MIRA INFORM REPORT
|
Report No. : |
302516 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA CUMMINS PRIVATE LIMITED (w.e.f. 16.12.2014) |
|
|
|
|
Formerly Known
As : |
TATA
CUMMINS LIMITED |
|
|
|
|
Registered
Office : |
Telco Township, Jamshedpur – 831004, Jharkhand |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.10.1993 |
|
|
|
|
Com. Reg. No.: |
005546 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1800.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34101JH1993PTC005546 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RCHT00119A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6353L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of low emission diesel engines for medium and
heavy commercial vehicles. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 19000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Tata Motors Limited and Cummins
Inc, US. It is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. The rating also takes into consideration the strong parentage and the
operational support it derives from its close association. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Sujata |
|
Designation : |
HR Officer |
|
Contact No.: |
91-8888814033 |
|
Date : |
08.01.2015 |
LOCATIONS
|
Registered Office : |
Telco Township, Jamshedpur – 831004, Jharkhand, India |
|
Tel. No. : |
91-657-3041200 |
|
Mobile No. : |
91-8888814033 (Sujata) |
|
Fax No. : |
91-657-2258555 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Cummins India Office, CampusTower A, Survey No. 21, Balewadi, Pune–411045, Maharashtra India |
|
Tel. No.: |
91- 20- 6706 7000 |
|
|
|
|
Factory : |
No. A-1/1, A1/2/1, Phaltan-Lonand Road, Survadi Village, Satara – 415522, Maharashtra, India |
DIRECTORS
As on 13.08.2014
|
Name : |
Mr. Anant Jaivant Talaulicar |
|
Designation : |
Managing director |
|
Address : |
Flat No.2101, A and B, Sterling Tower, Goregaonkar Road, Gamdevi,
Mumbai – 400007, Maharashtra |
|
Date of Birth/Age : |
11.07.1961 |
|
Qualification : |
BE (Mechanical) MS |
|
Date of Appointment : |
08.04.2009 |
|
PAN No.: |
AAAPT2311F |
|
DIN No.: |
00031051 |
|
|
|
|
Name : |
Mr. Rajiv SP Batra |
|
Designation : |
Director |
|
Address : |
Flat No. 5 and 6, The Iris Sangamwadi Northmain Road, Koregaon Park,
Pune - 400001, Maharashtra |
|
Date of Birth/Age : |
30.09.1955 |
|
Qualification: |
Bachelor in Economics, CFA |
|
Date of Appointment : |
19.08.2004 |
|
DIN No.: |
00082866 |
|
|
|
|
Name : |
Mr. Chandrashekaran Ramakrishnan |
|
Designation : |
Director |
|
Address : |
322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai - 400108, Maharashtra,
India |
|
Date of Birth/Age : |
27.06.1955 |
|
Qualification: |
B.COM,CA,ICWA |
|
Date of Appointment : |
15.06.2006 |
|
DIN No.: |
00020076 |
|
|
|
|
Name : |
Mr. Ravindra Pisharody |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Building No. I, Hill Park AG Bell Road, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1955 |
|
Qualification: |
B.Tech (Elec)-IIT |
|
Date of Appointment : |
11.06.2008 |
|
DIN No.: |
01875848 |
|
|
|
|
Name : |
Mr. Satish Balkrishna Borwankar |
|
Designation : |
Director |
|
Address : |
Flat No. 22, Viola S No. 118 3 – 5, Warje, Near Cipla Hospital,
Kothrud, Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1952 |
|
Qualification: |
B.Tech(Hons)-Mech Engineering |
|
Date of Appointment : |
13.09.2010 |
|
DIN No.: |
01793948 |
|
|
|
|
Name : |
Walter James Fier |
|
Designation : |
Additional Director |
|
Address : |
1044 Lapwing Dr. Columbus 47223, USA |
|
Date of Birth/Age : |
02.08.1964 |
|
Date of Appointment : |
09.05.2013 |
|
DIN No.: |
06573498 |
|
|
|
|
Name : |
Mr. Rajendra Mahadeo Petkar |
|
Designation : |
Director |
|
Address : |
D4, Keyoor App, Lane II, Krishna Colony, Opposite Vanaz Paud Road, Pune-411038,
Maharashtra, India |
|
Date of Birth/Age : |
03.10.1966 |
|
Qualification: |
M.Tech |
|
Date of Appointment : |
11.06.2008 |
|
DIN No.: |
01693629 |
|
|
|
|
Name : |
Brett Michael Merritt |
|
Designation : |
Director |
|
Address : |
2407, Riverside Dr., Columbus, Indiana, IN 47201 |
|
Date of Birth/Age : |
30.07.1976 |
|
Qualification : |
Master in Business Administration, Harvard Business School |
|
Date of Appointment : |
24.03.2014 |
|
DIN No. : |
06806827 |
|
|
|
|
Name : |
Paul Sowerby |
|
Designation : |
Alternate director |
|
Address : |
82, Bradford Crescent, DH1 1HL, Durham, United Kingdom |
|
Date of Birth/Age : |
28.01.1959 |
|
Date of Appointment : |
24.05.2014 |
|
DIN No. : |
03555887 |
|
|
|
|
Name : |
Bharatkumar Balvantrai Parekh |
|
Designation : |
Additional director |
|
Address : |
Flat No. 18, Building No. I-C-2, Siddharth Nagar, Sundhgaon, Pune –
411007, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1955 |
|
Date of Appointment : |
30.07.2014 |
|
DIN No. : |
01521346 |
KEY EXECUTIVES
|
Name : |
Sujata |
|
Designation : |
HR Officer |
|
|
|
|
Name : |
Hemiksha Bhojwani |
|
Designation : |
Secretary |
|
Address : |
Flat 4, Sai Shrushti Apt., Mahatma Society, Kothrud, Pune – 411038, Maharashtra,
India |
|
Date of Birth/Age : |
25.09.1981 |
|
Date of Appointment : |
24.03.2014 |
|
PAN No.: |
BFBPS6275J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.08.2014
|
Names of Shareholders |
No. of Shares |
|
Cummins Inc., USA |
90000000 |
|
Tata Motors Limited, India |
89999995 |
|
Tata Motors Limited, India jointly Borwankar Satish |
1 |
|
Tata Motors Limited, India jointly Ramakrishnan Chandrasekaran |
1 |
|
Tata Motors Limited, India jointly Uttam Biswas |
1 |
|
Tata Motors Limited, India jointly Pisharody Ravindra |
1 |
|
Tata Motors Limited, India jointly Chobe P. |
1 |
|
Total |
180000000 |
As on 13.08.2014
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of low emission diesel engines for medium and
heavy commercial vehicles. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
-- |
||||
|
|
|
||||
|
Agencies Held : |
-- |
||||
|
|
|
||||
|
Exports : |
-- |
||||
|
|
|
||||
|
Imports : |
-- |
||||
|
|
|
||||
|
Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Sai Capital Building, 2nd
Floor, Opposite International, Convention Centre, Senapati Bapat Marg, Pune -
411016, Maharashtra, India · DBS Bank Limited, 4A, Nandalal Basu Sarani, Kolkata - 700071, West Bengal, India · State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune - 411003, Maharashtra, India ·
Allahabad Bank, Main Branch, Bistupur,
Jamshedpur - 831004, Jharkhand, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
NOTE LONG TERM
BORROWINGS Term loan from SBI is repayable in 8 equal quarterly installment of Rs 4,375 lacs starting from March 2014 along with interest @ Bank Base Rate plus 50 bps (currently at 10.50% p.a).The loan is secured by exclusive charge on the factory land and building of ISLE Project at Phaltan (termed as TCL 3) and hypothecation charge on movable fixed assets of TCL 3 plant on pari passu basis with HSBC bank for Buyer's line of credit. SHORT TERM
BORROWINGS Cash credit facility is availed from SBI which is
primarily secured by 1st pari passu charge on entire current assets of the
Company (other than hundies drawn on and accepted by Tata Motors Ltd and
discounted by SBI/HDFC Bank under Electronic Vendor Finance System (EVFS) of
TML).The current interest rate applicable on the same is 9.95% |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD5357J |
|
|
|
|
Joint ventures: |
· Tata Motors Limited CIN No.: L28920MH1945PLC004520 · Cummins Inc |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Cummins limited · Cummins Asia Pacific Pte Limited · Cummins diesel sales corp · Zao Cummins Cama · Global Engine Exchange Plant – Gex · Cummins Natural Gas Engines Inc · Cummins Inc Business Services · Tata Daewoo Commercial Vehicle Co. Limited · Cummins Technologies India Limited · Cummins Research and Technology India Limited CIN No.: U73100PN2003PLC018025 · CUMMINS INDIA LIMITED CIN No.: L29112PN1962PLC012276 · Automobile Corporation of Goa Limited CIN No.: L35911GA1980PLC000400 |
CAPITAL STRUCTURE
As on 13.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1800.000 Millions |
|
70,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1800.000 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 |
1800.000 |
1800.000 |
1800.000 |
|
(b) Reserves & Surplus |
4862.900 |
4091.100 |
3410.800 |
|
(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) |
6662.900 |
5891.100 |
5210.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1057.400 |
904.300 |
1207.200 |
|
(b) Deferred tax liabilities (Net) |
609.400 |
574.400 |
460.900 |
|
(c) Other long term
liabilities |
13.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
385.900 |
361.800 |
372.100 |
|
Total Non-current
Liabilities (3) |
2065.700 |
1840.500 |
2040.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
374.400 |
160.000 |
0.000 |
|
(b) Trade
payables |
3681.300 |
3012.700 |
3037.700 |
|
(c) Other
current liabilities |
2557.600 |
1679.800 |
1364.500 |
|
(d) Short-term provisions |
621.100 |
711.300 |
1496.700 |
|
Total Current
Liabilities (4) |
7234.400 |
5563.800 |
5898.900 |
|
|
|
|
|
|
TOTAL |
15963.000 |
13295.400 |
13149.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6585.500 |
6863.700 |
6272.500 |
|
(ii)
Intangible Assets |
0.100 |
5.300 |
60.000 |
|
(iii)
Capital work-in-progress |
4532.900 |
716.900 |
491.900 |
|
(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 |
1447.600 |
2211.100 |
1189.000 |
|
(e) Other
Non-current assets |
194.300 |
162.000 |
495.700 |
|
Total Non-Current
Assets |
12760.400 |
9959.000 |
8509.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
20.100 |
0.000 |
503.400 |
|
(b)
Inventories |
1641.600 |
1356.100 |
2072.400 |
|
(c) Trade
receivables |
600.900 |
707.500 |
1154.800 |
|
(d) Cash
and cash equivalents |
38.900 |
43.100 |
337.300 |
|
(e)
Short-term loans and advances |
452.000 |
389.600 |
481.200 |
|
(f) Other
current assets |
449.100 |
840.100 |
91.700 |
|
Total
Current Assets |
3202.600 |
3336.400 |
4640.800 |
|
|
|
|
|
|
TOTAL |
15963.000 |
13295.400 |
13149.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18803.400 |
22490.100 |
32233.900 |
|
|
|
Other Income |
69.700 |
81.100 |
187.500 |
|
|
|
TOTAL (A) |
18873.100 |
22571.200 |
32421.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15176.200 |
18252.900 |
26321.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(217.200) |
42.800 |
63.000 |
|
|
|
Employees benefits expense |
1021.500 |
962.800 |
841.700 |
|
|
|
Other expenses |
1946.100 |
2225.500 |
2782.200 |
|
|
|
TOTAL (B) |
17926.600 |
21484.000 |
30008.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
946.500 |
1087.200 |
2412.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.100 |
138.100 |
125.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
893.400 |
949.100 |
2287.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
621.100 |
639.500 |
633.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
272.300 |
309.600 |
1653.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6.200) |
113.500 |
488.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
278.500 |
196.100 |
1164.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
116.900 |
42.400 |
5.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
598.400 |
540.100 |
1483.200 |
|
|
|
Components and Spare Parts |
2479.800 |
427.600 |
953.400 |
|
|
|
Capital Goods |
26.300 |
31.900 |
70.700 |
|
|
TOTAL IMPORTS |
3104.500 |
999.600 |
2507.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.55 |
1.09 |
6.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.48 |
0.87 |
3.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.03 |
4.83 |
7.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.38 |
2.46 |
13.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.05 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.18 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.60 |
0.79 |
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 |
1800.000 |
1800.000 |
1800.000 |
|
Reserves & Surplus |
3410.800 |
4091.100 |
4862.900 |
|
Net
worth |
5210.800 |
5891.100 |
6662.900 |
|
|
|
|
|
|
long-term borrowings |
1207.200 |
904.300 |
1057.400 |
|
Short term borrowings |
0.000 |
160.000 |
374.400 |
|
Total
borrowings |
1207.200 |
1064.300 |
1431.800 |
|
Debt/Equity
ratio |
0.232 |
0.181 |
0.215 |
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 |
32233.900 |
22490.100 |
18803.400 |
|
|
|
(30.228) |
(16.393) |
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 |
32233.900 |
22490.100 |
18803.400 |
|
Profit |
1164.800 |
196.100 |
278.500 |
|
|
3.61% |
0.87% |
1.48% |
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 |
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 |
----- |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10404513 |
25/01/2013 |
1,622,700,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
AMAR AVINASH CORPORATE CITY, SHOP NO. 6-7-8,, SURVEY NO.11,
BUND GARDEN ROAD,, PUNE, MAHARASHTRA - |
B68629708 |
|
2 |
10404554 |
24/01/2013 |
4,500,000,000.00 |
STATE BANK OF INDIA |
TARA CHAMBERS, PUNE MUMBAI ROAD, WAKDEWADI, PUNE, |
B68638543 |
|
3 |
10345341 |
06/03/2012 |
500,000,000.00 |
AXIS BANK LIMITED |
214-215 CITY MALL, 2ND FLOOR, PLOT NO.1, S.NO.13 |
B36198141 |
BUSINESS ENVIRONMENT:
INDUSTRY
The Company's overall volume for the financial year 2013-14 has declined due to th e market slowdown. However, the Company witnessed marginal increase of approximately I % in market share. The s lowdcrwn in M&HCV industry was mainly driven by lower GDP growth and further impact of fuel subsidy reduction on diesel. The market scenario continues to remain uncertain.
The Company's outlook for M&HCV market for the financial year 2014-15 is uncertain owing to lack of investments in infrastructure development and economic slowdown. Considering the upliftment of certain restrictions on the Mining Industry, the Company forecasts some increase in demand during the financial year 2014-15 . Various factors such as excise duty benefit continuation, stoppage of fuel price hike, etc. would also help the Company in the journey towards market growth.
COMPANY
OVERVIEW
Year 2013-14 was a slowdown year for the Company in which volume declined by 17 % compared to pr e vious year. In this challenging environment, operational excellence, optimum cost, value driven systems and the strong support of their joint venture parents continues to help drive the company and equip it to work towards the long term growth. Few of the initiatives that the Company has taken to stay competitive are, maintaining of optimized inventory levels (which was best in the last 4 years), deferred capital investments for assembly to optimize cash flows , export of small volumes of engines to Cummins, increased insourcing of machining, reducing direct material cost and managed expenses through h ACE and CRISP projects, reducing discretionary spending over previous years, etc .
In addition to above, the company continues to operate with zero tolerance in ethics and code of conduct matters. Statutory compliance, green care, energy conservation are their way of life at the company.
Few highlights for year 2013-14 are as follows:
TCL Phaltan won the Chainnan's Environment Award for Carbon Footprint Reduction
TCL Jamshedpur won the global 2013 "Robert (Bob) Sonntag" Health and Safety Performance A ward
TCL IMEP won the global Chairman's award - HSE Consideration in Design of Machining and Assembly Line
from Project Stage
Overall, the Profit Before Interest and Tax (PB IT) for the financial year 2014-15 was Rs. 325.000 Millions compared to Rs. 448.000 Millions in the previous financial year.
The new financial year beckons us to deliver more and the Company looks forward to achieving new milestones and to report improvements in the forthcoming year.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· Computer Software
· Know-How
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
|
65 |
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.