%20PRIVATE%20LIMITED%20-%20142123%2018-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANKAR NP – JAPAN PRIVATE LIMITED |
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Registered
Office : |
Sivapriya, Plot No.1721, 6th Avenue, Anna Nagar, Chennai –
600040, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.10.2002 |
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Com. Reg. No.: |
18-049764 |
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CIN No.: [Company Identification
No.] |
U34300TN2002PTC049764 |
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Capital Investment
/ Paid-up Capital : |
Rs.8.678 Millions |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES1550D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gaskets and Rubber Components for the complete range
of Motor Cycles, Scooter and Engines for the Global Market. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 58000 |
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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 Royal Industries Limited, Japan and
Sankar Sealing Systems Private Limited, India. It is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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 |
LOCATIONS
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Registered Office : |
Sivapriya, Plot No. 1721, |
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Tel. No.: |
91-44-26180935/26183123/26185642 |
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E-Mail : |
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Factory 1: |
No. 102, Sidco Industrial Estate, Thirumazhisai – Chennai – 602107,
Tamil Nadu, India |
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Tel No. : |
91-44-26810249 |
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Group Companies (Factory) : |
No. 36, Ambattur Vanagaram Road, Ayanambakkam, Chennai – 602 102,
Tamil Nadu, India. |
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Tel. No.: |
91-44-26530220/26531309/26533821 |
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Fax No.: |
91-44-26532265 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Madhavan Kochukuttan
Unnithan |
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Designation : |
Chairman |
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Address : |
Sivapriya, Plot No.1721, 6th
Avenue, Anna Nagar, Chennai – 600040, Tamil Nadu, India |
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Date of Birth/Age : |
27.04.1932 |
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Date of Appointment: |
29.10.2002 |
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DIN No: |
00750983 |
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Name : |
Mrs. Sreedevi Unnithan |
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Designation : |
Director |
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Address : |
Sivapriya, Plot No.1721, 6th Avenue, Anna Nagar, Chennai –
600040, Tamil Nadu, India |
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Date of Birth/Age : |
24.07.1938 |
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Date of Appointment: |
29.10.2002 |
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DIN No: |
00751096 |
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Name : |
Ms. Anitha Unnithan |
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Designation : |
Executive Director |
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Address : |
Sivapriya, Plot No.1721, 6th Avenue, Anna Nagar, Chennai –
600040, Tamil Nadu, India |
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Date of Birth/Age : |
27.11.1960 |
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Date of Appointment |
09.01.2009 |
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DIN No: |
02425022 |
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Email Id: |
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Name : |
Mr. Jaishankar Unnithan |
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Designation : |
Non-Executive Director |
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Address : |
Sivapriya, Plot No.1721, 6th Avenue, Anna Nagar, Chennai – 600040,
Tamil Nadu, India |
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Date of Birth/Age : |
15.04.1969 |
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Date of Appointment: |
09.01.2009 |
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DIN No: |
02073508 |
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Name : |
Mr. Masakatsu Hanta |
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Designation : |
Director |
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Date of Appointment: |
21.10.2002 |
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DIN No : |
02691674 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Madhavan Kochukuttan Unnithan |
74500 |
|
Royal Industries Limited - India |
190103 |
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Mrs. Sreedevi Unnithan |
3000 |
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Mr. Jaishankar Unnithan |
3000 |
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Sankar Sealing System Private Limited - India |
597200 |
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Total |
867803 |
As On 30.09.2010
|
S. No. |
Category |
Percentage |
|
1 |
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
21.91 |
|
2 |
Directors or
relatives of Directors |
9.28 |
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3 |
Bodies corporate |
68.81 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gaskets and Rubber Components for the complete range
of Motor Cycles, Scooter and Engines for the Global Market. |
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Products : |
Cylinder Head Gaskets : · Multi Layered Steel (MLS) · Single Layered Steel (SLS) · Sandwiched Material · Steel Backbone · Exfoliated Graphite-Metal reinforced MANIFOLD GASKETS
· Asbestos based · Non Asbestos based · Graphite composite · Cellulose Controlled swell (CCS) · Silicone bead on materials Cylinder head cover
Gaskets : · Integral Rubber Mouldings · Composite Material Full Overhaul and De carbonizing Gasket Kits for Engines
and Transmissions. |
GENERAL INFORMATION
|
Bankers
: |
ING Vysya Bank
Limited, Z-292, 2nd Avenue, Anna Nagar, Chennai – 600040, Tamil
Nadu, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Varma and Varma Chartered Accountant |
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Address : |
Sreela Terrac, 105 Gandhi Road, I Main Road, Adyar, Chennai – 600020,
Tamil Nadu, India |
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Tel. No.: |
91-44-24452239/24423496 |
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Fax No.: |
91-44-24454234 |
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E-Mail : |
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PAN No: |
AABFB9555E |
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Name of the Holding Company: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
867803 |
Equity Shares |
Rs.10/- each |
Rs.8.678
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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1] Share Capital |
8.678 |
8.678 |
8.678 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.749 |
4.081 |
2.825 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.427 |
12.759 |
11.503 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.540 |
1.995 |
2.446 |
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TOTAL BORROWING |
0.540 |
1.995 |
2.446 |
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DEFERRED TAX LIABILITIES |
0.254 |
0.000 |
0.000 |
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TOTAL |
15.221 |
14.754 |
13.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.444 |
5.814 |
8.055 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
1.172
|
0.783 |
0.727 |
|
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Sundry Debtors |
6.422
|
7.559 |
8.558 |
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|
Cash & Bank Balances |
3.806
|
11.706 |
2.515 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
9.346
|
3.038 |
6.649 |
|
Total
Current Assets |
20.746
|
23.086 |
18.449 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.501
|
9.401 |
8.333 |
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Other Current Liabilities |
4.468
|
2.825 |
2.404 |
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Provisions |
2.000
|
1.919 |
1.818 |
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Total
Current Liabilities |
10.969
|
14.146 |
12.555 |
|
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Net Current Assets |
9.777
|
8.940 |
5.894 |
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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 |
15.221 |
14.754 |
13.949 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME |
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Net Sales |
28.227 |
33.223 |
34.800 |
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|
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Other Income |
3.425 |
0.419 |
0.654 |
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TOTAL (A) |
31.652 |
33.642 |
35.454 |
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|
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Less |
EXPENSES |
|
|
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|
|
|
|
Increase/Decrease in Stock |
(0.081) |
(0.007) |
0.621 |
|
|
|
Raw Material Consumed |
12.907 |
17.640 |
17.239 |
|
|
|
Administrative Expenses |
12.278 |
9.047 |
8.323 |
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TOTAL (B) |
25.104 |
26.680 |
26.183 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.548 |
6.962 |
9.271 |
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Less |
FINANCIAL
EXPENSES (D) |
0.111 |
0.152 |
0.183 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.437 |
6.810 |
9.088 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.992 |
2.112 |
4.967 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.445 |
4.698 |
4.121 |
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Less |
TAX (I) |
2.255 |
1.920 |
1.818 |
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PROFIT AFTER TAX
(G-I) (J) |
3.190 |
2.778 |
2.303 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.582 |
1.825 |
1.545 |
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Less |
APPROPRIATIONS |
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|
Proposed Dividend |
1.302 |
1.301 |
1.301 |
|
|
|
Corporate Dividend Tax |
0.221 |
0.221 |
0.221 |
|
|
|
Transfer to General Reserve |
1.500 |
0.500 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
2.749 |
2.581 |
1.826 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
6.240 |
4.587 |
2.789
|
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IMPORTS |
|
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|
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|
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|
Raw Materials |
1.600 |
8.024 |
6.061 |
|
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TOTAL IMPORTS |
1.600 |
8.024 |
6.061 |
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|
Earnings Per
Share (Rs.) |
3.68 |
3.20 |
2.65
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.07
|
8.25 |
6.49 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
19.29
|
14.14 |
11.84 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.79
|
16.25 |
15.54 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.36 |
0.35 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
1.26 |
1.30 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.63 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
Financial Highlights
:
For the year the company has achieved an operating profit of Rs.5.445 Millions before provision for taxation as against Rs.4.699 Million for the previous year. The Directors have pleasure in informing the members that the company has achieved a turnover of Rs.28.227 Millions.
Future Outlook:
During the year due to continued inflationary tendencies, the interest rates of the bank have increased to very great extent. This has resulted in a slight down trend in the Automobile Industry in general. However, the Auto Component manufacturers offset this to a great extent by concentrating on exports and the company will make all out efforts towards increasing its export share in the India Auto Components industry.
FORM 8 :
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Name of the company |
SANKAR NP ( |
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Presented By |
BHARAT OVERSEAS BANK
LIMITED |
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1) Date and description of instrument creating the change |
08.05.2003 1. Letter of
Hypothecation (BF 128) 2. Term Loan
Agreement (BF 249) 3. Letter of
Hypothecation (BF 79) 4. Letter of
Hypothecation (BF 83) 5. Agreement of
Advances against Goods awaiting
shipment. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.950 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
the following : a) Hypothecation of stocks of raw material,
WIP, FG and consumables. b) Hypothecation of Fixed Asstes. c) Hypothecation of Machinery and other
assets purchased out of term loan costing Rs 6.600 Millions described in
general terms in the schedule to the agreement and have already been fixed or
lying loose in the premises at Plot No.102, SIDCO Industrial Estate,
Thirumazhisai, Chennai – 107. d) Bills accompanied by documents of Title to
goods pre-accepted hundies delivery challans. e) LC application stamped agreement and
Hypothecation of goods under LC. f)
Counter
guarantee of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
BHARAT OVERSEAS BANK LIMITED Annanagar Branch,
Chennai. |
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6) Date and brief description of instrument modifying the charge |
08.08.2005 1. Letter of
Hypothecation incase of open Advance only. 2. Letter of
Hypothecation (incase of Machinery as Collateral Security) 3. Letter from
Sankar Sealing Systems Private Limited agreeing to create Equitable Mortgage
of Land And Building belonging to the company. |
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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. |
The credit
facilities granted to the company has been revised as given below :
The Exiting
charge of Hypothecation of Stocks of raw material, WIP, FG and consumption
has been extended to cover the revised limit of Rs. 9.930 Millions. The above limit
is additionally secured by way of first charge on the fixed assets of the
company and Plant and Machinery WDV value Rs.
Millions as on 31.03.2005 The above limit
is secured by Equitable mortgaged by deposite of title deeds of immovable properties
belonging to Sankar Sealing Systems Private
Limited All other Terms
and Conditions remain the same. |
|
Corporate Identity number (CIN) or foreign
company registration number of the company |
U34300TN2002PTC049764 |
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Name of the
company |
SANKAR NP (JAPAN)
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Sivapriya, Plot
No.1721, 6th Avenue, Anna Nagar, Madras – 600040, Tamil Nadu,
India |
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|
This form is for |
Creation of
charge |
||||||||||||||||||||
|
Type of charge |
Hypothecation |
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|
Particular of
charge holder |
ING Vysya Bank
Limited, Z-292, 2nd Avenue, Anna Nagar, Chennai – 600040, Tamil
Nadu, India |
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|
Nature of
instrument creating charge |
General Hypothecation
Agreement, dated 24.02.2006 |
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Date of
instrument Creating the charge |
24.02.2006 |
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Amount secured by
the charge |
Rs.8.620 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @0.25%
p.a. less IVRR(12.50% p.a) with a minimum of 12.25% p.a. with monthly rests. Margin: Open Cash Credit: Stocks : 25% Book Debts : 25% Jigs and Tools:
40% FLC DA/DP : 20% by way of ADRS Bank Guarantee : 20% by way of ADRS Repayment
of Term Loan: Repayable
in 21 equal monthly installments of Rs.0.100 Million and a final installment
of Rs.0.005 Millions commencing from the month take over itself from Bharath
Overseas Bank Limited. |
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|
Description of
the property charged indicating whether it is a charged on |
·
Plant
and Machinery ·
Stock
in trade ·
Book
debts |
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|
Particulars of
the property charged : |
24.02.2006 Rs.8.620 Million Comprising of:
Together with interest,
costs, charges and all other expenses which may be debited to the appropriate
account(s) from time to time. Securities: Hypothecation of
all the present and future goods such as stocks of raw materials, work in
process, finished goods and tools and jigs, machineries, book debts, and all
other movables of the Borrower including documents of title to goods and all
other movables, such as outstanding money, receivables, claims, bills,
invoices, documents, contracts, engagements, securities investments and all
the existing plant and machinery with WDV value of Rs.6.584 Millions as on
31.03.2005 and future machinery belonging to or in the possession or under
the control of the Borrower’s stored and or to be stored at Plot No.102,
SIDCO Industrial Estate, Thirumazhisai Chennai – 600107 or wherever lying
stored and kept and whether in possession of the Borrower or of the Bank or
of any third party whether in India or elsewhere throughout the world
(including all such goods and all other movables as may be in course of
shipment transit or delivery) shall stand hypothecated to the bank by way of
First Charge. Corporate
Guarantee: M/s Sankar Sealing Systems Private Limited. |
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|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
goods, machineries, book debts, receivable etc. |
Fixed Assets :
· Goodwill
· Building
· Plant and Machinery
· Electrical Installation
· Office Equipment
· Computer
· Vehicles
· Furniture and Fixtures
Profile :
Subject, is a Joint Venture company formed between Royal
Industries Limited., Osaka, Japan and Sankar Sealing Systems Private Limited.,
Subject aims to provide Leading edge Sealing Solutions with Proven Japanese Technology to the 2 Wheeler / 3 Wheeler and small Engine industry segments.
Subject exports its Products to its principals, Royal Industries
Limited, Japan. The company also supplies critical gaskets to leading O.E.M's
in
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.