MIRA
INFORM REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI HEAVY INDUSTRIES INDIA PRECISION TOOLS LIMITED (w.e.f
19.10.2005) |
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Formerly Known
As : |
S.R.P. TOOLS LIMITED |
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Registered Office
: |
2, Sipcot Industrial Complex, Ranipet – 632403, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.03.1963 |
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Com. Reg. No.: |
18 - 004990 |
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Capital Investment
/ Paid-up Capital : |
Rs. 69.700 Millions |
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CIN No.: [Company Identification
No.] |
U29130TN1963PLC004990 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES00712F |
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PAN No.: [Permanent Account No.] |
CHES00712F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers of gear cutting machines, large machining
centers and gear cutting tools, and the pioneer in introducing the latest 'SuperDry'
technology in gear cutting. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
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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 a well 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
2, Sipcot Industrial Complex, Ranipet – 632403, Tamil |
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Tel. No.: |
91-4172-244361 (30 Lines) |
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Fax No.: |
91-4172-244485 |
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E-Mail : |
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Website : |
DIRECTORS
As on 15.07.2010
|
Name : |
Seiji Minami |
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Designation : |
Director |
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Date of Birth/Age : |
07.11.1967 |
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Date of Appointment : |
18.02.2009 |
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DIN No.: |
02495723 |
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|
Name : |
Kensuke Inaba |
|
Designation : |
Whole Time Executive Director |
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Date of Birth/Age : |
29.08.1970 |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
02655296 |
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Name : |
Mr. S. Srinivasan |
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Designation : |
Whole Time Director (Operations) |
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Date of Birth/Age : |
21.10.1950 |
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Date of Appointment : |
Original Appointment on 26.05.2005, Reappointed with effect from
26.05.2010 |
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DIN No.: |
01688627 |
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Name : |
Yukio Kodama |
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Designation : |
Chairman cum Managing Director |
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Date of Birth/Age : |
15.08.1954 |
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Date of Appointment : |
07.04.2009 |
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DIN No.: |
02690923 |
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Name : |
Kokkarne Natarajan Dilip Kumar |
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Designation : |
Chairman cum Managing Director |
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Address : |
H- 36/5, |
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Date of Birth/Age : |
27.08.1949 |
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Date of Appointment : |
01.10.2009 |
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DIN No.: |
02853634 |
KEY EXECUTIVES
|
Name : |
Mr. N. Valliappan |
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Designation : |
General Manager (Marketing) |
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Name : |
Mr. R.Sankar |
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Designation : |
General Manager(EDD) |
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Name : |
Mr. M.A. Dhanasekaran |
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Designation : |
General Manager(Manufacturing) |
As on 15.07.2010
Equity Share Break up (Percentage of Total Equity)
|
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 |
96.48 |
|
Bodies corporate |
0.02 |
|
Other top fifty shareholders |
1.93 |
|
Other |
1.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of gear cutting machines, large machining
centers and gear cutting tools, and the pioneer in introducing the latest
'SuperDry' technology in gear cutting. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity (Two
Shifts) |
Actual
Production |
|
Gear Hobs |
Nos. |
NA |
12600 |
4109 |
|
Gear Shaping and Shaving Cutters |
Nos. |
NA |
10900 |
4715 |
|
Broaches |
Nos. |
NA |
6700 |
2110 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Srikanth and Shanthy Associates Chartered Accountant |
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Address : |
9, Madan Gopal Street, Abhiramapuram, Chennai – 600018, Tamil |
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PAN.: |
AAOFS4951L |
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Holding Company : |
Mitsubishi Heavy Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6970000 |
Equity Shares |
Rs.10/- each |
Rs. 69.700 Millions |
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|
|
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|
Note:
- Of the above 6970000 Equity shares, 2608804 Equity shares have been
issued as bonus shares by capitalization of General Reserve.
- Of the above 6970000 Equity shares, 6725000 Equity shares is held by
holding company.
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 |
69.700 |
69.700 |
69.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
755.430 |
738.203 |
735.674 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
825.130 |
807.903 |
805.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
23.483 |
50.247 |
87.000 |
|
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TOTAL BORROWING |
23.483 |
50.247 |
87.000 |
|
|
DEFERRED TAX LIABILITIES |
12.231 |
22.411 |
30.863 |
|
|
|
|
|
|
|
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TOTAL |
860.844 |
880.561 |
923.237 |
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
448.747 |
541.417 |
576.498 |
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Capital work-in-progress |
0.000 |
9.095 |
11.146 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
127.616 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
89.108
|
66.720 |
83.672 |
|
|
Sundry Debtors |
103.163
|
56.969 |
108.896 |
|
|
Cash & Bank Balances |
232.022
|
300.473 |
178.962 |
|
|
Other Current Assets |
3.780
|
5.361 |
5.998 |
|
|
Loans & Advances |
106.639
|
97.352 |
133.045 |
|
Total
Current Assets |
534.712
|
526.875 |
510.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.786
|
150.189 |
245.719 |
|
|
Other Current Liabilities |
0.397
|
0.397 |
0.450 |
|
|
Provisions |
82.787
|
50.777 |
63.147 |
|
Total
Current Liabilities |
124.970
|
201.363 |
309.316 |
|
|
Net Current Assets |
409.742
|
325.512 |
201.257 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
2.355 |
4.537 |
6.720 |
|
|
|
|
|
|
|
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TOTAL |
860.844 |
808.561 |
923.237 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
349.657 |
336.442 |
390.124 |
|
|
|
Other Income |
40.273 |
43.464 |
52.554 |
|
|
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TOTAL
(A) |
389.930 |
379.906 |
442.678 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
83.801 |
88.149 |
87.052 |
|
|
|
Operational and Other Expenses |
52.931 |
46.173 |
57.615 |
|
|
|
Personnel Costs |
66.347 |
64.054 |
64.824 |
|
|
|
Administrative Expenses |
21.292 |
19.157 |
24.614 |
|
|
|
Selling and Distribution Expenses |
34.968 |
45.903 |
51.372 |
|
|
|
Donations |
0.022 |
0.017 |
0.015 |
|
|
|
Increase/ Decrease in work in progress and Finished goods |
(15.054) |
6.406 |
8.531 |
|
|
|
TOTAL (B) |
244.307 |
269.859 |
294.023 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
145.623 |
110.047 |
148.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.416 |
4.495 |
2.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.207 |
105.552 |
146.355 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.235 |
96.843 |
72.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
44.972 |
8.709 |
74.260 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
17.916 |
(0.272) |
32.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
27.056 |
8.981 |
41.779 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.046 |
14.065 |
14.355 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
0.000 |
42.069 |
|
|
|
Dividend |
6.970 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
1.184 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
39.948 |
23.046 |
14.065 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
26.871 |
15.300 |
7.146 |
|
|
TOTAL EARNINGS |
26.871 |
15.300 |
7.146 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.733 |
28.587 |
27.586 |
|
|
|
Machinery Spares |
2.787 |
0.319 |
2.185 |
|
|
|
Capital Goods |
0.000 |
6.937 |
295.752 |
|
|
TOTAL IMPORTS |
38.520 |
35.843 |
325.523 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.88 |
1.29 |
5.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.94
|
2.36 |
9.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.86
|
2.59 |
19.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.57
|
0.81 |
6.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.01 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.31 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
2.62 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The total sales (Net of Excise) during this year amounted to Rs. 349.657
Millions as against Rs. 336.442 Millions in the previous year. The operations
for the year resulted in a profit of Rs. 44.972 Millions as against Rs. 8.708
Millions in the Previous Year after providing for depreciations (Net) of Rs.
99.235 Millions as against Rs. 96.843 Millions in the previous year.
The performance of the company in the first half of the year was
moderate due to recessionary pressures and poor performance by Automobile and
ancillary industries but the 2nd half of the year was encouraging
and positive that we were able to post a better bottom line.
The directors are optimistic that the performance of the current
financial year will be better than the previous year, since the order booking
shows encouraging trend from the 2nd half of the year.
Fixed Assets:
- Land
- Building
- Machinery
- Electrical Equipment
- Inspection Equipment
- Furniture and Fixture
- Computers
- Vehicles
- Canteen Equipment
- Typewriter, Telephone Equipment
.
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.45.05 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.