MIRA
INFORM REPORT
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Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TPR AUTOPARTS MFG. INDIA PRIVATE LIMITED |
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Registered
Office : |
E-20, 1st and 2nd Floor Hauz Khas, Main Market, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
55-175958 |
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CIN No.: [Company Identification
No.] |
U34300DL2008FTC175958 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT07890B |
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PAN No.: [Permanent Account No.] |
AAACT9433D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, export, buy and sell piston rings, cylinder liners,
valve seat rings and other automotive parts. |
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 2100000 |
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Status : |
Recently commenced business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008, the company has
started its commercial activities recently in January 2010. Business is
active. Payment terms are not known. 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 – 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ganesh Saboo |
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Designation : |
Assistant Manger – Finance |
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Contact No.: |
91-1494-246092 |
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Date : |
03.03.2011 |
LOCATIONS
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Registered Office : |
E-20, 1st and 2nd Floor Hauz Khas, Main Market, |
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E-Mail : |
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Factory : |
SP-2-37 & SP2-38(A), Phase-III, Japanese Zone, New Industrial
Complex, Majrakath, Neemrana – 301705, Distt. Alwar, |
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Tel. No.: |
91-1494-246092 |
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Mobile No.: |
91-9251040469 (Mr. Arshad Khan, Purchase Manager) |
DIRECTORS
As On 21.06.2010
|
Name : |
Shoichi Gono |
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Designation : |
Whole Time Director |
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Address : |
5-2-1, Chome Higashihoncho, Tendo-shi, |
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Date of Birth/Age : |
12.12.1956 |
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Date of Appointment : |
27.03.2008 |
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DIN No. : |
01845707 |
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Name : |
Michio Okamoto |
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Designation : |
Managing Director |
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Address : |
1920-56, Oishidaira, Tatsunomachi, Kamina-Gun, |
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Date of Birth/Age : |
03.05.1950 |
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Date of Appointment : |
27.03.2008 |
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DIN No. : |
01893449 |
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Name : |
Shuichi Suzuki |
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Designation : |
Director |
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Date of Birth/Age : |
25.07.1950 |
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Date of Appointment : |
19.06.2009 |
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DIN No. : |
02720857 |
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Name : |
Yoshikazu Aruga |
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Designation : |
Director |
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Date of Birth/Age : |
27.08.1956 |
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Date of Appointment : |
19.06.2009 |
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DIN No. : |
02720930 |
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Name : |
Yasushi Igawa |
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Designation : |
Director |
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Date of Birth/Age : |
15.02.1949 |
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Date of Appointment : |
19.06.2009 |
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DIN No. : |
02731543 |
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Name : |
Hiroshi Takeshi Takano |
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Designation : |
Director |
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Address : |
2-30-3, Yamato-Cho, Nakano-Ku, |
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Date of Birth/Age : |
05.10.1947 |
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DIN No. : |
00052222 |
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Name : |
Yozo Torao Furuuchi |
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Designation : |
Director |
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Address : |
1-7-24, Midori-Cho, Yamagata-shi, |
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Date of Birth/Age : |
22.11.1943 |
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DIN No. : |
01906711 |
KEY EXECUTIVES
|
Name : |
Shobna Sharda |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
13.01.1979 |
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Date of Appointment : |
11.04.2009 |
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Pan No.: |
AMJPM8819L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 21.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Teikoku Piston Ring Company, |
|
54600000 |
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Teipi Industries Company Limited, |
|
400000 |
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Total |
|
55000000 |
As On 21.06.2010
|
Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, export, buy and sell piston rings, cylinder liners,
valve seat rings and other automotive parts. |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jaikumar Tejwani and Company Chartered Accountant |
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Address : |
B-50 East of kailash |
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Tel. No.: |
91-11-26315145/26922916 |
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E-Mail : |
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Pan No.: |
AADFJ1941J |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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55000000 |
Equity Shares |
Rs. 10/- each |
Rs. 550.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
55000000 |
Equity Shares |
Rs. 10/- each |
Rs. 550.000 Millions |
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Note:
4960000 (previous year 3000000) shares are
held by the ultimate holding company Teikoku Piston Ring Company Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 [9
months] |
31.03.2009 [12
months] |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
550.000 |
550.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
1.894 |
0.000 |
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4] (Accumulated Losses) |
(15.196) |
0.000 |
(0.117) |
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NETWORTH |
534.804 |
551.894 |
29.883 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
357.968 |
0.000 |
0.000 |
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TOTAL BORROWING |
357.968 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
892.772 |
551.894 |
29.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
819.968 |
30.203 |
26.664 |
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Capital work-in-progress |
0.000 |
689.485 |
0.000 |
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INVESTMENT |
0.089 |
0.083 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
26.971
|
0.000 |
0.000 |
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Sundry Debtors |
0.296
|
0.000 |
0.000 |
|
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Cash & Bank Balances |
13.822
|
107.136 |
9.574 |
|
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Other Current Assets |
0.000
|
0.016 |
0.000 |
|
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Loans & Advances |
65.846
|
57.013 |
0.390 |
|
Total
Current Assets |
106.935
|
164.165 |
9.964 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
33.063
|
358.665 |
7.498 |
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Provisions |
1.157
|
1.157 |
0.002 |
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Total
Current Liabilities |
34.220
|
359.822 |
7.500 |
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Net Current Assets |
72.715
|
(195.657) |
2.464 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.731 |
0.755 |
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Capital Expenditure Pending Capitalisation |
0.000 |
26.049 |
0.000 |
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TOTAL |
892.772 |
525.894 |
29.883 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2009 [9 months] |
31.03.2009 [12
months] |
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SALES |
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Income |
|
0.000 |
0.000 |
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Other Income |
|
1.144 |
4.036 |
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TOTAL |
|
1.144 |
4.036 |
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Less |
EXPENSES |
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Cost of production |
|
2.863 |
0.000 |
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Operating and other expenses |
|
15.371 |
0.983 |
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TOTAL |
|
18.234 |
0.983 |
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PROFIT BEFORE
TAX |
|
(17.090) |
3.053 |
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Less |
TAX |
|
0.000 |
1.159 |
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PROFIT AFTER TAX
|
|
(17.090) |
1.894 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1.894 |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
|
(15.196) |
1.894 |
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IMPORTS |
|
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|
|
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Raw Materials |
|
16.074 |
0.000 |
|
|
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Packaging materials |
|
0.000 |
0.000 |
|
|
|
Stores & Spares |
|
4.555 |
0.000 |
|
|
|
Capital Goods |
|
30.387 |
337.546 |
|
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TOTAL IMPORTS |
|
51.016 |
337.546 |
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|
Earnings Per
Share (Rs.) |
|
(3.20) |
0.60 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 [9
months] |
31.03.2009 [12
months] |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1493.88)
|
46.93 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.84)
|
1.57 |
NA |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.01 |
NA |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.65 |
0.25 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
0.46 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
TPR Autoparts Mfg. India Private Limited is a company incorporated on
27.03.2008 with the object to establish and carry on the business to manufacture,
export buy and sell and otherwise deal in piston rings, cylinder liners, valve
seat rings and oth.
OPERATIONS:
the company carries on the business of manufacturing, export, buy and
sell piston rings, cylinder liners, valve seat rings and other automotive
parts. The operations and the outlook for the year 2010 is discussed
separately.
Fixed Assets:
- Land –
leasehold
- Factory
building
- Office
building
- Equipment and
tools
- Plant and
machinery
- Furniture and
fixture
- EDP
Equipments
- Software
Contingent Liabilities: Bank Guarantee amounting
to Rs. 2.272 millions (previous year Rs. 2.272 millions)
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] 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.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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.