MIRA
INFORM REPORT
|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RENAULT NISSAN AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f.13.03.2008) |
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Formerly Known
As : |
RHOMBUS AUTOMOTIVE PRIVATE LIMITED |
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Registered Office
: |
Plot No. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post),
Sriperumbudur – 602 105, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
18-073002 |
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Capital
Investment / Paid-up Capital : |
Rs. 18917.215 Millions |
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CIN No.: [Company Identification
No.] |
U34100TN2007PTC073002 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Car, Automobiles etc. |
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No. of Employees
: |
4500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 65670000 |
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|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is joint venture between Nissan Group, In view of strong capital base and strong promoter, 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 1, Sipcot Industrial Estate, Oragadam, Mattur (Post),
Sriperumbudur – 602 105, |
|
Tel. No.: |
91-44-37196983 / 37199999 |
|
Mobile No.: |
91-9840896646 (Mr. Shankar N.) |
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Fax No.: |
91-44-67206016 |
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E-Mail : |
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Website : |
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Factory 2 : |
2nd Floor, Krisp IT Park, 942, Vandalur - Kelambakkam Road,
Kizhakottayur, Chennai – 600 048, Tamilnadu, India |
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Tel. No.: |
91-44-67480777 |
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Fax No.: |
91-44-67480739 |
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Marketing Office : |
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DIRECTORS
AS ON 20.11.2011
|
Name : |
Mr. Vincent Michel Luc |
|
Designation : |
Additional Director |
|
Address : |
Rajan Gardens, 2/193, East Coast Road, Uthandi, Chennai-600119,
Tamilnadu, India |
|
Date of Birth/Age : |
14.04.1970 |
|
Date of Appointment : |
07.03.2011 |
|
DIN No.: |
03438831 |
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|
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|
Name : |
Mr. Ko Kimura |
|
Designation : |
Additional Director |
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Address : |
No.11, TVS Avenue, Akkarai, Cheenai-600041, Tamilnadu, India |
|
Date of Birth/Age : |
19.09.1952 |
|
Date of Appointment : |
06.05.2011 |
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DIN No.: |
03505144 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.11.2011
|
Names of Shareholders |
No. of Shares |
|
Renault Group BV, Netherlands |
567516500 |
|
Nissan Motor Company Limited, Japan |
1324205000 |
|
Total |
1891721500 |
AS ON 20.11.2011
|
Equity Shares
Break Up |
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 of Car, Automobiles etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Engines |
Nos. |
400000 |
400000 |
200000 |
|
Vehicle |
Nos. |
400000 |
400000 |
200000 |
GENERAL INFORMATION
|
No. of Employees : |
4500 (Approximately) |
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Bankers : |
Standard Chartered Bank |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
TPL House No. 3, |
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Tel No.: |
91-44-42194400 |
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Fax No.: |
91-44-24311450 |
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PAN No. : |
AABFS3421N |
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Ultimate Holding Company : |
Nissan Motors Company
Limited, Japan |
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Holding Company : |
Renault Group
BV, Netherlands |
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Associates : |
·
Nissan Motor Manufacturing (UK) Limited ·
Nissan Motor India Private Limited ·
Nissan Trading Company Limited, Japan ·
Nissan Motor (Thailand) Company Limited ·
Nissan Motor Iberica, S.A ·
NITCO Siam Company Limited, Thailand ·
Nissan (China) Investment Company Limited ·
Renault Finance, SA ·
Renault India Private Limited ·
Renault Nissan Technologies and Business Centre
India Private Limited |
|
|
|
|
Enterprises that directly, or indirectly through
one or more intermediaries, control, or are controlled by, or are under
common control : |
·
Renault Global Management ·
Nissan Creative Services Company Limited ·
Nissan Europe SAS ·
Renault Sandouville SNC ·
Nissan Powertrain (Thailand) Company Limited ·
Nissan Shanghai Company Limited ·
Nissan Trading Europe Limited ·
Renault-Nissan B.V. ·
Renault Tanger Mediterranean SA ·
Renault S.A.S, France ·
Mahindra Renault India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000000 |
Equity Shares |
Rs.10/- each |
Rs. 45000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1891721500 |
Equity Shares |
Rs.10/- each |
Rs.
18917.215 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 |
18917.215 |
14280.100 |
4344.100 |
|
|
2] Share Application Money |
0.000 |
2634.000 |
1000.000 |
|
|
3] Reserves & Surplus |
22.500 |
22.500 |
0.000 |
|
|
4] (Accumulated Losses) |
(2519.726) |
(2600.092) |
(1208.496) |
|
|
NETWORTH |
16419.989 |
14336.508 |
4135.604 |
|
|
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 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
16419.989 |
14336.508 |
4135.604 |
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
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|
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FIXED ASSETS [Net Block] |
13928.192 |
12212.541 |
57.064 |
|
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Capital work-in-progress |
568.082 |
1620.974 |
4893.514 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.0000 |
1675.621 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.0000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
948.912
|
47.832
|
0.000
|
|
|
Sundry Debtors |
2419.597
|
317.559
|
0.000
|
|
|
Cash & Bank Balances |
185.938
|
515.322
|
846.812
|
|
|
Other Current Assets |
659.974
|
9.176
|
0.291
|
|
|
Loans & Advances |
1937.425
|
1115.662
|
379.219
|
|
Total
Current Assets |
6151.846
|
2005.551 |
1226.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3377.457
|
1944.135
|
649.290
|
|
|
Other Current Liabilities |
837.245
|
1229.083
|
1377.711
|
|
|
Provisions |
13.429
|
4.961
|
14.295
|
|
Total
Current Liabilities |
4228.131
|
3178.179 |
2041.296 |
|
|
Net Current Assets |
1923.715
|
(1172.628)
|
(814.974) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16419.989 |
14336.508 |
4135.604 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4.046 |
0.000 |
|
|
|
Other Income |
|
511.200 |
43.631 |
|
|
|
TOTAL (A) |
7784.410 |
515.246 |
43.631 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material and components consumed |
|
3.215 |
0.000 |
|
|
|
Personnel Expenses |
|
889.941 |
212.767 |
|
|
|
Operating and other Expenses |
|
760.384 |
1005.542 |
|
|
|
Increase in inventories |
|
(0.319) |
0.000 |
|
|
|
TOTAL (B) |
6939.660 |
1653.221 |
1218.309 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
844.750 |
(1137.975) |
(1174.678) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1.520 |
0.886 |
0.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
843.230 |
(1138.861) |
(1175.171) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
762.910 |
252.734 |
4.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
80.320 |
(1391.595) |
(1179.848) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
14.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
80.320 |
(1391.595) |
(1194.377) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(1208.497) |
(14.120) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(2600.092) |
(1208.497) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
3.600 |
0.280 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3035.000 |
50.350 |
0.000 |
|
|
|
Capital Goods |
226.060 |
2713.390 |
0.000 |
|
|
TOTAL IMPORTS |
3261.06 |
2763.740 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.04 |
(1.99) |
(6.78) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.03
|
(270.08)
|
(2737.45) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(34394.34)
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40
|
(9.79)
|
(91.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.10)
|
(0.29) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.22
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
0.63
|
0.60 |
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. Constructions 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 |
Yes |
|
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 |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
Yes |
CHANGE OF ADDRESS
NOTE
The Registered Office of the company has been shifted from
BACKGROUND
Subject was
incorporated on September 25, 2007. The Company has been incorporated as a
Joint venture between Renault Group BV, Netherlands and Nissan Motor Company
Limited, Japan. The Company is engaged in the manufacture of powertrains for
sale to its group Company, Nissan Motor India Private Limited (NMIPL). The
Company also acts as an infrastructure service provider (including manpower and
machinery) to its group Company, NMIPL effective April 1, 2009. The Company has
commenced the commercial production of power train plant on February 5, 2010.
FIXED ASSETS:
·
Leasehold land
·
Building
·
Plant and machinery
·
Computers and other peripherals
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
·
Tools
·
Computer software
News
THE
RENAULT-NISSAN ALLIANCE INAUGURATES PLANT IN CHENNAI , INDIA
First dedicated Alliance
The inaugural ceremony was attended by the representatives
of state government led by Dr. Kalaignar Karunanidhi, the Chief Minister of
Tamil Nadu.
Representing an investment of 45 billion Rupees ($990
million) and with the capacity to produce 400,000 units per year at full ramp
up, the new Chennai plant will initially employ 1,500 workers at start of
production in May 2010. With a supplier park of six companies in Chennai, the
company estimates a total of 6,000 jobs will be created in the region.
"Our plant in Chennai represents a key milestone for
the Renault Nissan Alliance in
The first vehicle to be produced at the plant will be the
new Nissan Micra, a global sub-compact. The Micra, which is the also first
vehicle derived from the new V-platform, is destined for the Indian market as
well as for export to over 100 countries in Europe, the Middle East and Africa.
In 2011, the plant will start production of the Renault Koleos and Fluence,
both destined for the Indian market.
The new plant will operate in full compliance with
Akira Sakurai, Managing Director and CEO of Renault Nissan
Automotive India Private Limited, said: "The opening of any new plant is a
significant achievement, but the speed and quality of execution at this plant
in Chennai has been exceptional."
"I want to recognize the support from the state of
Tamil Nadu and our employees who have helped make this plant a reality and will
lead us to both domestic and export success with the products we are
building", continued Sakurai.
Chennai already plays host to the Renault-Nissan Technology
and Business Centre India Private Ltd (RNTBCI) which is contributing to both
partners' global operations in the key areas of advanced research and
development, advanced CAE (Computer-Aided Engineering), product development,
digital vehicle development, information systems development and local and
global parts sourcing.
The Renault-Nissan Alliance announced its plans to build a
new manufacturing plant in
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. 52.68 |
|
|
1 |
Rs. 85.12 |
|
Euro |
1 |
Rs. 69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
3 |
|
--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 |
|
28 |
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.