MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
HONDA SIEL CARS INDIA LIMITED |
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Registered Office : |
Plot No. A-1, Sector 40/ 41, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.12.1997 |
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Com. Reg. No.: |
20-23013 |
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CIN No.: [Company
Identification No.] |
U15114UP1995PLC023013 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTH00616A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Motors Cars. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 26000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Plot No. A-1, Sector 40/ 41, |
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Tel. No.: |
91-120 - 234 1313/ 1321/ 1327/ 1801/ 1806/ 1802 |
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Fax No.: |
91-120 - 234 1313/ 1321/ 1327/ 1801/ 1806/ 1261 |
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E-Mail : |
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Website : |
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Regional Office : |
D-126, TTC Industrial Area, MIDC Shiravane, Nerul, Thane-Belapur Road,
Navi Mumbai- 400706, Maharashtra, India |
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Tel. No.: |
91-22 - 56119888 , 56119666 |
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Regional Office : |
25/26, |
DIRECTORS
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Name : |
Mr. Sambommatsu Toshio |
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Designation : |
Whole Time Director |
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Address : |
B-1/2, First Floor, Vasant Vihar, |
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Date of Birth/Age : |
14.12.1958 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Sudo Motohide |
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Designation : |
Director |
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Address : |
Ruamsuk Condominium Unit 16, C 16/49, 16th Floor, Soi
Sukhumuit 26, Klongtoey, |
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Date of Birth/Age : |
08.09.1954 |
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Date of Appointment : |
16.06.2005 |
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Date of Ceasing : |
31.03.2006 |
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Name : |
Mr. Oyama Tatsuhiro |
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Designation : |
Director |
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Address : |
1-27-1-305, Tabata, Kita Ku |
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Date of Birth/Age : |
09.07.1950 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. |
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Designation : |
Whole Time Director |
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Address : |
C-56, Anand Niketan, |
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Date of Birth/Age : |
21.02.1964 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Siddharth Shriram |
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Designation : |
Chairman |
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Address : |
3-A, The Green, Opposite Airforce Station Rajokari No – 110038, |
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Date of Birth/Age : |
18.01.1945 |
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Date of Appointment : |
09.01.1996 |
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Name : |
Mr. Nandan Kumar Goila |
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Designation : |
Director |
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Address : |
A-65 / 1, SFS Flats, Saket, |
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Date of Birth/Age : |
14.04.1947 |
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Date of Appointment : |
09.01.2001 |
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Name : |
Mr. Daikichiro Yano |
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Designation : |
Director |
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Address : |
W-65, Greater Kailash – 11, |
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Date of Birth/Age : |
22.10.1954 |
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Date of Appointment : |
10.06.2002 |
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Name : |
Mr. Yukihiro Aoshima |
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Designation : |
Director |
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Address : |
E 5/6, First Floor, Vasant Vihar, |
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Date of Birth/Age : |
03.09.1943 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Atsushi Igaki |
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Designation : |
Director |
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Address : |
S 31, First Floor Panchsheel park, |
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Date of Birth/Age : |
21.01.1963 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mr. Masahiro Takedagawa |
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Designation : |
Whole Time Director |
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Address : |
C / o Metropoliton Nikko, |
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Date of Birth/Age : |
19.04.1955 |
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Date of Appointment : |
08.04.2005 |
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Name : |
Mr. Yutaka Ishikawa |
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Designation : |
Director |
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Address : |
W – 148A, Second Floor, Greater Kailash, |
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Date of Birth/Age : |
17.02.1961 |
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Date of Appointment : |
18.04.2005 |
KEY EXECUTIVES
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Name : |
Mr. S. Ramaswamy |
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Designation : |
Company Secretary |
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Address : |
Flat No – 105, First Floor, GH – 06, Gharonda Sehkari Housing Society
Alpha – 1, Greater Noida – 201306, |
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Date of Birth/Age : |
15.04.1962 |
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Date of Appointment : |
15.07.1996 |
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Name : |
Mr. Alok Goel |
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Designation : |
Company Secretary |
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Address : |
A1A / 14A, |
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Date of Appointment : |
12.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Honda Motor Company Limited |
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359639995 |
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Honda Motor Company Limited Jointly With Yutaka Ishikawa |
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1 |
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Honda Motor Company Limited Jointly With Atsushi Igaki |
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1 |
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Honda Motor Company Limited Jointly With Masahiro Takedagawa |
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1 |
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Siel Holdings Limited |
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360000 |
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Honda Motor Company Limited Jointly With Sambommatsu Toshio |
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1 |
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Honda Motor Company Limited Jointly With Daikichiro Yano |
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1 |
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Total |
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360000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.90 |
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Bodies Corporate |
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0.10 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Motors Cars. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Cars |
Nos. |
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42800 |
GENERAL INFORMATION
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Suppliers : |
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Bankers : |
UFJ Bank Limited
[Formerly The Sanwa Bank Limited] Head Office : 5-6,
Fushimimachi, 3-Chome, Chou-Ku, Branch Office : Mercantile House,
15, Kasturba Gandhi Marg, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. F. Ferguson and Company Chartered Accountants |
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Address : |
9, Scindia House, Kasturba Gandhi Marg, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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360,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3600.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3600.000 |
3600.000 |
3600.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3110.967 |
1577.194 |
250.369 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6710.967 |
5177.194 |
3850.369 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
334.711 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
334.711 |
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DEFERRED TAX LIABILITIES |
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27.127 |
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TOTAL |
6710.967 |
5177.194 |
4212.207 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2682.869 |
1882.229 |
2722.553 |
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Capital work-in-progress |
997.805 |
264.069 |
72.694 |
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INVESTMENT |
0.000 |
0.000 |
587.536 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
6.613 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2423.072
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1401.711 |
1044.768 |
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Sundry Debtors |
7.256
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49.878 |
350.294 |
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Cash & Bank Balances |
2550.506
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2744.010 |
1.055 |
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Other Current Assets |
138.709
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126.779 |
0.000 |
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Loans & Advances |
719.528
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412.391 |
562.865 |
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Total
Current Assets |
5839.071
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4734.769 |
1958.982 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2731.816
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1636.868 |
1108.137 |
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Provisions |
76.962
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67.005 |
28.034 |
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Total
Current Liabilities |
2808.778
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1703.873 |
1136.171 |
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Net Current Assets |
3030.293
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3030.896 |
822.811 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6710.967 |
5177.194 |
4212.207 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
24957.589 |
21306.719 |
13044.441 |
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Other Income |
463.070 |
318.837 |
74.910 |
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Total Income |
25420.659 |
21625.556 |
13119.351 |
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Profit/(Loss) Before Tax |
2360.843 |
2089.032 |
1174.324 |
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Provision for Taxation |
827.070 |
762.207 |
405.519 |
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Profit/(Loss) After Tax |
1533.773 |
1326.825 |
768.805 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
116.254 |
79.737 |
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Total Earnings |
NA |
116.254 |
79.737 |
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Imports : |
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Raw Materials |
NA |
5888.314 |
3532.231 |
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Stores & Spares |
NA |
1181.758 |
858.070 |
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Capital Goods |
NA |
25.593 |
462.383 |
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Total Imports |
NA |
7095.665 |
4852.684 |
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Expenditures : |
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Raw Material Consumed |
16343.508 |
14064.371 |
11622.013 |
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Purchases made for re-sale |
2981.882 |
2460.848 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
[81.115] |
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Salaries, Wages, Bonus, etc. |
468.515 |
332.061 |
0.000 |
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Managerial Remuneration |
19.698 |
14.897 |
0.000 |
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Payment to Auditors |
1.436 |
1.032 |
0.000 |
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Interest |
0.340 |
5.761 |
7.323 |
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Insurance Expenses |
45.750 |
37.623 |
0.000 |
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Power & Fuel |
194.189 |
155.934 |
0.000 |
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Depreciation |
0.000 |
0.000 |
396.806 |
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Other Expenditure |
3004.498 |
2463.997 |
0.000 |
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Total Expenditure |
23059.816 |
19536.524 |
11945.027 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
6.03
|
6.14 |
5.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.46
|
9.80 |
9.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
27.70
|
31.57 |
25.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.40 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
|
0.33 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.08
|
2.78 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture,
Fixture and Office Equipments
- Computers and
data processing machines
- Vehicles
During the year 1999, the company was orally asked by customs
authorities to deposit Rs. 30.000 Millions as a provisional deposit towards
customs duty payable, if any on import of drawing under its Technical
Collaboration Agreement with Honda Motor Company Limited Japan, followed during
the year 2000-01, by two show cause notices asking the Company to explain why
the amount of Rs. 281.476 Millions, including penalties of Rs. 140.738
Millions, should not be paid by the company. The said amount of Rs. 30.000
Millions was deposited under protest by the company.
During the year 2002-03, in respect of one of the show cause notice of
Rs. 77.480 Millions including penalty of Rs. 38.740 Millions the Customs and
Central Excise Settlement Commission settled the customs duty liability at Rs.
3.263 Millions as admitted by the company and charged to profit and loss
accounts of earlier years, and also granted immunity from penalty and interest.
However during the year 2003-04 the Customs Authorities have preferred a writ
petition in the Delhi High Court challenging the order of the CCESC which is
pending disposal.
Bankers Charges
Report as per Registry
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Name of the company |
HONDA SIEL CARS
INDIA LIMITED |
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Presented By |
S. RAMASWAMY,
COMPANY SECRETARY |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Account receivables / Book debts executed on December 20,
1997 in favour of The Sanwa Bank Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 71.200
Millions being the overall fund based limits fir availing Cash credit /
Demand Loan. |
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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 |
First charge on
all such hypothecated book debts more particularly outstanding moneys,
receivables claims and bills which are now due and owing or which may at any
time hereafter during continuance of this security become due and owing to
the company and more specifically described in the deed of Hypothecation of
Account receivables / Book dents dated December, 20, 1997. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the Bank having agreed to grant the working capital facilities the company
has interalia agreed to - Create security by way of first charge on
all the book debts, outstanding moneys receivables, claims and bills both
present and future to secure the loan amount of Rs. 71.200 Millions and
interest all costs charge and expenses incurred by the Bank in relation
thereto. - Pay interest on daily balance in the Cash
Credit / Loan Account and on all other moneys payable at the rate of 14 % or
such rate as may from time to time be fixed by the Bank with quarterly rests.
Charge over the
said assets referred to above shall rank paripassu with the charges created and
/ or to be created in favour of institutions / bank for their respective
working receivables / book debts both present and future. |
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5) Name and Address and description of the person entitled to the charge. |
UFJ Bank Limited
[Formerly The Sanwa Bank Limited] Head Office : 5-6,
Fushimimachi, 3-Chome, Chou-Ku, Branch Office : Mercantile House,
15, Kasturba Gandhi Marg, |
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6) Date and brief description of instrument modifying the charge |
08.05.2003 Agreement of
Demand loan / Cash Credit and hypothecation of accounts receivables / book
debts This is not a
fresh charge but modification of the already created charge over the moveable
and current assets both present and future more specifically described in the
deed of Hypothecation of Account receivables / Book dents dated December, 20,
1997 and registered with the Registrar of Companies.
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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. |
Agreement of
packing credit and hypothecation. Agreement of demand loan / Cash Credit and
Hypothecation of account receivables / book debts entered into on 08.05.2003
of enhanced overall limits for fund based working capital limits sanctioned
to the company and with this the overall charge of UFJ Bank over the whole of
the movable and tangible assets including
goods, book debts, stock stand created
and increased from Rs. 71.200 Millions to Rs. 265.000 Millions However the total
fund based loan a ailment from to a maximum of Rs. 1250 Millions only. |
AS PER WEBSITE
Subject
was incorporated in December 1995 as a joint venture between Honda Motor
Company Limited,
While the company sold its first 50,000 units in nearly five years, it is today
geared to sell more than 50,000 units in a single year. The Honda City, its
first offering introduced in 1997, revolutionized the Indian passenger car
market and has ever since been recognized as an engineering marvel in the
Indian automobile industry. Thereafter, HSCI launched its high-end models the
Accord and the SUV, CRV. The City ZX, introduced in its new avatar in 2003,
replicated the success of the earlier car. The Honda Civic, launched in
Showcase Manufacturing Facility
HSCI's
state-of-the-art manufacturing unit was set up in 1997 at Greater Noida, U.P with
an investment of Rs. 4500 Millions. The green-field project is spread across
150 acres of land (over 6,00,000 sq. m.).
The
initial installed capacity of the plant was 30,000 cars per annum, which was
recently increased to 50,000 cars on a two-shift basis. The capacity expansion
was necessitated by the excellent performance of all the Honda models in
The
enhanced production facility of Honda Siel Cars India accommodates the Honda
Civic, which was launched in
HSCI currently produces the Honda City, Civic and Accord models in
Sales
and Distribution Network
Honda
Siel Cars India has a strong sales and distribution network spread across the
country. The network includes 56 facilities in 41 cities.
Having
established itself as a leading brand in the metros, the company is now
focusing on increasing its presence in tier-II towns and cities and plans to
increase its dealership network to more than 100 by the end of 2008-09 fiscal
year.
The
company is targeting 100 dealer outlets across
Sales
Performance
Subject,
registered an all-time high sales of 61,327 units in the financial year
2006-07. This translates to a phenomenal growth of 43.5% over the last fiscal
year where the company sold a total of 42,727 units.
Subject
also closed the financial year on an upbeat note with record sales in March
2007. The company sold 8,489 units in the month- an increase of 38.7% over
March 2006 where it sold 6,120 units.
Honda
Civic sold a total of 16,262 units in a period of nine months since its launch
in
Honda and Technology
Honda has
always believed in giving more excitement and more joy. Be it designing high
performance sports cars that are a pleasure to behold and a joy to drive or
creating the world's first humanoid robot to walk on two legs or countless
other technologies that astonish and delight, Honda's spirit of exploration
frequently invents the future.
Not surprisingly, millions of people worldwide often respond to Honda's spirit
of innovation with a sense of delight and amazement. Honda's obsession for
technology that continuously improves upon the performance and safety of all
Honda vehicles is what sets it apart from other names in the car industry.
In the
year 2003, Honda has delivered products with cutting edge technologies and
breathtaking new designs. And set a new standard of world-class service that
will astonish and delight. In the years to come, Honda will surpass the highest
expectations and provide an experience that goes beyond belief. So don't be
surprised if you hear someone say "What a Honda!" It may be you.
Read
in detail about Honda's innovations:
· Engines
· FIT
· FCX
Honda Unveils Plans for New Plant in Rajasthan
• Project to be spread across 600 acres of land
• Company to make an initial investment of Rs. 10000 Millions
• New plant to have an initial production capacity of 60,000 units
• To generate employment for over 1,000 people in the first phase
• First car to roll out in 2009
Jaipur, May 3: Honda Siel Cars India Limited (HSCI), leading manufacturer of
premium cars in India, today unveiled a detailed, long-term plan for its new
manufacturing facility in Rajasthan, to be set up in the Alwar district, with
an initial investment of over Rs 1,0000 Millions ($230 million).
In a glittering ceremony here today, a Memorandum of Understanding was signed
between HSCI and the Rajasthan government for setting up the much-awaited
second Honda car plant in
As per the long-term plan unveiled at the ceremony today, the new project would
be spread across 600 acres of land and will have an initial production capacity
of 60,000 units per annum.
In addition to the car manufacturing facility, which will be spread across 400
acres, the new project will also have several supplier units, spread across an
area of over 150 acres. The planned capacity of the plant is likely to go up to
over 200,000 units per annum, with investments up to Rs 2,0000 Millions ($460
million) in the future. The plant is scheduled to roll out the first car by the
last quarter of the calendar year 2009.
Honda Siel Cars India’s current manufacturing unit at Greater Noida, Uttar
Pradesh, has a production capacity of 50,000 units which will be expanded to
1,00,000 units by the end of this year. With the new
At the proposed plant, HSCI will deploy state-of-the-art technologies that
provide the flexibility to produce models more quickly and efficiently. Major
processes at the plant will include a press shop, a weld shop, die-casting
shop, machine shop, paint shop and assembly operations. The new plant will be
modeled on the lines of its latest global plants with great emphasis on environment
protection and safety.
The plant will operate under the stringent standards of ISO 9001 for quality
management and ISO 14001 for environment management.
Addressing the media on this landmark occasion, Mr. M. Takedagawa, President
& CEO, Honda Siel Cars India Limited said, “Signing of this MoU marks an
important day in the history of HSCI. It has been an extremely successful
journey for Honda in
Giving the rationale behind choosing Rajasthan for its second unit Mr.
Takedagawa said, “
As a responsible corporate citizen, Honda operates in different regions keeping
in mind the larger interest of the society that it operates in. The company
aims to contribute significantly towards the economic development of Rajasthan
by creating large-scale employment opportunities and the associated economic
development of the adjoining areas. It will also look at upgrading the local
Industrial Training Institutes (ITIs) in and around the new plant and would be
prepared to absorb qualified and skilled students from there for its unit.
While setting up the plant, HSCI will also follow Honda’s global standards in
ensuring protection of the surrounding environment, ecological balance and
conservation of natural resources.
Basic Structure
ASIMO (Advanced Step in Innovative Mobility) features 26 Degrees of Freedom
that help it walk and perform tasks much like a human. One Degree of Freedom is
the ability to move right and left or up and down. These degrees of freedom act
much like human joints for optimum movement and flexibility. ASIMO has two
Degrees of Freedom on its neck, six on each arm and six on each leg.
Lightweight materials, like a magnesium alloy structure, combined with powerful
computers in its backpack and 26 servomotors throughout its body help ASIMO
walk and move smoothly with ease.
Basic Functions
ASIMO is designed to operate in their world, where they need to
reach for things, pick things up and navigate along floors, sidewalks - even
climb stairs. That's why ASIMO has two arms and two legs and is what is called
a humanoid robot. In fact, ASIMO is the world's only humanoid robot that can
walk independently and climb stairs. This is important, because in a world full
of high curbs, uneven surfaces, obstacles and stairways, this ability is
absolutely necessary for ASIMO to be able to easily function and truly assist
humans.
How do you build a humanoid robot?
Building ASIMO was an incredible challenge. In addition to powerful computers
and sophisticated software, ASIMO represents years of research in many
scientific fields like Mathematics, Physics - the study of motion - and Anatomy
- the study of the human body structure - just to name a few.
ASIMO'S ORIGIN
Past
Honda's work in humanoid robotics started in 1986. Engineers first set out to
master the principles of walking. Early experimental models focused on
developing a set of legs that could simulate the complex, dynamic walk of a
human. In later prototype models, Honda engineers added a head, body, and arms
to the robot, to improve walking and balancing skills, and to allow the robot
to grasp or move objects.
Present
Standing just four feet tall and weighing 115 lbs., ASIMO can walk forward and
backward, turn corners, even walk up and down stairs - all with a remarkable
sense of balance, agility, and grace. ASIMO also has two arms and two hands -
to perform tasks such as switching lights on and off, moving objects, and
opening and closing doors.
Future
ASIMO might someday serve as another set of eyes, ears, and legs for people in
need. This means ASIMO might someday help with important tasks, like assisting
the elderly, or a person confined to a bed or a wheelchair. ASIMO might also
perform certain tasks that are dangerous to humans, such as moving harmful
chemicals or fighting fires.
ASIMO IN
During a month-long visit to
The history of the Honda Motor
Company began with the vision of one man - Soichiro Honda. His dream was
personal mobility for everyone.
Soichiro Honda founded the Honda
Motor Company in 1948. In the same year, he designed and engineered the first
product of this company - a 50 cc motorised bike on a bicycle frame - in his
small shed at
Challenging the Limits
'Challenging the Limits' is a
phrase commonly heard across the length and breadth of Honda. It was made
popular by its founder, Soichiro Honda, who knew that his fledgling company had
to out-think and out-perform its competitors every step of the way in order to
survive. After all, he started out at a time when his country was devastated by
war.
Honda's Global Vision
Soichiro's vision was international in character. His desire was to lead the
world in technology, and make a significant contribution to the creation of a
better society. As a result, most of the products that Honda developed started
out by making a difference. Whether it was the CVCC engine in the sixties or
the solar powered car of the nineties, they all sought to challenge and
overcome conventional wisdom.
World's Toughest Training Tracks
No story of Honda is complete without the mention of motor sports. Honda
started participating in racing at the highest level much before it found
international acclaim as a manufacturer. Once again, it was Soichiro Honda who
was the driving force. He considered the highly competitive world of motor
sports as the ideal training ground for his people. Through racing, Honda
engineers learnt to accomplish more than they ever dreamed possible within
limited amounts of time. They become quicker at responding to the technological
challenges that arise in the commercial world.
Honda's belief in the benefits of racing is sincere and unwavering. The company
has invested millions of dollars in building two world-class racing circuits.
The Suzuka opened its gates in September 1962. Located in northern
Innovation Everywhere
Honda is already, and literally, making big strides in the development of the
world's first humanoid robot. Christened ASIMO, it is designed on the
presumption that if a robot could walk like a human, it may be able to work
like one. Honda is also taking to the skies with its very own aircraft
technology. It took a 30-man team only six years to develop a prototype.
Typical of Honda, the project leader was not quite 30 years of age when the experimental
aircraft was first unveiled in 1993. Together, these diverse ideas prove the
one central maxim that is dear to everyone at Honda - Challenging the Limits.
2007
The Honda Racing F1 Team’s Rubens Barrichello and Jenson Button finished
today’s
Rubens
made the most of the first corner mêlée at Ste Devote to gain two places,
easing his way into seventh place from ninth for the opening stint of the race.
On a heavier fuel load, Button lost out at turn one and dropped a place to
11th. After the first round of pitstops, the two Honda Racing F1 Team drivers
ran nose-to-tail, and the gap between them was rarely more than a second for
the next 40 laps. Rubens crossed the line 1.1 secs ahead of Jenson.
RUBENS BARRICHELLO
“I’m
disappointed with 10th because I thought we had a shot at the points today but
the opportunities did not materialise. After my first pitstop I was held up by
Wurz and that was that really. I was a little bit faster than him and if I
could have got past then there was a chance to close the gap and get closer to
the points, but there was no possibility to overtake. Overall I think we have
had a slightly better weekend and we just have to keep pushing now and continue
to move in the right direction. I hope for better things in
JENSON
BUTTON
“A
difficult race today. I was stuck in traffic in all three stints and never got a
clear run, so I couldn’t make the most of the strategy. After yesterday’s
qualifying it is disappointing but we have to take some encouragement from the
signs of improvement we saw here earlier in the weekend, keep our heads down
and focus on what we are doing to move us forward.”
JACKY
EECKELAERT
Engineering
Director "After achieving 9th and 10th in qualifying yesterday we hoped
for a points finish today. Rubens got a good start, making up some places over
the first few corners, and then both drivers held their positions reasonably
well over the first pit stops. However, our race pace was not fast enough for
us to finish in the points. We have clearly made a step in the right direction
and we are now knocking on the door of the points placings. Despite no testing
before the two North American races, we will have some improvements with which
to try to close the gap to the teams directly in front of us."
Press Release
The Formula One European season begins next weekend in
After
a four-week break following the flyaway races, the Formula One teams return to
SHUHEI
NAKAMOTO – Senior Technical Director
“In
preparation for the Spanish Grand Prix, we have had a four-day test in
JENSON
BUTTON
"The
fact that we test here so much makes the Grand Prix weekend feel very familiar
and of course we know the track inside out. The key to a really quick lap at
the Circuit de Catalunya is having a car with good downforce; you need to feel
confident when you commit to the very high speed corners. Overtaking can be a
real challenge here and one of the best opportunities is going into the first
corner after the start. You can squeeze by there once the race has settled down
but it is very difficult. The new chicane can also be tricky as it is extremely
slippery and so very slow. One little mistake could cost you a lot of time
there. It’s also slowed the approach to the old final corner which was a great
challenge. ”
RUBENS
BARRICHELLO ON THE CIRCUIT DE CATALUNYA
“The
Circuit de Catalunya is almost like a home circuit now because the F1 teams
conduct most of their European testing there and like all of the drivers, I
know the track like the back of my hand. A lap around here feels something like
this:
When
you exit the fast right-hand turn thirteen onto the long main straight for the
start of the lap, the engine noise echoes through the vast and towering
grandstands which gives a feeling of real exhilaration, I love that noise!
Then it’s downhill towards turn one where you brake hard down to second gear
from 310kph, throwing the car hard right, then left and straight into turn two.
Then you accelerate hard into the long right-hand turn three which can be taken
at full throttle with the grip of new tyres.
For
the short drag down to turn four, you are back up to 300kph, then into the slow
right-hander taken in second gear from where the track falls downhill into the
hairpin left of turn five. Here you have to be careful not to lock the wheels
on the undulating track.
Accelerating
hard once again towards the medium-speed left-hand turn six, running hard over
the kerb as we push uphill to the fast right-hander turn seven which leads on
to the back straight. Again you are again at over 300kph approaching turn
eight, braking hard down to second gear and negotiating the slippery new track
surface through the right-hander. Then it’s into the long right-hand turn nine
which is taken in second gear.
After a short straight, there is now a new complex of right-left-right turns,
which in contrast to the old fast right-hander that it replaces seems so slow.
Exiting the last of this series, being careful not to hit the high kerbs, you
accelerate hard to the fast right-hand turn thirteen and back on the pit
straight to enjoy those amazing grandstand acoustics once again.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.37 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
61 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|