MIRA
INFORM REPORT
|
Report Date : |
01.04.2011 |
Note : - Correct name of the company is “TOYOTA BOSHOKU
AUTOMOTIVE INDIA PRIVATE LIMITED”
IDENTIFICATION DETAILS
|
Name : |
TOYOTA BOSHOKU AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f. 01.09.2006) |
|
|
|
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Formerly Known
As : |
ARACO AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 41, Bhimena Halli, M.N. Halli, P.O. Bidadi Hobli, Ramnagar Taluka,
Bangalore – 562109, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.07.1998 |
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Com. Reg. No.: |
08-24000 |
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CIN No.: [Company Identification
No.] |
U24300KA1998PTC024000 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA04667F |
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PAN No.: [Permanent Account No.] |
AACCA9266H |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Interiors of Automobiles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4055000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No. 41, Bhimena Halli, M.N. Halli, P.O. Bidadi Hobli, Ramnagar Taluka,
Bangalore – 562109, Karnataka, India |
|
Tel. No.: |
91-9180-22039000 |
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Fax No.: |
91-9180-22039010 |
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E-Mail : |
DIRECTORS
As on 22.06.2010
|
Name : |
Mr. Yoshito Yanagawa |
|
Designation : |
Director |
|
Address : |
Flat No. 703, |
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Date of Birth/Age : |
22.05.1948 |
|
Date of Appointment : |
01.03.2007 |
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|
|
|
Name : |
Mr. Yutaka Ohbayashi |
|
Designation : |
Director |
|
Address : |
No. S – 205, Prestige Four Seasons, 16/24, |
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Date of Birth/Age : |
15.01.1956 |
|
Date of Appointment : |
30.06.2006 |
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|
|
Name : |
Mr. N. Gajendra Rao |
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Designation : |
Director |
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Address : |
No. 105, Bidare Residency, 1440, 5th CR, 12th Main
Vijaya, Banklayout, Bilekahalli, Banerghatard, |
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Date of Birth/Age : |
23.09.1972 |
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Date of Appointment : |
25.07.2001 |
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|
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Name : |
Mr. Thomas Chengazhathu Zachariah |
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Designation : |
Director |
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Address : |
Flat No. 107, Sobha Garnet, Ibular, |
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Date of Birth/Age : |
14.02.1944 |
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Date of Appointment : |
30.06.2006 |
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Name : |
Mr. Shozo Ishikawa |
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Designation : |
Director |
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Address : |
5-44-2, Eisei – CHO, |
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Date of Birth/Age : |
22.03.1942 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Hiroyuki Takai |
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Designation : |
Director |
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Address : |
No. 707, Acropolis, Olympus – 3, No. 20, Hosur Road, Bangalore –
560029, Karnataka, India |
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Date of Birth/Age : |
14.10.1957 |
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Date of Appointment : |
01.07.2008 |
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|
|
|
Name : |
Mr. Yoshihiro Yamada |
|
Designation : |
Director |
|
Address : |
38, Jyuo, Funakoshi-Cho, |
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Date of Birth/Age : |
01.08.1953 |
|
Date of Appointment : |
19.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Toyota Boshoku Corporation ( |
|
55670000 |
|
Toyota Tsusho Corporation ( |
|
2930000 |
|
Total |
|
58600000 |
As on 22.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Interiors of Automobiles. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
5th Floor, tower D, The Millenia, 1 and 2, Murphy Road,
Ulssor, Bangalore – 560008, Karnataka, India |
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Holding Company : |
Toyota Boshoku Corporation, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 22.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58600000 |
Equity Shares |
Rs.10/- each |
Rs.586.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
586.000 |
586.000 |
586.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
427.711 |
397.211 |
380.237 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1013.711 |
983.211 |
966.237 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1013.711 |
983.211 |
966.237 |
|
|
|
|
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|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
741.162 |
430.627 |
358.267 |
|
|
Capital work-in-progress |
65.033 |
25.863 |
8.582 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
30.670 |
23.269 |
29.422 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
40.161
|
81.366 |
98.778 |
|
|
Sundry Debtors |
361.483
|
143.805 |
243.139 |
|
|
Cash & Bank Balances |
487.278
|
691.400 |
592.344 |
|
|
Other Current Assets |
11.896
|
29.037 |
10.000 |
|
|
Loans & Advances |
67.514
|
37.594 |
18.152 |
|
Total
Current Assets |
968.332
|
983.202 |
962.413 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
389.270
|
184.926 |
228.128 |
|
|
Provisions |
402.216
|
294.824 |
164.319 |
|
Total
Current Liabilities |
791.486
|
479.750 |
392.447 |
|
|
Net Current Assets |
176.846
|
503.452 |
569.966 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1013.711 |
983.211 |
966.237 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2859.075 |
1895.958 |
1781.274 |
|
|
|
Other Income |
74.725 |
113.294 |
66.522 |
|
|
|
TOTAL (A) |
2933.800 |
2009.252 |
1847.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
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|
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Administrative Expenses |
|
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Advertising Expenses |
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|
|
TOTAL (B) |
2428.850 |
1710.513 |
1536.158 |
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|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
504.950 |
298.739 |
311.638 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
504.950 |
298.739 |
311.638 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.911 |
46.402 |
34.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
437.039 |
252.337 |
276.786 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
132.604 |
82.595 |
101.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
304.435 |
169.742 |
175.190 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.437 |
0.097 |
0.000 |
|
|
|
Warranty Claims |
0.000 |
0.020 |
2.679 |
|
|
|
Reimbursement of Expenses |
0.178 |
0.202 |
0.108 |
|
|
TOTAL EARNINGS |
1.615 |
0.319 |
2.787 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
3.823 |
5.876 |
3.344 |
|
|
|
Stores & Spares |
1.703 |
3.467 |
2.448 |
|
|
|
Capital Goods |
222.793 |
5.689 |
4.774 |
|
|
|
Others |
13.052 |
1.546 |
0.000 |
|
|
TOTAL IMPORTS |
241.371 |
16.578 |
10.566 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.20 |
2.90 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.38
|
8.45 |
9.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.29
|
13.31 |
15.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.56
|
17.85 |
20.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.26 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.49 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
2.05 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS :
- Factory
Buildings
- Plant and
Machinery
- Computer
Systems
- Office
Equipment
- Furniture and
Fixtures
- Tools and
Moulds
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.