MIRA
INFORM REPORT
|
Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
NISSAN MOTOR INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 1A, SIPCOT Industrial Area, Orgadam, Mattur Post, Sriperumpudur
– 602105, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.02.2005 |
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Com. Reg. No.: |
11-073897 |
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Paid-Up Capital : |
Rs. 10300.000 Millions |
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CIN No.: [Company
Identification No.] |
U34100TN2005PTC073897 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN12286B |
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PAN No.: [Permanent
Account No.] |
AACCN0695D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Trader of Nissan Cars and Components. |
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No. of Employees : |
500 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 38000000 |
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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 subsidiary of Nissan Motors, Japan, It is an established company having moderate track. There appear huge accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 |
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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
|
Registered Office/Factory : |
Plot No. 1A, SIPCOT Industrial Area, Orgadam, Mattur Post,
Sriperumpudur – 602105, Tamilnadu, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Administrative Office : |
2nd Floor, Krisp IT Park, 942, Vandalur – |
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Tel. No.: |
91-44-67480740 |
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Fax No.: |
91-44-67480739 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Yoshie Takahisa Ueno |
|
Designation : |
Whole Time Director |
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Address : |
Gardenville Myouden 1209, 6-3-21, Myoden, Ichikawa-City,
Ichikawa-2720111, |
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Date of Birth/Age : |
05.11.1961 |
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Date of Appointment : |
03.03.2005 |
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DIN No.: |
01549612 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U34100TN2005PTC073897 |
Nissan
Motor India Private Limited |
Whole-time
director |
24.03.2008 |
3.03.2005 |
9.03.2009 |
Active |
NO |
|
Name : |
Mr. Hideo Niwa |
|
Designation : |
Director |
|
Address: |
Dal 2, Kikyou Building 202, 2-1-1 Kodai, Miyamae-Ku, Kawasaki-city,
Kawasaki-244004, |
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Date of Birth/ Age: |
22.04.1967 |
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Date of Appointment: |
03.03.2005 |
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DIN No.: |
01549638 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U34100TN2005PTC073897 |
Nissan
Motor India Private Limited |
Director |
3.03.2005 |
3.03.2005 |
Active |
NO |
|
Name : |
Mr. Kiminobu Tokuyama |
|
Designation : |
Managing Director |
|
Date of Appointment : |
08.01.2009 |
|
DIN No.: |
02649555 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U34100TN2005PTC073897 |
Nissan
Motor India Private Limited |
Managing
director |
8.01.2009 |
8.01.2009 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Venkateswaran Trichur R |
|
Designation : |
Manager |
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Address: |
Plot No. 72, Bhavya Krishna, Sector 15, Kopar Khairane, Navi Mumbai,
Navi Mumbai-400709, Maharashtra, India |
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Date of Birth/ Age: |
02.02.1962 |
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Date of Appointment: |
07.04.2005 |
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Pan No.: |
AACPT4368E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
As On 30.09.2010
|
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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Trader of Nissan Cars and Components. |
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Products: |
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GENERAL INFORMATION
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No. of Employees : |
500 (approximately) |
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Bankers : |
·
Mizuho Co-operative Bank, Nariman Point, Mumbai,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
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Address : |
TPL House, 2nd Floor, No. 3 Cenotaph Road, Teynampet,
Chennai – 600018, Tamilnadu, India |
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Tel No.: |
91-44-66328400 |
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Fax No.: |
91-44-24311450 |
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Pan No.: |
AABFS3421N |
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Holding Company : |
·
Nissan Motors Company Limited, Japan |
CAPITAL STRUCTURE
As on 31.03.20010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000
Millions |
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NOTE:
Of the above 1029990000 shares (previous year 212790000)
are held by the Nissan International Holding B.V, Netherland holding company.
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 |
10300.000 |
2128.000 |
42.000 |
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2] Share Application Money |
0.000 |
0.000 |
686.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
88.018 |
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4] (Accumulated Losses) |
(609.478) |
(88.077) |
0.000 |
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NETWORTH |
9690.522 |
2039.923 |
816.018 |
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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 |
9690.522 |
2039.923 |
816.018 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1012.986 |
13.423 |
6.595 |
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Capital work-in-progress |
8641.049 |
2507.509 |
105.827 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.888 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
263.561
|
216.378
|
73.502
|
|
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Sundry Debtors |
139.778
|
0.723
|
0.000
|
|
|
Cash & Bank Balances |
1286.462
|
345.074
|
733.925
|
|
|
Other Current Assets |
1.573
|
2.465
|
0.000
|
|
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Loans & Advances |
301.898
|
47.172
|
14.272
|
|
Total
Current Assets |
1993.272
|
611.812
|
821.699 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
1631.242
|
1020.679
|
67.659
|
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Other Current Liabilities |
323.700
|
71.060
|
32.245
|
|
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Provisions |
1.843
|
1.082
|
19.087
|
|
Total
Current Liabilities |
1956.785
|
1092.821
|
118.991
|
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Net Current Assets |
36.487
|
(481.009)
|
702.708
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9690.522 |
2039.923 |
816.018 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
923.766 |
375.817 |
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Other Income |
184.177 |
85.820 |
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TOTAL |
1107.943 |
461.637 |
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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 |
1629.344 |
635.610 |
NA |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(521.401) |
(173.973) |
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Less |
TAX (I) |
0.000 |
2.123 |
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PROFIT/(LOSS)
AFTER TAX (G-I) (J) |
(521.401) |
(176.096) |
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BALANCE CARRIED
TO THE B/S |
609.478 |
NA |
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|
Earnings Per
Share (Rs.) |
(0.51) |
NA |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(47.06)
|
(38.15) |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
(56.44)
|
(46.29)
|
NA
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.34)
|
(27.83)
|
NA
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09
|
NA
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.54
|
0.15
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.56
|
6.91
|
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The Company has posted a net loss after tax of Rs.521.401 millions
during the financial year ended 31.03.2010 and the said amount has been added
to profit and loss account brought forward from previous year. Balance amount
of Rs. 609.478 millions had been C/F the Balance Sheet as on date.
Operations:
During the current year, the Company has achieved sales of
419 units in the luxury and SUV segment.
FIXED ASSETS:
·
Office Equipments
·
Computers and other
peripherals
·
Furniture and Fittings
·
Vendor Tooling
·
Vehicles
·
Software
·
Leasehold Improvement.
AS PER WEBSITE
Profile:
They are taking the first step into the Indian automobile market with the
launch of Nissan X-TRAIL. The X-TRAIL, a compact SUV has a proven track record
worldwide. Thanks to its excellent on-road performance, world class 4x4
capability and practical and plush interiors. Starting today, you can place the
order for the new X-TRAIL at the dealer outlets in
The X-TRAIL's winning attributes has led to the car being awarded top honours
around the world, including ‘Best Recreational Vehicle' in the UK , ‘Internet
Car of the Year' in Japan , ‘Best Product for Customers' in Mexico , and ‘Best
Small SUV' in Dubai.
Globally, Nissan successfully completed the Nissan Revival Plan, a bold
three-year plan designed to revive the company, a year ahead of schedule.
Starting April 2002, Nissan began implementing NISSAN 180, a comprehensive
three-year operational blueprint for Nissan's continuing revival, calling for
growth, profit and zero debt. Nissan will now begin to roll out its new
attractive products in various markets worldwide. They invite you inside to
explore and learn more about Nissan as a company, as well as the operations
www.nissan-global.com worldwide.
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.47.81 |
|
|
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.