MIRA
INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISSAN MOTORS 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.: |
18-073897 |
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Capital
Investment / 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
: |
Importer and Trader of Nissan Cars and Components. |
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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 |
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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 Company Limited, Japan.
Profitability of the company is under pressure. There appears 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
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 : |
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, Kawasaki 244004, Japan |
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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 |
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Name : |
Kiminobu Tokuyama |
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Designation : |
Managing director |
|
Address : |
Grand Hyatt
Residence Mumbai, Off Western Express Highway, Santacruz (East) Mumbai -
400055, Maharashtra, India |
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Date of Birth/Age : |
12.09.1955 |
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Date of Appointment : |
08.01.2009 |
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DIN No.: |
02649555 |
KEY EXECUTIVES
|
Name : |
Venkateswaran Radhakrishnan Trichur |
|
Designation : |
Manager |
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Date of Appointment : |
07.04.2005 |
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AACPT4368E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
Equity Share Break up (Percentage of Total Equity)
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Trader of Nissan Cars and Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
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.: |
AABFS3421N |
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Holding Company : |
Nissan Motors Company Limited Japan |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1030000000 |
Equity Shares |
Rs.10/- each |
Rs.10300.000
Millions |
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|
|
|
|
Note:
Of the above:
1029990000 shares are held by Nissan International
Holdings B.V. Netherlands, the 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 |
|
|
|
|
|
1] Share Capital |
10300.000 |
2128.000 |
42.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
686.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
88.018 |
|
|
4] (Accumulated Losses) |
(609.478) |
(88.077) |
0.000 |
|
|
NETWORTH |
9690.522 |
2039.923 |
816.018 |
|
|
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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|
|
|
|
|
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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] |
1012.987 |
13.424 |
6.595 |
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Capital work-in-progress |
8641.049 |
2507.509 |
106.027 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.887 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
263.561
|
216.378 |
73.502 |
|
|
Sundry Debtors |
139.778
|
0.723 |
0.000 |
|
|
Cash & Bank Balances |
1286.462
|
345.074 |
733.925 |
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|
Other Current Assets |
1.573
|
2.465 |
1.168 |
|
|
Loans & Advances |
301.898
|
47.172 |
12.846 |
|
Total
Current Assets |
1993.272
|
611.812 |
821.441 |
|
|
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
|
71.061 |
32.186 |
|
|
Provisions |
1.844
|
1.082 |
19.087 |
|
Total
Current Liabilities |
1956.786
|
1092.822 |
118.932 |
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Net Current Assets |
36.486
|
(481.010) |
702.509 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9690.522 |
2039.923 |
816.018 |
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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 |
NA |
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TOTAL |
1107.943 |
461.637 |
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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 BEFORE
TAX |
(521.401) |
(173.974) |
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TAX |
0.000 |
2.122 |
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PROFIT AFTER TAX
|
(521.401) |
(176.096) |
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BALANCE CARRIED
TO THE B/S |
609.478 |
NA |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.263 |
NA |
NA |
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TOTAL EARNINGS |
0.263 |
NA |
NA |
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Earnings Per
Share (Rs.) |
0.51 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
47.06
|
38.14 |
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
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.54 |
0.14 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.56 |
6.91 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered address of the company 10th Floor, Godrej
Coliseum, Somaiya Hospital Road, Opposite Eastern Express Highway, Sion (East),
Mumbai – 400022, Maharashtra, India has been shifted to the present address
w.e.f. 26.11.2009
FINANCIAL RESULTS
The Company has posted a net loss after tax of Rs.521.401
Millions during the financial year ended 31st March, 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
·
Leasehold Improvements
·
Computer and other peripherals
·
Office Equipments
·
Furniture and Fittings
·
Vendor tooling
·
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 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.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
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 |
NO |
|
--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 |
|
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.