MIRA INFORM REPORT

 

 

Report Date :

24.05.2007

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED

 

 

Registered Office :

Plot No.1, Bidadi Industries Area, Ramnagar Taluk, Banglore Rural ;562109, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

06.10.1997

 

 

Com. Reg. No.:

022858

 

 

CIN No.:

[Company Identification No.]

U34101KA197PTC022858

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRT01107B

 

 

PAN No.:

[Permanent Account No.]

AAACT5415B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of LMV (Passenger Cars), Qualis, Carolla, Innova Camry

 

 

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 25000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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

 

Registered Office /Factory :

Plot No.1, Bidadi Industries Area, Ramnagar Taluk, Banglore Rural ;562109, Karnataka

Tel. No.:

91-80-56914000 / 7287001

Fax No.:

91-80-7965280 / 7287076

E-mail:

http://www.legalWtmk.co.in

 

DIRECTORS

 

Name :

Mr. Okabe Akira

Designation :

Director

Address :

18 22 Sake Cho 2 chomehino City Tokyo, Japan;1910001

Date of Birth/Age :

17.09.1947

Date of Appointment :

28.06.2001

 

 

Name :

Mr. Kirloskar S Vikram

Designation :

Director

Address :

Flat No: 202 A, Embassy Palace, 16 Cunnigham Raod, Bangalore;560052, Karnataka

Date of Birth/Age :

18.11.1958

Date of Appointment :

06.10.1997

 

 

Name :

Mr. Toyoshima Atsushi

Designation :

Director

Address :

494 9th Cross RMV Extension sadashivanagar, Bangalore;560080 , Karnataka

Date of Birth/Age :

09.02.1953

Date of Appointment :

23.01.2003

 

 

Name :

Mr. Tomonaga Shigeru

Designation :

Whole Time Director

Address :

Apartments No:303, Tulip Prestige exotica No:3, Cunningham Road , Bangalore;560052, Karnataka

Date of Birth/Age :

18.05.1953

Date of Appointment :

30.05.2005

 

 

Name :

Mr. Swamy Krishna K

Designation :

Whole Time Director

Address :

Mathurushree 723, 6th Main Sarakki Extension J P Nagar, 3rd Phase, Bangalore;560078

Date of Birth/Age :

26.05.1955

Date of Appointment :

06.10.1997

 

 

Name :

Mr. Ina Kochi

Designation :

Director

Address :

353 Obayashi Cho, Toyota Shi Aichi Ken Japan;4730902

Date of Birth/Age :

06.05.2004

Date of Appointment :

26.06.2002

 

 

Name :

Mr. Takarada Kazhuiko

Designation :

Director

Address :

4201 15 Miyuki Honmalthi Toyota Shi Aichiken, Japan;4730901

Date of Birth/Age :

13.10.1951

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Hata Takashi

Designation :

Director

Address :

3118 Satuki Ygaoka Keni City Gifu, Prefecture, Japan

Date of Birth/Age :

28.12.1953

Date of Appointment :

29.06.2004

 

 

Name :

Mr. Ino Ko toyohi

Designation :

Director

Address :

Apartment  101 1st Floor Brigade Orchid 792 Brunton Road, Bangalore;560025

Date of Birth/Age :

08.02.1958

Date of Appointment :

14.01.2004

 

 

Name :

Mr. Umizawa Tetsuya

Designation :

Director

Address :

Apartment No:208, Olympum Tower Prestige AC Ropolis No.20 Hosur Road, Bangalore;560030

Date of Birth/Age :

15.10.1959

Date of Appointment :

30.01.2002

 

 

Name :

Mr. Nakamura Hiroshi

Designation :

Director

Address :

Apartment No:15, Ground Floor, the Embassy Palace,No.1, Cunnigham Road, Bangalore;560052

Date of Birth/Age :

13.04.1958

Date of Appointment :

11.01.2006

 

 

Name :

Mr. Tsubakii Yosuke

Designation :

Director

Address :

603, Embassy Tranquil 3rd, Block, 8th Main Kormangala Bangalore;560034, Karnataka

Date of Birth/Age :

04.01.1951

Date of Appointment :

18.03.2005

 

 

Name :

Mr. ONG Makoto

Designation :

Director

Address :

Flat No:212, Mangalaya Residency Benson Town, Bangalore;560046, Karnataka

Date of Birth/Age :

13.04.1956

Date of Appointment :

10.04.2006

 

 

Name :

Mr. Yamshita Toru

Designation :

Director

Address :

The Embassy, flat No:633, Block VI, 2nd Floor, 15 Aliasker Road, Bangalore;560052

Date of Birth/Age :

30.08.1965

Date of Appointment :

14.01.2004

 

 

Name :

Mr. Yamaguchi Shigeru

Designation :

Director

Address :

104, 1st floor, four Seasons 16 Brunton Road, Bangalroe;560025, Karnataka

Date of Birth/Age :

22.09.1961

Date of Appointment :

10.04.2006

 

 

Name :

Mr. Kirloskar Atulc

Designation :

Director

Address :

Radha  463, Gokh Le Road, Off Ganeshind Road, Model Colony Pune;411016

Date of Birth/Age :

13.02.1956

Date of Appointment :

03.04.2000

 

 

KEY EXECUTIVES

 

Name :

Mr. K. Jayavelu

Designation :

Secretary

Address :

Sakthino 1204, Vthstage 1st Phase Beml Layout Rajarajwari Nagar, Bangalore;560098

Date of Birth/Age :

01.07.1952

Date of Appointment :

16.03.1998

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Kirloskar Oil Engines Limited

 

770000

Toyota Motor Corporation

 

623000000

 

 

 

Category

 

Percentage

Foreign Holding (foreign Institutional investors, foreign Companies(s), Foreign Financial institution(s),Non-resident Indian(s), or Overseas corporate bodies

 

89.00

Bodies Corporate

 

11.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of LMV (Passenger Cars), Qualis, Carolla, Innova Camry

 

 

Exports :

 

Countries :

Japan and Other Location

 

 

Imports :

 

Countries :

Japan , Other Toyota Locations World Over

 

 

GENERAL INFORMATION

 

Suppliers :

Toyota Motor Corporation +group

 

 

No. of Employees :

2500

 

 

Bankers :

v                  Bank of Tokyo & Mitsubishi Limited, Chennai, Tamil Nadu, India

v                  Hongkong Bank, Bangalore, Karnataka, India

v                  Citi Bank, Bangalore, Karnataka, India

v                  ICICI Bank, Bangalore, Karnataka, India

v                  State Bank of India, Bidaid, Bangalore Rural District, Karnataka, India

v                  State Bank of India, Bangalore, Karnataka, India

v                  Sakura Bank, Mumbai, Maharashtra, India

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

M Price Watehouse

Chartered Accountant

Address :

# 47/6, M G Road, Bangalore – 560 001, Karnataka, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

700000000

Equity Shares

Rs.10/- each

Rs.7000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

700000000

Equity Shares

Rs.10/- each

Rs.7000.000 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.000

7.000

7.000

2] Share Application Money

0.000

0.000

0.00

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(0.513)

(1.117)

(2.150)

NETWORTH

6.487

5.883

4.850

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

4.501

3.246

2.080

TOTAL BORROWING

4.501

3.246

2.080

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

10.988

9.129

6.930

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.310

3.750

4.030

Capital work-in-progress

0.000

0.000

0.060

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.206

0.620

0.680

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.126

1.220

1.040

 

Sundry Debtors
0.180

0.280

0.300

 

Cash & Bank Balances
1.776

5.620

2.090

 

Other Current Assets
0.167

0.201

0.130

 

Loans & Advances
2.517

0.533

0.140

Total Current Assets
7.766

7.854

3.700

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.294

3.093

1.330

 

Provisions
0.000

0.000

0.530

Total Current Liabilities
4.294

3.093

1.860

Net Current Assets
3.472

4.761

1.840

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.320

 

 

 

 

TOTAL

10.988

9.129

6.930

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003

Sales Turnover

25.160

22.224

17.700

Other Income

0.000

0.000

0.000

Total Income

25.160

22.224

17.700

 

 

 

 

Profit/(Loss) Before Tax

1.102

1.090

[0.350]

Provision for Taxation

0.499

0.060

--

Profit/(Loss) After Tax

0.603

1.030

[0.350]

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Vehicles

0.000

0.000

0.005

 

Spares

0.000

0.000

0.003

 

Other Earnings

0.000

0.000

0.004

Total Earnings

0.000

0.000

0.012

 

 

 

 

Imports :

 

 

 

 

Raw Materials

0.000

0.000

3.810

 

Spares and others

0.000

0.000

0.030

 

Traded Goods

0.000

0.000

0.320

 

Traded Spares

0.000

0.000

0.190

 

Capital Goods

0.000

0.000

0.390

Total Imports

0.000

0.000

4.740

 

 

 

 

Expenditures :

 

 

 

 

Manufacturing Expenses

0.000

0.000

0.570

 

Personnel expenses

0.000

0.000

0.410

 

Raw Material Consumed

0.000

0.000

10.730

 

Excise duty

0.000

0.000

3.860

 

Operations and other expenses

0.000

0.000

1.580

 

Depreciation & Amortization

0.000

0.000

0.900

Total Expenditure

0.000

0.000

18.05

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003

PAT / Total Income

(%)
2.39

4.63

(1.97)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.37

4.90

(1.97)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.30

9.39

(4.52)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.18

(0.07)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.35

1.07

0.81

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.80

2.50

1.98

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Press release

 

Toyota records growth of 75% in April 2004

 

Bangalore, May 6th, 2004

 

Qualis continues to be the market leader in the MPV segment


Corolla leads the market in C+ segment

 

Toyota Kirloskar Motor (TKM) has posted a strong performance by selling 4,148 vehicles in April 2004, registering a growth nearly 75% over the same period last year.

 

TKM sold 3,333 Qualis in April 2004 against 1720 units sold in the corresponding month last year, registering a growth of 94%. This consistent sales performance maintains Qualis the undisputed leader in the MPV segment. In fact, the Qualis continues to have a waiting period of 3-4 weeks in the market due to higher demand.

 

Corolla, the World No.1 best seller, continued its stronghold over the premium segment selling 745 units in April 2004. The Corolla sales grew by over 30% over the corresponding period last year during which it sold 572 units.

 

TKM also sold 70 units of its luxury car Camry in April 2004.

TKM is a joint venture between Toyota Motor Corporation and the Kirloskar Group. TKM has invested nearly Rs. 900 crores in its plant at Bidadi, employing over 2,300 people. The plant started production in December 1999 and has an installed capacity of 50,000 units annually.

 

 

Fixed Assets:

Land, Building and Plant and Machinery.

 

HISTORY

 

The company was incorporated on 6th October, 1997 at Bangalore in Karnataka as a Private Limited Company having Company Registration Number is 22858 and it became a Deemed Public Limited Company under section 43A(2) of the companies act 1956, with effect from 27th January, 1999.

 

Again the company was converted as private limited company w.e.f. 12.12.2002.

 

The company is manufacturing Multi Utility Vehicle (MUV) with the brand name ‘QUALIS’ and the same has been launched for Indian Customers during Auto Expo 2000 on 11th January 2000.

 

JD Power Study adjusted Qualis as the Best MUV and Most Appending MUV.  

 

The MPV Qualis and Fleet versions released during January 2001. The company has got the ISO 14001 certification.    

 

During the year the company introduced a new version My Luxury Qualis in September 2002.

 

The company imported CBU of passenger cars – CAMRY, since October 2002.

 

The company also launched COROLLA version in February 2003

 

As Per Web Site:

Profile:

The Company is a joint venture between Kirloskar Group and Toyota Motor Corporation (TMC). TKM aims at contributing to Indian Industry and economy through technology transfer, human resource development and vehicles that meet global standards at competitive price and contributing to the growth of the automobile industry.


A Company along with its dedicated dealers and suppliers, has adopted the "Growing Together" philosophy of its parent company TMC to create long-term business growth.


The Toyota Motor Co. Ltd was first established in 1937 as a spin-off from Toyoda Automatic Loom Works, one of the world's leading manufacturers of weaving machinery.


The Toyoda Automatic Loom Works was then headed by Japan's "King of Inventors" Sakichi Toyoda. The patent rights to one of his machines had been sold to Platt Brothers (UK) and provided the seed-money for the development and test-building of Toyota's first automobiles.


Toyota launched its first small car (SA Model) in 1947. Production of vehicles outside Japan began in 1959 at a small plant in Brazil, and continued with a growing network of overseas plants. Toyota believes in localizing its operations to provide customers with the products they need where they need them; this philosophy builds mutually beneficial long-term relationships with local suppliers and helps the company fulfill its commitments to local labor.


Toyota is by far the largest Japanese automotive manufacturer, producing more than 4.5 million vehicles per year, equivalent to one every six seconds.


Toyota is committed to manufacture technically advance and environment friendly products. The company's plant at Bidadi (India) surrounded by a greenbelt, meets high environmental standards and is scheduled for an environmental audit to obtain ISO 14001 certification. Toyota has always believed that the best way to serve society is by providing automobiles that will not only make people happy, but will also be environment friendly. Wastewater at TMK is collected and purified to a level that can be used for fishponds and rice fields. To realize high quality vehicles production at reasonable price, Toyota seeks the best balance between human resources and robot technology. As technology constantly evolves, employees improve themselves through daily work and training programms, so that Toyota production also continues to develop. TMK aims to provide a wide selection of innovative, reasonable priced and high quality products through an exclusive dealer network with the best sales and after-sales service at global Toyota standards. Timely customer feedback through the service network also allows the company to respond to emerging customer needs and introduce new products tailored to the Indian market. TMK has developed an exclusive 3S dealer network, integrating “Sales,” (after sales) Services and “Spare parts (storage).” Placing customer satisfaction first, the service network will feature modern showrooms and speedy and efficient service centers, allowing customers to experience the convenience and pleasure of owing a Toyota automobile.

 

 

 

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 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.40.60

UK Pound

1

Rs.80.65

Euro

1

Rs.54.55

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

55

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions