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|
MIRA INFORM REPORT
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Report No. : |
511682 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA TOYO RADIATOR LIMITED |
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|
|
|
Registered
Office : |
Survey No 235/245, Village Hinje Wadi, Taluka Mulshi, District Pune -
411027, Maharashtra |
|
Tel. No.: |
91-20-66524209/ 66524181 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
18.08.1997 |
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Com. Reg. No.: |
11-110139 |
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Capital
Investment / Paid-up Capital : |
INR 320.000 Million |
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CIN No.: [Company Identification
No.] |
U99999PN1997PLC110139 |
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|
|
IEC No.: [Import-Export Code No.] |
0397083114 |
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PAN No.: [Permanent Account No.] |
AAACT5566F |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of Heat Exchange Systems and components used therein (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
TATA Toyo Radiator is a joint venture between “TATA Auto Comp Systems Limited, India (51.00%)”, “TRad Company limited, Japan (40.25%)” and “Mitsubishi Corporation RTM Japan Limited (8.75%)”.
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 29.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-20-66524209)
LOCATIONS
|
Registered Office : |
Survey No 235/245, Village Hinje Wadi, Taluka Mulshi, District Pune -
411027, Maharashtra, India |
|
Tel. No.: |
91-20-66524209/ 66524181 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Manufacturing Facility : |
Located at : Hinjewadi, Pune |
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Satellite Plants : |
Located at : · Hosur (Tamilnadu) · Jamshedpur (Jharkhand) · Lucknow (Uttar Pradesh) · Sanand (Gujarat) and · Pantnagar (Uttarakhand). |
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|
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|
Integration plant
and R & D facility : |
Located at : Bhosari (Pune Maharashtra) |
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Process of setting
up of plants : |
Located at : · Sricity (Andhra Pradesh) · Chakan (Maharashtra) |
DIRECTORS
As on 31.03.2017
|
Name : |
Ajay Hari Tandon |
|
Designation : |
Director |
|
Address : |
S. No. 130/132, Roseland – II, Pim. Saudagar Raw House – 93, Pune – 411027, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1959 |
|
Qualification : |
BE (Mechanical), PGD in Business Management |
|
Date of Appointment : |
20.09.2013 |
|
DIN No. : |
00128667 |
|
|
|
|
Name : |
Rati Farhad Forbes |
|
Designation : |
Director |
|
Address : |
30, Koregaon Park Pune - 411001, Maharashtra, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No. : |
00137326 |
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|
|
|
Name : |
Bharatkumar Balvantrai Parekh |
|
Designation : |
Director |
|
Address : |
Flat No. 18, Building No. 1-C-2, Sidhdharthnagar, Aundhgaon Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
26.04.2016 |
|
DIN No. : |
01521346 |
|
|
|
|
Name : |
Mr. Arvind Hari Goel |
|
Designation : |
Director |
|
Address : |
S. No. 206/1, Fl. No. 10, Baner Shahik Park Behind Chaitraban Aundh, Pune- 411007, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1957 |
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Qualification : |
B Tech |
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Date of Appointment : |
30.12.2008 |
|
DIN No.: |
02300813 |
|
|
|
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Name : |
Mr. Deepak Rastogi |
|
Designation : |
Director |
|
Address : |
No. A 404, Mantri Classic Apartments, 1st Main, 8th Cross, S T Bed Layout, Koramangala, Bangalore - 560034, Karnataka, India |
|
Date of Birth/Age : |
14.11.1967 |
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Qualification : |
CA, Masters in Business Administration |
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Date of Appointment : |
15.10.2013 |
|
DIN No. : |
02317869 |
|
|
|
|
Name : |
Hitoshi Horie |
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Designation : |
Director |
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Address : |
3-13-12-705, Kaigan Minato-Ku Tokyo Na, Japan |
|
Date of Appointment : |
31.08.2015 |
|
DIN No. : |
07190142 |
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|
|
|
Name : |
Kazumi Ueno |
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Designation : |
Director |
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Address : |
2-51 Konarumi,Midori-Ku, Nagoya Shi 4580047, Japan |
|
Date of Appointment : |
26.04.2016 |
|
DIN No. : |
07497190 |
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|
|
|
Name : |
Norio Kanai |
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Designation : |
Director |
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Address : |
5-27-29 (17) Nukuikita Machi Koganei Tokyo -1840015, Japan |
|
Date of Appointment : |
02.09.2016 |
|
DIN No. : |
07540414 |
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|
|
|
Name : |
Kazumasa Kuboki |
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Designation : |
Additional Director |
|
Address : |
#308, Garden Apartments, Silver Oaks, 21, Vittal Mallya Road, Bangalore- 560001, Karnataka, India |
|
Date of Appointment : |
31.07.2017 |
|
DIN No. : |
06587035 |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata AutoComp Systems Limited, India |
|
16319400 |
|
T.Rad. Company Limited |
|
12880000 |
|
Mitsubishi Corporation RtM Japan Limited |
|
2800000 |
|
Tata AutoComp Systems Limited j/w Ajay Tandon |
|
100 |
|
Tata AutoComp Systems Limited j/w Gajendra Chandel |
|
100 |
|
Tata AutoComp Systems Limited j/w Deepak Rastogi |
|
100 |
|
Tata AutoComp Systems Limited j/w Harish Pathak |
|
100 |
|
Total |
|
31999800 |
Equity Share Break up (Percentage of Total Equity)
As on 14.07.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Heat Exchange Systems and components used therein (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg,
Lower Parel - (West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot No. Y 14, Block EP, Section V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata-700091, West Bengal, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company |
Tata Sons Limited |
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|
|
|
Holding Company |
Tata Auto Comp Systems Limited (TACO) U34100PN1995PLC158999 |
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Fellow Subsidiary |
Automotive Stampings and Assemblies Limited (ASAL) |
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Joint Venture : |
Air International TTR Thermal Systems Private Limited CIN No.: U29222PN2014PTC152758 |
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Other group
companies |
· Infiniti Retail Limited · TC Travel and Services Limited · Tata Teleservices Limited · Tata Teleservices Maharashtra Limited · Tata Consulting Engineers Limited · Tata Capital Forex Limited · Tata Securities Limited · Tata AIG General Insurance Company Limited |
|
|
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|
Parties exercising Joint
Control : |
· T.RAD Co. Limited, Japan. (T.RAD) · Mitsubishi Corporation RtM Japan Limited (Mitsubishi) |
CAPITAL STRUCTURE
As on 14.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
320.000 |
320.000 |
320.000 |
|
(b) Reserves & Surplus |
959.000 |
870.100 |
770.500 |
|
(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) |
1279.000 |
1190.100 |
1090.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
594.300 |
71.600 |
138.800 |
|
(b) Deferred tax liabilities
(Net) |
32.200 |
38.200 |
43.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
37.700 |
34.000 |
31.800 |
|
Total
Non-current Liabilities (3) |
664.200 |
143.800 |
213.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
345.600 |
797.800 |
191.400 |
|
(b) Trade payables |
1064.300 |
1020.500 |
838.000 |
|
(c) Other current liabilities |
180.300 |
205.400 |
193.800 |
|
(d) Short-term provisions |
18.200 |
17.600 |
46.100 |
|
Total
Current Liabilities (4) |
1608.400 |
2041.300 |
1269.300 |
|
|
|
|
|
|
TOTAL |
3551.600 |
3375.200 |
2573.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1127.500 |
1159.000 |
1166.200 |
|
(ii) Intangible Assets |
9.400 |
10.800 |
11.500 |
|
(iii) Capital work-in-progress |
776.600 |
7.400 |
12.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
100.000 |
50.200 |
0.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
195.100 |
|
(e) Other Non-current assets |
51.000 |
95.200 |
0.000 |
|
Total
Non-Current Assets |
2064.500 |
1322.600 |
1385.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
60.000 |
0.000 |
|
(b) Inventories |
554.900 |
535.600 |
552.700 |
|
(c) Trade receivables |
667.400 |
1113.900 |
456.700 |
|
(d) Cash and cash equivalents |
29.300 |
70.600 |
114.600 |
|
(e) Short-term loans and
advances |
2.500 |
20.400 |
63.900 |
|
(f) Other current assets |
233.000 |
252.100 |
0.000 |
|
Total
Current Assets |
1487.100 |
2052.600 |
1187.900 |
|
|
|
|
|
|
TOTAL |
3551.600 |
3375.200 |
2573.400 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6145.700 |
5694.200 |
4755.500 |
|
|
Other Income |
26.000 |
(3.600) |
51.300 |
|
|
TOTAL
|
6171.700 |
5690.600 |
4806.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3388.500 |
3249.400 |
3132.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
37.300 |
(22.100) |
(65.600) |
|
|
Employees benefits expense |
402.600 |
379.000 |
338.200 |
|
|
Other expenses |
1692.500 |
1585.800 |
977.800 |
|
|
CSR Expenditure |
0.000 |
0.000 |
4.200 |
|
|
TOTAL |
5520.900 |
5192.100 |
4386.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
650.800 |
498.500 |
420.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
67.200 |
71.800 |
67.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
583.600 |
426.700 |
352.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
190.900 |
202.200 |
208.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
392.700 |
224.500 |
144.700 |
|
|
|
|
|
|
|
Less |
TAX |
104.400 |
48.500 |
22.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
288.300 |
176.000 |
122.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
8.98 |
5.50 |
3.83 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
43.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1145.700 |
4.300 |
420.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
39.64 |
71.40 |
35.05 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
9.21 |
5.11 |
10.41 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
114.64 |
114.63 |
97.65 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.17 |
0.93 |
0.76 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.34 |
0.42 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.62 |
0.63 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.73 |
0.73 |
0.34 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.26 |
1.72 |
1.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.50 |
0.99 |
1.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
9.68 |
6.94 |
6.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.69 |
3.09 |
2.58 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.12 |
5.21 |
4.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
22.54 |
14.79 |
11.25 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.92 |
1.01 |
0.94 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.58 |
0.74 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.36 |
0.35 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.94 |
2.72 |
1.17 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.92 |
1.01 |
0.94 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
320.000 |
320.000 |
320.000 |
|
Reserves & Surplus |
770.500 |
870.100 |
959.000 |
|
Net
worth |
1090.500 |
1190.100 |
1279.000 |
|
|
|
|
|
|
long-term borrowings |
138.800 |
71.600 |
594.300 |
|
Short term borrowings |
191.400 |
797.800 |
345.600 |
|
Total
borrowings |
330.200 |
869.400 |
939.900 |
|
Debt/Equity
ratio |
0.303 |
0.731 |
0.735 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4755.500 |
5694.200 |
6145.700 |
|
|
|
19.739 |
7.929 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4755.500 |
5694.200 |
6145.700 |
|
Profit |
122.700 |
176.000 |
288.300 |
|
|
2.58% |
3.09% |
4.69% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
320.000 |
320.000 |
|
(b) Reserves & Surplus |
|
953.300 |
872.500 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1273.300 |
1192.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
594.300 |
71.600 |
|
(b) Deferred tax liabilities
(Net) |
|
32.200 |
38.200 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
37.700 |
34.000 |
|
Total
Non-current Liabilities (3) |
|
664.200 |
143.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
345.600 |
797.800 |
|
(b) Trade payables |
|
1064.300 |
1020.500 |
|
(c) Other current liabilities |
|
180.300 |
205.400 |
|
(d) Short-term provisions |
|
18.200 |
17.600 |
|
Total
Current Liabilities (4) |
|
1608.400 |
2041.300 |
|
|
|
|
|
|
TOTAL |
|
3545.900 |
3377.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1127.500 |
1159.000 |
|
(ii) Intangible Assets |
|
9.400 |
10.800 |
|
(iii) Capital work-in-progress |
|
776.600 |
7.400 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
94.300 |
52.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
51.000 |
95.200 |
|
Total
Non-Current Assets |
|
2058.800 |
1325.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
60.000 |
|
(b) Inventories |
|
554.900 |
535.600 |
|
(c) Trade receivables |
|
667.400 |
1113.900 |
|
(d) Cash and cash equivalents |
|
29.300 |
70.600 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
235.500 |
272.500 |
|
Total
Current Assets |
|
1487.100 |
2052.600 |
|
|
|
|
|
|
TOTAL |
|
3545.900 |
3377.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
6145.700 |
5694.200 |
|
|
Other Income |
|
26.000 |
-3.600 |
|
|
TOTAL
|
|
6171.700 |
5690.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
3388.500 |
3249.400 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
37.300 |
-22.100 |
|
|
Employees benefits expense |
|
402.600 |
379.000 |
|
|
Other expenses |
|
1692.500 |
1585.800 |
|
|
TOTAL |
|
5520.900 |
5192.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
650.800 |
498.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
67.200 |
71.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
583.600 |
426.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
190.900 |
202.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
392.700 |
224.500 |
|
|
|
|
|
|
|
Less |
TAX |
|
104.400 |
48.500 |
|
|
|
|
|
|
|
|
TOTAL PROFIT/(LOSS)
FOR PERIOD FROM CONTINUING OPERATIONS |
|
288.300 |
176.000 |
|
|
|
|
|
|
|
Add |
Share of profit
(loss) of associates and joint ventures accounted for using equity method |
|
(8.100) |
2.900 |
|
|
|
|
|
|
|
|
TOTAL PROFIT/(LOSS)
FOR PERIOD |
|
280.200 |
178.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
8.72 |
5.59 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Tata Toyo Radiator Limited is a Company incorporated under the Companies Act, 1956 on August 18, 1997. It is a subsidiary of Tata AutoComp Systems Limited (51%), T.Rad Co. Limited, Japan (40.25%) and Mitsubishi Corporation RTM Japan Limited, Japan (8.75%). The Company is based at Pune which has emerged as an Auto Hub with the presence of various world leaders in Auto Industry.
The Company is engaged in manufacturing of Heat Exchange Systems and components used therein. The Company has an integrated manufacturing facility at Hinjewadi, (Pune) with in-house testing and engineering capabilities. The satellite plants of the Company are set-up across the Country at Hosur (Tamil Nadu), Jamshedpur (Jharkhand), Lucknow (Uttar Pradesh), Sanand (Gujarat) and Pantnagar (Uttarakhand). The Company has an integration plant and R & D facility at Bhosari (Pune, Maharashtra), The Company is also in process of setting up of plants at Sricity (Andhra Pradesh) and Chakan (Maharashtra).
The Company has diverse product base viz. Aluminum Radiators, Heater Core, Intercoolers, Condensers, Exhaust Gas Recirculation (EGR) Coolers and Engine Cooling Systems having wide range of application from Cars, Utility Vehicles, Commercial Vehicles, Agriculture Machinery and Gensets.
STATE OF THE AFFAIRS
/ BUSINESS PERFORMANCE OF THE COMPANY
The standalone gross sales and other income for the financial year were INR 6145.700 Million as against INR 5694.200 Million for the previous financial year registering an increase of 7.93%. The standalone profit before tax from continuing operations was INR 392.700 Million for the financial year as against INR 224.500 Million for the previous financial year, registering an increase of 74.92%. The standalone profit after tax from continuing operations was of INR 288.300 Million for the financial year as against INR 176.000 Million for the previous financial year, registering an increase of 63.81%.
The Company has bagged businesses from 4 new customers:
1) Radiator supply to a leading 2 wheeler Japanese manufacturer
2) Engine Cooling set supply to the largest genset manufacturer in India for 400 kVA generator set
3) Engine Cooling set supply to a leading European Truck maker in India
4) Engine Cooling set supply to a leading Tractor manufacturer in India
The Directors are continuously looking for avenues for future growth in the light of above mentioned points and planning strategies accordingly.
INDUSTRY STRUCTURE
AND DEVELOPMENT
In FY 2016-17, Auto Industry witnessed a Domestic growth of 5.41 per cent. The Passenger Vehicle segment registered a growth of 9.42 per cent which includes passenger car vehicles and utility vehicles. Within this segment, the Utility vehicle market grew at 26.32 per cent due to new launches in the compact Utility Vehicle segment whereas the Passenger Car segments grewat only 5.40 per cent. The commercial vehicle segment was affected by demonetization and mandatory shift to BS IV. The CV segment grew by 3 percent as compared to 12.1 per cent in last year. The LCV segment grew by 4.97 per cent as compared to 2.77 per cent in last year. The Two wheeler segment registered a growth of 5.84%, whereas the three wheeler segment registered a negative growth of (16.16%).
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
345.600 |
797.800 |
|
Total |
345.600 |
797.800 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G22108914 |
100048429 |
HDFC BANK LIMITED |
12/08/2016 |
17/10/2016 |
- |
950000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel - (West) Mumbai Maharashtra 400013 India |
|
2 |
G22108815 |
10553621 |
HDFC BANK LIMITED |
31/01/2015 |
17/10/2016 |
- |
250000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel - (West) Mumbai Maharashtra 400013 India |
|
3 |
G63324321 |
10392085 |
HDFC BANK LIMITED |
10/11/2012 |
09/11/2017 |
- |
250000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel - (West) Mumbai Maharashtra 400013 India |
|
4 |
G86245487 |
10030759 |
STATE BANK OF INDIA |
20/12/2006 |
09/01/2008 |
02/05/2018 |
420700000.0 |
INDUSTRIAL FINANCE BRANCH TARA CHAMBERS 1ST FLOOROLD PUNE MUMBAI ROAD WAKDEWADI PUNE MAHARASHTRA 411003 INDIA |
|
5 |
C60048345 |
10099293 |
THE BANK OF TOKYO MITSUBISHI UFJ LTD |
19/12/2007 |
21/09/2012 |
07/07/2015 |
620700000.0 |
HOECHST HOUSE 15TH FLOORNARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
6 |
A61403135 |
90093043 |
INDIAN BANK |
19/02/2005 |
- |
20/04/2009 |
5000000.0 |
DECCAN GYMKHANA BRANCH PUNE MAHARASHTRA 411004 INDIA |
|
7 |
A61403705 |
90088434 |
INDIAN BANK |
23/08/2001 |
19/02/2005 |
20/04/2009 |
61000000.0 |
DECCAN GYMKHANA BRANCH PUNE MAHARASHTRA 411004 INDIA |
|
8 |
A61404455 |
90084878 |
INDIAN BANK |
12/08/1998 |
13/01/2003 |
20/04/2009 |
90000000.0 |
DECCAN GYMKHANA BRANCH PUNE MAHARASHTRA 411004 INDIA |
|
9 |
A12206850 |
90088934 |
INDIAN BANK |
19/02/2005 |
- |
07/03/2007 |
23000040.0 |
DECCAN GYMKHANA BRANCH PUNE MAHARASHTRA 411004 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Other money for which company is contingently liable |
170.600 |
155.600 |
FIXED ASSETS
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 records 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
|
INR |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.