MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAIYO LUCID PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401A, Navbharat Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
23.08.2002 |
|
|
|
|
Com. Reg. No.: |
11-136958 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH2002PTC136958 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08218A/ NSKT02155G/ MUMT09072A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT6570G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of water-soluble dietary fiber and other nutritional
ingredients. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
has good amount of accumulated losses. Trade relations are reported as fair.
Payments are reported as slow but correct. The company can be considered for business dealings with slight caution,
initially. |
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) |
|
|
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
|
Name : |
Mr. K Dalal |
|
Designation : |
Accountant |
|
Date : |
12.03.2011 |
LOCATIONS
|
Registered Office : |
401A, Navbharat Estate, |
|
Tel. No.: |
91-22-24158059 |
|
Fax No.: |
91-22-24158074/ 24158075 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
M-101, Waluj MIDC, Aurangabad-431136, |
|
Tel. No.: |
91-240-2551511 |
|
Fax No.: |
91-240-2551533 |
DIRECTORS
AS ON 17.05.2010
|
Name : |
Mr. Nagahiro Yamazaki |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
4-32, Akahori 2-Chome, |
|
Date of Birth/Age : |
22.04.1955 |
|
Date of Appointment : |
23.08.2002 |
|
DIN No.: |
00460290 |
|
|
|
|
Name : |
Mr. Lekh Raj Juneja |
|
Designation : |
Director |
|
Address : |
1-18, Akahori Minamiachi, |
|
Date of Birth/Age : |
03.03.1952 |
|
Date of Appointment : |
23.08.2002 |
|
DIN No.: |
00460151 |
|
|
|
|
Name : |
Mr. Uday Chaturbhuj Merchant |
|
Designation : |
Managing Director |
|
Address : |
9A, Suvas Apartments, 68 F.L. Jagmohandas Marg, Mumbai-400006, |
|
Date of Birth/Age : |
26.11.1958 |
|
Date of Appointment : |
23.08.2002 |
|
DIN No.: |
00389598 |
|
|
|
|
Name : |
Mr. Bharat Saubhagya Chandra Parikh |
|
Designation : |
Director |
|
Address : |
A/7, Neelkanth Jyot, Plot No. 168, |
|
Date of Birth/Age : |
22.11.1949 |
|
Date of Appointment : |
23.08.2002 |
|
DIN No.: |
00389776 |
|
|
|
|
Name : |
Mr. Shuichi Akatsuka |
|
Designation : |
Director |
|
Address : |
2-10-21, Maruyama, |
|
Date of Birth/Age : |
18.10.1947 |
|
Date of Appointment : |
23.08.2002 |
|
DIN No.: |
00460230 |
KEY EXECUTIVES
|
Name : |
Mr. K Dalal |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lucid Colloids Limited, Mumbai, |
|
8000000 |
|
Taiyo Kagaku Company Limited, |
|
8000000 |
|
CBC Company Limited, |
|
4000000 |
|
Total |
|
20000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 20.06.2010
|
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 |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of water-soluble dietary fiber and other nutritional
ingredients. |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
The Bank of Tokyo-Mitsubishi Limited, Jeevan Prakash, P.M. Road, Fort,
Mumbai, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountant |
|
Address : |
Kalpataru Heritage, 127, |
|
|
|
|
Joint Ventures and Parties having Substantial Interest : |
|
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 200.000
Millions |
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 |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
55.218 |
46.325 |
23.871 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
255.218 |
246.325 |
223.871 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
25.000 |
150.000 |
250.000 |
|
|
2] Unsecured Loans |
93.606 |
108.549 |
128.700 |
|
|
TOTAL BORROWING |
118.606 |
258.549 |
378.700 |
|
|
DEFERRED TAX LIABILITIES |
11.180 |
12.557 |
5.209 |
|
|
|
|
|
|
|
|
TOTAL |
385.004 |
517.431 |
607.780 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
247.414 |
272.659 |
300.630 |
|
|
Capital work-in-progress |
0.570 |
2.293 |
1.590 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
140.393
|
148.058 |
113.631 |
|
|
Sundry Debtors |
0.000
|
33.933 |
61.143 |
|
|
Cash & Bank Balances |
88.603
|
29.696 |
103.352 |
|
|
Other Current Assets |
0.115
|
0.122 |
3.734 |
|
|
Loans & Advances |
66.497
|
68.195 |
39.216 |
|
Total
Current Assets |
295.608
|
280.004 |
321.076 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.288 |
3.811 |
4.370 |
|
|
Other Current Liabilities |
98.978
|
5.288 |
4.982 |
|
|
Provisions |
56.322
|
28.426 |
6.164 |
|
Total
Current Liabilities |
158.588
|
37.525 |
15.516 |
|
|
Net Current Assets |
137.020
|
242.479 |
305.560 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
385.004 |
517.431 |
607.780 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
429.590 |
408.450 |
347.550 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
429.590 |
408.450 |
347.550 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
298.010 |
257.240 |
259.370 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
298.010 |
257.240 |
259.370 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
131.580 |
151.210 |
88.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
16.580 |
29.500 |
33.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.000 |
121.710 |
55.080 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.950 |
40.310 |
42.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
79.050 |
81.400 |
12.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.040 |
12.140 |
1.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
44.010 |
69.260 |
11.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.470 |
21.210 |
16.010 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.500 |
5.200 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
20.000 |
0.000 |
|
|
|
Proposed Dividend |
30.000 |
20.000 |
5.000 |
|
|
|
Tax on Distributed Profit |
5.090 |
6.800 |
0.850 |
|
|
BALANCE CARRIED
TO THE B/S |
42.890 |
38.470 |
21.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
412.671 |
374.939 |
339.480 |
|
|
TOTAL EARNINGS |
412.671 |
374.939 |
339.480 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
60.249 |
61.290 |
46.708 |
|
|
|
Stores & Spares |
2.165 |
1.647 |
0.501 |
|
|
|
Capital Goods |
1.257 |
1.517 |
1.967 |
|
|
TOTAL IMPORTS |
63.671 |
64.454 |
49.176 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.20 |
3.46 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
10.24
|
16.96 |
3.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.56
|
14.73 |
2.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.33 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.09
|
1.20 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
7.46 |
20.69 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
|
|
|
|
- Micro and Small Enterprises |
0.131 |
0.282 |
0.325 |
|
- Others |
3.157 |
3.529 |
4.045 |
|
Total |
3.288 |
3.811 |
4.370 |
Performance:
The company has earned a Profit before Tax
Amounting to Rs. 79.050 Millions. the products of the company have been well received
in the Foreign Market, in spite of the current Global recession.
Current Year and Future Outlook:
The cost of inputs of overheads like power,
raw materials and wages has increased which affects the pricing of the final
products. However, by optimizing operations, the company expects to maintain
future profitability. The company has tried to make inroads in to the Domestic
Market which is expected to add to the turnover in the coming year.
CONTINGENT
LIABILITIES
a) The Company has executed a bond for Rs. 20.000 Millions (previous year Rs.20.000 Millions) in
favour of the Central Excise Authorities for receipt of plant and machinery and
dispatch of goods without payment of excise duty. The above bond is against a
guarantee given by the Company’s bankers which is secured by a deposit of Rs.
1.000 Million (previous year Rs. 1.000
Million) placed by the Company with the bank.
b) Standby Letter of Credit issued by the Company’s Bankers Rs. 6.981
Million (previous year Rs. 21.924
Million).
c) Guarantee given by the Company’s bankers which is secured by a bank
deposit of Rs. 0.200 Million (previous
year Rs. 0.200 Million)
d) Claims against the Company not acknowledged as debts comprises of a demand
by the Income-tax authorities amounting to Rs. 0.752 Million (previous year Rs. 0.752 Million) which
is disputed by the Company.
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Furniture, fixture and
Fittings
·
Equipments
·
Computer
·
Vehicles
·
Computer 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 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
32 |
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.