MIRA INFORM REPORT

 

 

Report Date :

15.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AISIN NTTF PRIVATE LIMITED

 

 

Registered Office :

40/40A, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

05.04.1999

 

 

Com. Reg. No.:

08-025020

 

 

CIN No.:

[Company Identification No.]

U28111KA1999PTC025020

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA01826G

 

 

PAN No.:

[Permanent Account No.]

AACCA3497N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Automotive Parts like Door
Latch, Window Regulator, Door Hinge, Sheet Locking Device, etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 872000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported as 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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Management non-cooperative

 

LOCATIONS

 

Registered Office :

40/40A, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka, India

Tel. No.:

91-80-28522212, 28522213, 28523408

Fax No.:

91-80-28522214

E-Mail :

arn@aisinindia.co.in

 

 

DIRECTORS

 

As on 08.03.2010

 

Name :

Namasivayam Reguraj

Designation :

Nominee Director

Address :

539, 2nd Main, RMV 2nd Stage, 3rd Block, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

06.08.1942

Date of Appointment :

13.04.1999

DIN No.:

00279043

 

 

Name :

Masafumi Tamura

Designation :

Managing Director

Address :

Room No.223, The atria Hotel, Palace Road, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

26.08.1957

Date of Appointment :

07.03.2009

DIN No.:

02584461

 

 

Name :

Hidekazu Ota

Designation :

Alternate Director (Alternative director in the place of Arai Masuji)

Address :

Flat No.204, No.6, Shanthi Nikethan Apartment Andre Road, Shanthinagar Bangalore - 560 027, Karnataka, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

30.09.2010

DIN No.:

02584472

 

 

Name :

Sugiura Masayasu

Designation :

Nominee Director

Address :

20-29, Aza-Higashi-Howa, Yayoi-cho, Toyohashi City Aichi Pref Japan-000000

Date of Birth/Age :

29.07.1958

Date of Appointment :

25.07.2009

DIN No.:

02762563

 

 

Name :

Arai Masuji

Designation :

Nominee Director

Address :

10-8, 1 Ishigami-Cho, Okazaki city, Aichi Pref Japan-000000

Date of Birth/Age :

22.10.1947

Date of Appointment :

25.07.2009

DIN No.:

02762673

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 08.03.2010

 

Names of Shareholders

 

 

No. of Shares

Aisin Seiki Company Limited, Japan

 

8375000

Toyota Tsusho Corporation, Japan

 

525000

Nettur Technical Training Foundation, India

 

1600000

Total

 

10500000

 

As on 08.03.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

84.76

Bodies corporate

 

15.24

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Automotive Parts like Door
Latch, Window Regulator, Door Hinge, Sheet Locking Device, etc.

 

 

 

PRODUCTION STATUS (AS ON 31.12.2009)

 

Particulars

Unit

 

 

Actual Production

Hinge Assembly

Nos.

 

 

492151

Door Lock

Nos.

 

 

1361647

Window Regulator

Nos.

 

 

193752

Door Frame

Nos.

 

 

167968

Door Handle

Nos.

 

 

176022

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :

The Bank of Tokyo – Mitsubishi, 6th Floor, 563/2, Anna Salai, Teynampet, Chennai – 600 018, Tamilnadu, India

 

 

Facilities :

Unsecured Loans

31.12.2009

Rs. In Millions

31.12.2008

Rs. In Millions

Book Overdraft 

0.416

0.000

Total

0.416

0.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Mittal Tower, 10th Floor, C Wing, 47/6, MG Road, Bangalore – 560 001, Karnataka, India

 

 

Holding Company ;

Aisin Seiki Company Limited, Japan

Address: 2-1, Asahi Machi, Kariya, Aichi 4488650, Japan

 

 

Fellow Subsidiaries :

PT Aisin, Indonesia (PTA)

 

 

CAPITAL STRUCTURE

 

As on 31.12.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10500000

Equity Shares

Rs.10/- each

Rs.105.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10500000

Equity Shares

Rs.10/- each

Rs.105.000 millions

 

 

 

 

 

Note:

Of the above shares, 8375000 shares are held by Aisin Seiki Company Limited, Japan, the holding company.


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009

31.12.2008

31.12.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

105.000

105.000

105.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

112.909

101.327

92.916

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

217.909

206.327

197.916

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.416

0.000

0.000

TOTAL BORROWING

0.416

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

218.325

206.327

197.916

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

52.306

58.438

67.548

Capital work-in-progress

0.050

0.000

1.450

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

4.670

1.597

1.210

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
76.942

60.040

25.337

 

Sundry Debtors
81.325

47.917

58.341

 

Cash & Bank Balances
159.691

162.416

186.674

 

Other Current Assets
10.131

6.192

6.711

 

Loans & Advances
22.244

19.981

18.427

Total Current Assets
350.333

296.546

295.490

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
112.560

81.240

94.127

 

Other Current Liabilities
45.164

18.385

19.219

 

Provisions
31.310

50.629

54.436

Total Current Liabilities
189.034

150.254

167.782

Net Current Assets
161.299

146.292

127.708

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

218.325

206.327

197.916

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

31.12.2008

31.12.2007

 

SALES

 

 

 

 

 

Income

586.890

614.265

570.620

 

 

Other Income

 

 

 

 

 

TOTAL                                    

586.890

614.265

570.620

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

530.701

531.430

475.216

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

530.701

531.430

475.216

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

56.189

82.835

95.404

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

8.839

10.309

11.613

 

 

 

 

 

 

PROFIT BEFORE TAX

47.350

72.526

83.791

 

 

 

 

 

Less

TAX                                                     

17.342

27.263

30.026

 

 

 

 

 

 

PROFIT AFTER TAX

30.008

45.263

53.765

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

0.405

5.099

1.931

 

 

Raw Materials

166.167

172.400

143.060

 

 

Stores & Spares

3.744

3.712

2.224

 

TOTAL IMPORTS

170.316

181.211

147.215

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.86

4.31

5.12

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

31.12.2008

31.12.2007

PAT / Total Income

(%)
5.11

7.37

9.42

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.76

20.43

23.08

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

0.35

0.42

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.87

0.73

0.85

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.85

1.97

1.76

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.12.2009

(Rs. in millions)

31.12.2008

(Rs. in millions)

31.12.2007

(Rs. in millions)

Sundry Creditors:

 

 

 

- Due to Micro Enterprises and Small Enterprises

--

--

--

- Others

112.560

81.240

94.127

 

ACHIEVEMENTS DURING THE YEAR:

 

During the year, the Company achieved a turnover of Rs.586.890 millions and a profit of Rs.47.350 millions after providing Rs.8.839 millions as depreciation. The above turnover includes Rs.110.767 millions on account of sale of traded goods. During the year, the company has successfully supplied body parts for 47782 vehicles of TKML as against 54289 during the year 2008. 

 

FUTURE BUSINESS:

 

TKML is launching compact car for the Indian market by end of 2010, called as ETIOS. The Company has been awarded the business for manufacture and supply of Door Lock for the ETIOS car. The company has been approved as supplier for Honda Ceil Car India for their small car project being launched in 2011. With the Automobile industry performing above expectations and introduction of new models and products, the company is poised for greater growth.

 

The future outlook for business is positive, in view of the positive indications in the country’s economy due to aggressive policies of the Government.   

 

Contingent Liabilities:

 

Particulars

31.12.2009

(Rs. in millions)

Income tax matters under dispute (Note a)

5.621

Sales tax matters (Note b)

2.855

Service tax matters (Note c)

0.754

 

Notes:

a) The Department has disallowed certain expenditure, which is disputed by the. Company and the matter is currently Lying under appeal with the Commissioner of Income Tax (Appeals), Bangalore. An amount of Rs.4.838 millions has been paid ‘under protest’ by the Company in this regard.

b) Relates to dispute, with Sales Tax Department on turnover tax rate of earlier years, which is under appeal at The Nigh Court of Karnataka. An amount of Rs.2.964 millions has been paid ‘under protest’ by the Company in this regard.

c) Relates to demand from Excise Department on service tax for technical know-how, which is disputed by the Company and the matter is currently under appeal with the Commissioner of Central Excise (Appeals), Bangalore.

 

FIXED ASSETS:

 

·         Leasehold Improvements

·         Plant and Machinery

·         Computer Systems

·         Containers

·         Office Equipments

·         Furniture and Fixtures

·         Motor Vehicles

 

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.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

6

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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.