MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED |
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Registered Office : |
Plot No.1, Bidadi Industrial Area, Ram Nagar Taluka, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
08-22858 |
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CIN No.: [Company
Identification No.] |
U34101KA1997PTC022858 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT01107B |
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PAN No.: [Permanent
Account No.] |
AAACT5415B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of LMV (Passenger Cars), Qualis,
Carolla, Innova Camry |
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 52000000 |
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office /Factory : |
Plot No.1, Bidadi Industrial Area, Ram Nagar Taluka, |
|
Tel. No.: |
91-80-66292929/ 56914000 |
|
Fax No.: |
91-80-7287076/78 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 24.06.2010
|
Name : |
Mr. Ryoichi Sasaki |
|
Designation : |
Chairman |
|
Address : |
6/ 6, Soipatanaisin, |
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Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
29.06.2008 |
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|
Name : |
Mr. Vikram S. Kirloskar
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|
Designation : |
Vice Chairman |
|
Address : |
Kirloskar Residence, |
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Date of Birth/Age : |
19.11.1958 |
|
Date of Appointment : |
06.10.1997 |
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|
Name : |
Mr. Mitsuhiro Sonoda |
|
Designation : |
Chairman |
|
Address : |
1208-8 T, Sunogou Cho,
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|
Date of Birth/Age : |
30.03.1954 |
|
Date of Appointment : |
30.06.2009 |
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|
Name : |
Mr. Hiroshi Nakagawa |
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Designation : |
Managing Director |
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Address : |
No.8, |
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Date of Birth/Age : |
30.03.1954 |
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Date of Appointment : |
11.01.2008 |
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|
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Name : |
Mr. Tomonaga Shigeru |
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Designation : |
Deputy Managing Director |
|
Address : |
Apartments No:303, Tulip Prestige exotica No:3, |
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Date of Birth/Age : |
18.05.1953 |
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Date of Appointment : |
30.05.2005 |
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Name : |
Mr. Shekar Viswanathan
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Designation : |
Deputy Managing Director |
|
Address : |
Shrothrabhiram, 110, 6th
Cross, 2nd Main RMV, 2nd Stage (SFHS),
Bangalore-560094, |
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Date of Birth/Age : |
16.11.1956 |
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Date of Appointment : |
08.01.2009 |
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Name : |
Mr. Sandeep Singh |
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Designation : |
Deputy Managing Director (Marketing) |
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Address : |
Flat No. 2-I, Orchard Green, 139/4, |
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Date of Birth/Age : |
21.01.1961 |
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Date of Appointment : |
28.07.2008 |
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Name : |
Mr. Hidemi Koyama |
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Designation : |
Whole Time Director |
|
Address : |
202, Prestige Clarke Woods, |
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Date of Birth/Age : |
12.11.1967 |
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Date of Appointment : |
17.01.2007 |
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Name : |
Mr. Ono Makoto |
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Designation : |
Whole Time Director |
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Address : |
Flat No:212, Mangalaya Residency Benson
Town, Bangalore-560046, |
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Date of Birth/Age : |
13.04.1958 |
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Date of Appointment : |
10.04.2006 |
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|
Name : |
Mr. Nakamura Hiroshi |
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Designation : |
Whole Time Director |
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Address : |
Apartment No:15, Ground Floor, the |
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Date of Birth/Age : |
13.04.1958 |
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Date of Appointment : |
11.01.2006 |
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Name : |
Mr. Koji Nagata |
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Designation : |
Director |
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Address : |
30/1, 2nd Cross, |
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Date of Birth/Age : |
07.01.1962 |
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Date of Appointment : |
08.01.2009 |
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Name : |
Mr. Masanori Takahashi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.09.1958 |
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Date of Appointment : |
08.01.2009 |
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Name : |
Mr. Takahiko Ijichi |
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Designation : |
Director |
|
Address : |
2- 15, 2, Satsukigaoka, |
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Date of Birth/Age : |
15.07.1952 |
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Date of Appointment : |
29.06.2006 |
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|
Name : |
Mr. Masayoshi Hachisuka |
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Designation : |
Director |
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Address : |
202, Prestige Clarke Woods, |
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Date of Birth/Age : |
03.04.1967 |
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Date of Appointment : |
12.01.2010 |
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|
|
|
Name : |
Mr. Yasuo Kawada |
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Designation : |
Director |
|
Address : |
1-227, Kamino Kura,
Midori-KU, |
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Date of Birth/Age : |
16.04.1957 |
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Date of Appointment : |
25.06.2008 |
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|
Name : |
Mr. Takuo Sasaki |
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Designation : |
Director |
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Address : |
3-832, Matsutara, Setgarya-KU,
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Date of Birth/Age : |
03.12.1956 |
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Date of Appointment : |
30.06.2009 |
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Name : |
Mr. Nobuyoshi Tsuzuki |
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Designation : |
Director |
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Address : |
B-9, Pent House, Regency Salam, Hall Road,
Bangalore-560084, |
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Date of Birth/Age : |
10.09.1952 |
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Date of Appointment : |
12.01.2010 |
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|
|
|
Name : |
Mr. Toshihito Yoshioka |
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Designation : |
Director |
|
Address : |
Flat No. 208, |
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Date of Birth/Age : |
08.08.1961 |
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Date of Appointment : |
12.01.2010 |
KEY EXECUTIVES
|
Name : |
Mr. K. Jayavelu |
|
Designation : |
Vice President – Corporate Planning and Legal and Company Secretary |
|
Address : |
Sakthi No 1204, Vthstage
1st Phase Beml Layout Rajarajwari Nagar, |
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Date of Birth/Age : |
01.07.1952 |
|
Date of Appointment : |
16.03.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kirloskar Systems Limited, |
|
77000000 |
|
Toyota Motor Corporation, |
|
623000000 |
|
|
|
|
|
Total |
|
700000000 |
AS ON 24.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
89.00 |
|
Other
|
|
11.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of LMV (Passenger Cars), Qualis,
Carolla, Innova Camry |
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Products : |
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PRODUCTION STATUS AS ON
As on 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Motor Vehicles |
Nos. |
60000 |
46251 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
v
Bank of v
Hong Kong Bank, v
CITI Bank, v
ICICI Bank, v
State Bank of v
State Bank of v
Sakura Bank, Mumbai, v Kotak Mahindra Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
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Address : |
5th Floor, Tower D,
The Millenia, 1 and |
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|
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Holding Company
: |
Toyota Motor Corporation, |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 24.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000000 |
Equity Shares |
Rs.10/- each |
Rs.7000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000000 |
Equity Shares |
Rs.10/- each |
Rs.7000.000 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 |
7000.000 |
7000.000 |
7000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6208.027 |
4016.733 |
3149.150 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13208.027 |
11016.733 |
10149.150 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
12706.049 |
10923.642 |
9639.882 |
|
|
TOTAL BORROWING |
12706.049 |
10923.642 |
9639.882 |
|
|
DEFERRED TAX LIABILITIES |
175.848 |
265.033 |
150.898 |
|
|
|
|
|
|
|
|
TOTAL |
26089.924 |
22205.408 |
19939.930 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6695.360 |
6885.266 |
6043.673 |
|
|
Capital work-in-progress |
6199.663 |
708.142 |
389.586 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3861.206
|
3192.985 |
2339.679
|
|
|
Sundry Debtors |
642.167
|
459.938 |
641.922
|
|
|
Cash & Bank Balances |
16651.967
|
14228.235 |
15573.075
|
|
|
Other Current Assets |
406.263
|
634.551 |
628.125
|
|
|
Loans & Advances |
5333.991
|
3146.785 |
2028.181
|
|
Total
Current Assets |
26895.594
|
21662.494 |
21210.982 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2507.380 |
3899.304 |
|
|
Other Current Liabilities |
8429.618
|
1663.509
|
1588.440
|
|
|
Provisions |
5271.075
|
2879.605
|
2216.567
|
|
Total
Current Liabilities |
13700.693
|
7050.494
|
7704.311 |
|
|
Net Current Assets |
13194.901
|
14612.000
|
13506.671
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26089.924 |
22205.408 |
19939.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56036.994 |
37603.087 |
41030.288 |
|
|
|
Other Income |
1864.059 |
1885.764 |
1657.102 |
|
|
|
TOTAL (A) |
57901.053 |
39488.851 |
42687.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
51800.231 |
36591.499 |
38523.548 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6100.822 |
2897.352 |
4163.842 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1348.950 |
1046.869 |
926.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4751.872 |
1850.483 |
3237.319 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1658.915 |
624.235 |
1164.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3092.957 |
1226.248 |
2072.556 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
733.240 |
306.561 |
NA |
|
|
|
Tax on Dividend |
128.425 |
52.100 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
2191.292 |
867.587 |
2072.556 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
4338.070 |
4370.562 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
11883.785 |
10644.052 |
|
|
|
Capital Goods |
NA |
151.268 |
230.759 |
|
|
|
Spares and others |
NA |
44.435 |
41.006 |
|
|
|
Motor Vehicle (Traded) |
NA |
422.232 |
918.879 |
|
|
|
Other Part (Traded) |
NA |
661.807 |
530.517 |
|
|
TOTAL IMPORTS |
NA |
13163.527 |
12365.213 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.42 |
1.75 |
2.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.34
|
3.11
|
4.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.48
|
4.92
|
7.89
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.15
|
6.47
|
12.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.17
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.33
|
1.63
|
2.28
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
3.06
|
3.20
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
31.03.2008 (Rs.
in millions) |
|
Sundry Creditors |
NA |
2507.380 |
3899.304 |
FIXED ASSETS:
- Buildings
- Plant and
Machinery
- Computer
System
- Office and
Other Equipment
- Furniture and
Fixtures
- Motor
Vehicles
- Computer
Software
As Per Web Site:
Profile:
The Company is a joint venture between Kirloskar Group and Toyota Motor Corporation (TMC). TKM aims at contributing to Indian Industry and economy through technology transfer, human resource development and vehicles that meet global standards at competitive price and contributing to the growth of the automobile industry.
A Company along with its dedicated dealers and suppliers, has adopted the
"Growing Together" philosophy of its parent company TMC to create
long-term business growth.
The Toyota Motor Company Limited was first established in 1937 as a spin-off
from Toyoda Automatic Loom Works, one of the world's manufacturers of weaving
machinery.
The Toyoda Automatic Loom Works was then headed by
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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
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 |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.