MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NSK INDIA SALES COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.07.2007 |
|
|
|
|
Com. Reg. No.: |
18-064307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130TN2007PTC064307 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN06090A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN5663R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of trading and marketing of Bearing
and Related Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record.
These appears huge accumulated losses recorded by the company. The external
borrowing seems to be huge. Liquidity position is weak. However, business is
active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and condition. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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 : |
6th Floor, |
|
Tel. No.: |
91-44-28479600 |
|
Fax No.: |
91-44-28479601 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on : 25.09.2012
|
Name : |
Yasumasa Taki |
|
Designation : |
Director |
|
Address : |
5-40-16, Honcho, Koganei shi, Tokyo-1840004 , |
|
Date of Birth/Age : |
06.02.1959 |
|
Qualification : |
29.09.2010 |
|
DIN No.: |
03159083 |
|
|
|
|
Name : |
Tsutomu Komori |
|
Designation : |
Director |
|
Address : |
878-6, Hira,atsucho Ustunomiya 3210931, |
|
Date of Birth/Age : |
17.12.1951 |
|
Qualification : |
29.09.2010 |
|
DIN No.: |
02799703 |
|
|
|
|
Name : |
Toshihide Shimbo Japanese |
|
Designation : |
Director |
|
Address : |
5-2, Shichirigahanahigashi, |
|
Date of Birth/Age : |
21.09.1949 |
|
DIN No.: |
03633224 |
|
|
|
|
Name : |
Hidemichi okuda |
|
Designation : |
Director |
|
Address : |
Flat No B1, MLS |
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DIN No.: |
03617126 |
|
|
|
|
Name : |
Tamotsu Matsumoto |
|
Designation : |
Director |
|
Address : |
The Empress, B6, |
|
Date of Birth/Age : |
15.10.1958 |
|
Qualification : |
29.09.2010 |
|
DIN No.: |
03081393 |
|
|
|
|
Name : |
Mr. Natarajan Lakshiminarayanan |
|
Designation : |
Director |
|
Address : |
34, Fourth Trust Cross Street, Mandavelli, Chennai-600028, Tamil |
|
Date of Birth/Age : |
25.10.1964 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00008692 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
NSK Limited, |
9980000 |
|
NSK International ( |
20000 |
|
Total |
10000000 |
As on : 18.07.2007
|
Names of Shareholders |
No. of Shares |
|
Takashi Yamashita |
10000 |
|
Joseph John |
10000 |
|
Total |
20000 |
Equity
Share Break up (Percentage of Total Equity)
As on : 25.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading and marketing of Bearing
and Related Products. |
|
|
|
|
Brand Name : |
“NSK” |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
Rs. In Million
|
|
Auditors : |
|
|
Name : |
B.S.R. and Company Chartered Accountants |
|
Address : |
No.10, |
|
Tel. No.: |
91-44-39145000 |
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Mobile No.: |
91-44-39145999 |
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|
|
|
Holding Company : |
NSK Limited, |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on : 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/-each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/-each |
Rs. 100.000 Millions |
|
|
|
|
|
After 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs. 10/-each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs. 10/-each |
Rs. 2000.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(337.668) |
(39.405) |
8.359 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(237.668) |
60.595 |
108.359 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.041 |
0.440 |
1.667 |
|
|
2] Unsecured Loans |
200.000 |
200.000 |
0.000 |
|
|
TOTAL BORROWING |
200.041 |
200.440 |
1.667 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
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TOTAL |
(37.627) |
261.035 |
110.026 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.176 |
10.168 |
7.298 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.014 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
1.143 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
740.800
|
590.257 |
352.379 |
|
|
Sundry Debtors |
532.427
|
318.225 |
194.801 |
|
|
Cash & Bank Balances |
81.640
|
93.132 |
74.992 |
|
|
Other Current Assets |
54.300
|
89.471 |
0.000 |
|
|
Loans & Advances |
128.526
|
87.474 |
86.066 |
|
Total
Current Assets |
1537.693
|
1178.559 |
708.238 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1534.340
|
904.433 |
0.000 |
|
|
Other Current Liabilities |
59.030
|
22.003 |
605.662 |
|
|
Provisions |
0.126
|
1.256 |
1.005 |
|
Total
Current Liabilities |
1593.496
|
927.692 |
606.667 |
|
|
Net Current Assets |
(55.803)
|
250.867 |
101.571 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(37.627) |
261.035 |
110.026 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Commission Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2125.570 |
1469.955 |
885.152 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
|
|
|
|
|
Administrative Expenses |
NA |
|
|
|
|
|
Advertising Expenses |
NA |
|
|
|
|
|
TOTAL |
NA |
1511.430 |
865.077 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(41.475) |
20.075 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
5.145 |
3.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX |
NA |
(46.620) |
17.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
1.144 |
2.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
298.263 |
(47.764) |
14.921 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Income |
NA |
56.981 |
89.229 |
|
|
TOTAL EARNINGS |
NA |
56.981 |
89.229 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
1014.249 |
533.626 |
|
|
|
Capital Goods |
NA |
1.982 |
0.301 |
|
|
TOTAL IMPORTS |
NA |
1016.231 |
533.927 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
29.83 |
4.77 |
1.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.03
|
(3.25) |
1.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
(3.16) |
1.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
(3.92) |
2.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.76 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(37.63)
|
3.31 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
1.27 |
1.16 |
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) |
No |
|
21] |
Market information |
------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
------------------ |
|
23] |
Banking Details |
No |
|
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 |
OPERATIONS
Income for the year was Rs. 2125.570 Millions and the Net loss was Rs.
298.263 Millions.
UNSECURED LOANS :
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Short term
borrowing |
200.000 |
-- |
|
Working capital
loans from banks |
-- |
200.000 |
|
Total |
200.000 |
200.000 |
NOTE :
The registered office of the company has been shifted from Old No. 5/New
No.7,
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 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 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. 54.33 |
|
|
1 |
Rs. 83.17 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.