MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASB INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
E-9, MIDC Industrial Area, Anand Nagar, ADDL, Ambernath, Thane –
421506, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.02.1997 |
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Com. Reg. No.: |
134840 |
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CIN No.: [Company
Identification No.] |
U25209MH1997PTC134840 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05068A |
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PAN No.: [Permanent
Account No.] |
AAACA8424F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Providing total solutions for production of
biaxially oriented PET containers. |
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 3718948 |
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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.
Trade relations are fair. Business is active. General Financial Position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
E-9, MIDC Industrial Area, Anand Nagar, ADDL, Ambernath, Thane –
421506, Maharashtra, India |
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Tel. No.: |
91-251-2625000/2621802/2621803/2621804 |
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Fax No.: |
91-251-2625035/2625055/2621805 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Daiichi Katachi Aoki |
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Designation : |
Chairman cum Managing Director |
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Address : |
4-5-1, Chome Midorigaoka, Veda-shi, Nagano-ken, Japan |
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Date of Birth/Age : |
27.09.1943 |
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Date of Appointment : |
28.05.1997 |
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Name : |
Mr. Ichiro Naota Mizuuchi |
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Designation : |
Managing Director |
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Address : |
376-2, Hirabayashi, Nagano-Shi, Nagano, Japan |
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Date of Birth/Age : |
13.04.1956 |
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Date of Appointment : |
27.07.1998 |
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Name : |
Mr. Kota Daiichi Aoki |
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Designation : |
Director |
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Address : |
1-4-5, Midorigaoka, Veda-shi, Nagano-ken - 386, Japan |
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Date of Birth/Age : |
15.11.1972 |
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Date of Appointment : |
04.08.1997 |
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Name : |
Mr. Koichi Shigekazu Kondo |
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Designation : |
Director |
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Address : |
973, Kurashina, Kosoyoku-shi, Nagano-ken, Japan |
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Date of Birth/Age : |
17.10.1958 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Prakash Chandra Joshi |
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Designation : |
Director |
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Address : |
C-312, SFS Flats, Seikh Sarai, Phase – I,Malaviya Nagar, New Delhi,
India |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
09.06.2006 |
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Date of Ceasing : |
10.04.2000 |
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Name : |
Mrs. Supriya D. Chadha |
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Designation : |
Director |
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Address : |
B-158, Maharana Pratap Enclave, Pitampura, Extension, New Delhi, India |
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Date of Birth/Age : |
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Date of Appointment : |
25.02.1997 |
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Date of Ceasing : |
17.03.1997 |
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Name : |
Mr. Masayuki Masao Fukuoka |
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Designation : |
Director |
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Address : |
183 3-55-67, Yatuka Fuchu City, Tokyo, Japan |
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Date of Birth/Age : |
22.07.1943 |
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Date of Appointment : |
17.03.1997 |
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Date of Ceasing : |
27.07.1998 |
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Name : |
Mr. Kotaro Tadaki Araki |
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Designation : |
Director |
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Address : |
262-8, Maebara Kamasu, Komoro-shi, Nagano-ken, Japan |
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Date of Birth/Age : |
31.01.1936 |
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Date of Appointment : |
28.05.1997 |
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Date of Ceasing : |
01.04.1998 |
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Name : |
Mr. Yoshio Takeshi Ohshima |
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Designation : |
Director |
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Address : |
Hikarigaoka, 3-7-1-1808, Narima-ku, Tokyo, Japan |
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Date of Birth/Age : |
22.12.1938 |
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Date of Appointment : |
28.05.1997 |
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Date of Ceasing : |
03.07.1999 |
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Name : |
Mr. Osamu Yoshio Ohnishi |
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Designation : |
Director |
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Address : |
Minami-cho New Town, A 301, 3-12, Minami-cho-3, Chome, Komro-shi,
Nagano-ken, Japan |
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Date of Birth/Age : |
11.02.1944 |
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Date of Appointment : |
28.07.1999 |
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Date of Ceasing : |
08.03.2000 |
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Name : |
Mr. Masahiko Eiji Kaji |
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Designation : |
Managing Director |
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Address : |
1-15-18, Tnunishi, Kamakura, Japan, 248-0034 |
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Date of Birth/Age : |
16.02.1947 |
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Date of Appointment : |
01.04.1998 |
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Date of Ceasing : |
11.10.2001 |
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Name : |
Mr. Rajkumar Bagchand Jagyasi |
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Designation : |
Director |
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Address : |
Barrack No.1532, Room No.3, Sector No. 29, Ulhas Nagar, Thane –
421004, Maharashtra, India |
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Date of Birth/Age : |
11.12.1963 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Mr. Shuichi Ogihara |
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Designation : |
Director |
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Address : |
461-1, Komoro Shi, Nagano-ken-Na, Japan |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
09.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Kaustubh Sriram Koparkar |
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Designation : |
Company Secretary |
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Address : |
A/15, Om Sudama Society, Mumbai-Pune Road, Kalwa, Thane – 400605,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1973 |
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Date of Appointment : |
08.10.2001 |
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Date of Ceasing : |
28.02.2002 |
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Name : |
Mrs. Swati Anand Krishnan |
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Designation : |
Company Secretary |
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Address : |
2/168, Om Sakti C.H.S., Sion (East), Mumbai – 400022, Maharashtra,
India |
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Date of Birth/Age : |
10.03.1977 |
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Date of Appointment : |
20.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Nissei ASB Machine Company Limited |
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35999998 |
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Nissei ASB Machine Company Limited |
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40000000 |
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Nissei ASB PTE Limited |
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2 |
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Total |
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76000000 |
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Category |
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Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Providing total solutions for production of
biaxially oriented PET containers. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Hoechst House, 15th
Floor, 193 Vinay K. Shah Marg, P. O. Box No. 11522, Nariman Point, Mumbai –
400021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Salivati Chartered Accountant |
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Address : |
12, Dr. Anne Besant Road, Opp. Shivsagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Holding Company
: |
Nissei ASB Machine Company Limited, Japan |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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36000000 |
Equity Share |
Rs.10/- each |
Rs.360.000 Millions |
|
40000000 |
Preference Share |
Rs.10/- each |
Rs.400.000 Millions |
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Total |
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Rs.760.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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36000000 |
Equity Share |
Rs.10/- each |
Rs.360.000 Millions |
|
40000000 |
Preference Share |
Rs.10/- each |
Rs.400.000 Millions |
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Total |
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Rs.760.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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760.000 |
760.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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169.737 |
37.428 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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929.737 |
797.428 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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378.312 |
380.112 |
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TOTAL BORROWING |
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378.312 |
380.112 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1308.049 |
1177.540 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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736.717 |
768.732 |
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Capital work-in-progress |
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41.873 |
5.536 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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532.185 |
446.064 |
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Sundry Debtors |
|
149.598 |
217.292 |
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Cash & Bank Balances |
|
96.386 |
50.880 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
54.388 |
48.894 |
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Total
Current Assets |
|
832.557 |
763.130 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
296.663 |
310.073 |
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Provisions |
|
6.817 |
50.572 |
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Total
Current Liabilities |
|
303.480 |
360.645 |
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Net Current Assets |
|
529.077 |
402.485 |
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MISCELLANEOUS EXPENSES |
|
0.382 |
0.787 |
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|
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|
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|
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TOTAL |
|
1308.049 |
1177.540 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1564.996 |
1601.854 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
1564.996 |
1601.854 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
188.111 |
215.694 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
188.111 |
215.694 |
|
|
|
|
|
|
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Export Value |
|
1000.569 |
1246.559 |
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Import Value |
|
NA |
NA |
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Expenditures : |
|
|
|
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Interest |
|
11.307 |
8.888 |
|
|
Depreciation & Amortization |
|
118.704 |
97.874 |
|
|
Other Expenditure |
|
1246.874 |
1279.398 |
|
Total Expenditure |
|
1376.885 |
1386.160 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
12.01 |
13.46 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
12.01 |
13.46 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.99 |
14.08 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.20 |
0.27 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.73 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.74 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ASB INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr. Ichiro Naota Mizuuchi,
(Managing Director) |
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1) Date and description of instrument creating the change |
27th
June 2005- Hypothecation Agreement (Certified true
copy attached) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 70.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Pari-Passu Charge
with Mizuho Corporate Bank Limited, (for the working capital facility of
Rs.40.000 Millions taken from them) by way of hypothecation on stock in trade
and book-debts of the company as per the schedule of hypothecation Agreement
dated 27th June, 2005. (Copy of Consent
Letter of both the Bankers for creation of Pari Passu charge is enclosed
herewith) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The following
facilities : Demand Loan, Over draft
Suppliers Credit, Buyers Credit and Letter of Credit total put together not
exceeding Rs.70.000 Millions Interest :
Benchmark PLR Linked |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Tokyo-Mitsubishi Limited Hoechst House, 15th
Floor, 193 Vinay K. Shah Marg, P. O. Box No. 11522, Nariman Point, Mumbai –
400021 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
As per website
details:
Profile:
Subject is a wholly owned subsidiary of Nissei ASB
Machine Company Limited, Japan. Nissei ASB
Machine Company Limited was founded in the year 1978 and through
the years continues to be a
world in manufacturing and providing total solutions for
production of biaxially
oriented PET containers. Subject has its head office in Japan and manufacturing
facilities at Japan, China and India besides having a world wide sales and
service network.
Subject besides
being a wholly owned subsidiary of Nissei ASB Machine
Company Limited, Japan is
also a 100% Export
Oriented Unit. Subject started
as a project in December 1997 and was formally
inaugrated on 23rd November 1999. The
Commercial production started from
January 2000. Subject as on date
comprises of a world class manufacturing facility at
Ambernath established at a cost
of over Rs.870 million. It is one of the most modern and largest manufacturing facilities among PET
processing machine
manufacturers in the world.
Innovation is the key to their long standing leadership in
PET bottle molding technology. At the hearth of everything they do is an
unwavering commitment to satisfy the demands of their customers by developing
new technologies. Their products testify to their success in achieving this
aim.
Services:
- Order-made Bottle Production System
- Complete Customer Services
Overseas Offices:
- NISSEI ASB MACHINE COMPANY LIMITED
HEAD
OFFICE AND FACTORY
4586-3 Koo,
Komoro-shi, Nagano-Ken 384-8585, Japan
Tel: 81(267) 23-1565
Fax: 81(267) 23-1564
URL: http://www.nisseiasb.co.jp
E-mail: sales@nisseiasb.co.jp
TOKYO OFFICE
Moriichi
Bldg. 7F, 3-2, Kyobashi 1-Chome,
Chuo-ku,
Tokyo 104-0031, Japan
Tel: 81(3) 3272-7301
Fax: 81(3) 3272-7717
- Europe,
Middle East and North Africa
NISSEI
ASB GmbH
Mundelheimer - Weg
58, 40472
Dusseldorf, GERMANY
Tel : 49 (211)
94104-0
Fax : 49 (211)
94104-39 / 429803
SPAIN
BRANCH OFFICE
Maximo Aguirre, 22 - Bajo 48930 Las Arenas (Vizcaya), SPAIN
Tel : 34 (94)
480-2676 / 2686
Fax : 34 (94) 463-9776
DENMARK
OFFICE
P.O.BOX. 217 Faergeparken 23/-1, 3600, Frederikssund,
DENMARK
Tel: (45) 4738-4243
Fax: (45)4738-4263
- NISSEI ASB PTE. LTD.
India
Branch Office
231-233-235, Ansal Chambers-II, 6, Bhikaji
Cama Place, New Delhi-110 066, INDIA
Tel: 91 (11) 2618-1615/ 2619-4031
Fax: 91 (11) 2619-4129
Pakistan
Office
409 Progressive Square No. 11-A, Block-6,
P.E.C.H.S., Karachi 75400, PAKISTAN
Tel: 92 (21) 454-6533
Fax: 92 (21) 453-7469
Philippines
Office
Unit 1703 Annapolis Wilshire Plaza, 11 Annapolis Street,
Greenhills San Juan, Metro Manila, PHILIPPINES
Tel: 63 (2) 725-4220
Fax: 63 (2) 725-4203
Australia
Office
Suite 3, Level 4/ 695 Burke Road,
Hawthorn East, Victoria 3123, AUSTRALIA
Tel: 61 (3) 9882-4545
Fax: 61 (3) 9882-4646
- NISSEI ASB SOUTH AFRICA (Pty) LIMITED
P.O. Box 11785, Centurion 0046,
SOUTH AFRICA
Tel : 27 (82)
658-2228
Fax : 27 (12)
667-3152
U.A.E.
Office
Jebel Ali Free Zone LOB20/G017
P.O. Box 16789 Dubai, U.A.E.
Tel: 971 (4) 8818184
Fax: 971 (4) 8817704
- U.S.A and Canada
NISSEI ASB COMPANY
125 Westlake Parkway, Suite 120,
Atlanta, Georgia 30336, U.S.A
Tel: 1 (404)
699-7755
Fax: 1 (404) 696-9009
- Central America
NISSEI
ASB CENTRO AMERICA, S.A. DE C.V.
Torres Adalid No. 618, P.B. Col.
Del Valle C. P.
03100, Mexico,.D.F., MEXICO
Te l: 52 (555)
669-0069 / 1288 / 1404
Fax: 52 (555)
669-1645
- South America
NISSEI
ASB SUDAMERICA LTDA
Rua Dom Joao V, 435/437 Sao paulo-SP - Brasil
CEP 05075 - 060, BRAZIL
Tel: 55 (11) 3641-1012 / 1013 / 1014
Fax: 55 (11) 3831-9948
- U.K. and Ireland
NISSEI
ASB LIMITED
2 Milnyard Square Bakewell Road,
Orton Southgate, Peterborough PE2 6GX,U.K.
Tel: 44 (1733) 233-544
Fax: 44 (1733) 235-647
- ASB PTE. (Thailand) COMPANY LIMITED
252/98 19th Floor, Muang, Thai-Patra II Rachadapisek Road,
Huaykwang, Bangkok, 10320, THAILAND
Tel: 66 (2) 693-2581/2582/2583
Fax: 66 (2) 693-2584
- SHANGHAI ASB MACHINE COMPANY LIMITED
Shanghai Jiuting Econ-Techno,
Development Zone,
No. 168 Puhui-Road, 201615,
P.R.CHINA
Tel: 86 (21) 5763-0233
Fax: 86 (21) 5763-0227
- NISSEI ASB PTE. LIMITED
16A Science Park Drive, #04-04 The Pascal,
Singapore Science Park, SINGAPORE 118 228
Tel: (65) 6778-4633
Fax: (65) 6778-9440
- South and
West Asia, Oceania, Africa and Middle East
E-9 MIDC, Industrial Area, Anand Nagar, Addl. Ambernath,
Dist. Thane-421506, Maharastra - INDIA
Tel: 91 (251) 2621802 / 2621803 / 2621804
Fax: 91 (251)
2621805 / 2621815
Web: www.asbindia.com
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.40.07 |
|
UK Pound |
1 |
Rs.77.98 |
|
Euro |
1 |
Rs.59.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
|
|
--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 |
|
65 |
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. |
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 |
|