MIRA INFORM REPORT
|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA TOYO RADIATOR LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune -
411027, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.08.1997 |
|
|
|
|
Com. Reg. No.: |
11-110139 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 320.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999PN1997PLC110139 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET01176A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5566F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading, Design and Engineering Services of Automobile Components. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 3070000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Overall financial position of the company is strong and healthy.
Rating also takes into consideration strong business and financial support
received from “Tata Motors Limited” and “Tata Autocomp Systems Limited”. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered good for business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating: “AA-/Stable” |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
03.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
03.07.2014 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-66524100)
LOCATIONS
|
Registered Office : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District
Pune-411027, Maharashtra, India |
|
Tel. No.: |
91-20-66524100 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
10,000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 06.06.2014
|
Name : |
Mr. Praveen Purushottam Kadle |
|
Designation : |
Chairman |
|
Address : |
224, NCPA Apartment, Nariman Point, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
21.01.1957 |
|
Qualification : |
CS, CA, CWA, B Com |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
00016814 |
|
|
|
|
Name : |
Mr. Ajay Hari Tandon |
|
Designation : |
Director |
|
Address : |
S. No. 130/132, Roseland – II, Pim. Saudagar Raw House – 93, Pune – 411027, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1959 |
|
Qualification : |
BE (Mechanical), PGD in Business Management |
|
Date of Appointment : |
20.09.2013 |
|
DIN No. : |
00128667 |
|
|
|
|
Name : |
Mr. Arvind Hari Goel |
|
Designation : |
Director |
|
Address : |
Flat No. 6, Praniti Apartment, Baner Road, Ganesh Khind, Pune, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1957 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
30.12.2008 |
|
DIN No.: |
02300813 |
|
|
|
|
Name : |
Mr. Deepak Rastogi |
|
Designation : |
Director |
|
Address : |
No. A 404, Mantri Classic Apartments, 1st Main, 8th Cross, S T Bed Layout, Koramangala, Bangalore - 560034, Karnataka, India |
|
Date of Birth/Age : |
14.11.1967 |
|
Qualification : |
CA, Masters in Business Administration |
|
Date of Appointment : |
15.10.2013 |
|
DIN No. : |
02317869 |
|
|
|
|
Name : |
Kota Shimada |
|
Designation : |
Director |
|
Address : |
9-8-503, 4- chome, Haramachida, Tokyo, 000000, Japan |
|
Date of Birth/Age : |
19.01.1968 |
|
Qualification : |
B Sc (Mechanical Engineering) PhD (Engineering) |
|
Date of Appointment : |
16.07.2013 |
|
DIN No. : |
02771993 |
|
|
|
|
Name : |
Toshiaki Sasaki |
|
Designation : |
Director |
|
Address : |
4-17-15, Ikegami, Otaku, Tokyo, Japan |
|
Date of Birth/Age : |
06.09.1969 |
|
Qualification : |
Bachelor of Commerce |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
03190134 |
|
|
|
|
Name : |
Kimiaki Nakano |
|
Designation : |
Director |
|
Address : |
802-4, Kanagawa, Hatano-shi, Shibusawa, Japan |
|
Date of Birth/Age : |
02.05.1958 |
|
Qualification : |
Bachelor of Textile Science and Technology |
|
Date of Appointment : |
24.04.2012 |
|
DIN No.: |
05260960 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Chidambar |
|
Designation : |
Manager |
|
Address : |
12C Goodwill Co-operative Society, ITI Road, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Birth/Age : |
01.08.1968 |
|
Date of Appointment : |
15.07.2008 |
|
PAN No.: |
AAQPC0439D |
|
|
|
|
Name : |
Mrs. Vinaya Joshi |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 7, Yashoda Kunj, Tejasnagar, Off. Karve Road, Pune – 411029,
Maharashtra, India |
|
Date of Birth/Age : |
20.12.1984 |
|
Date of Appointment : |
07.05.2013 |
|
PAN No.: |
AMQPJ5216P |
|
|
|
|
Name : |
Saket Shriniwas Jade |
|
Designation : |
Chief Financial Officer |
|
Address : |
D11101 Ovalnest, Near Aditya Garden City, Warje, Pune - 411052, Maharashtra, India |
|
Date of Appointment : |
30.04.2014 |
|
PAN No.: |
AGMPJ6436D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.06.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Auto Comp Systems Limited, |
16319400 |
|
T Rad Company Limited, |
12880000 |
|
Mitsubishi Corporation RTM Japan Limited, Japan |
2800000 |
|
Tata Auto Comp Systems Limited, India jointly with Harish Pathak |
300 |
|
Tata Auto Comp Systems Limited, India Jointly with Ajay Tandon |
100 |
|
Tata Auto Comp Systems Limited, India jointly with Deepak Rastogi |
100 |
|
Tata Auto Comp Systems Limited, India Jointly with Gajendra Chandel |
100 |
|
Total |
32000000 |
As on 06.06.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Heat Exchange Systems and Components. |
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|
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· HDFC Bank Limited, Hdfc Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Indian Bank, Deccan Gymkhana Branch, Pune - 411004, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot No.Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar Kolkata – 700091, West Bengal, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding Company : |
Tata Autocomp Systems Limited, India CIN No.: U34100MH1995PLC093733 |
|
|
|
|
Ultimate Holding
Company: |
Tata Sons Limited |
|
|
|
|
Fellow Subsidiary
Company : |
Automotive Stampings and Assemblies Limited CIN No.: L28932PN1990PLC016314 |
|
|
|
|
Joint
venture : |
· T.Rad. Co. Limited · Mitsubishi Corporation Unimetals Limited |
CAPITAL STRUCTURE
As on 06.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs. 320.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs. 320.000 Millions |
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
320.000 |
320.000 |
320.000 |
|
(b) Reserves & Surplus |
756.200 |
745.400 |
699.800 |
|
(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) |
1076.200 |
1065.400 |
1019.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.400 |
254.500 |
185.100 |
|
(b) Deferred tax liabilities (Net) |
58.300 |
64.600 |
68.100 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
28.700 |
26.400 |
18.700 |
|
Total Non-current
Liabilities (3) |
96.400 |
345.500 |
271.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
150.900 |
186.100 |
339.500 |
|
(b) Trade
payables |
666.700 |
663.700 |
758.400 |
|
(c) Other current
liabilities |
406.900 |
271.300 |
338.300 |
|
(d) Short-term
provisions |
60.500 |
53.500 |
98.500 |
|
Total Current
Liabilities (4) |
1285.000 |
1174.600 |
1534.700 |
|
|
|
|
|
|
TOTAL |
2457.600 |
2585.500 |
2826.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1249.100 |
1284.100 |
1191.300 |
|
(ii)
Intangible Assets |
9.900 |
7.800 |
5.500 |
|
(iii)
Capital work-in-progress |
5.300 |
93.800 |
205.100 |
|
(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 |
182.200 |
169.100 |
140.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1446.500 |
1554.800 |
1541.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
470.600 |
458.200 |
501.700 |
|
(c) Trade
receivables |
366.000 |
463.600 |
575.900 |
|
(d) Cash
and cash equivalents |
82.500 |
6.100 |
46.900 |
|
(e)
Short-term loans and advances |
92.000 |
102.800 |
160.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1011.100 |
1030.700 |
1284.500 |
|
|
|
|
|
|
TOTAL |
2457.600 |
2585.500 |
2826.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4505.500 |
5415.400 |
5857.600 |
|
|
|
Other Income |
24.200 |
26.800 |
62.800 |
|
|
|
TOTAL (A) |
4529.700 |
5442.200 |
5920.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2916.000 |
3660.200 |
3819.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
45.300 |
6.800 |
-11.900 |
|
|
|
Employee benefit expense |
363.300 |
378.900 |
322.600 |
|
|
|
Other expenses |
848.400 |
1032.700 |
1032.000 |
|
|
|
TOTAL (B) |
4173.000 |
5078.600 |
5161.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
356.700 |
363.600 |
758.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.800 |
76.100 |
70.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
301.900 |
287.500 |
688.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
231.500 |
235.000 |
180.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
70.400 |
52.500 |
507.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.400 |
6.900 |
149.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
67.000 |
45.600 |
358.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
54.200 |
58.200 |
75.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
492.400 |
326.800 |
592.200 |
|
|
|
Components and Spare Parts |
9.100 |
10.500 |
5.600 |
|
|
|
Capital Goods |
38.200 |
88.000 |
317.500 |
|
|
TOTAL IMPORTS |
539.700 |
425.300 |
915.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.09 |
1.43 |
11.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.49 |
0.84 |
6.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.92 |
6.71 |
12.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87 |
2.11 |
19.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.05 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15 |
0.41 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.88 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
320.000 |
320.000 |
320.000 |
|
Reserves & Surplus |
699.800 |
745.400 |
756.200 |
|
Net
worth |
1019.800 |
1065.400 |
1076.200 |
|
|
|
|
|
|
long-term borrowings |
185.100 |
254.500 |
9.400 |
|
Short term borrowings |
339.500 |
186.100 |
150.900 |
|
Total
borrowings |
524.600 |
440.600 |
160.300 |
|
Debt/Equity
ratio |
0.514 |
0.414 |
0.149 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5857.600 |
5415.400 |
4505.500 |
|
|
|
(7.549) |
(16.802) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5857.600 |
5415.400 |
4505.500 |
|
Profit |
358.700 |
45.600 |
67.000 |
|
|
6.12% |
0.84% |
1.49% |
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 |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10392085 |
23/05/2013 * |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B77558542 |
|
2 |
10099293 |
21/09/2012 * |
620,700,000.00 |
THE BANK OF TOKYO MITSUBISHI UFJ LTD |
HOECHST HOUSE 15TH
FLOOR, NARIMAN POINT, MUMBAI, |
B62092002 |
|
3 |
10030759 |
09/01/2008 * |
420,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH TARA CHAMBERS 1ST FLOOR, |
A40081226 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
9.400 |
254.500 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
150.900 |
89.100 |
|
Total |
160.300 |
343.600 |
GENERAL INFORMATION:
Tata Toyo Radiator Limited is a Company incorporated under the Companies Act, 1956 on August 18, 1997. It is a subsidiary of Tata Autocomp Systems Limited (TACO-51%). T.Rad Co. Limited, Japan (40.25%) and Mitsubishi Corporation Unimetals Limited, Japan (8.75%) are the other shareholders. The Company is based at Pune which has emerged as an Auto Hub with the presence of various world leaders in Auto Industry.
The Company is engaged in manufacturing of Heat Exchange Systems and components used therein. The Company has an integrated manufacturing facility at Hinjewadi, (Pune) with in-house testing and engineering capabilities. The satellite plants of the Company are set-up across the Country at Hosur (Tamil Nadu), Jamshedpur (Jharkhand), Lucknow (Uttar Pradesh), Sanand (Gujarat) and Pantnagar (Uttarakhand). The Company has an integration plant and R & D facility at Bhosari (Pune, Maharashtra) to maintain Just-in-Sequence (JIS) supplies to its
Customers.
The Company has diverse product base viz. Aluminium Radiators, Heater Core, Intercoolers, Condensers, Exhaust Gas Recirculation (EGR) Coolers and Engine Cooling Systems having wide range of application from Cars, Utility Vehicles, Commercial Vehicles, Agriculture Machinery and Gensets.
BUSINESS PERFORMANCE
The global economic uncertainties and domestic monetary tightening measures have built up a negative sentiment for the Indian auto industry. The cyclical nature of the automotive industry over several decades has helped improving the survival skills of the industry. But this survival instinct is being put to test because the demand in all segments except UV and Tractors in auto industry in India have witnessed either de growth or stagnancy during the year 2013-14. This was a result of a host of domestic factors such as increasing fuel prices, the weakening rupee and rising vehicle financing cost due to prolonged high interest rates.
As a consequence, leading automobile manufacturers scaled back their production and block closures have become a regular phenomenon in India. All the prominent segments including Commercial Vehicles, Passenger Cars, and DG Sets have witnessed an average negative growth of 7% as compared to previous year. The Sub 1 Ton Vehicles segment has seen the highest percentage of negative growth being 26%.
This has in turn affected the Indian Auto Components industry. Demand is reducing on a continuous basis coupled with increased cost of inputs. Working capital management and long term plans of the Companies in industry are getting negatively affected in the process. This is putting heavy pressures on the margins that are already low.
However the long term prospects of the industry are definitely perceived as a huge opportunity area. The Indian automobile ancillary sector is transforming itself from a low-volume, highly fragmented one into a competitive industry, and backed by competitive strengths, technology and transition up the value chain. The major driving factors behind can be summarised as Growth in Economic Activity in rural as well as urban areas , Increase in the Personal disposable incomes and increasing number Economic vehicles hitting the market.
Positive actions taken by Reserve Bank of India in managing Foreign exchange and controlling inflationary pressures will have its own favourable impact on the industry in coming years. Diversification can be the most important factor contributing to growth. Apart from geographical and customer diversification, diversification into new product categories will turn out to be effective. It will allow the companies to increase product content in each vehicle being rolled out. Tapping multiple automotive segments and venturing into non-automotive businesses can reduce the risk of concentration of revenues. Future performance of auto component manufacturers will also depend on their ability to acquire, design and develop capabilities to meet the progressive safety, emission and other regulatory norms. With major auto players coming to India, auto component industry can reap the benefits of their localization policy in near future. Further, exports and after markets as segments of business can build its strong foothold in auto component industry in coming years.
The Directors are continuously looking for avenues for future growth in the light of above mentioned facts and planning strategies accordingly.
During the year, the Company has observed a significant drop in sales of Commercial & Passenger Vehicles. As a consequence, company’s Sales have reduced to Rs. 4505.500 Millions during the current year from Rs. 5415.400 Millions in previous year.
The drop in overall market demand in automobile sector has led to underutilization of capacity at different locations of the Company and resulted in stress on profitability. The competition is also increased during last few years due to introduction of new players and introduction of Chinese products in aftermarket. High dependence on selected Original Equipment Manufacturers whose own business is highly market driven has proved out to be a weakness. As a result, the majority of heat exchange manufactures are under stress with excess overall capacity due to downward trend in economy.
The company had also faced challenges to keep the input costs and fixed costs under control due to inflationary trends and depreciation of Indian currency against US dollars and Yen in the first half of the year. This is aggravated due to lower demand from Original Equipment Manufacturers. Still due to robust actions in the field of cost reduction and foreign exchange management, company has achieved profit after tax to the tune of Rs. 67.000 Millions as compared to Rs. 4.5.600 Millions in the previous year.
The Company has reassessed the strength and weaknesses to overcome the problems faced under this adverse scenario. The company has already started expanding the portfolio in tractors, construction equipment and heavy generator sets. Further, after markets and exports are also the segments targeted by the company. The regular VA/VE exercises along with other cost reduction and management programmes will be continued in the coming year as well.
Further, Company strives to identify opportunities of future growth by analysing the market situation. Government regulation in the form of emission norms is a key factor that drives market for company?s products. Accordingly, company has started investing in to development and manufacturing of new products namely Exhaust gas recirculation (EGR) Coolers and oil coolers. The EGR Project is on track for start of production in December 2014 and oil coolers project is at design stage.
Company has entered in to Joint Venture Agreement with Air International Thermal (China) Pty Ltd in December 2013 and an Indian Joint Venture Company (JVC) is under formation pursuant to this JV Agreement. The JVC on its formation shall manufacture Heating Ventilation and Air Conditioning Modules (HVAC) and Hybrid and Electric Vehicle Air Thermal (HEVAT) including HVAC/HEVAT module engineering.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
· Tooling
· Vehicles
Intangible Assets
· Computer Software
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.