MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUZUKI MOTORCYCLE
INDIA PRIVATE LIMITED [w.e.f. 06.08.2005] |
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Formerly Known As: |
INTEGRA OVERSEAS
PRIVATE LIMITED |
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Registered Office : |
2nd
Floor, Plot No.1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
55-86871 |
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CIN No.: [Company
Identification No.] |
U74899DL1997PTC086871 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL104579B |
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PAN No.: [Permanent
Account No.] |
AAACI5832P |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer and
Exporter of Two Wheelers and Spare Parts
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7655696 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
The subject is a
subsidiary of Suzuki Motor Corporation, In view of strong
holding, the company can be considered good for normal 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
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Registered Office : |
2nd Floor,
Plot No.1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, Delhi, India |
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Tel. No.: |
91-11-26253125 |
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Fax No.: |
91-11-46075418 |
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Email: |
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Website: |
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Factory : |
Village Kherki
Daula, |
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Tel. No.: |
91-124-4170700 |
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Fax No.: |
91-124-4170701/
4117325 |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Katsumi
Takata, Foreigner |
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Designation : |
Chairman |
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Address : |
Room No. 215,
Jukaso IT Suites, |
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Date of Birth : |
11.10.1949 |
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Date of Appointment : |
09.07.2004 |
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Name : |
Mr. Shinichi
Takeuchi |
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Designation : |
Director |
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Address : |
Room No.223,
Japanese Hostel, Near MD, |
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Date of Birth : |
16.02.1948 |
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Date of Appointment : |
17.08.2010 |
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Name : |
Mr. Shozo
Ono |
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Designation : |
Director |
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Address : |
Room No.312,
Japanese Hostel, Near MDI Gate 3, NH-8, Haryana – 122001, |
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Date of Birth : |
02.07.1959 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Saqulain Y
Siddiqui |
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Designation : |
Director |
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Address : |
B-268, Sector –
26, |
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Date of Birth : |
01.07.1958 |
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Date of Appointment : |
13.03.2007 |
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Name : |
Mr. Ichizo
Kuriyama |
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Designation : |
Director |
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Address : |
Room No.110,
Japanese Hostel, Near MD, |
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Date of Birth : |
09.05.1948 |
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Date of Appointment : |
13.09.2010 |
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Name : |
Mr. Amit Kishore
Singh |
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Designation : |
Director |
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Address : |
991 Sector 10,
Gurgaon |
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Date of Birth : |
12.08.1975 |
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Date of Appointment : |
01.08.2008 |
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Name : |
Mr. Satya Sheel |
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Designation : |
Managing Director |
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Address : |
Villa D. Empire
Estate, Sultanpur, |
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Date of Birth : |
27.02.1953 |
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Date of Appointment : |
04.07.2004 |
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Date of Ceasing : |
31.03.2010 |
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Name : |
Mr. Satya Saurabh
Krosla |
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Designation : |
Director |
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Address : |
1905, |
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Date of Birth : |
03.06.1958 |
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Date of Appointment : |
02.07.2004 |
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Date of Ceasing : |
31.03.2010 |
MAJOR SHAREHOLDERS
AS ON 28.09.2010
|
Names of Shareholders |
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No. of Shares |
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Suzuki Motor
Corporation, |
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581553199 |
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Suzuki Business
Corporation, |
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1 |
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Total |
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581553200 |
AS ON 28.09.2010
|
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
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Line of Business : |
Manufacturer and
Exporter of Two Wheelers and Spare Parts
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
176 |
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Bankers : |
v
The Bank of v
ICICI Bank Limited, Gurgaon v
Mizuho Bank |
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Facilities : |
Note: Loans due within
a year Rs.181.240 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V Sankar Aiyar
and Company Charted
Accountant |
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Address : |
202-301, Satyam
Cinema Complex, Ranjit Nagar Community, New Delhi – 110008, Delhi, India |
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Tel. No.: |
91-124-25702074/25702691/25704639 |
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Fax No.: |
91-124-2549101 |
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Holding Company : |
Suzuki Motor
Corporation, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
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|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
581553200 |
Equity Shares |
Rs.10/- each |
Rs.5815.532 Millions |
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* Of the above 581553200 equity shares (Previous Year of Establishment
581553199 equity shares) are held by Suzuki Motor Corporation, Japan, the holding
company and 1 share (Previous year 1 share) is held by suzuki Business
Corporation
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 |
5815.532 |
5815.532 |
713.432 |
|
|
2] Share Application Money Pending Allotment |
0.000 |
0.000 |
3485.100 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(3901.608) |
(3451.735) |
(2411.752) |
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NETWORTH |
1913.924 |
2363.797 |
1786.780 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
0.000 |
0.000 |
100.000 |
|
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2] Unsecured Loans |
1237.440 |
1228.080 |
963.840 |
|
|
TOTAL BORROWING |
1237.440 |
1228.080 |
1063.840 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3151.364 |
3591.877 |
2850.620 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1899.095 |
2931.104 |
2558.098 |
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Capital work-in-progress (At Cost) |
40.551 |
29.837 |
231.724 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
311.026
|
367.230
|
171.255 |
|
|
Sundry Debtors |
2.604
|
0.969
|
0.000 |
|
|
Cash & Bank Balances |
885.186
|
235.631
|
48.953 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1802.612
|
1179.095
|
921.730 |
|
Total Current Assets |
3001.428
|
1782.925
|
1141.938 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
1414.558
|
925.326
|
764.293 |
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Other Current Liabilities |
318.630
|
175.250
|
264.167 |
|
|
Provisions |
56.522
|
51.413
|
52.680 |
|
Total Current Liabilities |
1789.710
|
1151.989
|
1081.140 |
|
|
Net Current Assets |
1211.718
|
630.936
|
60.798 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3151.364 |
3591.877 |
2850.620 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
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TOTAL INCOME |
6698.782 |
4538.779 |
2887.052 |
|
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
7148.700 |
NA |
NA |
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|
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PROFIT BEFORE
TAX |
(449.918) |
NA |
NA |
|
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|
|
|
|
|
|
|
Less |
TAX |
0.000 |
NA |
NA |
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|
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|
PROFIT AFTER TAX
|
(449.918) |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.77) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(6.72) |
NA
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.18) |
NA
|
NA |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23) |
NA
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58 |
1.07
|
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68 |
1.55
|
10.56 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office address of the company has been shifted from 100 South Ex Plaza – I, 389 Masjid Moth, South
Extension Part – II,
Performance of the
Company
Turnover:
The year ending 31'' March 2010 was only fifth year of
commercial production and the performance of the company has been considerably
improved significantly in comparison to last year. During the year, the Company
has achieved about 63% increase in the gross sales of the two wheeler unit and
spares despite of stiff competition in the two wheeler market in
Net Profit [Loss):
The Company had incurred revenue expenditure in the setting-up and modernization of the factory as necessary for new product development and capacity enhancement, which has affected the short-term profitability of the Company. These starting years of the business requires a fixed revenue expenditure, which can only be recovered in the coming years with growth in sales. During the year increased turnover has considerably reduced the net loss of the Company by 56% at INR 449,872,939 in comparison to last year. As these years are the starting years, the whole of the sale income has been utilized towards the fixed, running, development expenses and personnel expenses etc.
Operations:
During the year ended March 31st 2010 the Company has produced 190,435 numbers of Motorcycles/ Scooters as compared to 130,211 numbers of Motorcycles / Scooters produced during last year. The total number of Motorcycles/ Scooters sold during the year ended on March 31st 2010 was 190,726 in comparison to 129,784 Motorcycles /Scooters sold during last financial year.
Bankers Charges
Report as per Registry
|
Name of the company |
SUZUKI MOTORCYCLE INDIA PRIVATE LIMITED |
|
Presented By |
Mr. Katsumi Takata,
Joint Managing Director |
|
1) Date and description of instrument creating the change |
Dated 25th
April 2005, Agreement of Hypothecation executed by the company in favour of
Bank of Tokyo- Mitsubishi Limited. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The Working
Capital Loan of Rs. 250 Millions agreed to be lent and advanced by Bank of
Tokyo- Mitsubishi Limited to the company together with interest, damages,
costs, charges, expenses and all other moneys payable by the company to The
Bank of Tokyo- Mitsubishi Limited in terms of the Agreement dated the 25the
day of April 2005 between the company of the One part and The Bank of Tokyo-
Mitsubishi Limited of the other Part. |
|
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 of Raw
Material such as goods in process, finished goods, spares parts, components
and stores of Borrower, both present and future and stock in process now
belonging to or which may at any time during the continuance of this security
to lying or being in or upon the Borrowers premises or godowns situated at
Village Kherki Dhaula, Badshahpur, NH 8 Link Road, Gurgaon, Haryana or
wherever else the same may be held by any Party anywhere to the order and
disposition of the borrower or in the course of transit and all the present
and future bookdebts, outstanding, money receivables, claims, bills which are
now due owing or which may at any time hereafter during the continuance of this
security become due and owing to the Borrower in the course of his business
by any person, firm, company or body corporate or by the Central Government
or any state government or any Government department of office or any
Municipal or local or public or Semi government body or authority or any body
corporate or undertaking or project whatsoever. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates
as security by way first charge, for the due repayment by the company to The
Bank of Tokyo- Mitsubishi Limited of its Working Capital of Rs. 250 millions,
together with interest / commission/ costs/ charges and expenses and all
other money payable by the company to Bank in terms of the said loan
Agreement. The charge in
favour of Bank under the said agreement o Hypothecation is subject to the
charge created by the company in favour of its bankers on company’s stocks of
raw material, and book debts to secure its working capital requirements in
the ordinary course of business. The company has
undertaken to keep the goods hypothecated in marketable and good condition at
its own costs and to insure the same with an endorsement in favour of Bank. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of Bank. The security
created under the said Deed of Hypothecation is to be a continuing security. |
|
5) Name and Address and description of the person entitled to the charge. |
The Bank of
Tokyo- Mitsubishi Limited 3, Parliament
Street, |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS:
·
Land –
Free Land
·
Furniture
& Fixture
·
Computers
·
Motor
Vehicles
·
Office
Equipment
·
Quality
Control Equipment etc.
AS PER WEBSITE:
Suzuki Motorcycle India to launch a 125 cc bike in India
Subject is the latest entry into the already crowded
Indian two wheeler segment with players like Hero Honda, Bajaj Auto, Honda, and
TVS. They are planning to start their Indian operations with a 125-cc
mass-market motorcycle to be launch by this coming October. The company has
made an initial investment of Rs. 2000.000 Millions to start their Indian
operations.
Company sources have revealed that Suzuki would
follow up this 125cc bike with a high performance 150-cc sibling sometime next
year. And for the budget segment, another 100cc bike is expected in the first
quarter of 2006. Mass market is the initial aim with plans to enter all the
segments rapidly. They have their facilities located in Gurgaon and are in the
process of beginning their commercial production of the 125cc bike soon.
Suzuki is planning to launch this bike by diwali,
which is the auspicious time for buying a new vehicle in Indian families. Their
setup in Gurgaon has the capabilities of manufacturing 0.100 Millions
motorcycles and they are ready to step that up massively if the situation
arises. They already have setup 40 dealerships around the country and are going
to establish 4,000-5,000 sq.ft showroom and service stations to provide
services to the customers.
The parent company happens to be one of the largest
manufacturers of two wheelers in the world with more than 2.000 Millions bikes
sold per annum. They are popular for their range of high performance road
machines, lightweight super bikes, dirt bikes, street bikes, motocross and fun
bikes globally.
SUZUKI Philosophy
The core
philosophy of SUZUKI is to provide “VALUE-PACKED PRODUCTS” . Since the founding
of SUZUKI Motor Corporation, the Organization’s endeavor has always been to
provide “VALUE-PACKED PRODUCTS” as one of the manufacturing philosophies.
SUZUKI believes that “VALUE-PACKED PRODUCTS” come from the effort to carry out
Product development from customer’s point of view. This policy has been in
effect since Company’s inception and has helped the Organization to meet
customer’s needs. As a result, SUZUKI’s Products have become well received
throughout the World. SUZUKI is fully committed to create Products that meet
customer’s demand by utilizing its dynamic, long-nurtured technological
advantage coupled with its fresh and active human resources.
Ø
Develop products of superior value by focusing on the customers.
Ø
Establish a refreshing and innovative company through teamwork.
Ø
Strive for individual excellence through continuous improvement.
Company Name:
Subject is a subsidiary of
Suzuki Motor Corporation,
Plant area and production capacity
They have installed their manufacturing plant
in Gurgaon (Haryana) having the annual plant capacity of 1,20,000 units. They
have got total land area of 37 acres and out of which presently their plant is
constructed in 6.5 acres of land and remaining area is left for the land
development and future expansion.
Environment
At Suzuki, the philosophy of keeping
“environment first” is properly percolated downwards. To comply with all
applicable legislations and setting standards thereof remains only a beginning.
They thrive to discover and invent mechanisms for better environment management
systems and it’s a continuous process which is managed by a separate wing of
experts and specialist in the field.
The
biggest testimony of Suzuki’s commitments towards “environment first” is seen
in the new plant of Suzuki two wheelers at Gurgaon which is built to be a Zero
discharge plant.
They have embraced
Natural light optimization system and water harvesting systems besides several
other measures to create better and cleaner environment around us. All
packaging material used by Suzuki is re-cycleable. A constant flow of internal
communication on environment related issues not only creates awareness amongst
employees but also helps in inculcating ‘an environment friendly’ value system
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
46 |
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.