MIRA
INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOKAI RIKA MINDA INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No.365, Sompura Industrial Area, 1st Stage, Dobaspet, Nelamangala,
Taluk Bangalore – 562111, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.08.2008 |
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Com. Reg. No.: |
08-047401 |
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Paid-up Capital : |
Rs. 500.000 Millions |
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CIN No.: [Company
Identification No.] |
U34300KA2008PTC047401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT06505C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Automotive Parts. |
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No. of Employees
: |
70 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Recently commenced |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Tokai Rika Company Limited, Though the company was incorporated in the year 2008, the company has
started its commercial business activities recently in November 2010.
Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.
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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) |
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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/ Factory : |
Plot No.365, Sompura Industrial Area, 1st Stage, Dobaspet, Nelamangala,
Taluk Bangalore – 562111, |
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Tel. No.: |
91-80-28014700 |
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Fax No.: |
91-80-28014750 |
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E-Mail : |
DIRECTORS
As On 28.09.2010
|
Name : |
Mr. Kiyoshi Tsunekawa |
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Designation : |
Director |
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Address : |
213, Washio, Heiwa CHo, Inazawa Shi, Aichi Ken Japan – 4901305 |
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Date of Birth/Age : |
17.11.1948 |
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Date of Appointment : |
21.07.2009 |
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Date of Cessation : |
23.08.2010 |
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DIN No.: |
02707527 |
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Name : |
Kiyoshi Hroshi Kinoshita |
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Designation : |
Director appointed in casual vacancy |
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Address : |
48-12 Azadojogairi Myodaiji-Cho, Okazaki-Shi, Aichi 4440864 |
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Date of Birth/Age : |
05.07.1944 |
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Date of Appointment : |
23.08.2010 |
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DIN No.: |
03158309 |
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Name : |
Seiji Ota |
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Designation : |
Director |
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Address : |
D-60 2nd Floor, Anand Niketan, |
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Date of Birth/Age : |
23.08.1972 |
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Date of Appointment : |
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DIN No.: |
00396752 |
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Name : |
Mr. Amit Anirudh Kumar Jain |
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Designation : |
Director |
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Address : |
F-516, Sarita Vihar, |
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Date of Birth/Age : |
26.02.1973 |
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DIN No.: |
01380992 |
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Name : |
Mr. Nirmal Kumar Minda |
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Designation : |
Director |
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Address : |
J – 10/33, DLF Phase II, Gurgaon – 122002, |
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Date of Birth/Age : |
07.11.1957 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
00014942 |
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Name : |
Mr. Makoto Kubo |
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Designation : |
Managing Director |
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Address : |
Flat No. 201, Ground Floor, Shobha Ivory, 7/1, |
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Date of Birth/Age : |
06.07.1954 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
01174689 |
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Name : |
Mr. Ashok Kumar Goel |
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Designation : |
Director |
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Address : |
A-303, GH – 96, Sector 54, Gurgaon – 122001, |
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Date of Birth/Age : |
29.08.1950 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
0201297 |
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Name : |
Mr. Hitoshi Hirano |
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Designation : |
Director |
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Address : |
1-58, Nagasaka, Kani Shi, |
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Date of Birth/Age : |
01.10.1954 |
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Date of Appointment : |
25.08.2008 |
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DIN No.: |
02271569 |
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Name : |
Mr. Tadashi Wakiya |
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Designation : |
Director |
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Address : |
6-96, Koyodai, Kani Shi, |
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Date of Birth/Age : |
01.09.1953 |
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Date of Appointment : |
27.07.2009 |
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DIN No.: |
02707512 |
KEY EXECUTIVES
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Name : |
Mr. Parameshwar Ganapathi Bhat |
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Designation : |
Company Secretary |
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Address : |
At. Shigehalli, Shelur, Siddapur, North Kanara 581340, |
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Date of Birth/Age : |
20.09.1980 |
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Date of Appointment : |
05.04.2010 |
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Date of Cessation : |
02.02.2011 |
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Pan No.: |
AKWPB7010K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Tokai Rika Company Limited – |
|
35000000 |
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Minda Investments Limited – |
|
15000000 |
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Total |
|
50000000 |
As On 28.09.2010
|
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 |
70.00 |
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Bodies corporate |
30.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Parts. |
GENERAL INFORMATION
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No. of Employees : |
70 (approximately) |
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Bankers : |
·
The Bank of Tokyo-Mitsubishi UFJ, Limited |
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Facilities : |
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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 : |
Deloitte Centre, |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Pan No.: |
AACFD3771D |
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Holding Company : |
·
Tokai Rika Company Limited, |
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Fellow Subsidiaries : |
·
Tokai Rika ( ·
Thai Seat Belt Company Limited ·
Mindarika Private Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
500.000 |
150.000 |
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2] Share Application Money |
|
0.000 |
50.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(37.587) |
(5.932) |
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NETWORTH |
|
462.413 |
194.068 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
215.000 |
0.000 |
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TOTAL BORROWING |
|
215.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
677.413 |
194.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
188.500 |
72.009 |
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Capital work-in-progress |
|
708.640 |
71.030 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
4.529 |
0.000 |
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Sundry Debtors |
|
0.580 |
0.000 |
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Cash & Bank Balances |
|
27.808 |
50.916 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
63.601 |
4.736 |
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Total
Current Assets |
|
96.518 |
55.652 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
307.200 |
1.553 |
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Other Current Liabilities |
|
8.633 |
2.641 |
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Provisions |
|
0.412 |
0.429 |
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Total
Current Liabilities |
|
316.245 |
4.623 |
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Net Current Assets |
|
(219.727) |
51.029 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
677.413 |
194.068 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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Total Revenue* |
|
14.031 |
Nil |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
45.686 |
5.847 |
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PROFIT BEFORE
TAX |
|
(31.655) |
(5.847) |
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Less |
TAX |
|
0.000 |
0.084 |
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PROFIT AFTER TAX
|
|
(31.655) |
(5.931) |
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IMPORTS |
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Raw Materials, Components and Spares |
|
3.955 |
-- |
|
|
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Capital Goods |
|
236.662 |
-- |
|
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TOTAL IMPORTS |
|
240.617 |
-- |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
|
|
|
|
|
|
0.319 |
-- |
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TOTAL EARNINGS |
|
0.319 |
-- |
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|
Earnings Per
Share (Rs.) |
|
(0.63) |
(0.96) |
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*Note: Total revenue includes Interest on Bank Term
Deposits Rs. 0.765 million and Unrealised Foreign Exchange Gain Rs. 12.449
millions
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(225.61) |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(11.11) |
(4.58) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.07) |
(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.15 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.31 |
12.04 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Tokai Rika Minda
lndia Private Limited (TRMN), the Company was incorporated on 11.08.2008 as a 70:30
Joint Venture between Tokai Rika Company Limited, Japan and Minda Investment
Limited, India, to carry on the business of manufacture and selling of 'Key
System'.
The facility is
being set up at Sompura Industrial Area 1st Stage near Dobaspet,
Nelamangala Taluk, Bangalore District to manufacture automotive components,
various types of switches, key set and lock and seat belt immobilizers.
NOTE:
The Registered Office of the company has been shifted from BMR and
Associates, 2nd Floor, Embassy Icon Annexe,
OPERATIONS:
The company will be operational by Nov.2010 in
line with the customer Toyota Kirloskar Motor Limited
DETAILS OF PROJECTS:
The Company has
been engaged in the manufacturing of the Seat Belts, Key Set and lmmobilisers
in the initial stage. The Company is also in dialogue with Maruti Suzuki for
the supply of wheel covers. Down the time, the Company will look into more
business with other automobile companies.
PROJECTS IMPLEMENTATION:
Construction of
the Factory has been completed by Messrs Shimizu Corporation,
FIXED ASSETS:
·
Land – Leasehold
·
Furniture, Fixture and
Office Equipment
·
Computers
·
Vehicles
·
Building
·
Equipments and Tools
·
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 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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.