MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
Note: The correct name of the company is Topcon
Sokkia India Private Limited.
IDENTIFICATION DETAILS
|
Name : |
TOPCON SOKKIA INDIA PRIVATE LIMITED (w.e.f. 13.10.2010) |
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Formerly Known
As : |
SOKKIA INDIA PRIVATE LIMITED |
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Registered
Office : |
Apartments 5 and
7, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.04.1996 |
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Com. Reg. No.: |
55-078582 |
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CIN No.: [Company Identification
No.] |
U29199DL1996PTC078582 |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business
: |
Manufacturer,
Exporter and Dealer in Surveying Instruments and Industrial Measurement
Systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 490000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company engaged in manufacturing and exporting Surveying Instruments
and Industrial Measurement Systems. It is a subsidiary of Sokkia Singapore
Pte Limited and a part of the Sokkia Group having its Head Office in 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 |
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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 DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office : |
|
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Tel. No.: |
91-11-23355238/
42492525 |
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Fax No.: |
91-11-23320484 |
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E-Mail : |
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Corporate Office / Factory : |
C-25, 2nd Floor, Sector 8, Noida-201301, |
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Tel. No.: |
91-120-2525781/2525454/2552118/2552126/2424154
to 59 /2424499 to 501 |
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Fax No.: |
91-120-2525769 /
2424158 |
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E-Mail : |
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Branches : |
Located At:
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DIRECTORS
As on 24.06.2010
|
Name : |
Mr. Minoru Hayase
|
|
Designation : |
Director |
|
Address : |
285-2, Hyakuzuka,
Yamagishi, Tokyama-Shi, Toyama-Ken, Japan-9302215 |
|
Date of
Birth/Age : |
02.01.1949 |
|
Date of
Appointment : |
12.11.2007 |
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|
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|
Name : |
Mr. Norikazu
Watenabe |
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Designation : |
Director |
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Address : |
989, |
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Date of
Birth/Age : |
20/01/1962 |
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Date of
Appointment : |
11/08/2005 |
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Name : |
Mr. Osamu Murao |
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Designation : |
Director |
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Address : |
1-17, E-502,
Tsurumaki Tama, Tokyo-2060034, Japan |
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Date of Birth/Age
: |
01.07.1959 |
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Date of
Appointment : |
28.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sokkia Singapore Pte Limited, |
|
749999 |
|
Watanabe Norikazu |
|
1 |
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Total |
|
750000 |
As on 24.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter
and Dealer in Surveying Instruments and Industrial Measurement Systems. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vaish and Associates Chartered Accountant |
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Address : |
219, South Extension Plaza II, South Extension Part-II, New
Delhi-110049, |
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Tel. No.: |
91-11-47334300/47334333 |
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Fax No.: |
91-11-47334333 |
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E-Mail : |
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Holding Company: |
Sokkia Singapore Pte Limited |
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Ultimate Holding Company: |
Sokkia Topcon Company Limited, |
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Group Companies: |
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CAPITAL STRUCTURE
As on 24.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
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 |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
7.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
116.984 |
100.167 |
91.354 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
124.484 |
107.667 |
98.854 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.450 |
0.272 |
0.376 |
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TOTAL |
124.934 |
107.939 |
99.230 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.096 |
11.032 |
9.619 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
72.890
|
29.402 |
31.582 |
|
|
Sundry Debtors |
34.441
|
19.600 |
23.966 |
|
|
Cash & Bank Balances |
43.870
|
56.633 |
61.450 |
|
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Other Current Assets |
1.854
|
2.404 |
2.279 |
|
|
Loans & Advances |
10.350
|
6.312 |
38.986 |
|
Total
Current Assets |
163.405
|
114.351 |
158.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.766
|
4.961 |
17.574 |
|
|
Other Current Liabilities |
3.269
|
1.294 |
2.785 |
|
|
Provisions |
11.532
|
11.189 |
48.293 |
|
Total
Current Liabilities |
49.567
|
17.444 |
68.652 |
|
|
Net Current Assets |
113.838
|
96.907 |
89.611 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
|
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TOTAL |
124.934 |
107.939 |
99.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
|
Sales (Net of Returns and Discount) |
226.470 |
195.028 |
201.860 |
|
|
|
Service Income (Net of Discount) |
8.071 |
6.896 |
6.020 |
|
|
|
Commission Income |
0.346 |
1.139 |
2.340 |
|
|
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Other Income |
5.372 |
2.767 |
2.138 |
|
|
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TOTAL (A) |
240.259 |
205.830 |
212.358 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
172.534 |
147.443 |
140.795 |
|
|
|
Administrative and Other Expenses |
27.684 |
29.482 |
19.927 |
|
|
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TOTAL (B) |
200.218 |
176.925 |
160.722 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.041 |
28.905 |
51.636 |
|
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|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.276 |
0.293 |
0.292 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.765 |
28.612 |
51.344 |
|
|
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.466 |
1.430 |
1.385 |
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PROFIT BEFORE
TAX (E-F) (G) |
38.299 |
27.182 |
49.959 |
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Less |
TAX (H) |
13.135 |
9.595 |
17.334 |
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PROFIT AFTER TAX
(G-H) (I) |
25.164 |
17.587 |
32.625 |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
95.014 |
87.960 |
67.371 |
|
|
|
Excess
Gratuity Provision |
0.398 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.516 |
1.758 |
3.262 |
|
|
|
Dividend |
7.500 |
7.500 |
7.500 |
|
|
|
Tax on Dividend |
1.246 |
1.275 |
1.274 |
|
|
BALANCE CARRIED
TO THE B/S |
109.314 |
95.014 |
87.960 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
0.346 |
1.140 |
NA |
|
|
|
Reimbursement of Expenses |
0.400 |
0.107 |
NA |
|
|
TOTAL EARNINGS |
0.746 |
1.247 |
NA |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
172.131 |
116.937 |
NA |
|
|
|
Demonstration Equipment |
0.00 |
1.629 |
NA |
|
|
|
Service Equipment |
0.825 |
0.242 |
NA |
|
|
|
Sales Promotion |
0.208 |
0.228 |
NA |
|
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TOTAL IMPORTS |
173.164 |
119.036 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.55 |
23.45 |
43.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.47
|
8.54 |
15.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.91
|
13.94 |
24.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.95
|
21.68 |
29.76 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.25 |
0.50 |
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.16 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.30
|
6.56 |
2.30 |
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 |
34.766
|
4.961 |
17.574 |
BACKGROUND:
Sokkia India Private Limited (‘the company’) was incorporated on April
30, 1996 in
The company is a wholly owned subsidiary of Sokkia Singapore Pte
Limited, a company incorporated in
The company is engaged in trading and services of surveying instruments.
REVIEW OF
OPERATION AND PERFORMANCE:
The Company is rending services to the Indian market by importing and
selling surveying instruments for all forms of land survey as well as
cartography and geophysical surveys. The products are sold under the brand name
“Sokkia”. The gross revenue during the financial year under consideration is
higher than the corresponding previous year by 16.73%. This increase is
attributable to the government’s thrust on infrastructure development in the
county. Consequently, the company it’s continuously endeavoring to improve its
market share and hopes that the revenues during the current financial year
would be even higher than the last financial year. The company has earned a
profit after tax of Rs.25.164 millions against a profit of Rs.17.587 millions
in the previous year, a growth of 43.08%. The company sees a good potential for
the marketing of such high precession surveying instruments in he Indian market
in view of the continuing thrust being given to infrastructure sector by the
Indian Government.
Fixed Assets:
- Leasehold
Improvement
- Computer
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Equipments
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 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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.