MIRA
INFORM REPORT
|
Report Date : |
12.03.2007 |
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 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
55-86871 |
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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 : |
Manufacturing of
Two Wheelers and Spare Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively below average/normal. |
Small |
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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
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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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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
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Name : |
Mr. Satya Sheel |
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Designation : |
Managing Director |
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Address : |
Villa D. Empire
Estate, Sultanpur, Mehrauli Gurgaon Road, New Delhi – 110030 |
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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 |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Katsumi
Takata |
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Designation : |
Joint Managing
Director |
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Address : |
Room No. 101, The
Lemon Tree Hotel, City Centre, 287, Millinium City, Sector – 29, Gurgaon –
122001, Haryana, India |
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Date of Birth : |
11.10.1949 |
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Date of Appointment : |
09.07.2004 |
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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 : |
02.07.2004 |
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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 : |
02.07.2004 |
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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 : |
02.07.2004 |
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Name : |
Mr. Tsuneo
Kobayashi |
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Designation : |
Director |
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Address : |
85-4,
Yasumatsu-Cho, HamatsuShizuko – 4430015, Japan |
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Date of Birth : |
30.05.1941 |
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Date of Appointment : |
31.05.2006 |
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Name : |
Mr. Shozo
Ono |
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Designation : |
Director |
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Address : |
H. No. 41, Paschimi
Marg, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth : |
02.07.1959 |
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Date of Appointment : |
28.02.2006 |
KEY EXECUTIVES
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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 Birth : |
18.09.1967 |
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Date of Appointment : |
01.03.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Sheel Satya |
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160100 |
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Khosla Subhdra |
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100 |
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Metro Mode
Technology Limited |
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18383000 |
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Suzuki Motor
Corporation |
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52800000 |
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Total |
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71343200 |
BUSINESS DETAILS
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Line of Business : |
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 : |
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Name : |
BSR &
Associates Charted
Accountant |
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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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Fax No.: |
91-124-2549101 |
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Holding Company : |
Suzuki Motor
Corporation, Japan |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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71343200 |
Equity Shares |
Rs. 10/- each |
Rs. 713.432 Millions |
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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 |
713.432 |
713.432 |
185.432 |
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2] Share Application Money |
354.000 |
54.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
2.481 |
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4] (Accumulated Losses) |
[271.540] |
(50.251) |
0.000 |
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NETWORTH |
795.892 |
717.181 |
187.913 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1072.550 |
0.000 |
6.500 |
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TOTAL BORROWING |
1072.550 |
0.000 |
6.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1868.442 |
717.181 |
194.413 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1759.491 |
183.652 |
176.155 |
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Capital work-in-progress |
8.248 |
567.526 |
4.425 |
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PRE-OPERATIVE EXPENSES PENDING CAPITAL |
0.000 |
33.557 |
15.628 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
100.294
|
0.000 |
0.000 |
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Sundry Debtors |
0.352
|
0.195 |
0.000 |
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Cash & Bank Balances |
64.539
|
3.394 |
8.597 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
210.857
|
40.035 |
1.488 |
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Total Current Assets |
376.042
|
43.624 |
10.085 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
274.147
|
108.039 |
14.981 |
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Provisions |
1.192
|
3.139 |
0.053 |
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Total Current Liabilities |
275.339
|
111.178 |
15.034 |
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Net Current Assets |
100.703
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(67.554) |
(4.949) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
3.154 |
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TOTAL |
1868.442 |
717.181 |
194.413 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
|
6.565 |
0.367 |
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Other Income |
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Total Income |
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6.565 |
0.367 |
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Profit/(Loss) Before Tax |
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(50.321) |
0.148 |
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Provision for Taxation |
|
2.411 |
0.053 |
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Profit/(Loss) After Tax |
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(52.732) |
0.095 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
0.997 |
0.000 |
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Total Earnings |
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|
0.997 |
0.000 |
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Imports : |
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Others |
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27.602 |
0.000 |
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Total Imports |
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27.602 |
0.000 |
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Expenditures : |
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Total Expenditure |
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56.886 |
0.219 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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(8023.22) |
25.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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(766.50) |
40.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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(6.07) |
0.07 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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(0.07) |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.69
|
0.16 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.37
|
0.39 |
0.67 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has changed from 23, Community
Centre, East of Kailash, New Delhi to 100, South Extension Plaza, 389, Masjid Moth,
South Extension Part – II, New Delhi – 110049 with effect from 15.12.1999.
FIXED ASSETS:
Land – Free Land, Furniture & Fixture,
Computers, Motor Vehicles, Office Equipment, and Quality Control Equipment etc.
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
Ø
Develop
products of superior value by focusing on the customers.
Ø
Establish
a refreshing and innovative company through teamwork.
Ø Strive for individual excellence
through continuous improvement.
Company Name:
SUZUKI MOTORCYCLE INDIA PRIVATE LIMITED is a subsidiary of
Suzuki Motor Corporation, Japan where in they 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
They have installed their manufacturing plant
in Gurgaon (Haryana) having the annual plant capacity of 1,20,000 units. They
have got total land area of 37 acres and out of which presently their 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.
They 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.
They 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.45.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
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 |
|
|
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--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|