MIRA
INFORM REPORT
|
Report Date : |
10.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MATSUI TECHNOLOGIES INDIA LIMITED
|
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Registered
Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industries
Estate, Mathura Road, Delhi -110044 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.12.2006 |
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Com. Reg. No.: |
55-156494 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
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|
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|
CIN No.: [Company Identification
No.] |
U29199DL2006PLC156494 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM14045D |
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|
Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Importer and Trader of Drayer |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture between Samvardhana Motherson group and
Matsui Manufacturing Company Limited, Japan. It is an established company having moderate track. There appears some
accumulated losses recorded by the company. Profitability of the company
appears to be low. However, trade relations are fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
Sales Manager |
|
Date : |
05.05.2011 |
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-operative Industries
Estate, Mathura Road, Delhi -110044 |
|
Tel. No.: |
91-120-4243862/40555940 |
|
Mobile No.: |
91-9654982874 (Mr. Rajesh) |
|
Fax No.: |
91-120-4243862/40555940 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Warehouse : |
B-7, Sector 7, District Gautam Budh Nagar, Noida -201301, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-4243862 |
|
Fax No.: |
91-120-4243862 |
DIRECTORS
As on 26.06.2010
|
Name : |
Mr. Shizuo Kuroda |
|
Designation : |
Whole Time Director |
|
Address : |
84, 48 55ThTower, Sukhumvit 55 road, Wattana, Bangkok -
10110 |
|
Date of Birth/Age : |
16.03.1958 |
|
Date of Appointment : |
25.09.2008 |
|
DIN No ; |
02371160 |
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|
|
|
Name : |
Mr. Kiyohide Abe |
|
Designation : |
Director |
|
Address : |
1 A28-302, Otokoyamakoro, Yahata, Kyoto, Japan – 6148377 |
|
Date of Birth/Age : |
04.02.1958 |
|
Date of Appointment : |
28.11.2009 |
|
DIN No : |
02869924 |
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|
|
|
Name : |
Mr. Vivek Avasthi |
|
Designation : |
Director |
|
Address : |
B-1/6, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
10.11.1961 |
|
Date of Appointment : |
12.12.2006 |
|
DIN No : |
00033876 |
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|
|
|
Name : |
Mr.Hitoshi Yamano |
|
Designation : |
Director |
|
Address : |
5-8, Higashimine Machi. Ota, Tokyo, Japan – 1450074 |
|
Date of Birth/Age : |
21.03.1964 |
|
Date of Appointment : |
28.11.09 |
|
DIN No : |
02869966 |
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|
|
|
Name : |
Mr. Ajay Bahl |
|
Designation : |
Director |
|
Address : |
844 CA Apartments,Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
02.08.1963 |
|
Date of Appointment : |
25.09.2008 |
|
DIN No : |
00946201 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2010
|
Names of Shareholders |
No. of Shares |
|
Samvardhana Motherson Finance Limited, India |
999399 |
|
Ashok Tandon |
100 |
|
Vivek Avashthi |
100 |
|
Renu Sehgal |
100 |
|
Geeta Soni |
100 |
|
Manoj Maheshwari |
100 |
|
Matsui Manufacturing Company Limited, Japan |
1000001 |
|
Rohitash Gupta |
100 |
|
Total |
2000000 |
Equity Share Breakup
As on 26.06.2010
|
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 |
50.00 |
|
Bodies corporate |
49.97 |
|
Other top fifty shareholders |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Trader of Drayer |
|
|
|
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Products : |
·
Dehumidifying Dryer ·
Thermal Conduction Vacuum Dyer ·
Hot Air Dryer ·
Box Type Dryer ·
Chiller ·
Loader : Vacuum Type Conveyor ·
Material Tank ·
Aero Power Hopper ·
Mold Temperature Controller ·
Low Speed Granulator ·
Centralized
Conveying System ·
Heating and Cooling Unit ·
Blender : Mass Measurement Type ·
Metal Separator ·
Auxillaries for Plastic injection Moulding
Machines |
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|
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Imports : |
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Products : |
Dryer |
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Countries : |
·
Japan ·
China ·
Thailand |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
Citi Bank, New Delhi Branch |
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Facilities : |
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Banking Relations
: |
- |
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Auditors : |
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Name : |
P.R Mehra and Company Chartered Accountatn |
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Address : |
56, Darya Ganj, New Delhi – 110002, India |
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PAN No : |
AAEFP1838M |
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Holding Company
: |
Matsui Manufacturing Company Limited Japan |
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Joint Venture : |
Samvardhana Motherson Finance Limited |
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Fellow
Subsidiaries |
·
Matsui Singapore Private Limited ·
Zhangjiagang Changcheng Matsui Machinery Co.
Limited ·
Shanghai Matsui Machinery Co. Limited ·
Matsui (Asia) Company Limited ·
Matsui America Incorporation ·
Matsui Machinery Trading (Shanghai) Company
Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Million |
Note :-
2,000,000 (Previous Year 2000000) Equity Shares
of Rs.10 each fully paid up (1,000,001 equity shares are held by MATSUI
Manufacturing Co. Limited, Japan the holding Company).
As on 26.06.2010
Authorized Capital = Rs.40.000 Millions
Paid up Capital = Rs.40.000 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 |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(18.971) |
(19.254) |
(5.185) |
|
|
NETWORTH |
1.029 |
0.746 |
14.815 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
4.276 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4.276 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.305 |
0.746 |
14.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.431 |
1.936 |
3.034 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.212
|
1.925 |
2.621 |
|
|
Sundry Debtors |
8.749
|
3.354 |
18.923 |
|
|
Cash & Bank Balances |
3.902
|
12.525 |
14.193 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.821
|
2.235 |
0.742 |
|
Total
Current Assets |
18.684
|
20.039 |
36.479 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.483
|
20.424 |
0.000 |
|
|
Other Current Liabilities |
1.194
|
0.405 |
24.536 |
|
|
Provisions |
0.137
|
0.400 |
0.162 |
|
Total
Current Liabilities |
15.814
|
21.229 |
24.698 |
|
|
Net Current Assets |
2.874
|
(1.190) |
11.781 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.305 |
0.746
|
14.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Trading |
26.737 |
38.658 |
44.388 |
|
|
|
Sales Services |
5.149 |
0.000 |
0.000 |
|
|
|
Other Income |
4.412 |
0.604 |
0.105 |
|
|
|
TOTAL |
36.297 |
39.262 |
44.493 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
21.444 |
33.901 |
39.135 |
|
|
|
Personnel Expenses |
5.815 |
5.060 |
3.126 |
|
|
|
Administration and Selling Expenses |
7.966 |
13.510 |
5.121 |
|
|
|
TOTAL |
35.225 |
52.471 |
47.382 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1.072 |
(13.209) |
(2.889) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.072 |
(13.209) |
(2.889) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.789 |
0.659 |
0.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.283 |
13.868 |
(3.761) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.201 |
0.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.283 |
(14.069) |
(3.909) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(19.254) |
(5.184) |
(1.274) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(18.971) |
(19.253) |
(5.183) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Income |
1.364 |
0.000 |
0.000 |
|
|
|
Sales Services |
2.283 |
0.000 |
0.000 |
|
|
|
Other Income (Reimbursement) |
0.628 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4.275 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
20.302 |
31.958 |
37.203 |
|
|
TOTAL IMPORTS |
20.302 |
31.958 |
37.203 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.14 |
(7.03) |
(1.95) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
45.000 |
The above information has been parted by Mr. Rajesh (Sales Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.77
|
(35.83) |
(8.78) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.88
|
(35.87) |
(8.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34
|
(63.10) |
(0.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
(18.58) |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
19.52
|
28.45 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
0.94 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Operational
Performance :
During the period, the total turnover of the company is Rs.36.298
Millions as compared to previous year’s turnover of Rs.39.262 Million. The
company has earned revenue of Rs.5.149 Million from rendering services of
installation, erection and commissioning of equipments sold by company during
the year. The Company has put all efforts in promoting its products in India
and was able to show its presence in India market.
Trade Reference :-
·
Natraj Mounding Industries
Fixed Assets :-
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Vehicle
·
Vehicle Under Scheme
·
Plant and Machineries
Address Change :-
Registered Office of the Company has been shifted from 3rd
Floor, 43, Community Centre, Bhageria House, New Friends Colony, New Delhi,
Delhi – 110005, India to present address w.e.f.14.01.2009.
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.