MIRA
INFORM REPORT
|
Report Date : |
22nd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
SUZUKI
MOTORCYCLE INDIA PRIVATE LIMITED |
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Formerly Known As: |
Integra
Overseas Private Limited |
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Registered Office : |
100
Southex Plaza – I, 389 Masjid Moth, South Extension Part – II, New Delhi –
110 049, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
55-086871 |
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CIN No.: [Company
Identification No.] |
U74899DL1997PTC086871 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL104579B |
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PAN No.: [Permanent
Account No.] |
AAACI5832P |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in the manufacturing of Two Wheelers and Spare Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a subsidiary of Suzuki Motor Corporation, Japan. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Payments are slow but correct. The
company can be considered good for normal business dealings at usual trade
terms and conditions. It can
be regarded as a promising business partner in a Medium to Long run. |
LOCATIONS
|
Registered Office : |
100
Southex Plaza – I, 389 Masjid Moth, South Extension Part – II, New Delhi –
110 049, India. |
|
Tel. No.: |
91-11-26253125 |
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Email: |
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Website: |
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Factory : |
Village
Kherki Daula, Badshapur NH 8 Link Road, Gurgaon, Haryana, India. |
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Tel.
No.: |
91-124-4170700 |
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Fax
No.: |
91-124-4170701/
4117325 |
DIRECTORS
|
Name : |
Mr.
Satya Sheel |
|
Designation : |
Managing
Director |
|
Address : |
Villa
D. Empire Estate, Sultanpur, New Delhi. |
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Date of Appointment : |
02.07.2004 |
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|
|
|
Name : |
Mr.
Satya Saurabh Krosla |
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Designation : |
Director |
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Address : |
1905,
City Tower – II, 1905 Seikh Zayed Road, Dubai, UAE |
|
Date of Appointment : |
02.0702004 |
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|
|
|
Name : |
Mr.
Katsumi Takata |
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Designation : |
Joint
Managing Director |
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Address : |
3-19-22-702,
Shljimlzuka, Hamamatsu, Shizuka – 432 8033, Japan. |
|
Date of Appointment : |
02.0702004 |
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|
|
|
Name : |
Mr.
Tomoaki Toyoda |
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Designation : |
Whole
Time Director |
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Address : |
1-14-1,
Editsuka, Hamamatsu, Shizuoka - 432 8033, Japan. |
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Date of Appointment : |
02.0702004 |
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|
|
|
Name : |
Mr.
Shinzo Nakanishi |
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Designation : |
Director |
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Address : |
2-59-3,
Saiwai, Hamamatsu – 433 8123, Japan. |
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Date of Appointment : |
02.0702004 |
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|
|
|
Name : |
Mr.
Yoshihiko Kakel |
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Designation : |
Director |
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Address : |
89-6,
Lgakubo Otsuka, Gamagoori, Aichi 443-0013, Japan. |
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Date of Appointment : |
02.0702004 |
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|
|
|
Name : |
Mr.
Neeraj Joshi |
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Designation : |
Company
Secretary |
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Address : |
C – 1/
306, Sai Baba Apartments, Sector 9, Rohini, Delhi. |
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Date of Appointment : |
01.03.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Sheel
Satya |
160100 |
|
Khosla
Subhdra |
100 |
|
Metro
Mode Technology Limited |
18383000 |
|
Suzuki
Motor Corporation |
52800000 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the manufacturing of Two Wheelers and Spare Parts. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
176 |
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Bankers : |
Not
Available |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
BSR
& Associates |
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Qualification: |
Charted
Accountant |
|
Address: |
4 B,
DLF Corporate Bank, D. T. City, Phase – III, Gurgaon – 122 002, Haryana,
India. |
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Tel. No.: |
91-124-2549191 |
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Mobile No.: |
91-124-2549101 |
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Holding Company : |
Suzuki
Motor Corporation, Japan |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
71343200 |
Equity
Shares |
Rs. 10/- each |
Rs. 713.432 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
713.432 |
185.432 |
|
|
2] Share Application Money |
|
54.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
2.481 |
|
|
4] (Accumulated Losses) |
|
(50.251) |
0.000 |
|
|
NETWORTH |
|
717.181 |
187.913 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
6.500 |
|
|
TOTAL BORROWING |
|
0.000 |
6.500 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
717.181 |
194.413 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
183.652 |
176.155 |
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Capital work-in-progress |
|
567.526 |
4.425 |
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|
|
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|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
PRE-OPERATIVE EXPENSES PENDING CAPITAL |
|
33.557 |
15.628 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
0.000 |
0.000 |
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|
Sundry Debtors |
|
0.195 |
0.000 |
|
|
Cash & Bank Balances |
|
3.394 |
8.597 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
40.035 |
1.488 |
|
Total Current Assets |
|
43.624 |
10.085 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
108.039 |
14.981 |
|
|
Provisions |
|
3.139 |
0.053 |
|
Total Current Liabilities |
|
111.178 |
15.034 |
|
|
Net Current Assets |
|
(67.554) |
(4.949) |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
3.154 |
|
|
|
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|
|
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|
TOTAL |
|
717.181 |
194.413 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
6.565 |
0.367 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(50.321) |
0.148 |
|
Provision
for Taxation: |
|
|
|
|
Current Year |
|
2.333 |
0.053 |
|
Previous Year |
|
0.078 |
0.000 |
|
Profit/(Loss)
After Tax |
|
(52.732) |
0.095 |
|
|
|
|
|
|
Export
Value |
|
0.997 |
0.000 |
|
|
|
|
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Import
Value |
|
27.602 |
0.000 |
|
|
|
|
|
|
Total Expenditure |
|
56.886 |
0.219 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(8023.22) |
25.89 |
|
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(766.50) |
40.33 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(6.07) |
0.07 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.07) |
0.00 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.16 |
0.11 |
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|
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
0.39 |
0.67 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS:
Land – Free Land, Furniture & Fixture, Computers, Motor Vehicles,
Office Equipment, and Quality Control Equipment etc.
Operations:
They are
pleased to inform all the members that name of the company had been changed
from Integra Overseas Limited to Suzuki Motorcycle India Private Limited.
Amendment in Name has accordingly notified to different Government departments,
Vendors, Bankers and other related parties.
The
company had started its two-wheeler project in collaboration with Suzuki Motor
Corporation, Japan and the construction of the factory had begun in the month
of June, 2004. Trial Production has already been started in the month of June
2005. However Company is expecting to start Commercial Production by October
2005.
The
company has also obtained registration under different Acts Including Central
Excise Act, Central Sales Tax Act, Value Added Tax, Service Tax,. Other
registrations and other compliance of legal requirements are adequately taken
care of the company.
Suzuki
Motor Corporation had infused Equity Capital and the equity shares of Rs.
335.000 Millions has been allotted on 29.03.2005 and with this Suzuki Motor
Corporation holds 74.01% equity in the company.
AS
PER WEBSITE:
Suzuki Motorcycle India to launch a 125 cc bike in India
Suzuki
Motorcycle India Pvt Ltd is the latest entry into the already crowded Indian
two wheeler segment with players like Hero Honda, Bajaj Auto, Honda, and TVS.
They are planning to start their Indian operations with a 125-cc mass-market
motorcycle to be launch by this coming October. The company has made an initial
investment of Rs. 200 crores to start their Indian operations.
Company
sources have revealed that Suzuki would follow up this 125cc bike with a high
performance 150-cc sibling sometime next year. And for the budget segment,
another 100cc bike is expected in the first quarter of 2006. Mass market is the
initial aim with plans to enter all the segments rapidly. They have their
facilities located in Gurgaon and are in the process of beginning their
commercial production of the 125cc bike soon.
Suzuki
is planning to launch this bike by diwali, which is the auspicious time for
buying a new vehicle in Indian families. Their setup in Gurgaon has the
capabilities of manufacturing one lakh motorcycles and they are ready to step
that up massively if the situation arises. They already have setup 40
dealerships around the country and are going to establish 4,000-5,000 sq.ft
showroom and service stations to provide services to the customers.
The
parent company happens to be one of the largest manufacturers of two wheelers
in the world with more than 20 lakh bikes sold per annum. They are popular for
their range of high performance road machines, lightweight super bikes, dirt
bikes, street bikes, motocross and fun bikes globally.
SUZUKI Philosophy
The core philosophy of SUZUKI is to provide “VALUE-PACKED PRODUCTS” .
Since the founding of SUZUKI Motor Corporation, the Organization’s endeavor has
always been to provide “VALUE-PACKED PRODUCTS” as one of the manufacturing
philosophies.
SUZUKI believes that “VALUE-PACKED PRODUCTS” come from the effort to carry out
Product development from customer’s point of view. This policy has been in
effect since Company’s inception and has helped the Organization to meet
customer’s needs. As a result, SUZUKI’s Products have become well received
throughout the World. SUZUKI is fully committed to create Products that meet
customer’s demand by utilizing its dynamic, long-nurtured technological
advantage coupled with its fresh and active human resources.
Mission Statement
·
Develop products of superior value by focusing on
the customers.
·
Establish a refreshing and innovative company
through teamwork.
·
Strive for individual excellence through continuous
improvement.
Company Name:
SUZUKI MOTORCYCLE
INDIA PRIVATE LIMITED is a subsidiary of Suzuki Motor Corporation,
Japan where in we are having the same manufacturing philosophy of VALUE PACKED
PRODUCTS right from the inception. SMIPL will be manufacturing two wheelers
best suited for the valuable Indian customers covering all segments.
Plant area and production
capacity
We have installed
our manufacturing plant in Gurgaon (Haryana) having the annual plant capacity
of 1,20,000 units. We have got total land area of 37 acres and out of which
presently our plant is constructed in 6.5 acres of land and remaining area is
left for the land development and future expansion.
Environment
At Suzuki, the
philosophy of keeping “environment first” is properly percolated downwards. To
comply with all applicable legislations and setting standards thereof remains
only a beginning. We thrive to discover and invent mechanisms for better
environment management systems and it’s a continuous process which is managed
by a separate wing of experts and specialist in the field.
The
biggest testimony of Suzuki’s commitments towards “environment first” is seen
in the new plant of Suzuki two wheelers at Gurgaon which is built to be a Zero
discharge plant.
We have embraced Natural light
optimization system and water harvesting systems besides several other measures
to create better and cleaner environment around us. All packaging material used
by Suzuki is re-cycleable. A constant flow of internal communication on
environment related issues not only creates awareness amongst employees but
also helps in inculcating ‘an environment friendly’ value system
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |