MIRA INFORM REPORT
|
Report
Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MORIROKU UT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-20, Friends Colony East, New
Delhi – 110 065 |
|
|
|
|
Country
: |
India |
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|
|
|
Financials
(as on) : |
31.03.2006 |
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|
|
|
Date
of Incorporation : |
19.09.1996 |
|
|
|
|
Com.
Reg. No.: |
55-82080 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U34100DL1996PTC082080 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELM08240B |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
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|
|
|
Line
of Business : |
Manufacturers of Plastic Automobile Parts. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
475000 |
|
|
|
|
Status
: |
Satisfactory |
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|
|
|
Payment
Behaviour : |
Regular |
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|
|
|
Litigation
: |
Clear |
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|
|
|
Comments
: |
Subject is a successful
Indo-Japanese joint venture.
Available information indicates high financial responsibility of the
company. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered
good for your proposed business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
C-20, Friends Colony East, New
Delhi – 110 065, India |
|
Tel. No.: |
91-11-26329721 |
|
Fax
No.: |
91-11-26911326 |
|
E-Mail
: |
|
|
Website
: |
|
|
Location : |
Commercial |
|
|
|
|
Corporate/Factory/Warehouse
Office : |
B/6-11, Sector –81, Phase – II,
Noida, District Gautam Budh Nagar, Uttar Pradesh – 201 305 |
|
Tel.
No.: |
91-120-2568573 to 75 |
|
Fax
No.: |
91-120-2568581 |
|
Location : |
Industrial |
DIRECTORS
|
Name : |
Ms. Vandana Khaitan |
|
Designation
: |
Chairperson |
|
Address
: |
28A, Ashutosh Choudhary Road, Kolkata – 700 019,
West Bengal |
|
Date
of Birth/Age : |
06-03-1958 |
|
Date
of Appointment : |
06-06-2002 |
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|
|
|
Name : |
Mr. Takeo Togawo |
|
Designation
: |
Managing Director |
|
Address
: |
A-101, New Friends Colony, New Delhi – 110 065,
India. |
|
Date
of Birth/Age : |
07-09-1948 |
|
Date
of Appointment : |
04-02-2001 |
|
|
|
|
Name : |
Mr. Shigeru Mori |
|
Designation
: |
Director |
|
Address
: |
4-24-10, Fujimi-cho, Chofu City, Tokyo- 182,
Japan |
|
Date
of Birth/Age : |
28-03-1944 |
|
Date
of Appointment : |
19-09-1996 |
|
Date
of Ceasing : |
04.07.2005 |
|
|
|
|
Name : |
Mr. Shigenobu Miwa |
|
Designation
: |
Director |
|
Address
: |
3003-21, Ooyamachi, Tatebayshi City, Gunma, Japan |
|
Date
of Birth/Age : |
22-04-1948 |
|
Date
of Appointment : |
30-09-2002 |
|
|
|
|
Name : |
Mr. Toshihiko Goda |
|
Designation
: |
Director |
|
Address
: |
28A, Ashutosh Choudhary Road, Kolkata – 700 019,
West Bengal |
|
Date
of Birth/Age : |
31-05-1942 |
|
Date
of Appointment : |
06-06-2002 |
|
|
|
|
Name : |
Mr. Tetsuya Nitta |
|
Designation
: |
Alternative Director |
|
Address
: |
2-8, Inou Kogane En, Suzuka Mie 5100206, Japan |
|
Date
of Birth/Age : |
04-08-1959 |
|
Date
of Appointment : |
30-11-2000 |
|
PAN
No. : |
00409127 |
|
Passport
No. : |
TF4092630 |
|
|
|
|
Name : |
Mr. Hideo Tsuskai |
|
Designation
: |
Director |
|
Date
of Appointment : |
04th July, 2005 |
|
|
|
|
Name : |
Mr. Hidekazu Haruta |
|
Designation
: |
Director |
|
Address
: |
2-64-10, Toyosatudai, Utsunomiya 3214345, Japan |
|
Date
of Birth : |
02.09.1950 |
|
Date
of Appointment : |
15.05.2006 |
|
PAN
No. : |
00776058 |
|
|
|
|
Name : |
Mr. Yukio Uehara |
|
Designation
: |
Director |
|
Address
: |
874-4, Kamiyokota, Utsunomiya 3210923, Japan |
|
PAN
No. : |
00051646 |
|
|
|
Management :-
|
|
|
Name : |
Mr. Ashok Garg |
|
Designation
: |
Senior Vice President |
|
|
|
|
Name : |
Mr. Salabh Sangal |
|
Designation
: |
Senior Manager Productions |
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|
|
|
Name : |
Mr. Vishal |
|
Designation
: |
Company Secretary cum Financial Controller |
|
|
|
|
Name : |
Mr. Alok Gupta |
|
Designation
: |
Secretary |
|
Address
: |
A – 32, South Ganesh Nagar, Delhi - 110092 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Moriroku Company Limited |
|
6620000 |
|
Mr. Ashok Carc |
|
1 |
|
Mr. Shyam Sunder Singhani |
|
1 |
|
UT Limited |
|
473190 |
|
TOTAL |
|
7093192 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers of Plastic Automobile Parts. |
|
|
|
|
Products
: |
Plastic Automobile Parts |
|
|
|
|
Agencies
Held : |
Honda Siel Cars India Limited |
|
|
|
|
Imports
from : |
Japan |
|
|
|
|
Terms
: |
|
|
Selling : |
Credit terms |
|
|
|
|
Purchasing : |
L/C, Cash or Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Plastic Automobile Parts |
Nos. |
|
25000 |
2524173 |
GENERAL INFORMATION
|
Suppliers
: |
Moriroku Company Limited, Japan |
|
|
|
|
Customers
: |
Honda Siel Car India Limited,
India |
|
|
|
|
No. of
Employees : |
2000 |
|
|
|
|
Bankers
: |
·
The Sumitomo Mitsui Banking Corporation ·
The Bank of Tokyo-Mitsubishi Limited ·
Mizuho Corporate Bank Limited |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
D. D. Bansal & Associates Chartered Accountants |
|
Address:
|
M- 304, Dharma Apartments, @, I.P. Extension, New
Delhi – 110 092, India |
|
Tel.
No.: |
91-11-22723062/22722097 |
|
Fax
No.: |
91-11-22722003 |
|
E-Mail
: |
|
|
PAN
No. : |
AACFD2943B |
|
|
|
|
Associates
: |
Moriroku Group, Japan |
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|
|
|
Holding
Company : |
Moriroku Company Limited |
|
|
|
|
Parent
Company |
UT Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Share |
Rs.
10/- each |
Rs.
100.000 millions |
|
662000 |
Preference Share
|
Rs. 100/- each |
Rs.
66.200 millions |
|
|
Total |
|
Rs.
166.200 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7093192 |
Equity Share |
Rs.
10/- each |
Rs.
70.931 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
70.931 |
137.132 |
137.132 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
66.200 |
18.242 |
0.000 |
|
|
4]
(Accumulated Losses) |
[16.589] |
0.000 |
(12.241) |
|
NETWORTH
|
120.542 |
155.374 |
124.891 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
55.309 |
|
|
2]
Unsecured Loans |
126.740 |
16.088 |
0.000 |
|
TOTAL
BORROWING
|
126.740 |
16.088 |
55.309 |
|
|
DEFERRED
TAX LIABILITIES |
15.858 |
15.910 |
27.833 |
|
|
|
|
|
|
|
TOTAL
|
263.140 |
187.372 |
208.033 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
254.543 |
138.356 |
173.748 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
1.431 |
1.159 |
22.791 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
38.230
|
32.921
|
28.567 |
|
|
Sundry Debtors
|
55.285
|
46.303
|
36.943 |
|
|
Cash & Bank Balances
|
1.521
|
1.185
|
0.236 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
54.446
|
26.737
|
29.273 |
Total Current Assets
|
149.482
|
107.146
|
95.019 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
111.401
|
37.728
|
71.361 |
|
|
Provisions
|
30.915
|
21.561
|
12.164 |
Total Current Liabilities
|
142.316
|
59.289
|
83.525 |
|
Net
Current Assets
|
7.166
|
47.857
|
11.494 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
263.140 |
187.372 |
208.033 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
358.656 |
226.134 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
58.294 |
24.883 |
Provision for Taxation
|
|
20.326 |
10.839 |
Profit/(Loss) After Tax
|
|
37.968 |
14.044 |
|
|
|
|
|
Import Value
|
|
53.694 |
40.529 |
|
|
|
|
|
Total Expenditure
|
|
250.467 |
175.918 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
N.A. |
10.59
|
5.24 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
N.A. |
16.33
|
10.16 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
N.A. |
23.63
|
7.43 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
N.A. |
0.38
|
0.16 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.23 |
0.49
|
1.01 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.05 |
1.81
|
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
v Land
v Building
v Plant
& machinery
v Office
equipment
v Furniture
& fixtures
v Motor
vehicles
v Data
processing equipments.
|
Name
of the company |
Moridoku
UT India Private Limited |
|
Presented By |
Mr. V. B. Khandelwal, Company Secretary |
|
1) Date
and description of instrument creating the change |
Letter of
credit agreement dated 07.10.1997 and sanction letter of bank dt. 15.10.1997
security to be created from 15.10.1997 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
11.500 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Current
Assets and All Receivables |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
As per Xerox Copies of Letter of Credit Agreement Dated
07.10.1997 and sanction Letter of Bank dt. 15.10.1997 enclosed |
|
5) Name
and Address and description of the person entitled to the charge. |
The Sakura Bank Limited Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi |
|
6)
Date and brief description of
instrument modifying the charge |
N.A. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
N.A. |
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.44.09 |
|
UK Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
|
|
DEMERIT
POINTS |
|
YES |
|
--BANK
CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/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 |
|
TOTAL |
|
54 |
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 |
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 |