|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
HONDA EXPRESS LOGISTICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
P-606, Anupam Apartments, Near Karkardooma Court, East Arjun Nagar, Shahdara,
New Delhi-110032 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.05.2005 |
|
|
|
|
Com. Reg. No.: |
55-136703 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.388.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300DL2005PTC136703 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH05212E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH5607E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of Logistic, Warehousing, Transportation, and
Packaging and Delivery of Services of all types of automotive components,
spare parts, semi finished products and equipment for all type of vehicles
and other materials. The company also providing consultancy services to
automobile and auto component manufacturing of logistics and ancillary
services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
accumulated losses recorded by the company. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
|
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
P-606, Anupam Apartments, Near Karkardooma Court, East Arjun Nagar,
Shahdara, New Delhi-110032, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 29.08.2011
|
Name : |
Tatsuya Aoki |
||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||
|
Date of Appointment : |
01.05.2011 |
||||||||||||||||
|
Din No.: |
03540951 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Masayuki Kawahara |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
A-101, Defence Colony, New Delhi-110024, India |
||||||||||||||||
|
Date of Birth/Age : |
08.06.1949 |
||||||||||||||||
|
Date of Appointment : |
06.10.2005 |
||||||||||||||||
|
Din No.: |
02430486 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Einosuke Nakahara |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
48-4, Tochigi-Ken, Niigata-3200017 |
||||||||||||||||
|
Date of Birth/Age : |
17.04.1955 |
||||||||||||||||
|
Date of Appointment : |
25.06.2010 |
||||||||||||||||
|
Din No.: |
03149493 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mukai Junkichi |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
2306-2-517, Nagatsuda-Cho Kanagawa-2260026 |
||||||||||||||||
|
Date of Birth/Age : |
25.11.1958 |
||||||||||||||||
|
Date of Appointment : |
25.06.2010 |
||||||||||||||||
|
Din No.: |
03154690 |
||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Honda Logistic Inc., Japan |
|
384444000 |
|
PSG Co. Limited, Japan |
|
416000 |
As on 25.11.2011
|
Names of Allottee |
|
No. of Shares |
|
Honda Logistic Inc., Japan |
|
57300000 |
As on 29.08.2011
|
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 : |
Subject is
engaged in the business of Logistic, Warehousing, Transportation, and
Packaging and Delivery of Services of all types of automotive components,
spare parts, semi finished products and equipment for all type of vehicles
and other materials. The company also providing consultancy services to
automobile and auto component manufacturing of logistics and ancillary
services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pankaj Chaturvedi Chartered Accountants |
|
Address : |
Flat C-4/Y, Shristi Apartments, GH-56, Sector-56, Gurgaon, Haryana,
India |
|
Pan No.: |
AABFC9567F |
|
|
|
|
Holding Company : |
Honda Logistics Inc., Japan |
|
|
|
|
Fellow Subsidiary : |
·
Honda Motors India Private Limited ·
Honda Siel Car India Limited ·
Honda Siel Power Products Limited ·
Rajasthan prime steel Processing centre Private
Limited ·
Honda Trading Corporation India Private Limited ·
Yutaka Auto parts India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38860000 |
Equity Shares |
Rs.10/- each |
Rs.388.600
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 |
388.600 |
388.600 |
171.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
217.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(186.655) |
(193.387) |
(200.443) |
|
|
NETWORTH |
201.945 |
195.213 |
188.157 |
|
|
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 |
0.039 |
0.039 |
|
|
|
|
|
|
|
|
TOTAL |
201.945 |
195.252 |
188.196 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.329 |
24.502 |
31.424 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.020
|
0.000 |
0.000 |
|
|
Sundry Debtors |
56.161
|
17.885 |
46.040 |
|
|
Cash & Bank Balances |
149.362
|
151.184 |
157.447 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
39.045
|
27.669 |
16.328 |
|
Total
Current Assets |
244.588
|
196.738 |
219.815 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.887
|
18.427 |
48.896 |
|
|
Other Current Liabilities |
3.741
|
5.102 |
13.130 |
|
|
Provisions |
4.344
|
2.459 |
1.017 |
|
Total
Current Liabilities |
70.972
|
25.988 |
63.043 |
|
|
Net Current Assets |
173.616
|
170.750 |
156.772 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
201.945 |
195.252 |
188.196 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
6.732 |
7.055 |
(11.063) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.17 |
0.18 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.13 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45
|
7.57 |
3.49 |
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 |
No |
|
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 |
No |
|
24) Banking facility details |
No |
|
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 |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Passport
No of Proprietor/Partner/Director, if available |
No |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
NOTE:
The registered office of the company has been shifted from M-87, Ground Floor, Greater Kailash Part II, New Delhi-110048, India to the present address w.e.f. 02.05.2011.
FINANCIAL RESULTS, OPERATIONS AND FUTURE PROSPECTS:
During the year
the company has earned Profit of Rs. 6.732 Millions (previous year Profit Rs
7.055 Millions), The year was a period of global down turn trend in the
business but they have made sufficient and successful efforts to come out of
Red and consequently in this year they have made a profit, they are hopeful
that things will be better in next financial year. Due to the losses in the
past capital of the company was eroded substantially but an infusion of capital
has been made by shareholders during the year in line with their long term
commitment to India Market Management has also taken several cost reduction
measures in operational cost and planned to improve the efficiency of
operations also, every effort is being made to reduce the fixed cost also The
Directors are confident for the better future of the company.
COMPANY OVERVIEW:
The company is
engaged in the business of Logistic, Warehousing, Transportation, and Packaging
and Delivery of Services of all types of automotive components, spare parts,
semi finished products and equipment for all type of vehicles and other
materials. The company also providing consultancy services to automobile and
auto component manufacturing of logistics and ancillary services.
FIXED ASSETS:
·
Leasehold Building
·
Plant and Machinery
·
Furniture and Fittings
·
Computers
·
Motor Car
·
Commercial Vehicles
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.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.