MIRA INFORM REPORT

 

 

Report Date :

18.11.2014

 

IDENTIFICATION DETAILS

 

Name :

TATA TECHNOLOGIES LIMITED (w.e.f.08.02.2001)

 

 

Formerly Known As :

TATA TECHNOLOGIES (INDIA) LIMITED

 

 

Registered Office :

Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjawadi, Pune – 411127, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.08.1994

 

 

Com. Reg. No.:

11-013313

 

 

Capital Investment / Paid-up Capital :

Rs.430.200 Millions

 

 

CIN No.:

[Company Identification No.]

U72200PN1994PLC013313

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNET01082E

PNET03780A

 

 

PAN No.:

[Permanent Account No.]

AAACT3092N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturing and Designing of Automotive Focused Engineering Goods.

 

 

No. of Employees :

7020 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

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 :

Clear

 

 

Comments :

Subject is a part of Tata Group.

 

It is an established company having fine track.

 

Financial position of the company seems to be sound and healthy.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

The company can be considered good for normal 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

 

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

CARE

Rating

Long Term Bank Facilities = AA+

Rating Explanation

Have high degree of safety and carry very low credit risk

Date

11.11.2014

 

Rating Agency Name

CARE

Rating

Bank Facilities = A1+

Rating Explanation

Have very strong degree of safety carry lowest credit risk.

Date

11.11.2014

 

 

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 Co-operative (91-20-66529090)

 

LOCATIONS

 

Registered Office :

Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjawadi, Pune – 411127, Maharashtra, India

Tel. No.:

91-20-66529090

Fax No.:

91-20-66529035

E-Mail :

corporate@tatatechnologies.com

mshete@tatatechnologies.com

vcs00869@tatatechnologies.com

Website :

www.tatatechnologies.com

Area :

10000 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Ramadorai Subramanian

Designation :

Chairman

Address :

Flat No. 1, 1st Floor, Wyoming Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.10.1944

Qualification :

Bachelors degree in Physics, B.E. E and TC, M.S. Computer, Attended the Sloan School of Management's highly acclaimed Senior Executive Development Progr

Date of Appointment :

08.03.2001

DIN No.:

00000002

 

 

Name :

Mr. Patrick Raymon Mcgoldrick

Designation :

Managing director

Address :

27, Balmoral Road, #04-27, Balmoral Tower, Singapore – 259808

Date of Birth/Age :

08.09.1949

Qualification :

M.S. Computer, completed the Harvard Business School Advanced Management Program (AMP 109)

Date of Appointment :

29.03.1996

PAN No.:

AFWPM3572Q

DIN No.:

00407203

 

 

Name :

Mr. Praveen Purushottam Kadle

Designation :

Director

Address :

224, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

21.01.1957

Qualification :

Honors Graduate in Commerce & Accountancy, C.A., C.W.A., C.S.

Date of Appointment :

04.02.1997

DIN No.:

00016814

 

 

Name :

Mr. Gopalakrishnan Ramabadran

Designation :

Director

Address :

Baug E Abbas, Flat No. 101, Captain Prakash Pethe Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

25.12.1945

Qualification :

B.Sc., B. Tech (Electronics)

Date of Appointment :

08.03.2001

DIN No.:

00027858

 

 

Name :

Mr. Chandrasekaran Ramakrishnan

Designation :

Director

Address :

322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

27.06.1955

Qualification :

B.Com., C.A., C.W.A.

Date of Appointment :

08.03.2001

DIN No.:

00020076

 

 

KEY EXECUTIVES

 

SENIOR MANAGEMENT

Name :

TN Umamaheshwaran

Designation :

Chief Technology Officer

 

 

Name :

Timothy P. Hayes

Designation :

Chief of Staff

 

 

Name :

Nick Sale

Designation :

Chief Operating Officer – Europe

 

 

Name :

Kevin Noe

Designation :

Chief Marketing Officer

 

 

Name :

Gerry Gaffney

Designation :

President Sales – Americas

 

 

Name :

Govindarajan Jagannathan

Designation :

EVP & Global Head of Business Excellence

 

 

Name :

Richard Welford

Designation :

President Sales – Europe

 

 

Name :

Archit Gupta

Designation :

Head Office of Strategic Management

 

 

Name :

V. Balaji

Designation :

Chief Information Officer

 

 

Name :

Sujit Dixit

Designation :

Head of Global Delivery Operations & Processes

 

 

Name :

Shreekanth Moorthy

Designation :

PLM Global Delivery Head

 

 

Name :

Patrick McGoldrick

Designation :

CEO & Managing Director

 

 

Name :

Alisa Harewood

Designation :

Head of Office for President and Global COO

 

 

Name :

Florin Muntean

Designation :

Industrial Machinery Global Delivery Head

 

 

Name :

Stephen Bruford

Designation :

Vehicle Programs & Development NA- VP

 

 

Name :

Ramesh Chandra

Designation :

ESG Global Delivery Head

 

 

Name :

Anubhav Kapoor

Designation :

General Counsel and Company Secretary

 

 

Name :

Warren Harris

Designation :

President & Global COO

 

 

Name :

Samir Yajnik

Designation :

President, Sales and COO Asia Pacific

 

 

Name :

Samrat Gupta

Designation :

Chief Financial Officer and Chief People Officer

 

 

Name :

Martin Durrant

Designation :

Vehicle Programs & Development EU- VP

 

 

Name :

S. Ghosh

Designation :

E&D Global Delivery Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 21.06.2013

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

As on 21.06.2013

Equity Share Break up (Percentage of Total Equity)

 

Category

 

Percentage

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

15.81

Bodies corporate

 

76.74

Directors or relatives of directors

 

2.18

Other top fifty shareholders

 

2.37

Other

 

2.90

Total

 

100.00

 

 

{{{{{ copy & paste graph & table here from excel sheet – shareholding pattern chart }}}}}

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Designing of Automotive Focused Engineering Goods.

 

 

Products :

Not Divulged

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

 

 

Customers :

Not Divulged

 

 

No. of Employees :

7020 (Approximately)

 

 

Bankers :

The Hong Kong and Shanghai Banking Corporation Limited, 520/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

 

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Term loans from banks

0.000

0.400

Long-term maturities of finance lease obligations

0.500

1.300

Total

0.500

1.700

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Deloitte Haskins & Sells LLP

Chartered Accountants

Address :

12, Dr. Annie, Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

PAN No.:

AACFD4815A

 

 

Parent Company :

Tata Motors Limited

 

 

Subsidiary :

Tata Technologies Pte.Limited, Singapore

 

 

Indirect Subsidiaries :
  • Tata Technologies (Thailand) Limited
  • INCAT International Plc.
  • Tata Technologies Europe Limited
  • INCAT GmbH
  • Tata Technologies Inc
  • Tata Technologies de Mexico, S.A. de C.V.
  • Tata Technologies (Canada) Inc.
  • Cambric Holdings Inc.
  • Cambric Corporation, Delaware
  • Cambric Limited, Bahama
  • Cambric UK Ltd.
  • Cambric Managed Services Inc, Utah
  • Cambric GmbH
  • Midwest Managed Services, Utah
  • Cambric Consulting SRL, Romania
  • Cambric Manufacturing Technologies (Shanghai) Co. Ltd. (incorporated w.e.f. March 10, 2014)

 

 

Fellow subsidiaries :
  • TAL Manufacturing Solutions Ltd.
  • TML Driveline Ltd.
  • Sheba Properties Ltd.
  • Concorde Motors (India) Ltd.
  • Tata Daewoo Commercial Vehicle Co.Ltd.
  • Tata Motors Insurance Broking & Advisory Services Ltd.
  • Tata Motors European Technical Centre Plc.
  • Tata Motors Finance Limited
  • Tata Marcopolo Motors Ltd.
  • Tata Motors (Thailand) Ltd.
  • TML Holdings Pte Ltd.
  • TML Distribution Company Limited
  • Tata Hispano Motors Carrocera S.A.
  • PT Tata Motors Indonesia
  • Tata Motors (SA) (Proprietary) Limited
  • Jaguar Land Rover Automotive PLC (Erstwhile Jaguar Land Rover PLC name changed w.e.f. 28.12.2012 and the name changed from Jaguar Land Rover Limited on 06.04.11)
  • Jaguar Land Rover Limited (JLR Ltd. acquired business and assets of Jaguar Land Rover Exports Ltd. on 1.4.2013 (other than its nominee shareholdings in Jaguar Land Rover Portugal, Jaguar Land Rover Brasil, Land Rover Belux S.A./N.V., Jaguar Belux N.V and membership in British Motor Industry Heritage Trust))
  • Jaguar Land Rover Austria GmbH
  • Jaguar Land Rover Japan Ltd.
  • JLR Nominee Company Limited (Business of Land Rover Exports Limited transferred w.e.f. 1.4.2012 to Jaguar Land Rover Exports Ltd. And name changed from Jaguar Land Rover Exports Ltd w.e.f. 1.7.2013)
  • Jaguar Cars South Africa (pty) Ltd
  • The Daimler Motor Company Ltd
  • The Jaguar Collection Ltd
  • Daimler Transport Vehicles Ltd
  • S.S. Cars Ltd
  • The Lanchester Motor Company Ltd
  • Jaguar Land Rover Deutschland GmbH
  • Land Rover Group Ltd
  • Jaguar Land Rover North America LLC
  • Jaguar Land Rover Belux (Land Rover Belux S.A./N.V merged with Jaguar Belux N.V. w.e.f. October 1, 2013 and name changed from Jaguar Belux to Jaguar Land Rover Belux w.e.f. November 12, 2013)
  • Land Rover Ireland Ltd
  • Jaguar Land Rover Nederland BV
  • Jaguar Land Rover Portugal - Veiculos e Pecas LDA
  • Jaguar Land Rover Australia Pty Ltd.
  • Jaguar Land Rover Italia SpA
  • Jaguar Land Rover Espana SL (Jaguar Hispania SL was absorbed into Land Rover Eispana SL w.e.f. January 1, 2013 and the name was changed to Jaguar Land Rover Espana SL)
  • Jaguar Land Rover Korea Company Ltd
  • Jaguar Land Rover Automotive Trading (Shanghai) Company Ltd.
  • Jaguar Land Rover Canada ULC
  • Jaguar Land Rover France, SAS
  • Jaguar Land Rover (South Africa) (Pty) Ltd.
  • Jaguar e Land Rover Brasil Importacao e Comercia de Veiculos Ltda
  • Limited Liability Company "Jaguar Land Rover" (Russia)
  • Land Rover Parts Limited
  • Jaguar Land Rover (South Africa) Holdings Ltd.
  • Land Rover Exports Limited (Business transferred to Jaguar Land Rover Exports Limited on 1.4.2012)
  • Jaguar Land Rover India Limited (incorporated w.e.f October 25, 2012)
  • Jaguar Cars Limited
  • Tata Hispano Motors Carrocera S.A.
  • Tata Hispano Motors Carrocerries Maghreb S.A.
  • Tata Daewoo Commercial Vehicle Sales and Distribution Co. Ltd.
  • Tata Precision Industries Pte. Ltd.
  • Trilix S.r.l.
  • PT Tata Motors Distribusi Indonesia (Incorporated w.e.f February 11, 2013)
  • Jaguar Land Rover Holdings Limited ( all business and assets of Land Rover were acquired by Jaguar Land Rover Ltd. Except Jaguar Land Rover Automotive Trading (Shangai) Company Ltd. On January 1, 2013 and name changed from Land Rover w.e.f. October 4, 2013)

 

 

Joint Venture

TATA HAL Technologies Limited

 

 

Associates and Joint Venture of Parent Company

  • Tata Cummins Ltd
  • Tata Precision Industries (India) Ltd.
  • Fiat India Automobiles Ltd.
  • Spark44 (JV) Ltd.
  • Jaguar Cars Finance Ltd.
  • Automobile Corporation of Goa Ltd
  • Nita Co Ltd
  • Cherry Jaguar Land Rover Automotive Co. Limited
  • Tata Hitachi Construction Machinery Company Limited (Erstwhile
  • Telco Construction Equipment Co.Ltd. name changed w.e.f November
  • 23, 2012)
  • Tata AutoComp Systems Ltd
  • Suzhou Chery Jaguar Land Rover Trading Co. Ltd (Interim JV)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60000000

Equity Shares

Rs.10/- each

Rs.600.000 Millions

700000

Preference Shares

Rs.10/- each

Rs.7.000 Millions

 

 

 

 

 

Total

 

Rs.607.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

43024138

Equity Shares

Rs.10/- each

Rs.430.200 Millions

 

 

 

 

 

 

Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting periods :

 

Particulars

As at March 31, 2014

 

No. of Shares

Rs. In Millions

Equity shares

 

 

Number of shares as at April 1, 2013

43,023,538

430.200

Add: Shares issued under ESOP scheme

600

0.000

Number of shares as at March 31, 2014

43,024,138

430.200

 

Shares in the Company held by each shareholder holding more than 5 percent shares

Particulars

As at March 31, 2014

 

No. of Shares

%

Holding

Equity shares

 

 

Tata Motors Limited (Parent Company

30,300,600

70.43

Alpha TC Holdings Pte Limited

3,746,505

8.71

 

34,047,105

79.14

 

Equity shares of 10/- each allocated towards employee stock options granted/available for grant as at March 31, 2014 - 60,671 shares (61,271 shares as at March 31, 2013).

 

Number of options granted, exercised and forfeited

As at March 31, 2014

Options granted, beginning of the year

14,651

Exercised during the year

(600)

Forfeited during the year

--

Option granted, end of the year

14,051

 

 

 

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

430.200

430.200

429.700

(b) Reserves & Surplus

7164.700

6652.900

5885.600

(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)

7594.900

7083.100

6315.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.500

1.700

6.200

(b) Deferred tax liabilities (Net)

34.400

45.600

37.500

(c) Other long term liabilities

4.500

3.600

3.500

(d) long-term provisions

164.300

85.500

70.800

Total Non-current Liabilities (3)

203.700

136.400

118.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

898.400

542.800

559.600

(b) Trade payables

1294.700

1264.600

919.100

(c) Other current liabilities

88.900

100.000

87.000

(d) Short-term provisions

921.000

811.400

357.200

(e) Income tax liabilities (Net)

2.800

2.800

0.000

Total Current Liabilities (4)

3205.800

2721.600

1922.900

 

 

 

 

TOTAL

11004.400

9941.100

8356.200

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

740.800

598.500

610.100

(ii) Intangible Assets

393.900

361.200

332.600

(iii) Capital work-in-progress

4.900

136.700

15.400

(iv) Intangible assets under development

18.800

32.900

34.900

(b) Non-current Investments

2339.800

2464.800

2662.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

81.900

63.600

44.700

(e) Other Non-current assets

260.900

133.400

160.500

Total Non-Current Assets

3841.000

3791.100

3860.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

4929.000

2624.600

1470.700

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

1149.200

1245.900

913.100

(d) Cash and cash equivalents

889.000

190.700

1149.600

(e) Short-term loans and advances

84.600

120.400

500.800

(f) Other current assets

111.600

1968.400

461.500

Total Current Assets

7163.400

6150.000

4495.700

 

 

 

 

TOTAL

11004.400

9941.100

8356.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

8861.800

7747.000

6440.000

 

 

Other Income

431.600

433.300

242.600

 

 

TOTAL                                     (A)

9293.400

8180.300

6682.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

982.300

830.200

647.000

 

 

Purchases of Stock-in-Trade

608.000

406.800

544.700

 

 

Employees benefits expense

3996.100

3451.800

2987.500

 

 

Other expenses

738.200

584.700

511.600

 

 

TOTAL                                     (B)

6324.600

5273.500

4690.800

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2968.800

2906.800

1991.800

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

14.300

16.200

15.400

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2954.500

2890.600

1976.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

361.500

270.200

211.600

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2593.000

2620.400

1764.800

 

 

 

 

 

Less

TAX                                                                  (H)

565.800

608.200

457.700

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2027.200

2012.200

1307.100

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2219.700

1667.300

1286.200

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Divided

516.400

386.900

380.300

 

 

Proposed Final Dividend

774.400

688.400

296.000

 

 

Tax on Interim/Proposed Dividend

224.600

174.500

109.700

 

 

General Reserve

210.000

210.000

140.000

 

BALANCE CARRIED TO THE B/S

2521.500

2219.700

1667.300

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

2564.400

2259.800

1798.600

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

76.400

84.800

130.600

 

 

Revenue Items

22.400

24.200

11.400

 

TOTAL IMPORTS

98.800

109.000

142.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

47.12

46.77

30.91

 

Diluted

47.10

46.76

30.86

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

22.88

25.97

20.30

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

33.50

37.52

30.93

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

30.01

35.86

31.27

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.34

0.37

0.28

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.12

0.08

0.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.23

2.26

2.34

 

 

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

429.700

430.200

430.200

Reserves & Surplus

5885.600

6652.900

7164.700

Net worth

6315.300

7083.100

7594.900

 

 

 

 

long-term borrowings

6.200

1.700

0.500

Short term borrowings

559.600

542.800

898.400

Total borrowings

565.800

544.500

898.900

Debt/Equity ratio

0.090

0.077

0.118

 

 

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

6440.000

7747.000

8861.800

 

 

20.295

14.390

 

 

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

6440.000

7747.000

8861.800

Profit

1307.100

2012.200

2027.200

 

20.30%

25.97%

22.88%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBTS

 

Particulars

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

 

 

 

 

Current maturities of long-term debt

0.200

3.700

4.300

 

 

 

 

 

 

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

Yes

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

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN

 

PARTICULAR

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

Term loans from banks

898.400

542.800

Total

898.400

542.800

 

 

Company Overview

 

Subject was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company's range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

 

REVIEW OF BUSINESS OPERATIONS

 

The Company recorded an overall revenue growth of approximately 13.61% with an increase of approximately 14.39% in revenue from sale of products and services, from Rs.7747.000 Millions in 2012-13 to Rs.8861.800 Millions in 2013-14. Due to efficient cost management, increased focus on operating efficiencies and offshoring, the operating profit registered an increase of approximately 2.13% over the last year, while profit before taxes (PBT), reduced at a rate of approximately 1.05% on a year-on year basis. Profit after taxes (PAT) grew by approximately 0.75% during the same period. During the period, services revenue increased by 13.60% and product sale increased by 19.42% over last year to reach figures of Rs.7628.900 Millions and Rs.1221.200 Millions respectively. Services revenue comprises:

 

1. Engineering Automation Group [EAG]:

EAG addresses the engineering and design needs of manufacturers through services for all stages of the product development and manufacturing process.

 

2. Enterprise Solutions Group [ESG]:

ESG addresses the Information Technology needs of manufacturers including business solutions, strategic consulting, ERP implementation, systems integration, IT networking and infrastructure solutions and program management.

 

3. Product Lifecycle Management [PLM]:

PLM addresses the product development technology solution requirements of manufacturers including end-to-end implementation of PLM technology, best practices and PLM consulting. PLM also includes the Company's proprietary applications iGETIT® and iCHECKIT®.

 

 

BUSINESS OUTLOOK

 

The Company is highly focused on delivery of value to its customers, marketing and sales and as such, it is seeing improved order bookings. The Company expects improved growth in revenue, EBITDA and profit after tax in the coming years. Please refer the section on Management Discussion and Analysis for more information.

 

 

Management Discussion & Analysis

 

Tata Technologies, a company of engineers, led by engineers, helps manufacturers design and build better products. Through the company's comprehensive portfolio of engineering/IT services and solutions, manufacturers can better manage product development throughout the full manufacturing cycle. With over 7,000 employees representing 17 nationalities, the company's delivery model is formulated specifically to offer a unique blend of deep, local expertise for global engineering and product development IT engagements. Tata Technologies currently serves clients in 25 countries. The company's eight global delivery centers are based in Detroit (U.S.), Coventry (U.K.), Pune and Bangalore (India), Brasov, Craiova, and Iasi (Romania), and Bangkok (Thailand). Operating in the aerospace, automotive and industrial machinery verticals, Tata Technologies covers every aspect of the value chain starting from product conceptualization to aftermarket Maintenance Repair and Operations.

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

FIXED ASSETS

 

 

Tangible Assets

 

  • Land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Computer Equipments
  • Leasehold Improvements

 

Intangible Assets

 

  • Goodwill
  • Copyrights
  • Licenses and Franchise

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         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.61.68

UK Pound

1

Rs.96.94

Euro

1

Rs.77.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--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

 

66

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.