|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOSHIBA JOHNSON ELEVATORS (INDIA) PRIVATE LIMITED (w.e.f. 02.11.2012) |
|
|
|
|
Formerly Known
As : |
TOSHIBA ELEVATOR (INDIA) PRIVATE LIMITED |
|
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Registered
Office : |
602, 6th Floor, C and B Square, Sangam Complex, 127,
Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.04.2011 |
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Com. Reg. No.: |
11-215756 |
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Capital
Investment / Paid-up Capital : |
Rs.470.588 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U29253MH2011FTC215756 |
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|
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PAN No.: [Permanent Account No.] |
AADCT8296M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in the business of trading, providing installation, maintenance
and after-sales support services. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1660000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Toshiba Elevator and Building
Systems Corporation Japan (TELC) and Johnson Lifts Private Limited (JLPL). It is an established company having a moderate track record. There appears huge accumulated losses recorded by the company during
the financial year 2013. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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 : |
602, 6th Floor, C and B Square, Sangam Complex, 127,
Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-61911600 |
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Fax No.: |
91-22-61911649 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Junichi Kyushima |
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Designation : |
Managing Director |
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Address : |
Waterhouse Hotel Sahar, Mumbai – 400059, Maharashtra, India |
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Date of Birth/Age : |
18.02.1958 |
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Date of Appointment : |
11.09.2012 |
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PAN No.: |
CSLPK1437Q |
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DIN No.: |
06377404 |
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Name : |
Mr. Thomas |
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Designation : |
Director |
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Address : |
W-661 4th Avenue, Arina nagar, West Extension, Chennai –
600101, Tamilnadu, India |
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Date of Birth/Age : |
18.12.1948 |
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Date of Appointment : |
17.10.2012 |
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DIN No.: |
00457580 |
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Other Directorship:
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Name : |
Mr. Yohan Kongalath John |
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Designation : |
Director |
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Address : |
1843, 13th Main Road, Anna Nagar, Chennai – 600040, Tamilnadu,
India |
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Date of Birth/Age : |
16.07.1985 |
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Date of Appointment : |
17.10.2012 |
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DIN No.: |
03106569 |
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Other Directorship:
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Name : |
Yuji Masuda |
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Designation : |
Director |
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Address : |
1157-19, Oaza Mildori-ku, Saitama-Shi, Saitama3360911 Japan |
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Date of Birth/Age : |
2805.1954 |
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Date of Appointment : |
05.04.2011 |
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DIN No.: |
03365050 |
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Name : |
Masato Innami |
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Designation : |
Director |
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Address : |
#205 Sanirito, Kitakolwa, 33-19, Kitkolwa-4, Chome Edogawa-Ku, Tokyo –
1310051, Japan |
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Date of Birth/Age : |
03.05.1970 |
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Date of Appointment : |
11.09.2012 |
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DIN No.: |
06377410 |
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Name : |
Mr. Varadachari Jagannathan |
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Designation : |
Director |
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Address : |
New NO. K-22, Old No. K-10, Subhasree Apartment, Flat No. 4, Anna
Nagar East, Chennai – 600102, Tamilnadu, India |
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Date of Birth/Age : |
15.08.1956 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06406807 |
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Name : |
Mr. Kazunari Hirayama |
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Designation : |
Director |
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Address : |
Flat No. 2001, 20th Floor, Somerset CHS, Hiranandani
Gardens, POwai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
29.08.1963 |
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Date of Appointment : |
30.09.2013 |
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PAN No.: |
AJPPH6023A |
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DIN No.: |
06491867 |
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KEY EXECUTIVES
|
Name : |
Nancy Agarwal |
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Designation : |
Secretary |
|
Address : |
506, Vijay Laxmi Nagar, Sitapur – 261001, Uttar Pradesh, India |
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Date of Birth/Age : |
23.11.1951 |
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Date of Appointment : |
31.03.2012 |
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PAN No.: |
ALYPA1457E |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Toshiba Elevator and Building Systems Corporation, Japan |
|
23999999 |
|
Telt Engineering Company, Limited. Japan |
|
1 |
|
Johnson Lifts Private Limited, India |
|
23058823 |
|
Total |
|
47058823 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
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 |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of trading, providing installation,
maintenance and after-sales support services. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
HDFC Bank Limited ·
State Bank of India ·
Mizuho Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
|
Address : |
1st Floor, Tower A, Building No 8,DLF Cyber City, Phase 2, Sector 25,
Gurgaon 122002, Haryana, India |
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PAN No.: |
ACHFS9181P |
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Holding company : |
Toshiba Elevator and Building System Corporation |
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Associates : |
Johnson Lifts Private Limited CIN No.: U27209TN1981PTC008718 |
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Fellow Subsidiary
company : |
· Toshiba Elevator China Company Limited · Toshiba India Private Limited CIN No.: U72200DL2001PTC112391 · Toshiba JSW Turbine and Generator Private Limited CIN No.: U31100TN2008FTC069121 · Toshiba Asia Pacafic Pte Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47058823 |
Equity Shares |
Rs. 10/- each |
Rs.470.588 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47058823 |
Equity Shares |
Rs.10/- each |
Rs.470.588 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
470.588 |
240.000 |
|
(b) Reserves & Surplus |
|
(55.478) |
(2.933) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
415.110 |
237.067 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.478 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.478 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
37.477 |
10.597 |
|
(c) Other current
liabilities |
|
21.929 |
8.046 |
|
(d) Short-term provisions |
|
0.957 |
0.683 |
|
Total Current Liabilities (4) |
|
60.363 |
19.326 |
|
|
|
|
|
|
TOTAL |
|
475.951 |
256.393 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
23.829 |
0.446 |
|
(ii) Intangible Assets |
|
1.844 |
0.208 |
|
(iii) Capital
work-in-progress |
|
0.461 |
0.000 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
12.285 |
0.329 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
38.419 |
0.983 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
92.010 |
33.195 |
|
(d) Cash and cash
equivalents |
|
313.668 |
217.637 |
|
(e) Short-term loans and
advances |
|
8.251 |
4.070 |
|
(f) Other current assets |
|
23.603 |
0.508 |
|
Total Current Assets |
|
437.532 |
255.410 |
|
|
|
|
|
|
TOTAL |
|
475.951 |
256.393 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR THE YEAR |
|
(52.545) |
(2.933) |
|
|
|
|
|
|
|
|
EARNING
IN FOREIGN CURRENCY |
|
69.706 |
33.102 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
7.25 |
13.22 |
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 |
No |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
|
|
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 |
No |
|
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 |
No |
CORPORATE
INFORMATION
Subject was incorporated on 5 April 2011 under the provisions of the Companies
Act, 1956 as a private limited company and is domiciled in India. The Company
is in the business of trading, providing installation, maintenance and
after-sales support services in India for all “Toshiba” brand elevators.
Effective 2 October 2012, the Company become a joint venture company
between Toshiba Elevator & Building Systems Corporation, Japan (TELC) and
Johnson Lifts Private Limited (JLPL).The revised shareholding pattern of the
Company stands at 51% held by TELC (along with its nominee company) and 49%
held by JLPL. Pursuant to the change in the shareholding pattern the Company
changed its registered name to Toshiba Johnson Elevators (India) Private
Limited effective 2 November 2012.
NOTE: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
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.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.