MIRA
INFORM REPORT
|
Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL AUTO-PARTS ALLIANCE INDIA PRIVATE LIMITED |
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Registered
Office : |
28, New Mangla Puri, Mehrauli, New Delhi-110030 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.11.2006 |
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Com. Reg. No.: |
55-155954 |
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CIN No.: [Company Identification
No.] |
U29219DL2006PTC155954 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG10165B |
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|
|
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PAN No.: [Permanent Account No.] |
AACCG7502L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Automobile Sheet Metal Components, Frame
Body. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 680000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
28, New Mangla Puri, Mehrauli, New Delhi-110030, |
|
Tel. No.: |
91-1493-250661 |
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Fax No.: |
91-1493-250660 |
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E-Mail : |
DIRECTORS
As on 28.06.2010
|
Name : |
Mr. Toshitsugu Kikuchi |
|
Designation : |
Director |
|
Address : |
3-8-3, Shimerenjaku, Mitaka, 1810013, Japan |
|
Date of Birth/Age : |
12.07.1945 |
|
Date of Appointment : |
09.02.2007 |
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Din No.: |
01317088 |
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Name : |
Mr. Hiroyuki Takao |
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Designation : |
Director |
|
Address : |
7-9-2 Tyoume Asahigaoka, |
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Date of Birth/Age : |
08.08.1929 |
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Date of Appointment : |
09.02.2007 |
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Din No.: |
01327118 |
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|
|
|
Name : |
Mr. Kenji Takashima |
|
Designation : |
Director |
|
Address : |
895-82, Fljigane, |
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Date of Birth/Age : |
24.09.1955 |
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Date of Appointment : |
28.05.2007 |
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Din No.: |
01533529 |
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Name : |
Mr. Masayuki Hayashi |
|
Designation : |
Managing Director |
|
Address : |
6756-2 Minakuchi, Minakuchi-Cho, Koka, Shiga, 5280005, |
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Date of Birth/Age : |
26.12.1960 |
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Date of Appointment : |
26.06.2008 |
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Din No.: |
02214416 |
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Name : |
Mr. Katsurilro Harada |
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Designation : |
Director |
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Address : |
541-1-210, Imaizumi-Cho, |
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Date of Birth/Age : |
15.03.1960 |
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Date of Appointment : |
31.03.2009 |
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Din No.: |
02594482 |
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|
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Name : |
Mr. Takanori Yoshida |
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Designation : |
Alternate Director |
|
Address : |
G-1001, Central Park-1, Sector -42, Gurgaon-122002, |
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Date of Birth/Age : |
16.09.1967 |
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Date of Appointment : |
01.04.2010 |
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Din No.: |
03042539 |
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|
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Name : |
Mr. Kazuhiko Waseda |
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Designation : |
Alternate Director |
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Address : |
Flat No. 304, 3rd Floor, Tower 3, |
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Date of Birth/Age : |
13.10.1967 |
|
Date of Appointment : |
01.01.2011 |
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Name : |
Mr. Mohd Iqbal Butt |
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Designation : |
Director |
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Address : |
E-2304, Ansal’s Palam Vihar, Gurgaon-122017, |
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Date of Birth/Age : |
02.11.1965 |
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Other Directorship: |
CIN of Company: U22219DL2006PTC151575 Name of
Company: Toyo Ink India
Private Limited Designation: Director CIN of Company: U32209MH2005PTC153508 Name of Company:
Hop-On
Mobile India Private Limited Designation: Director |
|
|
|
|
Name : |
Mr. Alok Kumar Vidyalankar |
|
Designation : |
Director |
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Address : |
J-56, Saket, New Delhi-110017, |
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Date of Birth/Age : |
17.08.1960 |
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Pan No.: |
AADPV4344D |
KEY EXECUTIVES
|
Name : |
Mr. Subhadeep Sarkar |
|
Designation : |
Secretary |
|
Address : |
97-C, Sector-4, Diz Area, Gole Market, New Delhi-110001, |
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Date of Birth/Age : |
05.05.1979 |
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Date of Appointment : |
16.12.2009 |
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Pan No.: |
BSQPS6368L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Takao Kinzoku Kogyo Company Limited, |
|
74800000 |
|
Kikuchi Company Limited, |
|
26800000 |
|
Honda Siel Cars India Limited, |
|
13400000 |
|
|
|
|
|
Total |
|
115000000 |
As on 28.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
88.35 |
|
Bodies
corporate |
|
11.65 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Automobile Sheet Metal Components, Frame
Body. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Installed Capacity** |
4860000 |
|
Actual Production |
892156 |
Note: ** As certified by the management and relied
upon by the auditors, being a technical matter.
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
7th Floor, Building 10, Tower B, |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
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Joint Ventures: |
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CAPITAL STRUCTURE
As on 28.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115000000 |
Equity Shares |
Rs.10/- each |
Rs.1150.000
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67000000 |
Equity Shares |
Rs.10/- each |
Rs.670.000
Millions |
Note: (Of the above, 26,800,000 (Previous year 26,800,000) equity shares are held by Kikuchi Company Limited, Japan, 26,800,000 (Previous year 26,800,000) equity shares are held by Takao Kinzoku Kogyo Company Limited, Japan and 13,400,000 (Previous year 13,400,000) equity shares are held by Honda Siel Cars India Limited, India)
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 |
670.000 |
670.000 |
536.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(499.918) |
(338.892) |
(22.790) |
|
|
NETWORTH |
170.082 |
331.108 |
513.210 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2043.664 |
1925.689 |
0.000 |
|
|
TOTAL BORROWING |
2043.664 |
1925.689 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2213.746 |
2256.797 |
513.210 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1898.625 |
2148.283 |
79.348 |
|
|
Capital work-in-progress |
0.308 |
31.833 |
356.747 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.724
|
95.279 |
0.000 |
|
|
Sundry Debtors |
75.133
|
59.629 |
0.000 |
|
|
Cash & Bank Balances |
5.015
|
49.463 |
115.740 |
|
|
Other Current Assets |
0.000
|
30.000 |
0.000 |
|
|
Loans & Advances |
410.170
|
441.073 |
6.257 |
|
Total
Current Assets |
560.042
|
675.444 |
121.997 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
228.407
|
549.001 |
|
|
|
Other Current Liabilities |
15.618
|
48.401 |
44.617 |
|
|
Provisions |
1.204
|
1.361 |
0.265 |
|
Total
Current Liabilities |
245.229
|
598.763 |
44.882 |
|
|
Net Current Assets |
314.813
|
76.681 |
77.115 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2213.746 |
2256.797 |
513.210 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
689.500 |
310.124 |
0.000 |
|
|
|
Other Income |
125.382 |
66.209 |
11.016 |
|
|
|
TOTAL (A) |
814.882 |
376.333 |
11.016 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
412.613 |
366.997 |
|
|
|
|
Personal Expenses |
72.395 |
43.673 |
32.046 |
|
|
|
Other Expenses |
106.155 |
211.257 |
|
|
|
|
TOTAL (B) |
591.163 |
621.927 |
32.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
223.719 |
(245.594) |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
75.000 |
38.131 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
148.719 |
(283.725) |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.745 |
30.654 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(161.026) |
(314.379) |
(21.030) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.723 |
0.266 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(161.026) |
(316.102) |
(21.296) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(338.892) |
(22.790) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(499.918) |
(338.892) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.163 |
257.206 |
0.000 |
|
|
|
Consumable |
0.006 |
0.136 |
0.000 |
|
|
|
Spares, Stores and Tools |
9.118 |
43.251 |
0.000 |
|
|
|
Capital Goods |
1.390 |
938.596 |
0.083 |
|
|
|
Others |
1.026 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
11.703 |
1239.189 |
0.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.40) |
(5.40) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(19.76)
|
(83.99) |
(193.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.35)
|
(101.37) |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.55)
|
(11.13) |
(10.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.95)
|
(0.95) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
13.46
|
7.62 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.13 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
Background:
Global Auto-Parts Alliance India Private Limited (‘the Company’) was incorporated under the Companies Act, 1956 on November 28, 2006 for manufacturing automobile parts and components.
Note: The registered office of the company has been shifted from 202-206, Tolstoy House, 15, Tolstoy Marg, New Delhi, India to the present address w.e.f. 01.01.2008
Fixed Assets:
- Land Leasehold
- Building
- Plant and Machinery
- Computers
- Office Equipments
- Furniture and Fixtures
- 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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.