MIRA
INFORM REPORT
|
Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISSAN MOTOR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.1A, SIPCOT Industrial Area, Orgadam, Mattur Post,
Sriperumpudur – 602 105, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.02.2005 |
|
|
|
|
Com. Reg. No.: |
18-073897 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10300.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100TN2005PTC073897 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN12286B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN0695D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer,
Purchaser and Seller of Motor Vehicles and Related Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Nissan Motors Company Limited, 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.1A, SIPCOT Industrial Area, Orgadam, Mattur Post,
Sriperumpudur – 602 105, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located at: v
Chennai |
DIRECTORS
As on 30.09.2010
|
Name : |
Hideo Niwa |
|
Designation : |
Director |
|
Address : |
Dal 2 Kikyou building
202,2-1-1 Kodai , Miyamae-ku, Kawasaki-City, |
|
Date of Birth/Age : |
22.04.1967 |
|
Date of Appointment : |
03.03.2005 |
|
DIN No.: |
01549638 |
|
|
|
|
Name : |
Kiminobu Tokuyama |
|
Designation : |
Managing Director |
|
Address : |
Grand Hyatt
Residence Mumbai, Off |
|
Date of Birth/Age : |
12.09.1955 |
|
Date of Appointment : |
08.01.2009 |
|
DIN No.: |
02649555 |
KEY EXECUTIVES
|
Name : |
Venkateswaran Radhakrishnan Trichur |
|
Designation : |
Manager |
|
Date of Appointment : |
07.04.2005 |
|
PAN No.: |
AACPT4368E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDERS - NOT AVAILABLE
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Purchaser and Seller of Motor Vehicles and Related Components. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-44-66328400 |
|
Fax No.: |
91-44-24311450 |
|
PAN No.: |
AABFS3412N |
|
|
|
|
Ultimate holding
Company : |
Nissan Motor
Company Limited, |
|
|
|
|
Holding Company : |
Nissan
International Holdings B.V., |
|
|
|
|
Enterprises that directly, or indirectly through
one or more intermediaries, control, or are controlled by, or are under
common control : |
v Renault Nissan
Automotive India Private Limited (RNAIPL) v Renault Nissan
Technology and Business Centre India Private Limited (RNTBCI) v Nissan Trading
Company Limited, v Nissan
Powertrain ( v Nissan Motor
Company v Siam Nissan
Automobile Company Limited v Nissan China
Investment Company Limited v Nissan
International S.A.(NISA) v v Nissan Motor ( v Nissan Motor
Iberica, S.A. v Nissan Motor
Thailand Company Limited v v Nissan Trading
China Company Limited v Nissan Trading
Europe Limited v NITCO Siam
Company Limited v Yulon Motor
Company Limited v Nissan Motor
Manufacturing ( v Renault SAS v v Nissan Middle v Nissan Nordic v Nissan Motor v P.T. Nissan
Motor v Renault
Sandouville SNC v Nissan South v Nissan Trading
Corporation v Nissan Motor Car
Carrier Company Limited v Nissan Europe
S.A.S v Nissan Shanghai
Company Limited v Nissan Ashok
Leyland Technologies Limited v Nissan Creative
Services Company Limited v Renault India
Private Limited v Dongfeng Nissan
Engine Branch Company |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10300.000 |
10300.000 |
2128.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(3399.490) |
(609.478) |
(88.077) |
|
|
NETWORTH |
6900.510 |
9690.522 |
2039.923 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1866.180 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1866.180 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8766.690 |
9690.522 |
2039.923 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9546.979 |
1012.986 |
13.424 |
|
|
Capital work-in-progress |
2358.314 |
8641.049 |
2507.509 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9273.297
|
263.561
|
216.378 |
|
|
Sundry Debtors |
5966.069
|
139.778
|
0.723 |
|
|
Cash & Bank Balances |
1871.514
|
1286.462
|
345.074 |
|
|
Other Current Assets |
35.589
|
1.573
|
2.465 |
|
|
Loans & Advances |
7045.058
|
301.898
|
47.172 |
|
Total
Current Assets |
24191.527
|
1993.272
|
611.812 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15273.839
|
1631.242
|
1020.679 |
|
|
Other Current Liabilities |
11718.844
|
323.700
|
71.061 |
|
|
Provisions |
337.447
|
1.843
|
1.082 |
|
Total
Current Liabilities |
27330.130
|
1956.785
|
1092.822 |
|
|
Net Current Assets |
(3138.603)
|
36.487
|
(481.010) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8766.690 |
9690.522 |
2039.923 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
38064.850 |
923.766 |
375.817 |
|
|
|
Other Income |
|
184.177 |
85.820 |
|
|
|
TOTAL |
38064.850 |
1107.943 |
461.637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Expenses |
NA |
1629.344 |
635.610 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
1629.344 |
635.610 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
(521.401) |
(173.974) |
|
|
|
|
|
|
|
|
|
|
TAX |
NA |
0.000 |
2.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(2790.010) |
(521.401) |
(176.096) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.71) |
(0.51) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.33) |
(47.06)
|
(38.14) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(56.44)
|
(46.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(17.34)
|
(27.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
(0.05)
|
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.23 |
0.20
|
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
1.02
|
0.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export / Import
details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
No |
Note:
The registered office of the company has been shifted from 10th
Floor, Godrej Coliseum, Somaiya Hospital Road, Opposite Eastern Express
Highway, Sion (East), Mumbai – 400 022, Maharashtra to the present address
w.e.f. 26.11.2009.
BACKGROUND:
The Company was
incorporated on February 7, 2005. The Company operates in a facility leased by
its group Company, Renault Nissan Automotive India Private Limited (RNAIPL) and
also utilizes the common infrastructure and shared services provided by RNAIPL.
The Company is also engaged in the purchase and sale of motor vehicles, spare
parts in
FINANCIAL PERFORMANCE AND OPERATIONS:
The company has
made significant improvement in terms of turnover during the financial year
2010-11. The turnover achieved during the year 2010-11 was Rs.38064.850
Millions compared to Rs.1107.940 Millions during the year 2009-10. However
losses after tax for the year 2010-11 amounted to Rs.2790.010 Millions compared
to Rs.521.400 Millions in 2009-10.
FIXED ASSETS:
v Plant and Machinery
v Office Equipments
v Factory Equipments
v Computer and Other Peripherals
v Furniture and Fixtures
v Motor Vehicles
v Leasehold Improvements
v Other Fixed Assets
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 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.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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.