MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MORIROKU UT INDIA
PRIVATE LIMITED |
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Registered Office : |
C-20, New Friends Colony East, New Delhi – 110 065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1996 |
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Com. Reg. No.: |
55-82080 |
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CIN No.: [Company
Identification No.] |
U34100DL1996PTC082080 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08240B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
Importer of Plastic Automobile Parts. |
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 |
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Maximum Credit Limit : |
USD 573640 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a successful Indo-Japanese joint venture. Available information indicates high
financial responsibility of the company.
Trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for your proposed business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
C-20, New Friends Colony East, New Delhi –
110 065, India |
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Tel. No.: |
91-11-26329721 |
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Fax No.: |
91-11-26911326 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Corporate/Factory Warehouse
Office : |
B/6-11, Sector –81, Phase – II, Noida, District Gautam Budh Nagar,
Uttar Pradesh – 201 305 |
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Tel. No.: |
91-120-2568573 to
75 |
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Fax No.: |
91-120-2568581 |
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Location : |
Industrial |
DIRECTORS
|
Name : |
Ms. Vandana Khaitan |
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Designation : |
Chairman |
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Address : |
28A, Ashutosh Choudhary Road, Kolkata – 700 019, West Bengal |
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Date of Birth/Age : |
06.03.1958 |
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Date of Appointment : |
06.06.2002 |
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Name : |
Mr. Takeo Togawa |
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Designation : |
Managing Director |
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Address : |
A-101, New Friends Colony, New Delhi – 110 065, India. |
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Date of Birth/Age : |
07.09.1948 |
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Date of Appointment : |
28.01.2005 |
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Name : |
Mr. Shigeru Mori |
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Designation : |
Director |
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Address : |
4-24-10, Fujimi-cho, Chofu City, Tokyo- 182, Japan |
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Date of Birth/Age : |
28.03.1944 |
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Date of
Appointment : |
19.09.1996 |
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Date of
Ceasing : |
04.07.2005 |
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|
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Name : |
Mr. Shigenobu Miwa |
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Designation : |
Director |
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Address : |
3003-21, Ooyamachi, Tatebayshi City, Gunma, Japan |
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Date of Birth/Age : |
22.04.1948 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr. Toshihiko Goda |
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Designation : |
Director |
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Address : |
28A, Ashutosh Choudhary Road, Kolkata – 700 019, West Bengal |
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Date of Birth/Age : |
31.05.1942 |
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Date of Appointment : |
06.06.2002 |
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Name : |
Mr. Tetsuya Nitta |
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Designation : |
Alternative Director |
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Address : |
2-8, Inou Kogane En, Suzuka Mie 5100206, Japan |
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Date of Birth/Age : |
04.08.1959 |
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Date of Appointment : |
18.09.2006 |
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PAN No. : |
00409127 |
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Passport No. : |
TF4092630 |
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Name : |
Mr. Hideo Tsuskai |
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Designation : |
Director |
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Address : |
LM – 412-1-10-18 Arajuku – CHO, Kawagoe – 3214345, Japan |
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Date of Birth/Age : |
14.01.1959 |
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Date of Appointment : |
21.09.2005 |
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Name : |
Mr. Hidekazu Haruta |
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Designation : |
Director |
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Address : |
2-64-10, Toyosatudai, Utsunomiya 3214345, Japan |
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Date of Birth : |
02.09.1950 |
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Date of Appointment : |
15.05.2006 |
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Name : |
Mr. Yukio Uehara |
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Designation : |
Director |
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Address : |
874-4, Kamiyokota, Utsunomiya 3210923, Japan |
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PAN No. : |
00051646 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Garg |
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Designation : |
Senior Vice President |
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Name : |
Mr. Salabh Sangal |
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Designation : |
Senior Manager Productions |
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Name : |
Mr. Vishal |
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Designation : |
Company Secretary cum Financial Controller |
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Name : |
Mr. Alok Gupta |
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Designation : |
Company Secretary and Manager |
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Address : |
A – 32, South Ganesh Nagar, Delhi – 110092, India |
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Date of Birth : |
10.10.1971 |
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Date of Appointment : |
15.05.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Moriroku Company Limited |
|
6620000 |
|
Mr. Ashok Carc |
|
1 |
|
Mr. Shyam Sunder Singhani |
|
1 |
|
UT Limited |
|
473190 |
|
|
|
|
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Total |
|
7093192 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
93.33 |
|
Bodies Corporate (Not mentioned above) |
|
6.67 |
|
|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Importer of Plastic Automobile Parts. |
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Products : |
Plastic Automobile Parts |
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Agencies Held : |
Honda Siel Cars India Limited |
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Imports : |
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Countries : |
Japan |
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Terms : |
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Selling : |
Credit terms |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
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Plastic Automobile Parts |
Nos. |
|
25000 |
2524173 |
GENERAL
INFORMATION
|
Suppliers : |
Moriroku Company Limited, Japan |
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Customers : |
Honda Siel Car India Limited, India |
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No. of Employees : |
2000 |
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Bankers : |
·
The Sumitomo Mitsui Banking Corporation ·
The Bank of Tokyo-Mitsubishi Limited ·
Mizuho Corporate Bank Limited ·
The Sakura
Bank Limited Dr. Gopal Das
Bhawan, 28, Barakhamba Road, New Delhi, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
D. D. Bansal and Associates Chartered Accountants |
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Address : |
M- 304, Dharma Apartments, @, I.P. Extension, New Delhi – 110 092,
India |
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Tel. No.: |
91-11-22723062/22722097 |
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Fax No.: |
91-11-22722003 |
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E-Mail : |
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PAN No. : |
AACFD2943B |
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Associates : |
Moriroku Group, Japan |
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Holding Company : |
Moriroku Company Limited, Japan |
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Parent Company |
UT Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 millions |
|
6620000 |
Preference Share
|
Rs.10/- each |
Rs. 66.200 millions |
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|
|
|
|
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Total |
|
Rs.166.200
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7093192 |
Equity Share |
Rs. 10/- each |
Rs. 70.932 millions |
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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 |
70.932 |
70.932 |
137.132 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.478 |
.66.200 |
18.242 |
|
|
4] (Accumulated Losses) |
0.000 |
(16.589) |
0.000 |
|
|
NETWORTH |
143.410 |
120.543 |
155.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
84.201 |
126.740 |
16.088 |
|
|
TOTAL BORROWING |
84.201 |
126.740 |
16.088 |
|
|
DEFERRED TAX LIABILITIES |
7.191 |
15.859 |
15.910 |
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|
|
|
|
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TOTAL |
234.802 |
263.142 |
187.372 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
197.597 |
254.543 |
138.356 |
|
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Capital work-in-progress |
9.788 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.010 |
1.431 |
1.159 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.562
|
38.231 |
32.921 |
|
|
Sundry Debtors |
54.454
|
55.286 |
46.303 |
|
|
Cash & Bank Balances |
0.330
|
1.522 |
1.185 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
43.835
|
54.447 |
26.737 |
|
Total
Current Assets |
128.181
|
149.486 |
107.146 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
57.390
|
111.402 |
37.728 |
|
|
Provisions |
44.384
|
30.916 |
21.561 |
|
Total
Current Liabilities |
101.774
|
142.318 |
59.289 |
|
|
Net Current Assets |
26.407
|
7.168 |
47.857 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
234.802 |
263.142 |
187.372 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
496.980 |
412.397 |
358.656 |
|
|
Other Income |
2.392 |
1.158 |
0.000 |
|
|
Total Income |
499.372 |
413.555 |
358.656 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
56.338 |
57.745 |
58.294 |
|
|
Provision for Taxation |
34.999 |
35.143 |
0.000 |
|
|
Profit/(Loss) After Tax |
21.339 |
22.602 |
58.294 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
0.000 |
4.617 |
2.535 |
|
|
Depreciation & Amortization |
9.562 |
38.956 |
47.360 |
|
|
Other Expenditure |
433.472 |
312.237 |
250.467 |
|
Total Expenditure |
443.034 |
355.810 |
300.362 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
4.27
|
5.46 |
16.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.34
|
14.00 |
16.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.29
|
14.29 |
23.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.48 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
2.23 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.05 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
· Land
· Building
· Plant and machinery
· Office equipment
· Furniture and fixtures
· Motor vehicles
· Data processing equipments.
Form 8:
|
Name of the
company |
MORIROKU UT INDIA
PRIVATE LIMITED |
|
Presented By |
Mr. V. B. Khandelwal, Company Secretary |
|
1) Date and
description of instrument creating the change |
Letter of credit
agreement dated 07.10.1997 and sanction letter of bank dated15.10.1997
security to be created from 15.10.1997 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 11.500
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 |
Current Assets
and All Receivables |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
As per Xerox Copies of Letter of Credit Agreement Dated 07.10.1997 and
sanction Letter of Bank dt. 15.10.1997 enclosed |
|
5) Name and
Address and description of the person entitled to the charge. |
The Sakura Bank Limited Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi |
|
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. |
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|