MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOYOTA KIRLOSKAR AUTO PARTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 21, Bidadi Industrial Area, Ramnagaram Taluk, Bangalore-562109,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.2002 |
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Com. Reg. No.: |
08-30335 |
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CIN No.: [Company
Identification No.] |
U35914KA2002PTC030335 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRTO1753D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Parts |
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 11000000 |
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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 Joint Venture between Toyota Motor Corporation, Japan, Toyota
Industries Corporation, Japan and Kirloskar Oil Engines Limited, Mumbai. The Company had incurred some initial losses but in view of the
improving profitability, its is expected to wipe-off previous losses soon.
Trade relations are fair. Business is active payments are reported as usually
correct and as per commitments. In view of the strong promoters the company can be considered good for
any normal business dealings. |
LOCATIONS
|
Registered Office : |
Plot No. 21, Bidadi Industrial Area, Ramnagaram Taluk,
Bangalore-562109, Karnataka, India |
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Tel. No.: |
91-80-27287141/ 27287143/ 50/ 4/5/6/7/8/9 |
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Fax No.: |
91-80-27287142 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Kyomichi Ito |
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Designation : |
Managing Director |
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Address : |
Apartment No. 202, Embassy Casabella, 28/1, Kasturba Cross Road, Bangalore-560001,
Karnataka, India |
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Date of Birth/Age : |
07.02.1950 |
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Date of Appointment : |
27.05.2006 |
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Name : |
Mr. Masahiko Naruse |
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Designation : |
Whole-time-director |
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Address : |
Apartment No. 623, The Embassy, No. 15, Ali Askar Road,
Bangalore-560052, Karnataka, India |
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Date of Birth/Age : |
30.01.1954 |
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Date of Appointment : |
27.05.2006 |
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Name : |
Mr. Shekar Viswanathan |
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Designation : |
Whole-time-director |
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Address : |
Shorthrabhiram, 110, 6th Cross, 2nd Main, RMV II
Stage, (SFHS), Bangalore-560094, Karnataka, India |
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Date of Birth/Age : |
16.11.1956 |
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Date of Appointment : |
25.08.2005 |
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Name : |
Mr. Ryoichi Sasaki |
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Designation : |
Chariman cum Director |
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Date of Birth/Age : |
04.04.1948 |
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Date of Appointment : |
29.06.2006 |
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Name : |
Mr. Vikram S Kirloskar |
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Designation : |
Vice Chairman cum Director |
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Date of Birth/Age : |
19.11.1958 |
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Date of Appointment : |
10.04.2002 |
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Name : |
Mr. Hidemi Koyama |
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Designation : |
Deputy Managing Director |
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Date of Birth/Age : |
02.11.1967 |
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Date of Appointment : |
16.01.2007 |
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Name : |
Ms. Atsushi Toyoshima |
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Designation : |
Director |
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Date of Birth/Age : |
09.02.1953 |
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Date of Appointment : |
23.01.2003 |
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Name : |
Mr. Takashiro Iwase |
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Designation : |
Director |
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Date of Birth/Age : |
28.05.1952 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Shigeru Tomonaga |
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Designation : |
Alternate Director to Takashiro Iwase |
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Date of Birth/Age : |
18.05.1953 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Nario Sato |
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Designation : |
Director |
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Date of Birth/Age : |
10.12.1945 |
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Date of Appointment : |
29.06.2004 |
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Name : |
Mr. Keizo Hara |
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Designation : |
Director |
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Date of Birth/Age : |
26.01.1958 |
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Date of Appointment : |
05.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
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No. of Shares |
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Toyota Motor Corporation, Japan |
|
216000000 |
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Toyota Industries Corporation, Japan |
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87750000 |
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Kirloskar Oil Engines Limited, Mumbai |
|
33750000 |
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Total |
|
337500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 25.06.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign
compani(s) Foreign financial institution(s), Non resident Indian(s) or Overseas
corporate bodies or Others |
|
90.00 |
|
Bodies Corporate (not mentioned above) |
|
10.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Parts |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Mittal Tower, 10th Floor, C Wing, 47/6, M.G. Road,
Bangalore-560001, Karnataka, India |
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Holding Company : |
Toyota Motor Corporation, Japan |
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Fellow Subsidiary : |
v Toyota Kirloskar
Motar Private Limited v Toyota Motor
Asia Pacific Private Limited |
CAPITAL STRUCTURE
As on 25.06.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
337500000 |
Equity Shares |
Rs. 10/- each |
Rs. 3375.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
337500000 |
Equity Shares |
Rs. 10/- each |
Rs. 3375.000 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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3375.000 |
3375.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[1021.187] |
[1356.096] |
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NETWORTH |
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2353.813 |
2018.904 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
1024.123 |
1577.544 |
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TOTAL BORROWING |
|
1024.123 |
1577.544 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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3377.936 |
3596.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2374.859 |
2667.511 |
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Capital work-in-progress |
|
9.460 |
173.086 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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475.675 |
518.872 |
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Sundry Debtors |
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614.206 |
502.003 |
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Cash & Bank Balances |
|
351.301 |
185.157 |
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Other Current Assets |
|
16.464 |
12.929 |
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Loans & Advances |
|
248.377 |
152.719 |
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Total
Current Assets |
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1706.023 |
1371.680 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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639.942 |
568.480 |
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Provisions |
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72.464 |
47.349 |
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Total
Current Liabilities |
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712.406 |
615.829 |
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Net Current Assets |
|
993.617 |
755.851 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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3377.936 |
3596.448 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
5869.853 |
4459.109 |
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Other Income |
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49.613 |
50.246 |
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Total Income |
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5919.466 |
4509.355 |
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Profit/(Loss) Before Tax |
|
338.435 |
[118.839] |
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Provision for Taxation |
|
3.526 |
5.559 |
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Profit/(Loss) After Tax |
|
334.909 |
[124.398] |
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Imports : |
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749.497 |
821.533 |
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Expenditures : |
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Financial Charges |
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79.715 |
88.886 |
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Depreciation & Amortization |
|
607.007 |
580.163 |
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Other Expenditure |
|
4894.309 |
3959.145 |
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Total Expenditure |
|
5581.031 |
4628.194 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
5.66 |
[2.76] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.76 |
[2.67] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.29 |
[2.94] |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.14 |
[0.06] |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.73 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.39 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile:
Subject is an auto
parts manufacturing company in India. TKAP is a joint venture among Toyota
Motor Corporation and Toyota Industries Corporation of Japan and Kirloskar Oil
Engines Limited of India. TKAP Manufactures transmissions through a 100% EOU
and is a critical supplier for the Toyota World. TKAP is also a vendor to
Toyota Kirloskar Motor Limited for their Innova for axles and propeller shaft.
TKAP is located at Bidadi, 32 KM from Bangalore in Karnataka state, India and
is an hour’s drive from Bangalore. TKAP hasabout 50 acres of land area with
built up area of around 220,000 sq mt. TKAP is powered by manpower strength of
800 people.
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.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|