MIRA
INFORM REPORT
|
Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASB INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
Plot No.E-9, MIDC, Additional Ambernath Industrial Area, Anand Nagar,
Thane – 421 506, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.02.1997 |
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Com. Reg. No.: |
11-134840 |
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Capital
Investment / Paid-up Capital : |
Rs. 520.000 Millions |
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CIN No.: [Company Identification
No.] |
U25209MH1997PTC134840 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05068A |
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PAN No.: [Permanent Account No.] |
AAACA8424F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Mould Machines. |
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No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.
INFORMATION PARTED BY
|
Name : |
Ms. Gargi Ranade |
|
Designation : |
Secretary |
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Contact No.: |
91-251-2625000 |
|
Date : |
24.02.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. E-9, MIDC, Additional Ambernath Industrial Area, Anand Nagar,
Thane – 421 506, Maharashtra, India |
|
Tel. No.: |
91-251-2625000/ 2621802/ 2621803/ 2621804 |
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Fax No.: |
91-251-2621815/ 2625035/ 2625055/ 2621805 |
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E-Mail : |
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Website : |
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Area : |
10000 sq ft |
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Location : |
Owned |
DIRECTORS
AS ON 29.06.2011
|
Name : |
Mr. Ichiro Naota Mizuuchi |
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Designation : |
Managing Director |
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Address : |
376-2, Hirabayashi, Nagano-Shi, |
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Date of Birth/Age : |
13.04.1956 |
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Date of Appointment : |
27.07.1998 |
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DIN No.: |
01247739 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
1-4-5, Midorigaoka, Veda-shi, Nagano-ken - 386, Japan |
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Date of Birth/Age : |
15.11.1972 |
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Date of Appointment : |
04.08.1997 |
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DIN No.: |
01558065 |
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Name : |
Mr. Masanao Harada |
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Designation : |
Whole Time Director |
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Address : |
3-88 Wakabadai, |
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Date of Birth/Age : |
16.07.1944 |
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Date of Appointment : |
09.07.2009 |
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DIN No.: |
02601757 |
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Name : |
Mr. Rajkumar Baghchand Jagyasi |
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Designation : |
Whole Time Director |
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Address : |
Barrack No.1532, Room No.3, Sector No. 29, Ulhas Nagar, Thane –
421004, |
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Date of Birth/Age : |
11.12.1963 |
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Date of Appointment : |
09.06.2006 |
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DIN No.: |
01386004 |
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Name : |
Mr. Koichi Shigekazu Kondo |
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Designation : |
Director |
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Address : |
973, Kurashina, Kosoyoku-shi, |
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Date of Birth/Age : |
17.10.1958 |
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Date of Appointment : |
01.04.2001 |
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DIN No.: |
03517243 |
KEY EXECUTIVES
|
Name : |
Ms. Gargi Ranade |
|
Designation : |
Secretary |
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Address : |
1-13 Parimal CHS Limited, |
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Date of Birth/Age : |
23.10.1982 |
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Date of Appointment : |
21.04.2009 |
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Pan No.: |
ALSPR4314F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Nissei ASB Machine Company Limited, |
35999998 |
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Nissei ASB PTE Limited, |
02 |
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Total |
36000000 |
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Names of Preference Shareholders |
No. of Shares |
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Nissei ASB Machine Company Limited, Japan |
16000000 |
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Total |
16000000 |
AS ON 29.06.2011
|
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 Plastic Mould Machines. |
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Products : |
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Exports : |
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Products : |
Plastic Mould |
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Countries : |
·
Europen Countries ·
Japan ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Japan ·
Taiwan |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Container Design,
Mould Design, Mould, Injection Un its, Blow Molding, Machine ( Partly
assembled and fully assembled) and components and parts thereof, Machine
Design, Machine part, design and any such related ancillary |
Pieces |
1400 |
-- |
|
Machines/ Semi finished machines |
Nos. |
-- |
482 |
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Molds/ Mold Parts |
Nos. |
-- |
703 |
GENERAL INFORMATION
|
Customers : |
End Users, OEM’s and Manufacturer
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No. of Employees : |
800 (Approximately) |
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Bankers : |
· Bank of Tokyo-Mitsubishi Limited, Vinay K Shah Marg, Nariman Point, Mumbai-400021, Maharashtra, India · Mizuho Corporate Bank Limited, Maker Chambers, 3, Jamnalal Bajaj Road, Mumbai-400021, Maharashtra, India · HDFC Bank Limited ·
ICICI
Bank Limited ·
Bank of Baroda |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No.: |
AACFD4815A |
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Holding Company : |
Nissei ASB Machine Company Limited, Japan |
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Fellow Associates : |
·
Nissei ASB Limited (UK) ·
Nissei ASB Pte. Limited (Singapore) ·
Nissei ASB GmbH (Germany) ·
Nissei ASB Centro America S.A.DE C.V. (Mexico) ·
Nissei ASB Company (Atlanta) ·
Shanghai Machine Company Limited, (China) ·
Nissei ASB South Africa (Pty) Limited (South
Africa) ·
ASB PTE (Thailand) Company Limited (Thailand) ·
Nissei ASB FZE (Dubai) ·
Nissei ASB Med iterranea, SL (Spain) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
36000000 |
Equity Shares |
Rs.10/- each |
Rs. 360.000 Millions |
|
40000000 |
Preference Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
Total
|
|
Rs. 760.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs. 360.000
Millions |
|
16000000 |
Preference Shares |
Rs.10/- each |
Rs. 160.000
Millions |
|
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Total
|
|
Rs. 520.000 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 |
520.000 |
620.000 |
720.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
845.546 |
634.909 |
443.329 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1365.546 |
1254.909 |
1163.329 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
197.440 |
231.989 |
331.076 |
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TOTAL BORROWING |
197.440 |
231.989 |
331.076 |
|
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DEFERRED TAX LIABILITIES |
20.528 |
12.822 |
0.000 |
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TOTAL |
1583.514 |
1499.720 |
1494.405 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
560.121 |
550.332 |
621.907 |
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Capital work-in-progress |
33.498 |
5.835 |
5.516 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
903.620
|
694.792
|
758.151
|
|
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Sundry Debtors |
302.249
|
163.629
|
290.575
|
|
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Cash & Bank Balances |
219.306
|
616.124
|
208.034
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
133.961
|
105.232
|
81.614
|
|
Total
Current Assets |
1559.136
|
1579.777 |
1338.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
262.532
|
309.436 |
258.936 |
|
|
Other Current Liabilities |
201.540
|
144.525
|
143.251 |
|
|
Provisions |
105.172
|
182.266
|
69.208
|
|
Total
Current Liabilities |
569.244
|
636.227 |
471.395 |
|
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Net Current Assets |
989.892
|
943.550
|
866.979
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
1583.514 |
1499.720 |
1494.405 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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|
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|
|
|
Sales and Services (Net) |
|
2500.464 |
2604.473 |
|
|
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Other Income |
|
48.892 |
13.353 |
|
|
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TOTAL (A) |
3120.993 |
2549.356 |
2617.826 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials/ Bought Out Items Consumed |
|
1155.381 |
1471.496 |
|
|
|
Manufacturing Expenses |
|
292.515 |
324.421 |
|
|
|
Personnel Cost |
|
235.560 |
231.892 |
|
|
|
Administration and Selling Expenses |
|
131.194 |
130.453 |
|
|
|
Other General Expenses |
|
9.501 |
8.890 |
|
|
|
Increase/Decrease in Stock |
|
65.583 |
(53.816) |
|
|
|
TOTAL (B) |
2637.758 |
1889.734 |
2113.336 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
483.235 |
659.622 |
504.490 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
9.572 |
11.127 |
14.259 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
473.663 |
648.495 |
490.231 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.738 |
123.647 |
119.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
398.925 |
524.848 |
370.435 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
95.271 |
102.593 |
44.215 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
303.654 |
422.255 |
326.220 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
452.683 |
403.329 |
163.128 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
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Dividend on: |
|
|
|
|
|
|
- Preference Shares |
26.000 |
35.167 |
39.334 |
|
|
|
- Dividend Distribution Tax thereon |
0.000 |
5.976 |
6.685 |
|
|
|
Equity Shares: |
|
|
|
|
|
|
- Interim |
54.000 |
54.000 |
0.000 |
|
|
|
- Final Proposed |
0.000 |
108.000 |
0.000 |
|
|
|
- Dividend Distribution Tax thereon |
13.017 |
27.532 |
0.000 |
|
|
|
Transfer to General Reserve |
15.200 |
42.226 |
0.000 |
|
|
|
Transfer to capital Redemption Reserve |
100.000 |
100.000 |
40.000 |
|
|
BALANCE CARRIED
TO THE B/S |
548.120 |
452.683 |
403.329 |
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1739.602 |
1021.586 |
1719.301 |
|
|
|
Service Income |
1.588 |
0.000 |
0.385 |
|
|
TOTAL EARNINGS |
1741.190 |
1021.586 |
1719.686 |
|
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|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1103.690 |
658.497 |
723.550 |
|
|
|
Stores & Spares |
33.207 |
23.334 |
31.431 |
|
|
|
Capital Goods |
54.681 |
45.688 |
2.683 |
|
|
TOTAL IMPORTS |
1191.578 |
727.519 |
757.664 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.59 |
10.59 |
7.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.73
|
16.56
|
12.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
20.99
|
14.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.82
|
24.64
|
18.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.42
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.69
|
0.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.48
|
2.84
|
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 |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
No |
|
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 |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to micro
and small enterprises |
1.371 |
1.280 |
2.522 |
|
- Due to others |
261.161 |
308.156 |
256.414 |
|
Total |
262.532 |
309.436 |
258.936 |
PERFORMANCE
The year is the Company’s
Eleventh full year of operation. The Year 2010-11 witnessed revival of global
economy from financial meltdown of 2008-09. Though it is not easy to absorb
negative effect of global turmoil, the Company responded to these challenges in
a timely manner and delivered Net Profit of Rs. 303.653 Millions for the year.
FUTURE OUTLOOK
The Company
expects a healthy growth in coming years. To keep pace with the growing demand,
the Company proposes to produce more series of machines and increase the production.
In upcoming years
the Company proposes to step up commitments to build organizational capacity,
management bandwidth and the ability to execute their strategic initiatives.
This is critical commitment to build a process and performance based organization.
It is essential to strengthen these platforms to achieve Company’s next phase
of expansion.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
The Company had
received a show cause cum demand of Rs. 1.758 Millions (Previous year Rs. 1.758
Millions) from the Additional Commissioner of Central Excise for payment of
service tax. The Company has filed an appeal against the order which is pending
with CESTAT. However a stay has been granted in favour of the company towards
pre deposit of the sum demanded.
Bills of Exchange
discounted which are not yet due for an amount of Rs. 41.198 Millions (Previous
year Rs. 17.581 Millions). The Company has accepted Demand Promissory Notes as
a counter guarantee in case of dishonor of the above bills of exchange. However
the Company’s liability would be secondary as these bills of exchange are
backed by the Letter of Credit of the same Bank viz. Shamrao Vithal
Co-operative Bank Limited.
FIXED ASSETS:
- Building
- Plant and
Machinery
- Factory Equipment
- Electrical
Installation
- Furniture and
Fittings
- Computers
- Vehicles
- Patterns
- Technical
Know How
- Software
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. 49.14 |
|
|
1 |
Rs. 77.85 |
|
Euro |
1 |
Rs. 66.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.