MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
THREE BOND INDIA PRIVATE LIMITED |
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Registered
Office : |
J-288, Saket, New Delhi-110017 |
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Country : |
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Financials (as on)
: |
31.12.2009 |
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Date of
Incorporation : |
21.01.1997 |
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Com. Reg. No.: |
55-084565 |
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CIN No.: [Company Identification
No.] |
U74900DL1997PTC084565 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04515A |
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PAN No.: [Permanent Account No.] |
AAACT5989N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Business activity of the company is to distribute sealant and adhesives
which are procured from its parent and group companies to automobile and the
electronic industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 1300000 |
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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 an established 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 normal for 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
J-288, Saket, New Delhi-110017, |
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Tel. No.: |
91-124-2347373 |
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Fax No.: |
91-124-2347864 |
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E-Mail : |
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Head Office : |
531-532, Udyog Vihar Phase V, Gurgaon-122016, |
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Tel. No.: |
91-124-2347373/2347014 to 21 |
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E-Mail : |
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Branch Office: |
No. 242, |
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Tel. No.: |
91-44-65325337 |
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Fax No.: |
91-44-26257439 |
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E-Mail : |
DIRECTORS
As on 30.03.2010
|
Name : |
Mr. Shinji Sorimachi |
|
Designation : |
Director |
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Address : |
S 23 B, |
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Date of Birth/Age : |
23.07.1956 |
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Date of Appointment : |
29.11.2006 |
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Name : |
Mr. Mitsuo Kumazawa |
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Designation : |
Director |
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Address : |
02-81, Treetops Executive Residences, |
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Date of Birth/Age : |
21.01.1952 |
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Date of Appointment : |
29.11.2006 |
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Name : |
Mr. Shuji Mochizuki |
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Designation : |
Director |
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Address : |
J 803 Central Park, Sector 42 Gurgaon-122001, |
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Date of Birth/Age : |
10.11.1956 |
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Date of Appointment : |
01.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Three Bond Singapore Pte. Limited, |
|
3913447 |
|
Shinji Sorimachi |
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1 |
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Total |
|
3913448 |
As on 30.03.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Business activity of the company is to distribute sealant and adhesives
which are procured from its parent and group companies to automobile and the
electronic industry. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajendra K Goel and Company Chartered Accountant |
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Address : |
J-288, Ground Floor, Saket New Delhi-110017, |
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Tel. No.: |
91-11-29551642/29555354 |
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Fax No.: |
91-11-29555036 |
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Holding Company: |
Three Bond Singapore Pte. Limited (TBS) |
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Ultimate Holding Company: |
Three Bond Company Limited, |
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Fellow Subsidiary: |
three Bond Manufacturing ( |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3913448 |
Equity Shares |
Rs.10/- each |
Rs.39.134
Millions |
Note: Of the above 3913447 (previous year 1813447) equity shares are held by Three
Bond Singapore Limited, the holding company, the Ultimate holding company being
Three Bond Company Limited, Japan.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
39.134 |
18.134 |
13.734 |
|
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2] Share Application Money |
101.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
190.150 |
86.066 |
62.507 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
330.284 |
104.200 |
76.241 |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
330.284 |
104.200 |
76.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
148.266 |
28.229 |
15.414 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
1.088 |
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|
DEFERREX TAX ASSETS |
2.313 |
2.190 |
2.910 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
49.339
|
39.964 |
25.505 |
|
|
Sundry Debtors |
46.468
|
58.772 |
40.680 |
|
|
Cash & Bank Balances |
127.469
|
13.067 |
19.780 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
17.840
|
27.876 |
6.627 |
|
Total
Current Assets |
241.116
|
139.679 |
92.592 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditors |
39.393
|
43.167 |
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Other Current Liabilities |
16.300
|
17.211 |
29.883 |
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Provisions |
5.718
|
5.520 |
5.880 |
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Total
Current Liabilities |
61.411
|
65.898 |
35.763 |
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Net Current Assets |
179.705
|
73.781 |
56.829 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
330.284 |
104.200 |
76.241 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
252.927 |
218.064 |
195.940 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
33.070 |
16.653 |
35.200 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.282 |
3.407 |
2.715 |
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PROFIT BEFORE
TAX |
29.788 |
13.246 |
32.485 |
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Less |
TAX |
9.704 |
7.288 |
12.390 |
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PROFIT AFTER TAX
|
20.084 |
5.958 |
20.095 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
64.832 |
58.873 |
38.778 |
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BALANCE CARRIED
TO THE B/S |
84.916 |
64.831 |
58.873 |
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IMPORTS |
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Raw Materials |
10.036 |
9.726 |
6.523 |
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Jobwork Material |
4.364 |
4.623 |
8.921 |
|
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Trading Goods |
103.149 |
79.041 |
47.339 |
|
|
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Capital Goods |
0.204 |
2.742 |
0.316 |
|
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TOTAL IMPORTS |
117.753 |
96.132 |
63.099 |
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Earnings Per
Share (Rs.) |
5.13 |
NA |
14.63 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
11.77
|
6.07 |
16.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.65
|
7.89 |
30.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.13 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.63 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
|
3.93
|
2.12 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The Company was incorporated on 21 January, 1997 and is a subsidiary of Three Bond Singapore
Pte. Limited Three Bond Singapore Pte. Limited holds 99.99 percent of the paid
up share capital as at 31 December 2009.
The main business activity of the Company is to distribute
Sealant and Adhesives which are procured from its parent and group companies to
Automobile and the Electronic Industry in
PERFORMANCE OF THE
COMPANY
The Company's overall turnover of Rs. 252.927 millions recorded a growth
of 16% over the previous year's turnover of Rs. 218.064 millions. The Company
also achieved a Net Profit after Tax of Rs. 20.084 millions for the year ended
31.12.2009 as against Rs. 5.958 millions during the previous year. The main
reasons for increase in profits of the company are the company’s focused approach
on cost reduction in all aspects coupled with the fact that the worldwide
slowdown is almost over. In the current year, the company continues its focus
and concerns about the expansion and establishing its own state of art
manufacturing facility in
In order to establish the manufacturing plant, the Company has already
purchased the industrial land in Manesar (Gurgaon) the year 2009. In 2010, the
company’s vision is to start the construction of its own facility in
Fixed Assets:
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Computer
- Electric
Installations
- Temporary
Structure
- ETP Plant
- Land
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.44.20 |
|
|
1 |
Rs.72.25 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.