MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI CORPORATION INDIA PRIVATE LIMITED |
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Formerly Known As : |
MC INTERNATIONAL INDIA PRIVATE
LIMITED |
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Registered Office : |
5th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.05.1996 |
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Com. Reg. No.: |
55-79069 |
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Capital Investment / Paid-up Capital : |
Rs.1200.000 Millions |
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CIN No.: [Company
Identification No.] |
U45201DL1996PTC079069 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and
Fork Tubes. |
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No. of Employees : |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6300000 |
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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
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/Head Office : |
5th Floor, |
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Tel. No. : |
91-11-43682300 |
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Fax No. : |
91-11-43682333 |
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E-Mail : |
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Website : |
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Branches : |
MUMBAI BRANCH: Telephone : 91-22-4230-0786 Facsimile : 91-44-24340022 2nd Floor, Hotel Le meridian Commercial
Towers, Windsor Place, New Delhi – 110001, India. Tel. No.:- 91-11-4368-2301 Facsimile :- 91-11-4368-2333 |
DIRECTORS
AS ON 28.09.2010
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Name : |
Mr. Mikine Hasegawa |
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Designation : |
Director |
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Address : |
A-9/5, 1st Floor, Vasant Vihar, |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
02.07.2010 |
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DIN No. : |
03150847 |
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Name : |
Mr. Hiroshi Yoshino |
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Designation : |
Director |
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Address : |
E-12/2, Vasant Vihar, New Delhi-110057, |
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Date of Birth/Age : |
04.05.1953 |
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Date of Appointment : |
31.07.2007 |
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DIN No. : |
01762085 |
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Name : |
Mr. Keiichi Nakagaki |
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Designation : |
Director |
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Address : |
27, Golf Links, New Delhi-110003, |
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Date of Birth/Age : |
10.06.1952 |
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Date of Appointment : |
08.05.2008 |
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DIN No. : |
02165974 |
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Name : |
Mr. Masahiro Suzuki |
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Designation : |
Director |
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Address : |
K-24A, 1st Floor, Haus Khas, |
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Date of Birth/Age : |
13.10.1973 |
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Date of Appointment : |
09.01.2009 |
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DIN No. : |
02540904 |
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Name : |
Mr. Hideaki Fukawa |
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Designation : |
Director |
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Address : |
35, Poorvi Marg, Vasant Vihar, New Delhi-110057, |
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Date of Birth/Age : |
18.06.1960 |
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Date of Appointment : |
18.03.2009 |
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DIN No. : |
02593982 |
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Name : |
Mr. Takuya Sahashi |
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Designation : |
Director |
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Address : |
4/2, Shantiniketan, 1st Floor, |
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Date of Birth/Age : |
25.09.1969 |
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Date of Appointment : |
18.03.2009 |
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DIN No. : |
02593883 |
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Name : |
Mr. Hiroshi Shinohara |
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Designation : |
Director |
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Address : |
4/2, Shantiniketan, 1st Floor, |
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Date of Birth/Age : |
15.02.1951 |
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Date of Appointment : |
06.06.2005 |
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DIN No. : |
00271427 |
KEY EXECUTIVES
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Name : |
Mr. Prince Madan Anoop Singh |
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Designation : |
Secretary |
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Address : |
C – 20, East of Kailash, |
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Date of Birth/Age : |
28.09.1967 |
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Date of Appointment : |
25.09.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Mitsubishi Corporation ( |
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119999999 |
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Mitsubishi |
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1 |
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Total |
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120000000 |
(AS ON 28.09.2010)
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Category |
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Percentage |
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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
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and
Fork Tubes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
NOTES:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
7 Floor, Building 10, Tower B, |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
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Holding Company
: |
Mitsubishi Corporation, |
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Associates/Subsidiaries
: |
·
Thai MC Company Limited, ·
MC Non Ferrous Metal Product Company Limited ·
Petro Diamond Singapore Private Limited ·
Mitsubishi Australia Limited ·
MC Marine Inc, ·
Diamond Seafoods UK Limited ·
Metal One Asia Private Limited, ·
MC Tubular Inc, ·
Mitsubishi Shoji Limited ·
Metal One ·
Diamond Gas Holdings ·
Metal one America Inc ·
Mitsubishi Corporation China Company Limited ·
Mitsubishi Corporation, ·
Mitsubishi ·
Mitsubishi Corporation, Technos ·
Toyo Reizo Company Limited ·
Mitsubishi Corporation [ ·
MC Finance and Consulting Asia Private Limited ·
Mitsubishi Corporation, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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120000000 |
Equity Share |
Rs.10/- Each |
Rs.1200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
120000000 |
Equity Share |
Rs.10/- Each |
Rs.1200.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1200.000 |
200.000 |
200.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
389.398 |
274.277 |
223.002 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1589.398 |
474.277 |
423.002 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
82.423 |
119.926 |
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2] Unsecured Loans |
0.000 |
128.937 |
338.369 |
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TOTAL BORROWING |
0.000 |
211.360 |
458.295 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.977 |
7.631 |
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TOTAL |
1589.398 |
687.614 |
888.928 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
135.028 |
133.551 |
139.609 |
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Capital work-in-progress |
0.000 |
0.690 |
0.130 |
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INVESTMENT |
20.000 |
20.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.056 |
0.000 |
20.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
534.733
|
283.440
|
390.973 |
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Sundry Debtors |
9692.830
|
6253.054
|
1081.507 |
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Cash & Bank Balances |
1089.113
|
7.499
|
6.473 |
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Other Current Assets |
20.967
|
0.000
|
0.000 |
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Loans & Advances |
197.495
|
150.877
|
155.385 |
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Total
Current Assets |
11535.138
|
6694.870
|
1634.338 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10060.229
|
6104.783
|
872.801 |
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Other Current Liabilities |
32.128
|
45.077
|
22.444 |
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Provisions |
13.467
|
11.637
|
9.904 |
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Total
Current Liabilities |
10105.824
|
6161.497
|
905.149 |
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Net Current Assets |
1429.314
|
533.373
|
729.189 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1589.398 |
687.614 |
888.928 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
28365.000 |
19096.200 |
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Other Income |
335.496 |
298.189 |
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TOTAL |
28700.496 |
19394.389 |
7136.194 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
28469.129 |
19215.170 |
7043.265 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION |
231.367 |
179.219 |
92.929 |
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Less |
INTEREST AND
DEPRECIATION |
50.596 |
97.595 |
69.812 |
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PROFIT BEFORE
TAX |
180.771 |
81.624 |
23.117 |
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Less |
TAX |
65.650 |
30.349 |
15.999 |
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PROFIT AFTER TAX
|
115.121 |
51.275 |
7.118 |
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EARNINGS IN
FOREIGN CURRENCY |
2839.194 |
163.454 |
141.856 |
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|
Earnings Per
Share (Rs.) |
0.96 |
2.56 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.40 |
0.26 |
0.10 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.64 |
0.43 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.55 |
1.20 |
1.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.17 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.36 |
13.44 |
3.22 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.09 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW AND FUTURE OUTLOOK
The Company achieved a turnover of
Rs.28365.000 Millions in the year, as compared to turnover of Rs.19096.200
Millions in the previous year thereby showing increase of 49%.
During the year, the Company has earned a profit
after tax of Rs.115.121 Millions as compared to the Profit after tax of
Rs.51.275 Millions earned last year. The
Company’s Net Profit after tax has increase one due to increase on turnover
mainly Chemical business and secondly
due to reduction in financial cost. During the year equity was increased by
Rs.1000.000 Millions which was utilized in smoothening the working capital
cycle. The company has repaid all its loans and is a debt free company now.
There is rearrangement of internal business in different divisions and two of
the new introduced business groups in 2007, industrial finance and logistics
and corporate development are still under inception stage. The directors are
hopeful that the current year of the company shall be encouraging.
NOTE
Registered Office
of the company has been shifted from
Bankers Charges
Report as per Registry
FORM 8
|
Name of the company |
MC INTERNATIONAL
INDIA PRIVATE LIMITED |
|
Presented By |
Standard
Chartered Bank , |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of stocks and book debts dated 02.04.2004. |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 30.000
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 |
All stocks in
trade both present and future consisting of raw material, finished goods,
goods in process of manufacturing and other merchandise whatsoever and all
present and future book debts, outstanding moneys receivables, claims and
bill etc. shall be hypothecated to the
Bank by way of first charge on a pari passu basis |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest as may
be determined by the bank from time to time |
|
5) Name and Address and description of the person entitled to the
charge. |
Standard
Chartered Bank, |
FIXED ASSETS
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
·
Software
·
Building
·
Leasehold Improvements
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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
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 |
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 |
|
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.