MIRA
INFORM REPORT
|
Report No. : |
307321 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
YAZAKI INDIA PRIVATE LIMITED (w.e.f. 29.01.2015) |
|
|
|
|
Formerly Known
As : |
YAZAKI INDIA LIMITED (w.e.f. 13.02.2013) TATA YAZAKI AUTOCOMP LIMITED |
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Registered
Office : |
Gat No. 93, Survey No. 166, High-Cliff Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.10.1997 |
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|
|
|
Com. Reg. No.: |
11-015436 |
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Capital
Investment / Paid-up Capital : |
Rs. 1520.000 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U34300PN1997PLC015436 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT5570F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Integrated Wiring Harness for Automobiles
and Parts/ Components. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Yazaki Corporation. It is an established
company having a satisfactory track record. There seems accumulated losses recorded by the company during the financial
year 2014. However, the company receives strong operational and financial support
from its parent company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. In view of strong holding, the company can be considered normal for
business dealings at usual 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB+” |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
23.09.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A2+” |
|
Rating Explanation |
Have strong degree of safety and carry higher credit risk. |
|
Date |
23.09.2014 |
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 DENIED
Production Department (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: 15.05.2014
|
Name : |
Mr. Kazunori Nishimoto |
|
Designation : |
Director |
|
Address : |
1-13-1-611 Park Heim Mizonokuchi Takatsu, Ku Samoto, Kawasaki City,
Kanagawa Prefecture, Japan |
|
Date of Birth/Age : |
12.01.1955 |
|
Date of Appointment : |
19.08.2011 |
|
DIN No.: |
03581484 |
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|
|
Name : |
Mr. Prashanth Raghunath Nayak |
|
Designation : |
Whole-time director |
|
Address : |
803, Kumar Presidency, 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 |
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|
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|
Name : |
Mr. Sanjay Sharadchandra Vamburkar |
|
Designation : |
Director |
|
Address : |
C-402, Kapil Abhijat, Dahanukar Colony, Kothrud, Pune – 411038,
Maharashtra, India |
|
Date of Birth/Age : |
16.07.1960 |
|
Date of Appointment : |
31.05.2013 |
|
DIN No. : |
06547864 |
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|
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|
Name : |
Mr. Koichiro Matsunaga |
|
Designation : |
Director |
|
Address : |
20146-1, Oike Kakegaw, A-City Shizuoka Prefecture Japan 436004 |
|
Date of Birth/Age : |
16.10.1956 |
|
Date of Appointment : |
26.08.2013 |
|
DIN No. : |
06668807 |
|
|
|
|
Name : |
Mr. Munenori Yamada |
|
Designation : |
Director |
|
Address : |
3-3-1-114, okubo Shijuku – Ward, Tokyo Japan 1690072 |
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Date of Birth/Age : |
07.04.1958 |
|
Date of Appointment : |
31.05.2013 |
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DIN No. : |
06668940 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Chandermohan Sehgal |
|
Designation : |
Secretary |
|
Address : |
HB 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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.05.2014
|
Names of Equity
Shareholders |
No.
of Shares |
|
Yazaki Corporation (YC), Japan |
146999994 |
|
YC J/W Kazunori Nishimoto |
1 |
|
YC J/W Nigel John Thompson |
1 |
|
YC J/W Naoki II |
1 |
|
YC J/W Satyabrata Raychaudhuri |
1 |
|
YC J/W Mitsugu Watanabe |
1 |
|
YC J/W Naoki Sugie |
1 |
|
Total |
147000000 |
|
|
|
|
Names of
Preference Shareholders |
No.
of Shares |
|
Yazaki Corporation (YC), Japan |
5000000 |
|
Total |
5000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.05.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companies(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 : |
Manufacturer of Integrated Wiring Harness for Automobiles
and Parts/ Components. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
State Bank of India, Industrial Finance Branch, Tara
Chambers, Mumbai Pune Road,Wakdewadi, Pune - 411003, Maharashtra, India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS 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. 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. |
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Auditors : |
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|
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 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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Cost
Accountant: |
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Name: |
Dhananjay V Joshi and Associates, Cost Accountants |
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Internal Auditors: |
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|
Name: |
E and Y LLP, Internal Auditors |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Yazaki Corporation, Japan |
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Fellow Subsidiary Company: |
·
Yazaki Europe Limited, Koln Thai Arrow Products YGP Pte Limited Yazaki Haiphong Vietnam Limited Yazaki EDS Vietnam Limited Tianjin Yazaki Automotive Yazaki Ukraine LLC PT Autocomp Manufacturing
Indonesia Yazaki Wiring Technologies
India Private Limited CIN No.: U63031TN1998PTC051285 Yazaki Parts Company Limited Yazaki Do Brazil Limited Hangzhou Yazaki Parts Company PT. E D S Manufacturing Yazaki Europe Limited Yazaki North America Yazaki Saltano De Ovar Taiwan Yazaki, Taiwan, Province
of China Yazaki Automotive Product,
TUNISIA Yazaki Torres Manucfacturing,
PHILIPPINES |
|
|
|
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Joint Venture: |
Tata Autocomp Systems Limited CIN No.: U34100MH1995PLC093733 |
CAPITAL STRUCTURE
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 |
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 |
1520.000 |
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
(868.240) |
(506.890) |
(325.600) |
|
(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) |
651.760 |
493.110 |
674.400 |
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
814.180 |
632.870 |
448.890 |
|
(b) Deferred tax liabilities (Net) |
33.390 |
31.930 |
0.000 |
|
(c) Other long term liabilities |
52.470 |
47.630 |
30.150 |
|
(d) long-term provisions |
0.000 |
0.000 |
36.740 |
|
Total Non-current Liabilities (3) |
900.040 |
712.430 |
515.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
312.740 |
498.000 |
667.120 |
|
(b) Trade payables |
1250.460 |
1428.920 |
1586.790 |
|
(c) Other current
liabilities |
454.870 |
275.370 |
331.140 |
|
(d) Short-term provisions |
76.060 |
67.870 |
63.770 |
|
Total Current Liabilities (4) |
2094.130 |
2270.160 |
2648.820 |
|
|
|
|
|
|
TOTAL |
3645.930 |
3475.700 |
3839.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1302.530 |
1266.190 |
1270.840 |
|
(ii) Intangible Assets |
65.520 |
32.120 |
16.300 |
|
(iii) Capital
work-in-progress |
154.190 |
0.910 |
34.070 |
|
(iv)
Intangible assets under development |
2.670 |
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 |
295.010 |
257.140 |
210.270 |
|
(e) Other Non-current assets |
12.450 |
29.340 |
36.640 |
|
Total Non-Current Assets |
1832.370 |
1585.700 |
1568.120 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1083.450 |
1101.360 |
1257.530 |
|
(c) Trade receivables |
564.660 |
621.870 |
769.660 |
|
(d) Cash and cash
equivalents |
22.280 |
29.320 |
55.400 |
|
(e) Short-term loans and
advances |
114.150 |
109.240 |
162.540 |
|
(f) Other current assets |
29.020 |
28.210 |
25.750 |
|
Total Current Assets |
1813.560 |
1890.000 |
2270.880 |
|
|
|
|
|
|
TOTAL |
3645.930 |
3475.700 |
3839.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
6162.510 |
7445.580 |
7903.560 |
|
|
|
Other Income |
26.110 |
27.320 |
43.530 |
|
|
|
TOTAL |
6188.620 |
7472.900 |
7947.090 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4465.610 |
5645.240 |
5818.620 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
25.700 |
(19.870) |
(21.530) |
|
|
|
Employees benefits expense |
852.270 |
868.790 |
723.770 |
|
|
|
Other expenses |
801.160 |
772.590 |
958.620 |
|
|
|
TOTAL |
6144.740 |
7266.750 |
7479.480 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
43.880 |
206.150 |
467.610 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
176.520 |
179.100 |
147.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(132.640) |
27.050 |
320.040 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
228.710 |
207.390 |
178.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(361.350) |
(180.340) |
141.670 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.950 |
29.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(361.350) |
(181.290) |
112.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
4.680 |
10.160 |
16.500 |
|
|
TOTAL EARNINGS |
4.680 |
10.160 |
16.500 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.98) |
(2.03) |
1.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(5.86) |
(2.43) |
1.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.71 |
2.77 |
5.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.36) |
(5.19) |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55) |
(0.37) |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.73 |
2.29 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.83 |
0.86 |
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 |
1000.000 |
1000.000 |
1520.000 |
|
Reserves & Surplus |
(325.600) |
(506.890) |
(868.240) |
|
Net worth |
674.400 |
493.110 |
651.760 |
|
|
|
|
|
|
long-term borrowings |
448.890 |
632.870 |
814.180 |
|
Short term borrowings |
667.120 |
498.000 |
312.740 |
|
Total borrowings |
1116.010 |
1130.870 |
1126.920 |
|
Debt/Equity ratio |
1.655 |
2.293 |
1.729 |
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) |
|
Revenue from operation |
7903.560 |
7445.580 |
6162.510 |
|
|
|
(5.795) |
(17.233) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operation |
7903.560 |
7445.580 |
6162.510 |
|
Profit/Loss |
112.240 |
(181.290) |
(361.350) |
|
|
1.42% |
(2.43%) |
(5.86%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
304.720 |
118.420 |
122.620
|
|
|
|
|
|
|
Total |
304.720 |
118.420 |
122.620
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATIONS
DETAILS:
|
LITIGATION DETAILS |
||||
|
BOMBAY HIGH COURT |
||||
|
PRESENTATION DATE: 20.08.2014 |
||||
|
Stamp No.:
WPST/22117/2014 |
FILLING DATE: 20.08.2014 |
REG. NOWP/11681/2014
|
REG.: 23.12.2014 |
|
|
PETITIONER:- |
TATA YAZAKI EMPLOYEES UNION NOW YAZAKI INDIA PRIVATE LIMITED |
RESPONDENT. |
TATA YAZAKI AUTO COMPANY LIMITED NOW YAZAKI INDIA PRIVATE LIMITED |
|
|
PETN.: ADV. |
RAHUL NERLEKAR (394) |
|||
|
RESP.: ADV. |
SUJEET PREMANAND SALKAR (I2627) |
|||
|
DISTRICT |
PUNE |
|||
|
|
|
|||
|
BENCH |
SINGLE |
|||
|
STATUS |
ADMITTED (UNREADY) |
|
||
|
LAST DATE: |
26/03/2013 |
STAGE: PETITIONS FOR ADMISSION FRESH [CIVIL SIDE MATTERS] |
||
|
LAST CORAM: |
HON’BLE SHRI JUSTICE RAJESH G. KETKAR |
|||
|
ACT. |
M.R.T.U. AND P.U.L.P. Act Industrial Dispite Act,
1947 |
|||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
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 |
|
2 |
90082769 |
08/11/2005 * |
142,500,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, TARA CHAMBERS; WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
- |
|
3 |
90091132 |
30/06/2006 * |
100,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH,, TARA CHAMBERS, WAKDEWADI,, PUNE, MAHARASHTRA 411003, INDIA |
- |
* Date of charge modification
REVIEW OF OPERATIONS:
During the year, the Company has turnover of Rs. 6,188.620 Million. The loss for the year under review has been Rs. 361.350 Million as against the loss of Rs. 181.290 Million during the previous financial year.
FUTURE OUTLOOK:
During the year 2014-15 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.
Commence
in house manufacturing of components.
Strengthen
R & D facilities
Enhance
manufacturing footprint to achieve better alignment with customers In alignment
with Yazaki’s global standing in wiring harness, the Company would build
relationships with all automakers including Maruti, Ford, Renault Nissan and
Hyundai, and create the base to challenge 35% market share in India for wiring
harness.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Indian Automobile Industry, 2013-14:
The domestic passenger vehicle (PV) industry volumes (production) at 3.1 million units in 2013-14, declined by 4.9 % over the previous year as all three sub-segments of the industry viz., passenger cars (PCs), utility vehicles (UV) and vans experienced demand contraction.
In 2013-14, 11 new models and several refreshed versions of ongoing brands were launched in the Indian market. Over one-third of these new product introductions have received a lukewarm market response, exerting pressure on the profitability of OEMs as well as associated suppliers and dealers. But the industry doesn’t seem to be showing signs of compressing its new product launch pipeline, a reflection of the strong competitive character of the PV industry in general as also the strong medium term growth opportunity offered by the large-sized Indian PV market.
In 2013-14, the domestic two-wheeler (2W) industry recorded production volumes of 16.9 million units, a growth of 7.2% over the previous year.
The domestic commercial vehicles (CV) industry ended FY14 with second-consecutive year of de-growth with total CV industry volumes contracting by 16% over the previous fiscal.
Among segments, the M&HCV segment reported a decline of 21% during FY14, while production volumes in the LCV segment contracted by 13.5% during the same period.
In FY14, the domestic three-wheeler industry volumes contracted by 1.1% over the prior year driven largely by drop in passenger segment volumes, which accounts for majority (80%) of the three wheeler production in India. The drop in volumes was largely prompted by lower demand from key metros owing to lower permits being offered during the year.
INDIAN AUTO-COMPONENT INDUSTRY, 2013-14:
Slowdown in OEM demand impacted revenue growth; battling profitability pressures through cost rationalization and scaling down of capex.
The Indian automobile industry has witnessed a period of sluggish demand for almost three consecutive years with signs of recovery still appearing distant. As auto component manufacturers derive over 60% of their revenues from supplies to the domestic auto Original Equipment Manufacturers (OEMs), the ongoing weakness in demand for new vehicles has accordingly had an adverse impact on revenue growth of suppliers. Amongst segments, the Commercial Vehicle (CV) segment has been the worst impacted reflected in decline in domestic monthly sales volumes from a high of ~90,000 units in March 2012 to a low of 44,000 units in November 2013. The Passenger Vehicle (PV) segment had recorded positive volume growth (although in low single digits) in 2011-12 and 2012-13, but growth turned negative (-5.5% YOY) in 9m 2013-14. Still, auto part makers supplying to the PV segment have been relatively better-off than those supplying to the CV segment, although relatively worse-off than those supplying to the Two-Wheeler (2W) segment where volume growth continues to be positive (5.4% YOY growth in 9m 2013-14). Over the near term, we expect auto component industry’s growth pertaining to supplies to domestic OEMs to remain weak in the absence of immediate demand triggers for end-users. Over the medium term, however, we expect the auto components industry’s revenues to grow at a relatively faster pace than the OEM segment riding on several factors including auto OEMs growing thrust on localization, auto suppliers efforts to expand business in new geographies, the strong upside potential to replacement market demand and increasing sophistication of vehicles shoring up part prices.
CHANGE OF NAME
Pursuant to the withdrawal and exit of the JV partner Tata AutoComp Systems Limited from the Company, the Members had approved, at their meeting held on January 31, 2013, change of name of the Company. Consequent to receipt of all relevant approvals, the change in name of the Company from Tata Yazaki Autocomp Limited to Yazaki India Limited is effective from February 13, 2013.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from Banks |
726.810 |
200.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
303.400 |
0.000 |
|
Total |
1030.210 |
200.000 |
CONTINGENT
LIABILITIES:
A. Bill discounted with bank outstanding as on 31st Mar, 2014: Rs. 514.520 million (Previous year Rs. 482.370 million)
B. The Company had received a show cause cum demand notice dated 12th April, 2006 from the Excise authorities in respect of certain irregularities and violation of the regulations relating to the 100% Export Oriented Unit detected by the Director General of Central Excise Intelligence. The Company had approached the Settlement Commission which had rejected the Company’s contention. Aggrieved by the said order the Company has filed a Writ Petition in Bombay High Court. The said writ petition has been admitted and is pending hearing. The amount in dispute which has not been provided for in the accounts aggregates Rs. 119.90 million as at 31st Mar, 2014. The Company has been legally advised that it has a fairly good chance to succeed in the matter. Arising out of these irregularities, the Company may also be liable to action/penalties under the Customs Act, 1962 and the Foreign Trade (Development & Regulation) Act, 1992.
C. The company is of the view, inter alia based on legal opinion obtained; that there would be no liability devolving against the company in this matter and, accordingly no provision has been considered necessary.
D. In respect of Income Tax matters: Tax Impact (excluding interest and penalty) Rs. 125.550 million (Previous Year Rs104.490 Million).
E. In respect of Excise duty and Service tax matters (excluding interest and penalty) Rs. 2.280 Million (Previous Year Rs. 0.320 Million)
F. In respect of Custom Duty matters (including penalty) Rs. 0.390 million (Previous Year Rs.0.390 million)
G. In respect of certain labor matters Rs. 9.490 million (Previous Year Rs. 9.400 million) In respect of other labor matters - Amounts not ascertainable
H. In respect of sales tax matters Rs. 173.110 million (including interest of Rs. 96.020 million and penalty of Rs.21.150 million) (Previous year Rs.139.340 million including interest of Rs. 88.910 million and penalty of Rs.12.330 million)
I. Under the Export Promotion Capital Goods Scheme (EPCG), the Company had imported capital goods on payment of concessional custom duty. This concession is subject to the Company fulfilling the export obligation of USD 2.87 million which is to be met within a period of 8 years from 29th August 2001 (USD 0.25 million) and 3rd July 2002 (USD 2.62 million). The company has taken up the issue with DGFT Delhi for sub-summing the obligation with EOU, since from Sept 2002 the DTA unit got converted in EOU and all exports were made from EOU. The Company is confident that no liability will devolve on it on this account.
J. Claims against the Company not acknowledged as debt Rs.8.670million (Previous year Rs. Nil)
FIXED ASSETS
Tangible Assets
· Freehold Land
Leasehold
Land
Improvements
to Leasehold Premises
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVD |
|
|
|
|
Analysis Done by
: |
RAM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.