MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
KOYO BEARINGS INDIA PRIVATE LIMITED |
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Registered
Office : |
Ground Floor, E-1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.06.2009 |
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Com. Reg. No.: |
08-050203 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U29253KA2009FTC050203 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK09440E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Business Auxiliary Service to Koyo Bearings |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 920000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having satisfactory track. The
company is progressing well. Track relations are reported as fair. Business
is active. Payments are reported to be usually correct and as per
commitments. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 : |
Ground Floor, E-1, |
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Tel. No.: |
91-80-42764529 |
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Fax No.: |
91-80-42764568 |
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E-Mail : |
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Website : |
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Factory : |
Bawal Industrial Area, |
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Branch Office : |
C/o Stylus Commercial Services Private Limited, Ground Floor, The
Beach, E-1, |
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Tel. No.: |
91-80-42764567 / 42764529 |
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Fax No.: |
91-80-42764568 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Akira Nishimura |
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Designation : |
Director |
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Address : |
1, |
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Date of Birth/Age : |
11.12.1951 |
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Date of Appointment : |
23.06.2009 |
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DIN No.: |
02614555 |
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Name : |
Mr. Yoshio Tsuji |
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Designation : |
Director |
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Address : |
Shiraniwadai, 1 Choume, 2Banchi
21, Ikoma, |
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Date of Birth/Age : |
19.09.1956 |
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Date of Appointment : |
17.11.2010 |
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DIN No.: |
03225563 |
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Name : |
Mr. Mitsuru Shoji |
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Designation : |
Managing Director |
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Address : |
Flat No.#207, Four Seasons No.16, Brunton Road, Bangalore – 560025,
Karnataka, India |
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Date of Birth/Age : |
05.09.1957 |
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Date of Appointment : |
14.04.2011 |
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DIN No.: |
03471740 |
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Name : |
Mr. Shinichi Jinno |
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Designation : |
Director |
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Address : |
House No. D-162, Westend High, DLF-V, Gurgaon – 122002, |
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Date of Birth/Age : |
18.07.1958 |
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Date of Appointment : |
28.09.2011 |
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DIN No.: |
03631747 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Jteki Corporation, |
|
56250000 |
|
Koyo |
|
5350000 |
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Total |
|
61600000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Providing Business Auxiliary Service to Koyo Bearings |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Christopher Srikanth and Srikanth Chartered Accountants |
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Address : |
2nd Floor, |
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PAN.: |
AADFJ0586H |
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Holding Company : |
JTEKT Corporation |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
259800000 |
Equity Shares |
Rs.10/- each |
Rs.2598.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
61600000 |
Equity Shares |
Rs.10/- each |
Rs.616.000
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.000 |
10.000 |
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|
2] Share Application Money |
|
194.000 |
0.000 |
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3] Reserves & Surplus |
|
24.881 |
10.400 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
228.881 |
20.400 |
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LOAN FUNDS |
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|
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|
|
1] Secured Loans |
|
0.553 |
0.729 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.553 |
0.729 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
229.434 |
21.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.523 |
1.618 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.012 |
0.093 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
13.321 |
0.000 |
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Sundry Debtors |
|
7.645 |
9.772 |
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Cash & Bank Balances |
|
197.470 |
12.730 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
12.594 |
2.632 |
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Total
Current Assets |
|
231.030 |
25.134 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
|
18.732
|
3.048 |
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Other Current Liabilities |
|
1.204
|
0.434 |
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Provisions |
|
0.395
|
2.234 |
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Total
Current Liabilities |
|
20.331
|
5.716 |
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Net Current Assets |
|
210.699 |
19.418 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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CAPITAL ADVANCE |
|
16.200 |
0.000 |
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TOTAL |
|
229.434 |
21.129 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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68.398 |
32.180 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
44.896 |
15.623 |
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PROFIT BEFORE
TAX |
|
23.502 |
16.557 |
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Less |
TAX |
|
9.021 |
6.157 |
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PROFIT AFTER TAX
|
|
14.481 |
10.400 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
|
64.727 |
32.035 |
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TOTAL EARNINGS |
|
64.727 |
32.035 |
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Earnings Per
Share (Rs.) |
|
14.48 |
10.40 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
21.17 |
32.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.11 |
61.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.81 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.09 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
|
|
11.36 |
4.40 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered address of the company has been shifted from “906,
Prestige Merdian – 1, 9th Floor,
OPERATIONS:
The company has achieved a total
income of Rs.68.398 Millions for the year ended March 31,2011 as against
Rs.32.180 Millions during last financial year ended on March 31, 2010. Net
Profit of the company for the year ended March 31, 2011 stood at Rs.14.481 Millions
as against Net Profit of Rs.10.400 Millions for the last financial year. The
board is confident of achieving better results in the forthcoming years.
FIXED ASSETS:
- Computers
- Office
Equipments
- Furniture and
Fixtures
- Motor Vehicle
- Computer Software
PRESS RELEASE:
Haryana clears 28 projects worth Rs.25000.000 Millions
These projects are expected to generate
employment for over 9,000 people, a spokesperson of the state government said
here.
The new projects would be set up by corporate
houses and multinational companies (MNCs) in various industrial estates developed
by the Haryana State Industrial and Infrastructure Development Corporation
(HSIIDC).
The allotments for these projects have been
finalised in the Industrial Model Township (IMT) Manesar; Growth Centre-Bawal,
IMT Rohtak, and at industrial estates at Rai, Gurgaon, Kundli and Bahadurgarh.
The companies sanctioned plots include leading
steering manufacturer Koyo Bearings India Private Limited (10 acres at Bawal,
investment Rs.4480.000 Millions), Can Pack India Private Limited, a subsidiary
of Can Pack of Poland (10 acres at Rai near Sonipat, investment Rs.3930.000
Millions), Hero Motors Limited (30 acres at Bawal, investment over Rs.4750.000
Millions) and others.
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.52.23 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
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.