MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNICHARM INDIA PRIVATE LIMITED (w.e.f.01.10.2008) |
|
|
|
|
Formerly Known
As : |
UNICHARM INDIA HYGIENIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.222 and 244, 246 and 247, 2nd Floor, Centrum
Plaza Building, Golf Course Road, Sector – 53, Gurgaon-122002, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.07.2008 |
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|
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|
Com. Reg. No.: |
05-038151 |
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Capital
Investment / Paid-up Capital : |
Rs. 2000.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51391HR2008FTC038151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKU00799B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCU0113A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing and trading of
Disposable personal Hygiene products. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4960000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Unicharm Corporation, Japan. It is a company
having moderate track. There appears some accumulated losses recorded by the
company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. 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 DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
Office No.222 and 244, 246 and 247, 2nd Floor, Centrum Plaza
Building, Golf Course Road, Sector – 53, Gurgaon - 122002, Haryana, India |
|
Tel. No.: |
91-124-4351300 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Yukihiro Kimura |
|
Designation : |
Director |
|
Address : |
1-5-4-604, Shimo Meguro Ku, Tokyo – 1530064, Japan |
|
Date of Birth/Age : |
28.09.1960 |
|
Date of Appointment : |
10.07.2008 |
|
DIN No.: |
02183976 |
|
|
|
|
Name : |
Mr. Makoto Sasaki |
|
Designation : |
Director |
|
Address : |
705 Park Nova, Fujisaw A, 545-48, |
|
Date of Birth/Age : |
27.05.1967 |
|
Date of Appointment : |
10.07.2008 |
|
DIN No.: |
02184058 |
|
|
|
|
Name : |
Mr. Akira Morizane |
|
Designation : |
Director |
|
Address : |
APT. No:4, 8th Floor, Tower A3 Uniworld, Gurgaon – 122002,
Haryana, India |
|
Date of Birth/Age : |
18.04.1953 |
|
Date of Appointment : |
19.11.2010 |
|
DIN No.: |
03293928 |
KEY EXECUTIVES
|
Name : |
Mr. Shalini Chawla |
|
Designation : |
Company Secretary |
|
Address : |
House No. 599, Sector-14, Gurgaon, |
|
Date of Birth/Age : |
24.10.1985 |
|
Date of Appointment : |
11.05.2009 |
|
PAN No: |
AKCPC5589J |
|
|
|
|
Name : |
Mr. Vijay Chaudhary |
|
Designation : |
Dir.- Human Resource and Planning |
|
Date of Birth/Age : |
02.01.1973 |
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|
|
|
Name : |
Mr. Amarender Sathe |
|
Designation : |
Vice-President Sales |
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Date of Birth/Age : |
24.10.1967 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Unicharm Corporation, Japan |
27499999 |
|
Yukihiro Kimura (On Behalf of Unicharm Corporation Japan) |
1 |
|
TOTAL |
27500000 |
AS ON 30.09.2011
|
Name of Allottes |
No. of Shares |
|
Unicharm Corporation, Japan |
7500000 |
|
TOTAL |
7500000 |
AS ON 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and trading of
Disposable personal Hygiene products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
*
Installed Capacity |
Actual
Production |
|
|
|
|
|
|
Baby Diapers |
Qty (Carton) |
6570000 |
283108 |
* Installed capacity is as certified by the management and
relied upon by the auditor, being a technical matter
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Building No.8, 7th Floor and 8th Floor Tower B, |
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PAN.: |
AAFFP3698A |
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|
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Holding Company : |
Unicharm Corporation - |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.100/- each |
Rs. 6500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33850000 |
Equity Shares |
Rs.100/-
each |
Rs. 3385.000 millions |
|
|
|
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AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.100/- each |
Rs. 4000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27500000 |
Equity Shares |
Rs.100/-
each |
Rs. 2750.000
millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.100/- each |
Rs. 4000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.100/-
each |
Rs. 2000.000
millions |
|
|
|
|
|
NOTE:
20000000 Equity shares of Rs. 100/- each, fully paid 19,999,999 Equity Shares held by the Parent Company - Unicharm Corporation, Japan and 1 share held by its nominee
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 |
2000.000 |
1000.000 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(759.968) |
(245.462) |
(23.183) |
|
|
NETWORTH |
1240.032 |
754.538 |
976.817 |
|
|
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 |
20.757 |
0.116 |
0.094 |
|
|
|
|
|
|
|
|
TOTAL |
1260.789 |
754.654 |
976.911 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
914.483 |
88.538 |
83.974 |
|
|
Capital work-in-progress |
388.479 |
618.032 |
143.665 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
190.379
|
42.257 |
4.892 |
|
|
Sundry Debtors |
4.578
|
2.989 |
0.000 |
|
|
Cash & Bank Balances |
282.175
|
131.293 |
816.677 |
|
|
Other Current Assets |
0.234
|
0.000 |
2.428 |
|
|
Loans & Advances |
38.947
|
22.569 |
9.402 |
|
Total
Current Assets |
516.313
|
199.108 |
833.399 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
515.019
|
134.924 |
70.558 |
|
|
Other Current Liabilities |
41.532
|
15.221 |
13.365 |
|
|
Provisions |
1.935
|
0.879 |
0.204 |
|
Total
Current Liabilities |
558.486
|
151.024 |
84.127 |
|
|
Net Current Assets |
(42.173)
|
48.084 |
749.272 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1260.789 |
754.654 |
976.911 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
552.627 |
118.594 |
0.000 |
|
|
|
Other Income |
NA |
19.673 |
17.719 |
|
|
|
TOTAL |
NA |
138.267 |
17.719 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
77.188 |
0.000 |
|
|
|
Personnel Expenses |
|
71.320 |
17.994 |
|
|
|
Administration Expenses |
|
48.003 |
15.762 |
|
|
|
Selling and distribution Expenses |
|
162.443 |
6.408 |
|
|
|
TOTAL |
NA |
358.954 |
40.164 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
(220.687) |
(22.445) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
1.570 |
0.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
(222.257) |
(22.929) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.022 |
0.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
NA |
(222.279) |
(23.183) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(23.183) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(514.505) |
(245.462) |
(23.183) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
NA |
106.180 |
2.846 |
|
|
TOTAL IMPORTS |
NA
|
106.180 |
2.846 |
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Per Share (Rs.) |
(34.21) |
(22.23) |
(5.31) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
(160.76) |
(130.84) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(187.41) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(77.27) |
(2.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.29) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.20 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.32 |
9.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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) |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE:
The Registered Office of the company has been shifted from 402 D and E 4th
Floor, Centrum Plaza Building, Golf Course Road, Sector - 53, Gurgaon-122002,
Haryana, India to the present address w.e.f.15.11.2010.
FINANCIAL RESULT:
During the period the company has incurred a loss of Rs. 514.505 millions only because the Company was in Third year of its incorporation and started their business of BABY DIAPERS in India. The Company has started manufacturing activity in Neemrana for Baby Diaper and Sanitary Napkin in their plant last year. New Product Launches are:- Sanitary Napkin with the brand name of SOFY Unicharm Covers almost all the major cities of India for selling their products and all the directors, key managerial persons and management are hopeful of getting better results in the coming years.
FIXED ASSETS
- Office Equipments
- Computer
- Vehicles
- Furniture and Fittings
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
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 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
26 |
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.