MIRA
INFORM REPORT
|
Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STANZEN TOYOTETSU INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No.20, Building No.2, Bidadi Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.11.1998 |
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Com. Reg. No.: |
08-024464 |
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Capital Investment / Paid-up Capital : |
Rs.170.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300KA1998PTC024464 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS04218E |
|
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PAN No.: [Permanent
Account No.] |
AADCS5675B |
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|
Legal Form : |
Private
Limited Liability Company |
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|
|
Line of Business : |
Manufacture of Automobile Parts / Accessories and trading in tools, jigs, dies, fixtures. |
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 1602000 |
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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
for trade terms and conditions. Latest Profit and Loss of the company is not
available. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.20, Building No.2, Bidadi Industrial Area, |
|
Tel. No.: |
91-80-27287158 /59 ,/27287174 /75 |
|
Fax No.: |
91-80-27287153 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Masaaki Imanaga |
|
Designation : |
Managing Director |
|
Address : |
No.303, Aster Block, Raja Prakruthi, 1st Block, Jayanagar,
Bangalore-560011, |
|
Date of Birth/Age : |
23.09.1958 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00060734 |
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|
|
|
Name : |
Mr. Hideomi Miyake |
|
Designation : |
Director |
|
Address : |
3-15-3, HIrashida Cho, |
|
Date of Birth/Age : |
14.09.1945 |
|
Date of Appointment : |
28.07.2006 |
|
DIN No.: |
00953263 |
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|
|
|
Name : |
Mr. Takiya Yukihiro |
|
Designation : |
Director |
|
Address : |
No. A2-123, 2nd Floor Shobha Ivory, 7-1, |
|
Date of Birth/Age : |
21.12.1968 |
|
Date of Appointment : |
03.06.2008 |
|
DIN No.: |
02243339 |
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|
|
|
Name : |
Mr. Yoshimasa Sugimoto |
|
Designation : |
Whole-time Director |
|
Address : |
No.1, D Thomas Manor, No. 88, Richmond Road,
Bangalore-560025.Karanataka. |
|
Date of Birth/Age : |
15.05.1963 |
|
Date of Appointment : |
16.07.2009 |
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DIN No.: |
02727011 |
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Name : |
Mr. Takayuki Tatsuta |
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Designation : |
Director |
|
Address : |
No.702, Embassy Orchid, No.38, 8th |
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Date of Birth/Age : |
14.09.1962 |
|
Date of Appointment : |
11.08.2009 |
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DIN No.: |
02727114 |
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|
|
|
Name : |
Mr. Masaaki Kobayahi |
|
Designation : |
Additional Director |
|
Address : |
Flat No.12, Capricon, |
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Date of Birth/Age : |
25.04.1957 |
|
Date of Appointment : |
12.08.2009 |
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DIN No.: |
02648896 |
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|
|
|
Name : |
Mr. Watanabe Yasunori |
|
Designation : |
Director |
|
Address : |
No.702, Embassy Orchid, No.38, 8th |
|
Date of Birth/Age : |
24.07.1963 |
|
Date of Appointment : |
14.05.2009 |
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DIN No.: |
02579703 |
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|
|
|
Name : |
Mr. Avinash Sosale |
|
Designation : |
Whole Time Director |
|
Address : |
No.94, Arvind, 11th |
|
Date of Birth/Age : |
04.01.1981 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
03191246 |
KEY EXECUTIVES
|
Name : |
Mr. S.R. Ravi |
|
Designation : |
Secretary |
|
Address : |
No.30, 7th Main AG’s Office Colony, Anand Nagar, Bangalore-560024.Karanataka. |
|
Date of Birth/Age : |
26.06.1956 |
|
Date of Appointment : |
05.09.2006 |
|
PAN.: |
AAVPR7843R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Toyoda Iron Works Company Limited |
|
13175000 |
|
Toyata Tsusho Corporation |
|
850000 |
|
Stanzen Techno Private Limited |
|
2975000 |
|
Total |
|
17000000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
82.50 |
|
Bodies corporate |
|
17.50 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Automobile Parts / Accessories and trading in tools, jigs, dies, fixtures. |
|
|
|
|
Products : |
v Parts and Accessories for Motors Vehicles v Tools v Dies v Jigs v Fixtures |
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Parts and Accessories of Motors Vehicles |
|
Nos |
15000000 |
10085669 |
|
Tools, jigs, dies and Fixtures |
|
Nos |
500 |
18 |
|
Total |
|
|
15000500 |
10085687 |
v The Company is exempt from the licensing Provision of the Industrial
(Development and Regulation) Act 1951.
v As certified by the management and relied upon by auditors, this being a
technical matter.
GENERAL INFORMATION
|
Bankers : |
UFJ Bank Limited,
|
|
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|
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Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Price WaterHouse and Company Chartered Accountant |
|
Address : |
5th Floor, Tower D, The Millenia, 1&2 Murphy Road,
Ulsoor, Bangalore-560008, Karnataka. |
|
Pan No.: |
AADFP9359C |
|
|
|
|
Fellow Subsidiaries : |
v
Toyotetu India Auto Parts Private Limited, |
|
|
|
|
Holding Company : |
v
Toyoda Iron works Company Limited, |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
23000000 |
Equity Share |
Rs.10/- Each |
Rs.230.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Share |
Rs.10/- Each |
Rs.170.000 Millions |
|
|
|
|
|
Note: Of the above shares 13,175,000 (2009:13,175,000)
shares are held by Toyota Iron works Company Limited,
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 |
170.000 |
170.000 |
170.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
230.622 |
206.242 |
190.812 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
400.622 |
376.242 |
360.812 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
400.622 |
376.242 |
360.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
146.447 |
165.668 |
191.199 |
|
|
Capital work-in-progress |
0.000 |
0.041 |
0.389 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
9.023 |
7.351 |
4.865 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36.310
|
9.763
|
13.737 |
|
|
Sundry Debtors |
85.028
|
50.278
|
90.180 |
|
|
Cash & Bank Balances |
251.044
|
197.066
|
193.457 |
|
|
Other Current Assets |
8.241
|
9.503
|
8.387 |
|
|
Loans & Advances |
27.378
|
23.204
|
21.218 |
|
Total
Current Assets |
408.001
|
289.814 |
326.979 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.835
|
45.031
|
81.779 |
|
|
Other Liabilities |
17.858
|
13.353
|
16.634 |
|
|
Provisions |
41.156
|
28.248
|
64.207 |
|
Total
Current Liabilities |
162.849
|
86.632 |
162.620 |
|
|
Net Current Assets |
245.152
|
203.182 |
164.359 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
400.622 |
376.242 |
360.812 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
576.324 |
754.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
481.288 |
562.773 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
95.036 |
191.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
38.290 |
33.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
56.746 |
157.874 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
19.577 |
55.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
37.169 |
102.331 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
165.768 |
133.536 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
0.929 |
10.233 |
|
|
|
Dividend (including Dividend Tax) |
|
21.739 |
59.866 |
|
|
BALANCE CARRIED
TO THE B/S |
|
180.269 |
165.768 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
1.443 |
25.292 |
|
|
|
Raw Materials Parts & Components |
|
0.376 |
1.021 |
|
|
|
Stores & Spares |
|
3.481 |
3.770 |
|
|
TOTAL IMPORTS |
NA |
5.300 |
30.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
2.19 |
6.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
--- |
6.45 |
13.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
-- |
12.46 |
30.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--- |
0.15 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41 |
0.23 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50 |
3.35 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
STANZEN TOYOTETSU INDIA PRIVATE LIMITED |
|
Presented
By |
Mr. Shigeki
Higashi |
|
1) Date and description of instrument creating the change |
Agreement of Demand
Loan /Cash Credit and Hypothecation and Hypothecation of Account Receivable /
Book Debts dated 14.09.2003 to secure Short Terms Loan against Raw Materials;
Semi finished goods and Finished goods consisting of Auto parts and
components, digs, moulds and fixtures and books debts. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.92.000 Millions |
|
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
Books Debts, Raw Material, Semi-Finished Goods and Finished Goods consisting
of Auto parts and components, dies, jigs, moulds and fixtures belonging to
the borrowers which now and hereafter from time to time during the security
shall be brought in / stored in the premises, warehouses or godowns of said
borrowers at Bidadi or anywhere else in India shall stand hypothecated to the
bank by way of first charge as security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
v
Interest
at the rate if 4.475% per annum v
Repayments
on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
UFJ Bank Limited,
|
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
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 Available |
Fixed Assets:
v
Leasehold Improvements
v
Plant and Machinery
v
Computer System
v
Office Equipment
v
Furniture and Fixtures
v
Motors
Vehicles
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
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.