MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
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Name : |
THREE BOND INDIA PRIVATE LIMITED |
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Registered
Office : |
J – 288, Saket, New Delhi – 110017 |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
21.01.1997 |
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Com. Reg. No.: |
55-084565 |
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Capital
Investment / Paid-up Capital : |
Rs.49.234 Millions |
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CIN No.: [Company Identification
No.] |
U74900DL1997PTC084565 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04515A |
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PAN No.: [Permanent Account No.] |
AAACT5989N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Industrial Adhesive Sealants. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 1470000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
J – 288, Saket, New Delhi – 110017, India |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
531-532, Udyog Vihar Phase V, Gurgaon-122016, |
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Tel. No.: |
91-124-2347373/2347014 to 21 |
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Fax No. : |
91-124-2347864/ 2399696 |
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E-Mail : |
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Branch Office : |
No. 242, |
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Tel. No.: |
91-44-65325337 |
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Fax No.: |
91-44-26257439 |
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E-Mail : |
DIRECTORS
As on 30.03.2011
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Name : |
Mr. Shuji Mochizuki |
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Designation : |
Managing Director |
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Address : |
J - 803 Central Park, Sector 42 Gurgaon-122001, Haryana, India |
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Date of Birth/Age : |
10.11.1956 |
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Date of Appointment : |
01.01.2010 |
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DIN No. : |
02919332 |
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Name : |
Mr. Shinji Sorimachi |
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Designation : |
Director |
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Address : |
S 23 B, |
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Date of Birth/Age : |
23.07.1956 |
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Date of Appointment : |
29.11.2006 |
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DIN No. : |
01225038 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2011
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Names of Shareholders |
No. of Shares |
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Three Bond Singapore Pte Limited, Singapore |
49234479 |
|
Shinji Sorimachi |
1 |
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Total |
49234480 |
Equity Share Break up (Percentage of Total Equity)
As on 30.03.2011
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.9 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Industrial Adhesive Sealants. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2010)
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Particulars |
Unit |
Actual
Production Quantity |
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Sealant |
Kgs |
28121 |
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Adhesive |
Kgs |
2323 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Tokyo Mitsubishi – UFJ Limited ·
The RBS Bank, N. V., New Delhi, India ·
Mizuho Corporate Bank Limited, New Delhi, India ·
Axis Bank Limited, Gurgaon, Haryana, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajendra K Goel and Company Chartered Accountants |
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Address : |
J-288, Ground Floor, Saket New Delhi-110017, |
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Tel. No.: |
91-11-29551642/29555354 |
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Fax No.: |
91-11-29555036 |
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E-Mail : |
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PAN.: |
AAGPB2075G |
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Holding Company : |
·
Three Bond Singapore Pte Limited (TBS) |
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Ultimate Holding Company : |
·
Three Bond Company Limited, Japan (TBJ) |
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Fellow Subsidiary : |
·
Three Bond Manufacturing (Thailand) Company
Limited (TBM) ·
Three Bond Europe S.A.S (TBUK) |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4923448 |
Equity Shares |
Rs.10/- each |
Rs.49.234
Millions |
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Of the above 4923447 equity shares are held by
Three Bond Singapore Pte. Limited, the holding company, the ultimate holding
company being Three Bond Company Limited, Japan
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.234 |
39.134 |
18.134 |
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2] Share Application Money |
0.000 |
101.000 |
0.000 |
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3] Reserves & Surplus |
320.305 |
190.150 |
86.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
369.539 |
330.284 |
104.200 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
369.539 |
330.284 |
104.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
149.783 |
148.266 |
28.229 |
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Capital work-in-progress |
15.885 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.059 |
2.313 |
2.190 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
86.418
|
49.339
|
39.964 |
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Sundry Debtors |
61.604
|
46.468
|
58.772 |
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Cash & Bank Balances |
119.864
|
127.469
|
13.067 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
26.498
|
17.840
|
27.876 |
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Total
Current Assets |
294.384
|
241.116
|
139.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
57.763
|
39.393
|
43.167 |
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Other Current Liabilities |
25.918
|
16.300
|
17.211 |
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Provisions |
9.891
|
5.718
|
5.520 |
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Total
Current Liabilities |
93.572
|
61.411
|
65.898 |
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Net Current Assets |
200.812
|
179.705
|
73.781 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
369.539 |
330.284 |
104.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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TURNOVER |
358.171 |
252.927 |
218.064 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.950 |
33.070 |
16.653 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.065 |
3.282 |
3.407 |
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PROFIT BEFORE
TAX |
60.885 |
29.788 |
13.246 |
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Less |
TAX |
21.631 |
9.703 |
7.288 |
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PROFIT AFTER TAX
|
39.254 |
20.085 |
5.958 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.916 |
64.831 |
58.873 |
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BALANCE CARRIED
TO THE B/S |
124.170 |
84.916 |
64.831 |
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EARNINGS IN
FOREIGN CURRENCY |
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Share Application Money |
0.000 |
101.000 |
0.000 |
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Equity Inflow |
0.118 |
0.000 |
22.000 |
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Others |
0.370 |
0.000 |
0.696 |
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TOTAL EARNINGS |
0.488 |
101.000 |
22.696 |
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IMPORTS |
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Raw Materials |
15.023 |
10.036 |
9.726 |
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Jobwork Material |
6.562 |
4.364 |
4.623 |
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Trading Goods |
158.559 |
103.149 |
79.041 |
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Capital Goods |
0.201 |
0.204 |
2.742 |
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TOTAL IMPORTS |
180.345 |
117.753 |
96.132 |
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Earnings Per
Share (Rs.) |
8.26 |
5.93 |
4.23 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
16.99
|
11.77
|
6.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.71
|
7.65
|
7.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.09
|
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.18
|
0.63 |
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Current Ratio (Current Asset/Current Liability) |
|
3.15
|
3.93
|
2.12 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The Company was
incorporated on 21 January, 1997 and is a subsidiary of Three Bond Singapore
Pte. Limited. Three Bond Singapore Pte. Limited holds 99.99 percent of the paid
up share capital as at 31 December 2010. The main business activity of the
Company is to distribute Sealant and Adhesives which are procured from its
parent and group companies to Automobile and the Electronic Industry in India.
The manufacturing operation of the Company consists repackaging of the bulk
packs of its products into smaller packs. The Job work operations of the
Company consist of screw coating for auto components industries.
PERFORMANCE OF THE
COMPANY
The Company's
overall turnover of Rs.358.171 Millions recorded a growth of 42% over the previous year's
turnover of Rs.252.927 Millions. The Company also achieved a Net Profit after
Tax of Rs.39.254 Millions for the year ended 31.12.2010 as against Rs.20.085
Millions during the previous year. The main
reasons for increase in profits of
the company are the company's focused approach on cost reduction in all
aspects coupled with the fact that the worldwide slowdown is almost over. In
the current year, the company continues its focus and concerns about the
expansion and establishing its own state of art manufacturing facility in
India. The company has spent mainly on infrastructure, personnel recruitment as
well as personnel development, and brand promotion as well as brand awareness
in India.
CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES (As on 31.12.2010)
a) Claims against the Company not acknowledged as debts
·
The Income Tax authorities has raised a demand of
Rs.0.144 Million (Previous year Rs.0.144
Million) on the Company. No Provision has been made in the accounts for these
demands as the Company expects a favourable decision in appeal filed with the
Tribunal.
·
The company has not provided for the notice period
rent of Rs.0.114 Million (Previous year Rs.0.114 Million) for a leased premises
vacated before July 2000.
b) Estimated value of contracts in respect of construction OF factory
building remaining to be executed, net of capital advances Rs.63.547 Millions
(Previous Year - Rs. NIL
).
c) The Company has
issued the Bank Guarantees amounting Rs.4.888 Millions (Previous Year Rs.3.255
Millions) to the clients and various government authorities.
Fixed Assets:
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Computer
- Electric
Installations
- Temporary
Structure
- ETP Plant
- Land
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.50.28 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.