MIRA INFORM REPORT
|
Report Date : |
13.04.2011 |
Note: Given
address could not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
NSK INDIA SALES COMPANY PRIVATE LIMITED |
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Registered
Office : |
New No.7 (Old No.5), |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.07.2007 |
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Com. Reg. No.: |
18-064307 |
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CIN No.: [Company Identification
No.] |
U29130TN2007PTC064307 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN06090A |
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PAN No.: [Permanent Account No.] |
AACCN5663R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of trading and marketing of Bearing
and Related Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 433000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has been successful in wiping off the losses of previous year. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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 : |
New No.7 (Old No.5), |
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Tel. No.: |
91-44-24331161, 62, 63 |
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Fax No.: |
91-44-24331160 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. John Joseph |
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Designation : |
Whole Time Director |
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Address : |
501, Residency No.5, |
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Date of Birth/Age : |
23.12.1961 |
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Date of Appointment : |
24.07.2007 |
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Name : |
Hiroyuki Yokoyama |
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Designation : |
Director |
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Address : |
Flat No.C4B/151, Cartlon Estate, DLF Phase-5, Gurgaon – 122 001, |
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Date of Birth/Age : |
11.07.1963 |
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Date of Appointment : |
09.04.2008 |
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Name : |
Yukio Takebe |
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Designation : |
Director |
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Address : |
2-12, Hachimanyama 3-Chome, Setagaya-Ku |
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Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
09.04.2008 |
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Name : |
Tamotsu Matsumoto |
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Designation : |
Director |
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Address : |
New No.7 (Old No.5), |
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Date of Birth/Age : |
15.10.1958 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
03081393 |
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Name : |
Tsutomu Komori |
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Designation : |
Director |
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Address : |
878-6, Hira,atsucho Ustunomiya 3210931 |
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Date of Birth/Age : |
17.12.1951 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
02799703 |
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Name : |
Yasuhiro Kamio |
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Designation : |
Director |
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Address : |
Naritahigashi, 2-21-4, Suginami-Ku |
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Date of Birth/Age : |
22.07.1959 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
01059349 |
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Name : |
Yasumasa Taki |
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Designation : |
Director |
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Address : |
238A, |
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Date of Birth/Age : |
06.02.1959 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
03159083 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
NSK Limited, |
|
9980000 |
|
NSK International ( |
|
20000 |
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Total |
|
10000000 |
As on 29.09.2010
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Equity Share Breakup |
|
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 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of trading and marketing of Bearing
and Related Products. |
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Brand Names : |
“NSK” |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Note: The finance lease obligations of the company are secured by way of hypothecation of vehicles taken under finance lease. The legal title to the assets vests in the lessor. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Company Chartered Accountants |
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Address : |
No.10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
NSK Limited Address: |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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|
Of the above 9800000 equity shares are held by the ultimate holding company
NSK Limited, Japan and the balance 200000 equity shares are held by NSK
International (Singapore) PTE Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
01.04.2009 to
31.03.2010 |
01.04.2008 to
31.03.2009 |
24.07.2007 to
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.359 |
0.000 |
6.102 |
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4] (Accumulated Losses) |
0.000 |
(6.562) |
0.000 |
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NETWORTH |
108.359 |
93.438 |
106.102 |
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LOAN FUNDS |
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1] Secured Loans |
1.667 |
2.329 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.667 |
2.329 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.026 |
95.767 |
106.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.298 |
6.473 |
0.093 |
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Capital work-in-progress |
0.014 |
0.014 |
0.130 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.143 |
0.927 |
0.377 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
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Inventories |
352.379
|
150.670 |
0.000 |
|
|
Sundry Debtors |
194.802
|
77.312 |
0.000 |
|
|
Cash & Bank Balances |
74.993
|
17.335 |
101.490 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
86.066
|
50.710 |
8.532 |
|
Total
Current Assets |
708.240
|
296.027 |
110.022 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
599.782
|
203.435 |
4.326 |
|
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Other Current Liabilities |
5.881
|
3.082 |
0.045 |
|
|
Provisions |
1.006
|
1.157 |
0.149 |
|
Total
Current Liabilities |
606.669
|
207.674 |
4.520 |
|
|
Net Current Assets |
101.571
|
88.353 |
105.502 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.026 |
95.767 |
106.102 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.04.2009 to
31.03.2010 |
01.04.2008 to
31.03.2009 |
24.07.2007 to
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
885.152 |
180.881 |
0.000 |
|
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Commission Income |
|
66.991 |
15.366 |
|
|
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Other Income |
|
3.714 |
0.356 |
|
|
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TOTAL |
885.152 |
251.586 |
15.722 |
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
865.077 |
166.757 |
0.000 |
|
|
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Employee Costs |
|
30.653 |
2.625 |
|
|
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Other Expenses |
|
64.404 |
3.626 |
|
|
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TOTAL |
865.077
(Including financial expenses) |
261.814 |
6.251 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(10.228) |
9.471 |
|
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
|
0.660 |
0.147 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.075 |
(10.888) |
9.324 |
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.339 |
1.667 |
0.001 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
17.036 |
(12.555) |
9.323 |
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|
|
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|
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|
Less |
TAX (H) |
2.115 |
0.109 |
3.221 |
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|
PROFIT AFTER TAX
(G-H) (I) |
14.921 |
(12.664) |
6.102 |
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|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Income |
89.229 |
66.991 |
15.366 |
|
|
TOTAL EARNINGS |
89.229 |
66.991 |
15.366 |
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
533.626 |
185.420 |
-- |
|
|
|
Capital Goods |
0.301 |
0.321 |
-- |
|
|
TOTAL IMPORTS |
533.927 |
185.741 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.49 |
(1.27) |
6.76 |
|
KEY RATIOS
|
PARTICULARS |
|
01.04.2009 to
31.03.2010 |
01.04.2008 to
31.03.2009 |
24.07.2007 to 31.03.2008 |
|
PAT / Total Income |
(%) |
1.69
|
(5.03) |
38.81 |
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(6.94) |
0.00 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.38
|
(4.15) |
8.47 |
|
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.13) |
0.09 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.61
|
2.25 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.43 |
24.34 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The Company was incorporated on 24th July, 2007. The Company
is a subsidiary of NSK Limited,
The Company commenced its trading activity in April 2008.
OPERATIONS
Income for the
year under review was Rs.885.152 millions and the profit before tax was
Rs.17.036 millions Provision for Deferred Tax Credit was Rs.(0.217) million and
profit after tax was Rs.14.921 millions.
AUTHORISED SHARE CAPITAL
The Company is
Rs.100.000 millions divided into 10000000 shares of Rs.10/- each.
FIXED ASSETS:
·
Leasehold Improvements
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicles
·
Vehicles
·
Computer Software
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.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.