MIRA
INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSUBISHI CORPORATION INDIA PRIVATE LIMITED |
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Registered Office : |
Vijaya Building, 2nd Floor, 17, Barakhamba Road, 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 : |
22.05.1996 |
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Com. Reg. No.: |
55-79069 |
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CIN No.: [Company
Identification No.] |
U45201DL1996PTC079069 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and
Fork Tubes. |
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 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Mitsubishi Corporation, Japan’s largest
trading house. Financial position is
satisfactory. Trade relations are
fair. Payments are correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
Vijaya Building, 2nd Floor, 17, Barakhamba Road, New Delhi
110001, India |
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Tel. No.: |
91-11-23736724 / 41503888 |
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Fax No.: |
91-11-23736726 |
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Website : |
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Branches : |
MUMBAI BRANCH: Facsimile :
91-44-24340022 |
DIRECTORS
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Name : |
Mr. Kazumi Yoshimura |
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Designation : |
Director |
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Address : |
27, Golf Links, New Delhi 110003, India |
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Date of Birth/Age : |
29.04.1948 |
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Date of Appointment : |
18.04.2006 |
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Name : |
Shinichi Fuji |
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Designation : |
Director |
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Address : |
Hari Bhavan, 5th Floor, 64, Pedder Road, Mumbai 400026,
Maharashtra, India |
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Date of Birth/Age : |
17.02.1954 |
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Date of Appointment : |
21.08.2004 |
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Name : |
Mr. Hiroshi Shinohara |
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Designation : |
Director |
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Address : |
4/2, Shanti Niketan, 1st Floor, New Delhi 110021, India |
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Date of Birth/Age : |
15.02.1951 |
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Date of Appointment : |
06.06.2005 |
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Name : |
Osamu Minami |
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Designation : |
Director |
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Address : |
25, Arunachalam Road, Kotturpuram, Chennai 600065, Tamilnadu, India |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
27.07.2006 |
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Name : |
Genta Saito |
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Designation : |
Director |
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Address : |
A – 9/5, 1st Floor, Vasant Vihar, New Delhi 110057, India |
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Date of Birth/Age : |
12.11.1968 |
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Date of Appointment : |
27.10.2005 |
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Name : |
Keiichi Nakagaki |
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Designation : |
Director |
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Address : |
27, Golf Links, New Delhi 110003, India |
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Date of Birth/Age : |
10.06.1952 |
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Date of Appointment : |
08.05.2008 |
KEY EXECUTIVES
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Name : |
Prince Madan Anoop Singh |
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Designation : |
Secretary |
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Address : |
C – 20, East of Kailash, New Delhi, India |
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Date of Birth/Age : |
28.09.1967 |
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Date of Appointment : |
25.09.2001 |
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Tel. No.: |
91-11-43544110 |
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Fax No.: |
91-11-23736726 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mitsubishi Corporation |
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19999997 |
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Mitsubishi Australia |
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3 |
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Total |
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20000000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Foreign Holdings |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and
Fork Tubes. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
·
Standard
Chartered Bank Parliament
Street, New Delhi |
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Facilities : |
Notes: 1. The BCB Loan of Rs. 69.224
Millions from Deutsche Bank and Rs. 17.755 Millions from HSBC is secured by first
charge on all current assts including inventories and book debts both present
and future ranking pari passu with other lender banks. Amount due within one year Rs. 86.979
millions. 2. Working Capital loan of Rs.
Nil from Soolete General is secured by hypothecation of Inventories and book
debts both present and future ranking pari passu with other lender
banks. Amount due within one year Rs.
Nil. 3. Bank overdraft of Rs.
11.694 Millions from HSBC is secured by a first charge on all current assets
including inventories and book debts, both present and future ranking pari
passu with other lender banks. Amount
due within one year Rs. 11.694 Millions.
1. Amount due within one year
Rs. 192.041 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
3rd Floor, MCT House, One Okhala Centre, Block A, Okhla
Institutional Area, New Delhi 110025,
India |
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Holding Company : |
Mitsubishi Corporation, Japan |
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Associates/Subsidiaries : |
·
Thai MC Company Limited, Thailand ·
MC Non Ferrous Metal Product Company Limited ·
Petro Diamond Singapore Pte Limited ·
Mitsubishi Australia Limited ·
MC Marine Inc, USA ·
Diamond Seafoods UK Limited ·
Metal One Asia Pte Limited, Singapore ·
MC Tubular Inc, USA ·
Mitsubishi Shoji Limited ·
Metal One India Lialson Office ·
Diamond Gas Holdings ·
Metal one America Inc ·
Mitsubishi Corporation China Company Limited ·
Mitsubishi Corporation, Manila ·
Mitsubishi France S.A.S. ·
Mitsubishi Corporation, Technos ·
Toyo Reizo Company Limited ·
Mitsubishi Corporation [Taiwan] Limited ·
MC Finance and Consulting Asia Pte Limited ·
Mitsubishi Corporation, Singapore
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
200.000 |
48.500 |
48.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
215.119 |
176.319 |
150.660 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
415.119 |
224.819 |
199.160 |
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LOAN FUNDS |
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1] Secured Loans |
98.673 |
66.931 |
27.673 |
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2] Unsecured Loans |
192.041 |
297.861 |
7.214 |
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TOTAL BORROWING |
290.714 |
364.792 |
34.887 |
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DEFERRED TAX LIABILITIES |
6.291 |
0.000 |
1.461 |
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TOTAL |
712.124 |
589.611 |
235.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.452 |
52.349 |
46.373 |
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Capital work-in-progress |
0.000 |
0.988 |
0.600 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
4.323 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
375.948
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297.205 |
266.137 |
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Sundry Debtors |
946.395
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1069.308 |
765.880 |
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Cash & Bank Balances |
1.527
|
3.328 |
14.003 |
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Other Current Assets |
0.000
|
0.719 |
2.329 |
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Loans & Advances |
101.217
|
86.171 |
38.379 |
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Total
Current Assets |
1425.087
|
1456.731 |
1086.728 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
824.301
|
910.288 |
892.734 |
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Provisions |
9.114
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14.492 |
5.467 |
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Total
Current Liabilities |
833.415
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924.780 |
898.201 |
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Net Current Assets |
591.672
|
531.951 |
188.527 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
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TOTAL |
712.124 |
589.611 |
235.508 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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7001.237 |
6813.733 |
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Profit/(Loss) Before Tax |
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70.125 |
49.430 |
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Provision for Taxation |
|
31.325 |
23.771 |
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Profit/(Loss) After Tax |
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38.800 |
25.659 |
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Earnings in Foreign Currency : |
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181.741 |
124.300 |
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Total Imports |
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1067.625 |
990.447 |
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Total Expenditure |
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7224.218 |
7002.609 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.55
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0.37 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.00
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0.72 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.54
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3.28 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.22 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.70
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5.74 |
4.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.71
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1.58 |
1.21 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
·
Software
·
Building
·
Leasehold Improvements
OPERATIONS REVIEW AND FUTURE OUTLOOK
The Company achieved a turnover of Rs. 7001.237
Millions in the year under review, as compared to turnover of Rs. 6813.733
Millions in the previous year thereby showing marginal increase of 2.75%.
During the year, the Company has earned a
profit after tax of Rs. 38.800 Millions as compared to the Profit after tax of
Rs. 25.659 Millions earned last year.
The Company’s Net Profit after tax is higher as compared to increase in
turnover mainly because of higher margin from sales and higher commission and service
charges. The company is initiating
further increase for international trading both import and export
activities. The Directors are hopeful
that the current year of the company shall similarly be encouraging.
Form 8
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Name of the company |
MC INTERNATIONAL INDIA PRIVATE LIMITED |
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Presented By |
STANDARD
CHARTERED BANK , NEW DELHI |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of stocks and book debts dated 02.04.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
Millions |
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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 |
All stocks in trade
both present and future consisting of raw material, finished goods, goods in
process of manufacturing and other merchandise whatsoever and all present and
future book debts, outstanding moneys receivables, claims and bill etc. shall be hypothecated to the Bank by way
of first charge on a pari passu basis |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest as may
be determined by the bank from time to time |
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5) Name and Address and description of the person entitled to the
charge. |
Standard
Chartered Bank Parliament
Street, New Delhi |
AS PER WEBSITE DETAILS:
Business:
Mitsubishi Corporation (MC) is Japan's largest
general trading company (sogo shosha) with over 200 bases
of operations in approximately 80 countries worldwide. Together with its over
500 group companies, MC employs a multinational workforce of approximately
60,000 people. MC has long been engaged in business with customers around the
world in virtually every industry, including energy, metals, machinery,
chemicals, food and general merchandise.
MC seeks to contribute to the enrichment of society through business
firmly rooted in principles of fairness and integrity.
Although their activities
encompass everything from trading to business investment, the essence of what they
do at MC can best be described as focusing on the needs and seeds of customers
and society, conceiving business models, and reliably providing functions and
services to propel these businesses forward.
For example, in trade, a historical mainstay of MC's operations, they
are able to steadily provide high value-added services by utilizing their
frontline businesses to gather information while linking together functions
such as logistics, financing, and marketing.
Summary
When MC invests in a business, they
share risk with their partners and add
value to the business by leveraging MC's organizational strength and global
networks to procure necessary business resources.
In addition, they
provide optimal solutions for all stages of business—from development,
procurement and production, to logistics and sales. Supporting the realization
of these solutions, linking businesses and coordinating customer affiliations
are all important MC functions.
Furthermore, MC also anticipates trends in the market and society and
takes initiative to develop new business.
At MC, they constantly work to
reinvent theirselves and have
sought out cutting-edge functions required by businesses. For this purpose, their
strong financial resources and risk management capabilities are of course
invaluable, but they believe the
foresight, initiative and ingenuity of their
human resources represent their
greatest assets.
Through consistent and dedicated efforts, MC is committed to further
strengthening the high level of trust earned from their
customers over the years.
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. 49.68 |
|
UK Pound |
1 |
Rs. 74.64 |
|
Euro |
1 |
Rs. 62.58 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
|