1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Bridgestone
India Private Limited |
Principal Name 1 |
Mr. Ajay Vasudeo Sevekari |
|
Status |
Good |
Principal Name 2 |
Masahiro Niinuma |
|
|
|
Registration # |
10-147267 (New No.) 10-010548 (Old No.) |
|
Street Address |
Plot No.A-43, Phase II, MIDC Chakan Village Sawardari, Taluka Khed,
Pune – 410501, Maharashtra, India |
||
|
Established Date |
27.02.1996 |
SIC Code |
-- |
|
Telephone# |
91-21-35671900 |
Business Style 1 |
Manufacturing |
|
Fax # |
Not Available |
Business Style 2 |
Selling |
|
Homepage |
Product Name 1 |
Tyres |
|
|
# of employees |
Not Available |
Product Name 2 |
Tubes Flaps |
|
Paid up capital |
Rs.6928,000,000/- |
Product Name 3 |
Other Rubber Goods |
|
Shareholders |
Foreign holdings- 100% |
Banking |
The Bank of Tokyo Mitsubishi Limited |
|
Public Limited Corp. |
No |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
A (68) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Fellow
Subsidiary |
Singapore
|
Bridgestone Asia Pacific Pte Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,077,638,000 |
Current Liabilities |
4,987,438,000 |
|
Inventories |
3,579,537,000 |
Long-term Liabilities |
5,178,109,000 |
|
Fixed Assets |
8,045,033,000 |
Other Liabilities |
618,530,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
10,784,077,000 |
|
Invest& other Assets |
13,725,471,000 |
Retained Earnings |
13,715,602,000 |
|
|
|
Net Worth |
20,643,602,000 |
|
Total Assets |
31,427,679,000 |
Total Liab. & Equity |
31,427,679,000 |
|
Total Assets (Previous Year) |
17,003,401,000 |
|
|
|
P/L Statement as of |
31.12.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
19,602,400,000 |
Net Profit |
873,716,000 |
|
Sales(Previous yr) |
15,885,200,000 |
Net Profit(Prev.yr) |
1,336,800,000 |
|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BRIDGESTONE INDIA PRIVATE LIMITED (w.e.f. 2003) |
|
|
|
|
Formerly Known
As : |
BRIDGESTONE ACC INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No.A-43, Phase II, MIDC Chakan Village Sawardari, Taluka Khed,
Pune – 410501, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
27.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-147267 (New No.) 10-010548 (Old No.) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6928.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111PN1996PTC147267 (New No.) U25111MP1996PTC010548 (Old No.) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLB00992F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB2304E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 83000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having a good track
record. There appears slight dip in the profitability during 2012. However financial strength seems to be strong. Performance capability
is high. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: AAA |
|
Rating Explanation |
Having highest degree of safety regarding
timely servicing of financial obligation, it carry lowest credit risk. |
|
Date |
August, 2012 |
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/ Head/ Sales Office/ Factory 1: |
Plot No.A-43, Phase II, MIDC Chakan Village Sawardari, Taluka Khed,
Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-21-35671900 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
Plot No 12, Kheda Growth Centre Post, Sagore, Pithampur, District –
Dhar – 454 774, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-423333/ 423423 |
|
Fax No.: |
91-7292-255039 |
|
|
|
|
Sales and Marketing Head Office : |
Plot No. 5/4, 5th Floor, Shalimar Onyx
(Mirchandani Park), Off Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai
– 400072, Maharashtra, India |
|
Tel No.: |
91-22-42496400 |
|
Fax No.: |
91-22-42496400/ 28563426 |
|
E-Mail : |
DIRECTORS
(AS ON 28.03.2013)
|
Name : |
Tomio Fukuzumi |
|
Designation : |
Managing Director |
|
Address : |
Room No.243, Hyatt Regency, Weikfield IT Park Nagar Road, Pune –
411014, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1965 |
|
Date of Appointment : |
29.03.2013 |
|
Email : |
|
|
DIN No.: |
06549425 |
|
|
|
|
Name : |
Mr. Ajay Vasudeo Sevekari |
|
Designation : |
Whole Time Director |
|
Address : |
103, Princess Landmark, Plot 21/12, Ratlam Kothy, |
|
Date of Birth/Age : |
08.05.1963 |
|
Qualification : |
BE (Chemical Engineering) and MBA |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02006157 |
|
PAN No.: |
AREPS8025N |
|
|
|
|
Name : |
Tatsuo Nakamura |
|
Designation : |
Whole Time Director |
|
Address : |
Flat 1002, 10th Floor Water Front, Kalyani Nagar, Pune –
411014, |
|
Date of Birth/Age : |
12.08.1964 |
|
Qualification : |
Graduate, Waseda University, Japan |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AMSPN2957M |
|
DIN No.: |
03606743 |
|
|
|
|
Name : |
Masahiro Niinuma |
|
Designation : |
Whole time Director |
|
Address : |
Apartment 4108, Citrus Hotel and Resorts Opposite PCMC Building
Pimpri, Pune – 411018, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1964 |
|
Qualification : |
Graduate, Waseda University, Japan
|
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ALMPN1590P |
|
DIN No.: |
05254466 |
KEY EXECUTIVES
|
Name : |
Mrs. Abha Jaiswal |
|
Designation : |
Secretary |
|
Address : |
132 Mahavir
Nagar, |
|
Date of Birth/Age : |
30.08.1981 |
|
Date of Appointment : |
01.08.2005 |
|
PAN No.: |
AFWPJ4221K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.03.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Bridgestone
Corporation, |
|
400300000 |
|
Bridgestone
Asia Pacific Pte Limited, |
|
292500000 |
|
|
|
|
|
Total |
|
692800000 |
(AS ON 28.06.2013)
|
Names of Allottee |
|
No. of Shares
Allotted |
|
|
|
|
|
Bridgestone
Asia Pacific Pte Limited, Singapore |
|
52654130 |
|
|
|
|
|
Total |
|
52654130 |
(AS ON 12.06.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Purchasing, Selling, Importing, Exporting and Dealing
of Tyres, Tubes Flaps and Other Rubber Goods. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· The Bank of Tokyo Mitsubishi Limited Jeevan Prakash, SIR P. M. Road, Ford, Mumbai – 400001, Maharashtra,
India ·
State Bank of India Commercial Branch, A. B. Road, Indore – 452001, Madhya
Pradesh, India |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
|
Address : |
3rd Floor, Tower
3, India Bulls, Finance Centre, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-22854330/
66679000 |
|
Fax No.: |
91-22-22024499/
22024337/ 66679025 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company: |
·
Bridgestone Corporation, Japan |
|
|
|
|
Fellow Subsidiaries : |
· Bridgestone Americas Holding Inc · Bridgestone Asia Pacific Pte Limited · Bridgestone Australia Limited · Bridgestone France S.A. · Bridgestone Logistics Company Limited · Bridgestone Metalpha (Thailand) Company Limited · Bridgestone Plant Engineering Company Limited · Bridgestone Seoul · Bridgestone Singapore Pte. Limited · Bridgestone Taiwan Company Limited · Bridgestone Technical Centre Europe S.P.A. · Bridgestone Tire Manufacturing Thailand Company Limited · Bridgestone Tire Sales Korea Limited · Bridgestone Tyre Sales Singapore PTE Limited · Bridgestone(Shenyang) Steelcord Company Limited · Bridgestone Synthetic Rubber Company Limited (Huizhou) · P.T. Bridgestone Tire Indonesia · Thai Bridgestone Company Limited |
CAPITAL STRUCTURE
(AS ON 28.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775300000 |
Equity Shares |
Rs.10/- each |
Rs.17753.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
745454130 |
Equity Shares |
Rs.10/- each |
Rs.7454.541
Millions |
|
|
|
|
|
(AS ON 28.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775300000 |
Equity Shares |
Rs.10/- each |
Rs.17753.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
692800000 |
Equity Shares |
Rs.10/- each |
Rs.6928.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.12.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
6928.000 |
|
(b) Reserves & Surplus |
|
|
13715.602 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
20643.602 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
4797.099 |
|
(b) Deferred tax liabilities (Net) |
|
|
287.900 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
120.145 |
|
Total Non-current
Liabilities (3) |
|
|
5205.144 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
381.010 |
|
(b)
Trade payables |
|
|
2236.007 |
|
(c)
Other current liabilities |
|
|
2751.431 |
|
(d) Short-term provisions |
|
|
210.485 |
|
Total Current
Liabilities (4) |
|
|
5578.933 |
|
|
|
|
|
|
TOTAL |
|
|
31427.679 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
8045.033 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
13725.471 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
444.563 |
|
(e) Other
Non-current assets |
|
|
213.895 |
|
Total Non-Current
Assets |
|
|
22428.962 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
3579.537 |
|
(c)
Trade receivables |
|
|
2238.519 |
|
(d) Cash
and cash equivalents |
|
|
1828.099 |
|
(e)
Short-term loans and advances |
|
|
1346.239 |
|
(f)
Other current assets |
|
|
6.323 |
|
Total
Current Assets |
|
|
8998.717 |
|
|
|
|
|
|
TOTAL |
|
|
31427.679 |
|
SOURCES OF FUNDS |
|
31.12.2011 |
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4803.000 |
4003.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6666.886 |
3330.116 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11469.886 |
7333.116 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
62.578 |
187.282 |
|
|
2] Unsecured Loans |
|
1551.509 |
1181.762 |
|
|
TOTAL BORROWING |
|
1614.087 |
1369.044 |
|
|
DEFERRED TAX LIABILITIES |
|
311.900 |
288.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
13395.873 |
8990.460 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
8060.694 |
6248.589 |
|
|
Capital work-in-progress |
|
3991.112 |
1516.144 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2692.749
|
1368.499 |
|
|
Sundry Debtors |
|
1842.887
|
1181.813 |
|
|
Cash & Bank Balances |
|
1.996
|
659.195 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
413.963
|
203.451 |
|
Total
Current Assets |
|
4951.595
|
3412.958 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2778.038
|
1422.495 |
|
|
Other Current Liabilities |
|
713.575
|
546.707 |
|
|
Provisions |
|
115.915
|
218.029 |
|
Total
Current Liabilities |
|
3607.528
|
2187.231 |
|
|
Net Current Assets |
|
1344.067
|
1225.727 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
13395.873 |
8990.460 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19602.400 |
15885.200 |
11384.475 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1281.626 |
2030.400 |
1853.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
407.910 |
693.600 |
647.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
873.716 |
1336.800 |
1205.950 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2580.116 |
1374.166 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3916.916 |
2580.116 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
5.750 |
4.805 |
3.147 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4836.056 |
3909.400 |
2348.621 |
|
|
|
Components and Spare Parts |
0.000 |
58.608 |
49.981 |
|
|
|
Capital Goods |
4484.365 |
521.036 |
937.029 |
|
|
|
Traded Goods |
2766.205 |
0.000 |
0.000 |
|
|
|
Others |
117.766 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
12204.392 |
4489.044 |
3335.631 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share (Rs.) |
1.52 |
2.89 |
3.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.54
|
12.78
|
16.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.24
|
15.60
|
19.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.18
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25
|
0.14
|
0.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.37
|
1.56
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.12.2012 (Rs. In Millions) |
|
|
|
|
Short-term
borrowings |
|
|
(i) Working Capital Demand Loan |
0.000 |
|
(ii) Buyer's Credit |
381.010 |
|
|
|
|
Total |
381.010 |
|
Note: Short-term
borrowings (ii) The cash credit
facilities are from several banks. The banks accounts which have credit
balances are disclosed in this note and the banks accounts where there are
debit balances are disclosed under note 16 on 'Cash and cash equivalents'. |
|
|
Unsecured Loan |
31.12.2011 (Rs. in Millions) |
|
|
|
|
Rupee Term Loans Banks |
25.000 |
|
Foreign Currency Loans |
937.694 |
|
Working Capital Loans unsecured |
588.815 |
|
|
|
|
Total |
1551.509 |
REVIEW OF OPERATIONS
During the year, the
company achieved the net sales of Rs.19602.400 Millions against previous year’s
net sales of Rs.15962.800 Millions showing increase of 23%. The company has
earned a profit before tax (PBT) of Rs.1281.626 Millions as against PBT of
Rs.2030.400 Millions during the previous year with decrease of 37% in the
profit. Chakan Plant set up indirect cost, sale of imported tyres in
replacement market, high exchange rate have impacted the financial performance
of the Company.
CHANGES IN CAPITAL STRUCTURE
During the year
2012 the paid up capital of the Company has increased from Rs.4803.000 Millions
to Rs.6928.000 Millions by allotment of 12,50,00,000 equity shares of Rs.10/-
each at a premium of Rs.28.40/- per equity share on dt.10.04.2012 and
8,75,00,000 equity shares of Rs.10/- each at a premium of Rs.30/- per equity
share on 21.12.2012 to Bridgestone Asia Pacific Pte Limited on private
placement basis. The present paid-up share capital of the Company is
Rs.6928.000 Millions divided into 69,28,00,000 equity shares of face value
Rs.10/- each.
CONTINGENT
LIABILITIES IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
|
a) Disputed demands of Excise (including service tax) and Sales Tax
authorities |
54.769 |
37.910 |
30.470 |
|
b) Income Tax disallowances (Tax Impact) |
99.109 |
84.026 |
-- |
|
c) Claims against the Company not acknowledged as debts |
28.301 |
25.324 |
22.415 |
|
d) Guarantees given by Bank on behalf of the Company |
-- |
23.678 |
1.263 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90208326 |
19/04/2002 * |
50,000,000.00 |
IDBI BANK LTD |
CHATURVEDI MANSION,
26/4; OLD PALASIYA A. B. ROAD |
- |
|
2 |
90208281 |
02/05/2001 * |
300,000,000.00 |
THE BANK OF
TOKYO MITSUBISHI LTD |
JEEVAN PRAKASH
SIR P. MEHTA ROAD, FORT P. O. BOX |
- |
* Date of charge modification
FIXED ASSETS:
· Land
o
Leasehold
o
Freehold
· Building
· Plant and Machinery
· Office equipment
· Furniture and fixtures
· 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 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.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.