MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NKC CONVEYOR INDIA PRIVATE LIMITED |
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Registered
Office : |
Parsvanath Arcadia, 3rd Floor, 739/1, M |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.09.1996 |
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Com. Reg. No.: |
05-033284 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U73100HR1996PTC033284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Dealer of Conveyor Parts, Conveyor System and Automotive Production
Devices |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [53] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 547000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having fine track. There appears
some dip in the turnover and profitability of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions / with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Parsvanath Arcadia, 3rd Floor, 739/1, M |
|
Tel. No.: |
91-124-2307737,
4084426, 2391459 |
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Fax No.: |
91-124-2306654,
2306654 |
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E-Mail : |
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Website : |
DIRECTORS
As on 01.06.2010
|
Name : |
Mr. Tetsuo Nishu |
|
Designation : |
Director |
|
Address : |
C- 18 Old Dlf Colony Sector 14, Gurgaon, Haryana - 122001, |
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Date of Birth/Age : |
08.01.1951 |
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DIN : |
00284865 |
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Date of Appointment : |
20.03.1998 |
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Name : |
Mr. Hajime Yamaguchi |
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Designation : |
Director |
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DIN : |
02220950 |
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Date of Appointment : |
27.01.2009 |
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Name : |
Mr. Eiichi Seto |
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Designation : |
Nominee Director |
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Address : |
4-20-6-303 Shimome Guro, |
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Date of Birth/Age : |
04.01.1959 |
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DIN : |
02704734 |
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Date of Appointment : |
16.03.2010 |
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Name : |
Mr. Taro Nanko |
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Designation : |
Alternate Director |
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Address : |
7-26-2-409 |
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Date of Birth/Age : |
22.04.1967 |
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DIN : |
01879475 |
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Date of Appointment : |
16.03.2010 |
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Name : |
Mr. Shigeo Okazaki |
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Designation : |
Director |
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DIN : |
02634033 |
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Date of Appointment : |
08.12.2004 |
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Name : |
Mr. Tatsuo Nakanishi |
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Designation : |
Director |
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DIN : |
02634031 |
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Date of Appointment : |
04.03.2003 |
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Name : |
Mr. Masahiro Ichikawa |
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Designation : |
Additional Director |
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Address : |
Sub 152, Block-B, The Summit, Golf Course Road, DLF-V, Gurgaon –
122011, Haryana, India |
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Date of Birth/Age : |
11.01.1968 |
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DIN : |
03548478 |
|
Date of Appointment : |
01.04.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nakanishi Conveyors Company |
|
225000 |
|
Sumitomo Corporation, |
|
25000 |
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Total |
|
250000 |
As on 01.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of Conveyor Parts, Conveyor System and Automotive Production
Devices |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rakesh Mathur Chartered Accountant |
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Address : |
D-44, Kalkaji, |
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Tel. No.: |
91-11-26436137 / 26436138 / 26439152 |
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Fax No.: |
91-11-40588922 |
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E-Mail : |
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Parent Company : |
Nakanishi Conveyors Company Limited, |
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Group Companies
: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350,000 |
Equity Shares |
Rs.10/-each |
Rs.3.500 millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000 |
Equity Shares |
Rs.10/-each |
Rs.2.500 millions |
|
|
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|
Of the above
225,000 shares of Rs.10 each fully paid up are held by the Parent Company, Nakanishi
Conveyors Company Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
134.476 |
124.730 |
85.183 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
136.976 |
127.230 |
87.683 |
|
|
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 |
0.309 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
136.976 |
127.539 |
87.683 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.927 |
5.399 |
5.222 |
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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 |
0.049 |
0.000 |
0.041 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.830
|
3.830 |
28.065 |
|
|
Sundry Debtors |
134.141
|
192.126 |
150.876 |
|
|
Cash & Bank Balances |
74.236
|
83.302 |
81.688 |
|
|
Other Current Assets |
0.111
|
0.041 |
0.054 |
|
|
Loans & Advances |
11.174
|
7.546 |
6.872 |
|
Total
Current Assets |
223.492
|
286.845 |
267.555 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.077
|
127.373 |
150.498 |
|
|
Other Current Liabilities |
15.371
|
26.002 |
22.072 |
|
|
Provisions |
9.044
|
11.330 |
12.565 |
|
Total
Current Liabilities |
92.492
|
164.705 |
185.135 |
|
|
Net Current Assets |
131.000
|
122.140 |
82.420 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
136.976 |
127.539 |
87.683 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
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Income |
442.400 |
701.970 |
413.106 |
|
|
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Other Income |
1.029 |
1.664 |
2.207 |
|
|
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TOTAL |
443.429 |
703.634 |
415.313 |
|
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|
|
|
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EXPENDITURE |
427.554 |
640.412 |
372.645 |
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
15.875 |
63.222 |
42.668 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.218 |
1.316 |
2.117 |
|
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PROFIT BEFORE
TAX |
14.657 |
61.906 |
40.551 |
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Less |
TAX |
4.841 |
22.360 |
14.506 |
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PROFIT AFTER TAX |
9.816 |
39.546 |
26.045 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.939 |
82.393 |
58.459 |
|
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|
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|
|
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Less |
Tax Paid for Earlier years |
0.070 |
0.000 |
[2.111] |
|
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|
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|
|
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BALANCE CARRIED
TO THE B/S |
131.685 |
121.939 |
82.393 |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
2.442 |
42.193 |
7.501 |
|
|
|
Commission Earnings |
2.159 |
0.968 |
1.557 |
|
|
TOTAL EARNINGS |
4.601 |
43.161 |
9.058 |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
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|
Materials and Services |
NA |
20.690 |
2.396 |
|
|
TOTAL IMPORTS |
NA |
20.690 |
2.396 |
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.26 |
158.00 |
104.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.21
|
5.62 |
6.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.31
|
8.82 |
9.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.39
|
21.18 |
14.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.49 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
1.29 |
2.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
1.74 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from C-18old DLF Colony, Sector-14,
ACTIVITIES
The turnover
(including interest income) of the company during the year amounted to
Rs.443.429 millions as compared to Rs.703.634 millions of previous year. The
company registered the profit after depreciation amounting to Rs 14.657
millions as against the profit of Rs. 61.906 millions in the previous year. The
outlook for the year 2010-11 is good considering the expansion of plants by
Suzuki and orders from other manufacturers in
EXPORT PERFORMANCE
During the period,
the company has registered exports of Rs.2.442 millions as against the exports
of Rs.42.913 millions during the year 2008-09.
FIXED ASSETS :
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Vehicles
·
Air Conditioner
·
Inverter
·
Generator
·
Refrigerator
As per Website
Company Profile
NKC Conveyor Systems designed particularly for each application are used to rationalize production lines in many fields such as Automobiles Industries, Domestic Electric Appliance Manufacturing.
In a factory, there is not only a stream of objects as supply of materials,
transport under manufacturing process, delivery of ready products, etc. but
also a stream of information in reference to this object. Enhancement of
effectiveness in manufacture can be attained first when these two streams are
put under control integrally with the whole factory as a body.
NKC conveyor system is designed on the basis of this idea and, therefore, creates an ideal stream in the production line. The stream is controlled in connection with analysis of production schedule of the company to provide it with the most suitable conveyor system with all conditions taken into consideration.
A conveyor system designed by NKC’s excellent system engineering in which
various conveyor elements, production facilities and control devices are
integrated organically, is appreciated in industries highly as a bearer of
rationalization of production and transport.
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.44.22 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.