Equity
ratio |
1.473 |
1.655 |
2.293 |
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 |
5,737.220 |
7,903.560 |
7,445.580 |
|
|
|
37.759 |
(5.795) |
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
|
5,737.220 |
7,903.560 |
7,445.580 |
|
Profit |
167.190 |
112.240 |
(181.290) |
|
|
2.91% |
1.42% |
(2.43%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
118.420 |
122.620 |
99.000 |
|
Total |
118.420 |
122.620 |
99.000 |
|
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 |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans from banks |
200.000 |
0.000 |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
50.000 |
|
Total |
200.000 |
50.000 |
REVIEW OF OPERATIONS
During the year, the Company has turnover of Rs.7472.900 Millions. The Loss for the year has been Rs.181.290 Millions as against the Profit of Rs.112.240 Millions during the previous financial year.
FUTURE OUTLOOK
During the year 2013-14 the Company plans to have initiatives to drive stronger and deeper integration with Yazaki Corporation, significantly address issues to the current business model’s cost structure and drive operational improvements at all plants.
Significant initiatives to drive such integration would include
- Aligning shop floor practices to best-in-class Yazaki production standards
- Feasibilities studies for in house manufacturing of components, connectors, wires and terminals.
- Establishment of crimping evaluation lab
- Establishment of engineering software’s for smooth communication with Yazaki’s global engineering facilities
In alignment with Yazaki?s global standing in wiring harness, the Company would build relationships with all automakers including Maruti and Hyundai, and create the base to challenge 35% market share in India for wiring harness.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10121247 |
27/03/2012 * |
50,000,000.00 |
Axis
Bank Limited |
Sai
Capital, Second Floor, Opposite ICC Senapati Bapat Road, Pune, Maharashtra -
411016, India |
B37517018 |
|
2 |
90088460 |
27/03/2012 * |
2,199,400,000.00 |
State
Bank of India |
Industrial
Finance Branch, Tara Chambers, Mumbai Pune Road, Wakdewadi, Pune, Maharashtra
- 411003, India |
B37265360 |
|
3 |
90082769 |
08/11/2005 * |
142,500,000.00 |
State
Bank of India |
Industrial
Finance Branch,Tara Chambers, Mumbai Pune Road, Wakdewadi, Pune, Maharashtra
- 411003, India |
- |
|
4 |
90091132 |
30/06/2006 * |
100,000,000.00 |
State
Bank of India |
Industrial
Finance Branch, Tara Chambers, Mumbai Pune Road, Wakdewadi, Pune, Maharashtra
- 411003, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
TATA AUTOCOMP EXITS WIRING HARNESS BIZ
Tata AutoComp announced on
Saturday it is exiting from its joint venture in wiring harness business. Tata
Yazaki Autocomp Ltd was set up by Tatas and Yazaki Corporation of Japan in 1998
to manufacture wiring harness for automobile sector. The company has plants in
Pune, Sanand, Pantnagar, Jamshedpur and Bangalore.
On Saturday, the company announced
that its JV partner, Yazaki Corporation, will be acquiring its 50 percent stake
in Tata Yazaki. The final transfer will take place after completion of all the
formalities in a couple of months, the company said in a statement.
According to a report by rating
agency CRISIL, last year Tata Yazaki is the second-largest manufacturer of wire
harness in India, with a share of close to 16 per cent in the domestic market.
Tata Motors contributes to around 46 per cent of Tata Yazaki’s revenues, with
Toyota Kirloskar, Volkswagen, Fiat India and Honda Siel Cars Limited together
contributing about 50 per cent.
The company’s latest financial
result is not known. But CRISIL report said for 2010-11 (based on provisional
results), Tata Yazaki reported a net profit of Rs.160.000 Millions on net
revenues of Rs.5070.000 Millions as against a net profit of Rs.86.000 Millions
on net revenues of Rs.3600.000 Millions crore for 2009-10.
Yoshinami, India head of Yazaki
Corporation said, “India is a growing market and it is now becoming an
integrated part of our global strategy.” “Since the formation of the JV in
1998, Yazaki Corporation has been a very supportive partner and has brought
cutting edge technology into the JV which has helped TYA grow to this position.
As a Tata Group company, we respect their desire to now take control over the
JV,” said Amitabha Mukhopadhya, president and Group CFO, Tata Autocomp Systems
Limited.
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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
45 |
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.