MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
DENSO KIRLOSKAR INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
30th KM Stone, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.05.1998 |
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Com. Reg. No.: |
023708 |
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CIN No.: [Company Identification
No.] |
U34300KA1998PTC023708 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD00853G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of Radiators and Car Air Conditioners. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 an 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 – 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 |
|
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 DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office/ Factory : |
30th KM Stone, |
|
Tel. No.: |
91-80-7722339 |
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Fax No.: |
91-80-7722338 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Anil Narayan Alwani |
|
Designation : |
Director |
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Address : |
Flat No. 5, Yashodeep, C Rambaug Colony, Navi Peth, Pune-411030, |
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Date of Birth/Age : |
24.08.1945 |
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Date of Appointment : |
23.08.2002 |
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Name : |
Mr. Akio Shikamura |
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Designation : |
Director |
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Address : |
3-2, 4 Chome, Tsukushigaoka, Nishio, Aichi-23114, |
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Date of Birth/Age : |
26.09.1954 |
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Date of Appointment : |
18.08.2008 |
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Name : |
Mr. Takashi Nakashima |
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Designation : |
Alternate Director/ Whole Time Director |
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Address : |
Woods, |
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Date of Birth/Age : |
22.09.1974 |
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Date of Appointment : |
09.10.2008 |
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Name : |
Mr. Kaoru Hibino |
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Designation : |
Managing Director |
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Address : |
Flat No. 903, Prastige Exotica, No. 3, Cunningham Crescent Road,
Bangalore-560052, Karnataka, India |
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Date of Birth/Age : |
11.06.1957 |
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Date of Appointment : |
24.02.2009 |
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Name : |
Mr. Hiroya Hashimoto |
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Designation : |
Alternate Director / Whole Time Director |
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Address : |
Flat No. 532, The Embassy No. 15, Ali Aksar Road, Bangalore-560001,
Karnataka, India |
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Date of Birth/Age : |
12.03.1954 |
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Date of Appointment : |
24.02.2009 |
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Name : |
Mr. Tohiki Sugiyama |
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Designation : |
Director |
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Address : |
3-2-10, Sumiyoshi- cho, Anjo-shi, |
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Date of Birth/Age : |
01.03.1959 |
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Date of Appointment : |
07.04.2009 |
ADDITIONAL DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Vikram Shreekant Kirloskar |
|
Designation : |
Director |
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Address : |
202A, |
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Date of Birth/Age : |
19.11.1958 |
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Date of Appointment : |
27.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Denso Corporation, |
|
31600000 |
|
Kirloskar Oil Engines Limited, |
|
3900000 |
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Total |
|
35500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
|
Percentage of
Holding |
|
Bodies corporate (not mentioned above) |
|
11.00 |
|
Foreign holdings (Foreign institutional investor(s), Foreign companies)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or others) |
|
89.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Radiators and Car Air Conditioners. |
GENERAL INFORMATION
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No of Employees: |
Information denied by the management. |
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Bankers : |
The Bank of |
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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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Holding Company: |
Denso Corporation, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
36000000 |
Equity Shares |
Rs. 10/- each |
Rs. 360.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 355.000
Millions |
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 |
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|
|
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|
1] Share Capital |
355.000 |
355.000 |
355.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
494.085 |
459.131 |
400.858 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
849.085 |
814.131 |
755.858 |
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LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
7.935 |
10.684 |
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2] Unsecured Loans |
432.124 |
216.552 |
0.000 |
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TOTAL BORROWING |
432.124 |
224.487 |
10.684 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1281.209 |
1038.618 |
766.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
526.640 |
360.997 |
287.353 |
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Capital work-in-progress |
451.693 |
58.045 |
19.802 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.223 |
3.811 |
9.280 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
452.003
|
360.549 |
283.448 |
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Sundry Debtors |
352.768
|
192.051 |
300.186 |
|
|
Cash & Bank Balances |
10.061
|
132.048 |
271.581 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
331.973
|
207.912 |
192.861 |
|
Total
Current Assets |
1146.805
|
892.560 |
1048.076 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
758.189
|
209.434 |
350.876 |
|
|
Other Current Liabilities |
51.939
|
22.433 |
31.135 |
|
|
Provisions |
39.024
|
44.928 |
215.958 |
|
Total
Current Liabilities |
849.152
|
276.795 |
597.969 |
|
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Net Current Assets |
297.653
|
615.765 |
450.107 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
1281.209 |
1038.618 |
766.542 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
2791.597 |
2053.756 |
2312.619 |
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Other Income |
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TOTAL (A) |
2791.597 |
2053.756 |
2312.619 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
2651.361 |
1905.462 |
1916.452 |
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Advertising Expenses |
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TOTAL (B) |
2651.361 |
1905.462 |
1916.452 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
140.236 |
148.294 |
396.167 |
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Less |
FINANCIAL
EXPENSES (D) |
12.367 |
1.360 |
0.383 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.869 |
146.934 |
395.784 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.328 |
57.017 |
50.110 |
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PROFIT BEFORE
TAX (E-F) (G) |
54.541 |
89.917 |
345.674 |
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Less |
TAX (H) |
19.588 |
20.706 |
119.325 |
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PROFIT AFTER TAX
(G-H) (I) |
34.953 |
69.211 |
226.349 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
439.100 |
NA |
250.923 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
NA |
17.000 |
|
|
|
Dividend and Dividend Tax |
0.000 |
NA |
79.445 |
|
|
BALANCE CARRIED
TO THE B/S |
474.053 |
NA |
380.827 |
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|
|
|
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|
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|
Earnings Per
Share (Rs.) |
0.98 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.25
|
3.37 |
9.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.26
|
7.17 |
25.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.46 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
0.62 |
0.81 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
3.22 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
758.189
|
209.434 |
350.876 |
Financial Results:
The Company’s performance during the year is
considered satisfactory. Turnover of the Company has increased by 36% as
compared to corresponding year and profit before tax (PBT) has decreased by 40%
over the previous year due to result of adverse exchange rate, initial
expenses, travel expenses and interest relating to now development and increase
in depreciation on the additions made during the year. The performance of the
company, so far, during the current year has not been as good as last year.
Bankers Charges
Report as per Registry
|
Name of the company |
DENSO KIRLOSKAR INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. Laxminarayana Joisa H – Company Secretary |
|
1) Date and description of instrument creating the change |
13.11.2000 Agreement of Hypothecation covering Stocks and Book Debts |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Short Term Working Capital Loan of Rs. 48.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all stocks of raw materials, goods in process, finished goods, spare parts, components and stores both present and future and stocks – in process and all the present and future book debts, outstanding, money receivables, claims and bills |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 11.5 p.a. Overdue Interest: 2% Repayment : on 31.02.2001 |
|
5) Name and Address and description of the person entitled to the charge. |
The Ban of |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Tools and Dics
·
Machinery Spares
·
Furniture and Fixtures
and Office Equipments
·
Data Processing
Equipments
·
Vehicles
·
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 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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.