MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUZUKI POWERTRAIN
INDIA LIMITED |
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Registered Office : |
11th
Floor, Jeevan Prakash, 25, Kasturba Gandhi Marg, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.11.2002 |
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Com. Reg. No.: |
55-117679 |
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CIN No.: [Company
Identification No.] |
U27109DL2002PLC117679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20077B |
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PAN No.: [Permanent
Account No.] |
AAGCS7346J |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile
Diesel Engines, Transmissions and other components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 10767320 |
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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 fine track records. Directors are
reported as experienced and respectable businessman. 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 trader terms and
conditions. |
LOCATIONS
|
Registered
Office / For Institutional
Investor: |
11th
Floor, Jeevan Prakash Building, 25, Kasturba Gandhi Marg, New Delhi – 110001,
India |
|
Tel. No.: |
91-11-23326727 /
23316831 / 23712854 Extension -304 |
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Fax No.: |
91-11-23318754 |
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E-Mail |
deepak.Jain@spil.com |
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Website: |
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For Retail
Investors: |
Mr. Anil Rustgi |
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Tel. No.: |
G M (Legal) and
Company Secretary, Maruti Udyog Limited 11th
Floor, Jeevan Prakash Building, 25, Kasturba Gandhi Marg, New Delhi – 110001,
India |
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Fax No.: |
91-11-23712854 /
23316831 Extension - 323 |
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E-Mail : |
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Branch Office : |
Plot No. 1, Phase 3A, IMT Manesar, Gurgaon – 122051, Haryana, India |
DIRECTORS
|
Name : |
Mr. Tadashi
Kitano |
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Designation : |
Whole Time director |
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Address : |
G-5/1 DLF City
Phase-I, Gurgaon, Haryana. |
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Date of Birth/Age : |
29.09.1959 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr. Vipin Dang |
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Designation : |
Whole time
director |
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Address : |
E-1/F DDA Flats Munikra,
New Delhi – 110067 |
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Date of Birth/Age : |
05.03.1960 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr. Motohiro
Atsumi |
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Designation : |
Director |
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Address : |
Room No. 507,
Hotel Ashok, Chankya Puri, New Delhi – 110021 |
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Date of Birth/Age : |
05.03.1960 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr. Hajime Kamiya |
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Designation : |
Director |
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Address : |
Plot No. 1, Phase
3A, IMT Manesar, Gurgaon 122 051, Haryana |
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Date of Birth/Age : |
24.08.1949 |
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Date of Appointment : |
27.07.2005 |
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Date of Ceasing: |
31.01.2005 |
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Name : |
Mr. Shinichi
Takeuchi |
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Designation : |
Director |
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Address : |
Room No 545,
Hotel Ashok, Chankya Puri, New Delhi – 110021 |
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Date of Birth/Age : |
16.02.1948 |
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Date of Appointment : |
14.11.2002 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. O Suzuki |
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Designation : |
Director |
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Address : |
3-90-18,
Shijinizuka-cho, Hamamatsu, Shizuoka, Japan |
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Date of Birth/Age : |
30.06.1930 |
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Date of Appointment : |
27.07.2005 |
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|
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|
Name : |
Mr. Shinzo
Nakanishi |
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Designation : |
Director |
|
Address : |
59-3, Saiwai 2 Chome, Hamamatsu, shizuoka, Japaan |
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Date of Birth/Age : |
14.09.1947 |
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Date of Appointment : |
27.07.2005 |
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|
Name : |
Mr. T Kobayashi |
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Designation : |
Director |
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Address : |
Room No. 215,
Jokaso IT Suites, IT Composite Tower, I, BIDC, Mahrauli Road, Gurgaon -122
015, Haryana |
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Date of Birth/Age : |
30.05.1941 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Junzo
Sugimori |
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Designation : |
Director |
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Address : |
Room No. 301,
Jokaso IT Suites, IT Composite Tower, Gurgaon -122 015, Haryana |
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Date of Birth/Age : |
11.10.1941 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Shigeaki Hamada |
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Designation : |
Managing Director |
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Address : |
Plot No. 1, Phase
3A, IMT Manesar, Gurgaon 122 051, Haryana |
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Date of Birth/Age : |
18.03.1947 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr. Deepak Raj Jain |
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Designation : |
Director |
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Address : |
C -96, Mianwali Colony Gurgaon,
Haryana |
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Date of Birth/Age : |
28.07.1971 |
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Date of Appointment : |
19.06.2004 |
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|
Name : |
Mr. Shosei Yamamto |
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Designation : |
Director |
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Address : |
Room No 545, Hotel
Ashok, Chankya Puri, New Delhi – 110021 |
|
|
14.11.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Raj
Jain |
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Designation : |
Company Secretary |
|
Address : |
C-96, Mianwali Colony,
Gurgaon, Haryana |
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Date of
Birth/Age: |
28.06.1971 |
|
|
|
|
Name : |
Mr. Rajeev Kumar
Choubey |
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Designation : |
Company Secretary |
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Address : |
B-403, Jansatta
Apartments, Sector-9, Vasundhra, shibabd, Ghaziabad – 210012, Uttar Pradesh,
India |
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Date of
Birth/Age: |
04.06.1972 |
|
Date of
Appointment : |
22.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Suzuki Motor
Corporation |
35699995 |
51.00 |
|
Maruti Udyog
Limited |
34300000 |
49.00 |
|
Mr Shinchi
Takeuchi |
1 |
0.00 |
|
Mr MotohroAtsumi |
1 |
0.00 |
|
Mr Shinzo
Nakanishi |
1 |
0.00 |
|
Mr Hajime Kamiya |
1 |
0.00 |
|
Mr Hirofumi nagao |
1 |
0.00 |
|
Total |
70000000 |
100.00 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(S), Foreign Financial Institution(s), Non Resident
Indian(s) Or Overseas Corporate Bodies Or Others |
70.00 |
|
2 |
Bodies Corporate` |
30.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Automobile Diesel Engines, Transmissions and other components. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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|
Name : |
V Sankar Aiyar
and Company Chartered
Accountants |
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Address : |
Satyam Cinema
Complex, Ranjit Nagar, Community Centre, New Delhi - 110008 |
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Holding Company: |
Suzuki Motor
Corporation |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity shares |
Rs. 10/- each |
Rs. 8000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
254000000 |
Equity shares |
Rs. 10/-
each |
Rs. 2540.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
2540.000 |
700.000 |
340.000 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
151.830 |
343.626 |
164.154 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
2691.830 |
1043.626 |
504.154 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
2] Unsecured Loans |
10775.584 |
9077.786 |
534.763 |
|
TOTAL BORROWING |
10775.584 |
9077.786 |
534.763 |
|
DEFERRED TAX LIABILITIES |
0.000 |
81.600 |
101.369 |
|
|
|
|
|
|
DEFERRED CREDIT FOR CAPITAL GOODS |
428.948 |
225.222 |
326.513 |
|
|
|
|
|
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TOTAL |
13896.362 |
10428.234 |
1466.799 |
|
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|
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|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7518.982 |
1402.292 |
1042.099 |
|
Capital work-in-progress |
1361.269 |
3802.452 |
112.483 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS |
2.900 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
609.490
|
68.939 |
43.311 |
|
Sundry Debtors |
383.996
|
120.511 |
50.079 |
|
Cash & Bank Balances |
4943.894
|
5087.079 |
272.532 |
|
Other Current Assets |
33.444
|
16.129 |
0.161 |
|
Loans & Advances |
1157.790
|
366.663 |
64.179 |
|
Total Current Assets |
7128.614
|
5659.321 |
430.262 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
1993.449
|
749.422 |
96.703 |
|
Provisions |
151.631
|
168.683 |
23.833 |
|
Total Current Liabilities |
2145.080
|
918.105 |
120.536 |
|
Net Current Assets |
4983.534
|
4741.216 |
309.726 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.688 |
|
|
|
|
|
|
Preoperative Expenses Pending Allocation |
29.677 |
482.274 |
1.803 |
|
|
|
|
|
|
TOTAL |
13896.362 |
10428.234 |
1466.799 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3097.167 |
1771.436 |
1296.398 |
|
|
Other Income |
92.271 |
58.388 |
0.000 |
|
|
Total Income |
3189.438 |
1829.824 |
1296.398 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[271.690] |
264.792 |
290.081 |
|
|
Provision for Taxation |
[79.895] |
85.321 |
124.800 |
|
|
Profit/(Loss) After Tax |
[351.585] |
179.471 |
165.281 |
|
|
|
|
|
|
|
|
Export Value |
49.331 |
1.232 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing, Administrative and Other
Expenses |
0.000 |
0.000 |
144.794 |
|
|
Administrative Expenses |
0.000 |
0.000 |
0.000 |
|
|
Raw Material Consumed |
1867.132 |
758.462 |
489.043 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
189.409 |
76.334 |
46.032 |
|
|
Employee Remuneration |
0.000 |
0.000 |
23.045 |
|
|
Increase/(Decrease) in Finished Goods |
[147.474] |
[5.934] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
91.412 |
21.183 |
0.000 |
|
|
Managerial Remuneration |
21.689 |
13.428 |
0.000 |
|
|
Payment to Auditors |
0.420 |
0.364 |
0.000 |
|
|
Interest |
278.756 |
72.615 |
0.000 |
|
|
Financial Expenses |
0.000 |
0.000 |
73.750 |
|
|
Insurance Expenses |
9.101 |
2.918 |
0.000 |
|
|
Power & Fuel |
216.645 |
127.707 |
0.000 |
|
|
Depreciation & Amortization |
450.854 |
284.314 |
229.650 |
|
|
Other Expenditure |
532.515 |
214.873 |
0.000 |
|
Total Expenditure |
3510.459 |
1566.264 |
1006.314 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[11.02]
|
9.80 |
12.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[8.77]
|
14.46 |
22.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[1.69]
|
3.74 |
19.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.10]
|
0.25 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
9.57 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
1.19 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSTES:
· Freehold Land
· Building
· Plant And Machinery
· Dies
· EOP Equipment And Software
· Furniture Fixture And Office Equipments
OTHER INFORMATION:
100 acres Okayed for Maruti Joint Venture in
Haryana
The Haryana Investment Promotion Board has granted approval to Suzuki Power Train India Limited, a new company floated by MUL for manufacturing automobile diesel engines, transmissions and other components with an investment of over Rs 22180.000 Million. This company will utilize 30 acres of land.
The
Board also granted approval to Maruti Suzuki Automobile India Limited; another
company incorporated by Maruti Udyog for car assembly with a total investment
of Rs 26769.000 Millions.
The
Board also approved the leasing of 100 acres of land to Maruti Suzuki joint
venture vendors. Permission was also granted for utilization of land by
subsidiaries of Maruti Suzuki. — PTI
PRESS
RELEASE
MUL board clears Rs. 32720 Millions investment plans
NEW DELHI, APRIL 6. Maruti Udyog Ltd. (MUL) will be
investing a total of Rs. 32719.000 Millions for a new car manufacturing plant
and a new engine and transmission unit. The new engine unit will make both
diesel and petrol engines apart from manufacturing gears. Both the new plants
would be located at Manesar in Haryana as proposed originally.
These investment proposals were cleared by the company board
at its meeting held at Hamamatsu, Japan, recently.
According to MUL, which is 54.2 per cent owned by Japan's
Suzuki Motor Corp., the new car plant would be set up through a joint venture
called Maruti Suzuki Automobiles India Ltd. In this joint venture, MUL will hold
70 per cent equity and Suzuki Motor Corporation the remaining 30 per cent.
An investment of Rs. 15242.000 Millions is planned for the
new car plant with an initial capacity of one lakh cars annually, which will
have scope to go up to 2.50 lakh cars annually. The new car manufacturing plant
would begin commercial production by the end of 2006, the company said. On the
engine and transmission facility, the company said in addition to manufacturing
diesel engines for cars, as decided originally, it would also manufacture
petrol engines and transmission assemblies. The total plant capacity would be
three lakh diesel engines annually, to be developed in phases and it would
involve an investment of Rs. 17477.000 Millions.
To begin with, this unit will annually produce one lakh
diesel engines, 20,000 petrol engines and 1.40 lakh transmission assemblies. It
would be gradually expanded in line with the market demand. Commercial
production at this unit is expected to start by the end of 2006.
Like the car plant, the engine and transmission plant will
also be run by a joint venture company, renamed Suzuki Powertrain India Limited
(earlier called Suzuki Metal India Limited or SMIL), the company said.
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.39.35 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
58 |
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 |
|