MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI CORPORATION INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
MC INTERNATIONAL INDIA PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.05.1996 |
|
|
|
|
Com. Reg. No.: |
55-079069 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1200.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201DL1996PTC079069 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and Fork
Tubes. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/Head Office : |
5th Floor, |
|
Tel. No. : |
91-11-43682300/ 41503888 |
|
Fax No. : |
91-11-43682333/ 23736726 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 27.09.2011
|
Name : |
Mr. Keiichi Nakagaki |
|
Designation : |
Managing Director |
|
Address : |
27, Golf Links, New Delhi-110003, |
|
Date of Birth/Age : |
10.06.1952 |
|
Date of Appointment : |
08.05.2008 |
|
DIN No.: |
02165974 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
L26102DL1984PLC019542 |
ASAHI
INDIA GLASS LIMITED |
Director |
30-07-08 |
06-05-08 |
Active |
NO |
|
2 |
U45201DL1996PTC079069 |
MITSUBISHI
CORPORATION INDIA PRIVATE LIMITED |
Managing
director |
08-05-08 |
08-05-08 |
Active |
NO |
|
3 |
U29200TZ2007PTC014014 |
MC
CRAFTSMAN MACHINERY PRIVATE LIMITED |
Director |
14-05-08 |
14-05-08 |
Active |
NO |
|
4 |
U15122KA1993PLC048636 |
SNOWMAN
LOGISTICS LIMITED |
Director |
27-05-08 |
27-05-08 |
Active |
NO |
|
Name : |
Mr. Masahiro Suzuki |
|
Designation : |
Director |
|
Address : |
K-24A, 1st Floor, Haus Khas, |
|
Date of Birth/Age : |
13.10.1973 |
|
Date of Appointment : |
09.01.2009 |
|
DIN No.: |
02540904 |
|
|
|
|
Name : |
Mr. Takuya Sahashi |
|
Designation : |
Director |
|
Address : |
4/2, Shantiniketan, 1st Floor, |
|
Date of Birth/Age : |
25.09.1969 |
|
Date of Appointment : |
18.03.2009 |
|
DIN No.: |
02593883 |
|
|
|
|
Name : |
Mr. Mikine Hasegawa |
|
Designation : |
Director |
|
Address : |
A-9/5, 1st Floor, Vasant Vihar, |
|
Date of Birth/Age : |
06.07.1961 |
|
Date of Appointment : |
02.07.2010 |
|
DIN No.: |
03150847 |
|
|
|
|
Name : |
Mr. Masaharu Takada |
|
Designation : |
Director |
|
Address : |
S-97, Panchsheel Park, Delhi, India |
|
Date of Birth/Age : |
11.07.1959 |
|
Date of Appointment : |
09.08.2010 |
|
DIN No.: |
03188718 |
|
|
|
|
Name : |
Mr. Prince Madan |
|
Designation : |
Additional Director |
|
Address : |
C – 20, East of Kailash, |
|
Date of Birth/Age : |
28.09.1967 |
|
Date of Appointment : |
07.09.2010 |
|
DIN No.: |
03282439 |
KEY EXECUTIVES
|
Name : |
Mr. Prince Madan Anoop Singh |
|
Designation : |
Secretary |
|
Address : |
C – 20, East of Kailash, |
|
Date of Birth/Age : |
28.09.1967 |
|
Date of Appointment : |
25.09.2001 |
|
Pan No.: |
AAKPM7441H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mitsubishi Corporation, Japan |
119999999 |
|
Mitsubishi Australia, Australia |
1 |
|
Total |
120000000 |
AS ON 27.09.2011
|
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 : |
Importers and Traders of Purified Terephthalic Acid, Steel Blanks and
Fork Tubes. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Purified Terephthalic Acid |
MT |
99819 |
|
Muriate / Sulphate of Potash |
MT |
314392 |
|
Mono Ethylene Glycol |
MT |
120909 |
|
Vinyl Chloride Monomer |
MT |
215019 |
|
Metallurgical Coke |
MT |
206721 |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
·
Deutsche Bank ·
CITI Bank ·
Standard
Chartered Bank, Parliament
Street, New Delhi, Delhi, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7 Floor, Building 10, Tower B, |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
|
|
|
Holding Company : |
·
Mitsubishi Corporation, Japan Mitsubishi Corporation New Delhi Branch |
|
|
|
|
Fellow Subsidiaries : |
·
Thai MC Company Limited, Thailand ·
MC Energy
Inc ·
Petro Diamond Singapore Private Limited ·
Mitsubishi Australia Limited ·
MC Marine Inc, USA ·
Diamond Seafoods UK Limited ·
Metal One Corporation India Private Limited ·
M C Facilities Company Limited ·
Mitsubishi Shoji Packaging ·
Metal One Corporation, Japan ·
Diamond Gas Holdings Sdn. Bhd, Malaysia ·
Metal one America Inc ·
Mitsubishi Corporation China Company Limited ·
Mitsubishi Corporation, Manila ·
Mitsubishi France S.A.S. ·
Mitsubishi Corporation, Technos ·
Toyo Reizo Company Limited ·
Mitsubishi Corporation [Taiwan] Limited ·
MC Finance and Consulting Asia Private Limited ·
Mitsubishi Corporation, Singapore ·
Meiwa Corporation ·
Mitsubishi Corporation Unimetals Limited ·
Mitsubishi International Corporation ·
Asia Modified Starch Company Limited ·
Mitsubishi Corporation Seoul Office ·
Petro Diamond Company Limited, Hong Kong ·
Mitsubishi Corporation, UK ·
Mitsubishi International GmbH, Germany ·
Dai Nippon Meiji Sugar Company Limited, Japan ·
Mc Metal Service Asia (Thailand) Company Limited ·
MC Tubular Products Inc, USA ·
Mitsubishi Corporation Do Brasil SA ·
Sinar Berlin Sdn. Bhd. ·
Mitsubishi Corporation Financial and Management
Services Japan Limited ·
MC Aviation Partners Inc ·
Agrex Asia Pet Limited ·
Mitsubishi Shoji Construction ·
Mitsubishi Shoji Chemical Corporation ·
Mitsubishi Corporation Hong Kong Limited ·
Mitsubishi Corporation International, Europe,
Plc. ·
Mitsubishi Corporation Fashion Company Limited ·
MC Aircraft Management International Inc. ·
Mitsubishi Corporation, Beijing ·
Mitsubishi Corporation, Dubai ·
Mitsubishi Brasil SA Rio De Janeiro |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs. 1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs. 1200.000 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 |
1200.000 |
1200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
466.794 |
389.398 |
274.277 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1666.794 |
1589.398 |
474.277 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
82.423 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
128.937 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
211.360 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.977 |
|
|
|
|
|
|
|
|
TOTAL |
1666.794 |
1589.398 |
687.614 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97.144 |
135.028 |
133.551 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.690 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.000 |
20.000 |
20.000 |
|
|
DEFERREX TAX ASSETS |
24.050 |
5.056 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
110.579
|
534.733
|
283.440
|
|
|
Sundry Debtors |
10522.125
|
9692.830
|
6253.054
|
|
|
Cash & Bank Balances |
1158.873
|
1089.113
|
7.499
|
|
|
Other Current Assets |
25.412
|
20.967
|
0.000
|
|
|
Loans & Advances |
273.437
|
197.495
|
150.877
|
|
Total
Current Assets |
12090.426
|
11535.138 |
6694.870 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10521.101
|
10060.229
|
6104.783
|
|
|
Other Current Liabilities |
28.478
|
32.128
|
45.077
|
|
|
Provisions |
15.247
|
13.467
|
11.637
|
|
Total
Current Liabilities |
10564.826
|
10105.824 |
6161.497 |
|
|
Net Current Assets |
1525.600
|
1429.314
|
533.373
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1666.794 |
1589.398 |
687.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38716.000 |
28365.000 |
19096.200 |
|
|
|
Other Income |
417.072 |
335.496 |
298.189 |
|
|
|
TOTAL |
39133.072 |
28700.496 |
19394.389 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
38969.175 |
28469.129 |
19215.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
163.897 |
231.367 |
179.219 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
DEPRECIATION |
47.401 |
50.596 |
97.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
116.496 |
180.771 |
81.624 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
40.506 |
65.650 |
30.349 |
|
|
|
|
|
|
|
|
|
Add |
Prior Period
Adjustment |
1.406 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
77.396 |
115.121 |
51.275 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2553.092 |
2839.194 |
163.454 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.64 |
1.38 |
2.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.20
|
0.40 |
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.30
|
0.64 |
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.95
|
1.55 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.11 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.34
|
6.36 |
13.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.14 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered Office
of the company has been shifted from
BACKGROUND
Subject was incorporated in India on May 22, 1996 for development of
international trade, facilitate future investment in India through various
Indian joint ventures of Subject and procure raw materials for and market
finished products of all such joint ventures in India. The company also
received approval from the Government of India to provide support service for
all infrastructure projects executed in India by Mitsubishi Corporation, Japan
and its associate companies. The company is a closely held company with
119999999 shares held by Mitsubishi Corporation, Japan and the balance 1 share
held by Mitsubishi, Australia.
OPERATIONS REVIEW AND FUTURE OUTLOOK
The company
achieved a turnover of Rs.38716.000 Millions in the year, as compared to
turnover of Rs 28365.000 Millions in the previous year thereby showing increase
of 36.5%.
During the year,
the Company has earned a Profit after tax of Rs.77.396 Millions as compared to
the Profit after tax of Rs. 115.121 Millions earned last year. The Company's
Net Profit after tax has decreased due to decrease in principal business margin
and increase in overall administrative cost like rental expenses. Additionally
creation of provision for doubtful debts in case of Sanghi receivables of INR
30 Mn has reduced the overall profit. The Company had repaid all its loans in
FY 2009 and is a debt free company in FY 2010 earning interest income on
surplus funds amounting INR 55 Mn. The Directors are hopeful that the current
year of the company shall be encouraging.
FIXED ASSETS
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
·
Software
·
Building
·
Leasehold Improvements
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. 50.90 |
|
|
1 |
Rs. 81.27 |
|
Euro |
1 |
Rs. 67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
45 |
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.