MIRA INFORM REPORT

 

 

Report Date :

01.07.2011

 

IDENTIFICATION DETAILS

 

Name :

RISO INDIA PRIVATE LIMITED

 

 

Registered Office :

702, Madhuban Building, 55, Nehru Place, New Delhi – 110019, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.06.1998

 

 

Com. Reg. No.:

55-94562

 

 

Capital Investment / Paid-up Capital :

Rs.63.000 Millions

 

 

CIN No.:

[Company Identification No.]

U30000DL1998PTC094562

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELR13520D

 

 

PAN No.:

[Permanent Account No.]

AADCR4540C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Supplier of Office Automation Products.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 416000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small to mediocre 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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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 :

702, Madhuban Building, 55, Nehru Place, New Delhi – 110019, Delhi, India

E-Mail :

finance@risoindia.com

 

 

Corporate Office :

Noida, New Delhi, Delhi, India

Tel. No. :

91-120-4721300

Fax No. :

91.120-4281668

 

 

Warehouse :

Mustantill No. 16, Killa No. 6, Samalakha Village, Vasant Vihar, Delhi, India

 

 

DIRECTORS

As on 23.08.2010

 

Name :

Mr. Sanjeev Madan

Designation :

Managing Director

Address :

E – 41, Sector 30, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

14.09.1960

Date of Appointment :

19.04.2007

 

 

Name :

Mr. Masato Sawada

Designation :

Director

Address :

2-11-80, Tachi Bana – Daiaoba – ku Yokohama, Kanagawa – 2270046, Japan

Date of Birth/Age :

08.04.1962

Date of Appointment :

18.07.2007

 

 

Name :

Mr. Koji Taniguchi

Designation :

Director

Address :

2-13-1-316, Nakase Kawasaki, Kanagawa – 2100881, Japan

Date of Birth/Age :

28.07.1965

Date of Appointment :

28.08.2008

 

 

Name :

Mr. Yasuhiro Takahashi

Designation :

Director

Address :

1881-96, Ami – Machiinashiki – Gunibaraki – 3000331, Japan

Date of Birth/Age :

21.08.1954

Date of Appointment :

24.05.2010

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Gupta

Designation :

Secretary

Address :

39, Chandra Vihar, Opposite Balaknath Temple, Near I. P. Extension, Patparganj – 110092, Delhi, India

Date of Birth/Age :

11.05.1971

Date of Appointment :

19.04.2007

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2010

 

Names of Shareholders

 

No. of Shares

Riso Kagaku Corporation (Japan)

 

6299900

Riso Okinawa Corporation (Japan)

 

100

Total

 

6300000

 

As on 23.08.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Office Automation Products.

 

 

Products :

Particulars

ITC Code

Digital Duplicator / Automatic Master Printer

8472.90.20

Master Roll

4816.90.90

Ink Cartridge

3215.90.90

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates

Chartered Accountant

Address :

Building No. 10, 8th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon – 122002, Haryana, India

 

 

Holding Company :

Riso Kagku Corporation

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6300000

Equity Shares

Rs.10/- each

Rs.63.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6300000

Equity Shares

Rs.10/- each

Rs.63.000 Millions

 

Note :

 

Of the above6299900 equity shares of Rs.10 each fully paid up are held by Riso Kagaku Corporation, Japan, the Holding company, also being the ultimate holding company. The ultimate holding company holds 100% of the equity share capital along with its subsidiaries.

 

 

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

63.000

63.000

63.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

41.023

36.373

16.826

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

104.023

99.373

79.826

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

104.023

99.373

79.826

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

8.724

7.058

4.962

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

1.251

0.546

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
32.757

45.781

27.862

 

Sundry Debtors
82.889

65.035

61.399

 

Cash & Bank Balances
74.488

67.588

50.326

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
19.070

12.132

1.865

Total Current Assets
209.204

190.536

141.452

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
86.355

94.392

 

 

Other Current Liabilities
4.863

3.419

66.160

 

Provisions
23.938

0.956

0.428

Total Current Liabilities
115.156

98.767

66.588

Net Current Assets
94.048

91.769

74.864

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

104.023

99.373

79.826

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

294.429

258.275

180.673

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

253.086

236.513

158.887

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B)                                       (C)

41.343

21.762

21.786

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (D)

2.560

2.215

0.980

 

 

 

 

 

 

PROFIT BEFORE TAX (C-D)                              (E)

38.783

19.547

20.806

 

 

 

 

 

Less

TAX                                                                  (F)

14.133

NA

NA

 

 

 

 

 

 

PROFIT AFTER TAX (E-F)                                 (G)

24.650

NA

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.887

0.670

NA

 

 

Commission Earnings

0.281

0.250

NA

 

TOTAL EARNINGS

1.168

0.920

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.91

3.10

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
8.37

--

--

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
17.80

9.89

14.21

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.37

0.20

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.11

0.99

0.83

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.82

1.93

2.12

 

LOCAL AGENCY FURTHER INFORMATION

 

Performance :

 

During the fiscal year 2009-10, the company achieved a total turnover of over Rs. 283.300 Millions (net of taxes) with a growth of 13% from the previous year. Despite the global financial crisis, its negative impact on the Indian economy and the unfavorable exchange rate, the Sales of the Company during the year were satisfactory. With strict cost control, favourable un-realised exchange gain and other measures, the Company managed to post a healthy Profit even though there was significant increase in import costs due to weakening of Rupee against JPY and increase in import duties.

 

During the year, the company set up its second Support Office in Ahmedabad (viz. WSO) and took on lease an office at Kolkata for setting up it as East Support Office (ESO}. The company increased its manpower by 16% in various departments like Sales, Technical and Financel / Admin (including H .O. and support offices) to take care of the growing business.

 

Background :

 

The Company was incorporated in June 1998 under the Companies Act, 1956 as a private limited company. The main objective of the Company is to sell Riso products in India. The company is into office automation product segment. Its product range consists of mainly Digital Duplicator Machines and its consumables, spares and accessories. The company imports most of the traded items from its parent company in Japan.

 

Change of Address :

 

Registered office of the company has been shifted from Flat No. 503, 504 and 507, Merchantile House, 15, K. G. Marg, New Delhi, Delhi, India to the present address w.e.f. 15.07.2008

 

Fixed Assets :

 

  • Plant and Machinery
  • Furniture and Fixtures
  • Leasehold Improvements
  • Vehicles
  • Office Equipment
  • Computers

 

 

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.44.72

UK Pound

1

Rs.71.95

Euro

1

Rs.64.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

33

 

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.