MIRA INFORM REPORT

 

 

Report Date :

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI CORPORATION INDIA PRIVATE LIMITED

 

 

Formerly Known As :

MC INTERNATIONAL INDIA  PRIVATE LIMITED

 

 

Registered Office :

5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi-110001, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

22.05.1996

 

 

Com. Reg. No.:

55-79069

 

 

Capital Investment / Paid-up Capital :

Rs.1200.000 Millions

 

 

CIN No.:

[Company Identification No.]

U45201DL1996PTC079069

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Importers and Traders of Purified Terephthalic Acid, Steel Blanks and Fork Tubes. 

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 6000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

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)

India

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/Head Office :

5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi-110001, Delhi, India

Tel. No. :

91-11-43682300/ 41503888

Fax No. :

91-11-43682333/ 23736726

E-Mail :

sanjeev.jns@gmail.com

Website :

http://www.mitsubishicorp.com

 

 

Branches :

MUMBAI BRANCH:
75-77, Maker Chambers VI, 7th Floor, Nariman Point, Mumbai-400021, Maharashtra, India

Telephone : 91-22-4230-0786
Facsimile : 91-22-4230-0701 / 0702

CHENNAI BRANCH:
Padma Complex, 3rd Floor, West wing, 467, Anna Salai, Nandanam, Chennai-600035, India
Telephone : 91-44-42276100  

Facsimile : 91-44-24340022

KOLKATA BRANCH:
Crescent Tower, 1st Floor, 229, A.J.C. Bose Road, Kolkata-700020, India
Telephone : 91-33-22801565
Facsimile : 91-33-22827663

BANGALORE BRANCH
Raheja Paramount, 2nd Floor, North Wing, 138 Residency Road, Bangalore-560025, India
Telephone : 91-80-4112-5333
Facsimile : 91-80-4112-5666

BANGALORE LIAISON OFFICE
Raheja Paramount, 2nd Floor,138 Residency Road, Bangalore 560025, India
Telephone : 91-80-2279838
Facsimile : 91-80-2279346

 

NEW DELHI BRANCH

2nd Floor, Hotel Le meridian Commercial Towers, Windsor Place, New Delhi – 110001, India.

Tel. No.:- 91-11-4368-2301

Facsimile :- 91-11-4368-2333

 

 

DIRECTORS

 

AS ON 28.09.2010

 

Name :

Mr. Mikine Hasegawa

Designation :

Director

Address :

A-9/5, 1st Floor, Vasant Vihar, New Delhi – 110057, Delhi, India

Date of Birth/Age :

06.07.1961

Date of Appointment :

02.07.2010

DIN No. :

03150847

 

 

Name :

Mr. Hiroshi Yoshino

Designation :

Director

Address :

E-12/2, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

04.05.1953

Date of Appointment :

31.07.2007

DIN No. :

01762085

 

 

Name :

Mr. Keiichi Nakagaki

Designation :

Director

Address :

27, Golf Links, New Delhi-110003, Delhi, India

Date of Birth/Age :

10.06.1952

Date of Appointment :

08.05.2008

DIN No. :

02165974

 

 

Name :

Mr. Masahiro Suzuki

Designation :

Director

Address :

K-24A, 1st Floor, Haus Khas, New Delhi – 110016, Delhi, India

Date of Birth/Age :

13.10.1973

Date of Appointment :

09.01.2009

DIN No. :

02540904

 

 

Name :

Mr. Hideaki Fukawa

Designation :

Director

Address :

35, Poorvi Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

18.06.1960

Date of Appointment :

18.03.2009

DIN No. :

02593982

 

 

Name :

Mr. Takuya Sahashi

Designation :

Director

Address :

4/2, Shantiniketan, 1st Floor, New Delhi – 110021, Delhi, India

Date of Birth/Age :

25.09.1969

Date of Appointment :

18.03.2009

DIN No. :

02593883

 

 

Name :

Mr. Hiroshi Shinohara

Designation :

Director

Address :

4/2, Shantiniketan, 1st Floor, New Delhi – 110021, Delhi, India

Date of Birth/Age :

15.02.1951

Date of Appointment :

06.06.2005

DIN No. :

00271427

 

 

KEY EXECUTIVES

 

Name :

Mr. Prince Madan Anoop Singh

Designation :

Secretary

Address :

C – 20, East of Kailash, New Delhi, India

Date of Birth/Age :

28.09.1967

Date of Appointment :

25.09.2001

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 28.09.2010)

 

Names of Shareholders

 

No. of Shares

 

 

 

Mitsubishi Corporation (Japan)

 

119999999

Mitsubishi Australia (Australia)

 

1

 

 

 

Total

 

120000000

 

(AS ON 28.09.2010)

 

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Importers and Traders of Purified Terephthalic Acid, Steel Blanks and Fork Tubes. 

 

 

Products :

Product Description

 

ITC Code

Purified Terephthalic Acid

291736-00

Steel Blanks

720917-00

Fork Tubes

730490-00

Steel Blanks

72109-00

 

 

GENERAL INFORMATION

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

·         Deutsche Bank

·         CITI Bank

·         Standard Chartered Bank,

Parliament Street, New Delhi, Delhi, India

 

 

Facilities :

Particulars

31.03.2009

[Rs in Millions]

Secured Loan

 

From Banks

 

ECB Loan

82.423

 

 

Total

82.423

 

NOTES:

 

The ECB loan of Rs. Nil (Previous Year Rs.82.423) form Deutsche Bank 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. Nil (Previous Year Rs.82.423 millions.

 

Particulars

31.03.2009

[Rs in Millions]

Unsecured Loan

 

From Banks

 

Working capital loan

128.000

Overdraft

0.937

 

 

Total

128.937

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

7 Floor, Building 10, Tower B, DLF Cyber City, Phase 11, Gurgaon-122002, Haryana, India

Tel. No.:

91-124-6792000

Fax No.:

91-124-6792012

 

 

Holding Company :

Mitsubishi Corporation, Japan

 

 

Associates/Subsidiaries :

·         Thai MC Company Limited, Thailand

·         MC Non Ferrous Metal Product Company Limited

·         Petro Diamond Singapore Private Limited

·         Mitsubishi Australia Limited

·         MC Marine Inc, USA

·         Diamond Seafoods UK Limited

·         Metal One Asia Private 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 Private Limited

·         Mitsubishi Corporation, Singapore 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000000

Equity Share

Rs.10/- Each

Rs.1200.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000000

Equity Share

Rs.10/- Each

Rs.1200.000 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

1200.000

200.000

200.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

389.398

274.277

223.002

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1589.398

474.277

423.002

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

82.423

119.926

2] Unsecured Loans

0.000

128.937

338.369

TOTAL BORROWING

0.000

211.360

458.295

DEFERRED TAX LIABILITIES

0.000

1.977

7.631

 

 

 

 

TOTAL

1589.398

687.614

888.928

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

135.028

133.551

139.609

Capital work-in-progress

0.000

0.690

0.130

 

 

 

 

INVESTMENT

20.000

20.000

0.000

DEFERREX TAX ASSETS

5.056

0.000

20.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
534.733
283.440

390.973

 

Sundry Debtors
9692.830
6253.054

1081.507

 

Cash & Bank Balances
1089.113
7.499

6.473

 

Other Current Assets
20.967
0.000

0.000

 

Loans & Advances
197.495
150.877

155.385

Total Current Assets
11535.138
6694.870

1634.338

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
10060.229
6104.783

872.801

 

Other Current Liabilities
32.128
45.077

22.444

 

Provisions
13.467
11.637

9.904

Total Current Liabilities
10105.824
6161.497

905.149

Net Current Assets
1429.314
533.373

729.189

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1589.398

687.614

888.928

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

Income

28365.000

19096.200

 

 

 

Other Income

335.496

298.189

 

 

 

TOTAL                                    

28700.496

19394.389

7136.194

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

28469.129

19215.170

7043.265

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION

231.367

179.219

92.929

 

 

 

 

 

Less

INTEREST AND DEPRECIATION

50.596

97.595

69.812

 

 

 

 

 

 

PROFIT BEFORE TAX 

180.771

81.624

23.117

 

 

 

 

 

Less

TAX                                                                 

65.650

30.349

15.999

 

 

 

 

 

 

PROFIT AFTER TAX

115.121

51.275

7.118

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

2839.194

163.454

141.856

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.96

2.56

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

0.40

0.26

0.10

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

0.64

0.43

--

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.55

1.20

1.30

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.17

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

6.36

13.44

3.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

1.09

1.81

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS REVIEW AND FUTURE OUTLOOK

 

The Company achieved a turnover of Rs.28365.000 Millions in the year, as compared to turnover of Rs.19096.200 Millions in the previous year thereby showing increase of 49%.

 

During the year, the Company has earned a profit after tax of Rs.115.121 Millions as compared to the Profit after tax of Rs.51.275 Millions earned last year.  The Company’s Net Profit after tax has increase one due to increase on turnover mainly Chemical business and secondly due to reduction in financial cost. During the year equity was increased by Rs.1000.000 Millions which was utilized in smoothening the working capital cycle. The company has repaid all its loans and is a debt free company now. There is rearrangement of internal business in different divisions and two of the new introduced business groups in 2007, industrial finance and logistics and corporate development are still under inception stage. The directors are hopeful that the current year of the company shall be encouraging.

 

 

NOTE

 

Registered Office of the company has been shifted from Vijaya Building, 2nd Floor, 17, Barakhamba Road, New Delhi-110001, India to the present address w.e.f. 27.01.2010

 

 

Bankers Charges Report as per Registry

 

FORM 8

 

Name of the company

MC INTERNATIONAL INDIA PRIVATE LIMITED

Presented By

Standard Chartered Bank , New Delhi

1) Date and description of instrument creating the change

Agreement of hypothecation of stocks and book debts dated 02.04.2004.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.30.000 Millions

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

5) Name and Address and description of the person entitled to the charge.

Standard Chartered Bank, Parliament Street, New Delhi

 

 

FIXED ASSETS

 

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Computers

·         Software

·         Building

·         Leasehold Improvements

 

 

 

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 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.45.17

UK Pound

1

Rs.73.72

Euro

1

Rs.64.26

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

 

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.