MIRA INFORM REPORT
|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOPCON SOKKIA INDIA PRIVATE LIMITED (w.e.f. 13.10.2010) |
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Formerly Known
As : |
SOKKIA INDIA PRIVATE LIMITED |
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Registered
Office : |
C-25, Ground Floor, Sector-8, Noida – 201301, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.04.1996 |
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Com. Reg. No.: |
55-078582 |
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Capital
Investment / Paid-up Capital : |
Rs.7.500
Millions |
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CIN No.: [Company Identification
No.] |
U29199DL1996PTC078582 |
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IEC No.: |
0597039828 |
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PAN No.: [Permanent Account No.] |
SSCCS9107K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Sokkia Total Station, Digital theodolite, Auto level, GPS, Digital
level Topcon Total Station, Auto Level, Theodolite, GPS, Digital level,
Agriculture Land laser. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
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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 820000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a fine track record. The company has achieved better growth in its turnover during 2012 but
there appears slight dip in the profits. However, financial position of the company appears to be sound and
healthy. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Deepak Garg |
|
Designation : |
Manager – Direct Sales Division |
|
Contact No.: |
91-9811305757 |
|
Date : |
28.02.2013 |
LOCATIONS
|
Registered Office : |
C-25, Ground Floor, Sector-8, Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2424154/2424159/2424499/2424501 |
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Mobile No.: |
91-9811305757 (Mr. Deepak Garg) |
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Fax No.: |
91-120-2424158 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Branch Office 1: |
204, Haute Street, 2nd Floor, 86 A, Topsia Road, Kolkata – 700046, West Bengal, India |
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Tel. No.: |
91-33-30259421/ 35 |
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Fax No.: |
91-33-30259436 |
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E-Mail : |
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Branch Office 2: |
1203, 12th Floor, Maithilis Signet, Plot No. 39/4, Sector
30A, Vashi, Navi Mumbai – 400705, Maharashtra, India |
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Tel. No.: |
91-22-27810051/ 27810052 |
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E-Mail : |
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Branch Office 3: |
Apartments 5 and 7, 10-Hailey Road, New Delhi – 110001, India |
DIRECTORS
As on: 21.09.2012
|
Name : |
Mr. Tomoyuki Yasuda |
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Designation : |
Managing director |
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Address : |
B-21, Shanti Kunj Vasant Kunj New DeIhi – 110070, India |
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Date of Appointment : |
25.08.2010 |
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DIN No.: |
03172367 |
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Name : |
Mr. Arvind Bahuguna |
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Designation : |
Director |
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Address : |
C-25, Ground floor, Sector 8, Noida, Uttar Pradesh, India |
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|
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Name : |
Mr. Shokyu Nakamura |
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Designation : |
Director |
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Address : |
4-15-2-304 Negishi Minami-Ku, Saitama-Shi Saitama-Ken, Saitama City - 360024, Japan |
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Date of Appointment : |
25.08.2010 |
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DIN No.: |
03171540 |
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Name : |
Mr. Takashi Suzuki |
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Designation : |
Additional director |
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Address : |
6-J-6U-1U1 Masugata lama-Ku, Kawasaki -Shi, Kanagawa-Ken - 2140032,, Japan, |
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Date of Appointment : |
04.07.2011 |
|
DIN No.: |
03559041 |
MAJOR SHAREHOLDERS
As on: 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
M/s. Topcon Corporation |
|
749999 |
|
M/s Topcon Singapore Positioning Sales Pte Limited |
|
1 |
|
Total |
|
750000 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.09.2012
|
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 : |
Trader of Sokkia Total Station, Digital theodolite, Auto level, GPS,
Digital level Topcon Total Station, Auto Level, Theodolite, GPS, Digital
level, Agriculture Land laser. |
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|
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Imports : |
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Products : |
Topcon Corporation |
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Countries : |
Japan |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
Not Available |
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Bankers : |
Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi
– 110001, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vaish and Associates Chartered Accountants |
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Address : |
219, South Extension Plaza-Ii, South Extension Part-Ii, New Delhi –
110049, India |
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Tel. No.: |
91-11-47334300 |
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Fax No.: |
91-11-47334333 |
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E-Mail : |
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PAN.: |
AABFV6388B |
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Holding Company : |
Sokkia Singapore Pte. Limited |
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Ultimate Holding
Company : |
Topcon Corporation |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
Millions |
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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 |
7.500 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
198.988 |
160.446 |
116.984 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
206.488 |
167.946 |
124.484 |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.903 |
0.314 |
0.450 |
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|
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|
|
|
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TOTAL |
207.391 |
168.260 |
124.934 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
32.981 |
26.171 |
11.096 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.323
|
107.608 |
72.890 |
|
|
Sundry Debtors |
243.592
|
86.948 |
34.441 |
|
|
Cash & Bank Balances |
13.214
|
68.970 |
43.870 |
|
|
Other Current Assets |
0.000
|
0.000 |
1.854 |
|
|
Loans & Advances |
36.089
|
22.812 |
10.350 |
|
Total
Current Assets |
367.218
|
286.338 |
163.405 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
182.932
|
135.554 |
34.766 |
|
|
Other Current Liabilities |
6.406
|
3.682 |
3.269 |
|
|
Provisions |
3.469
|
5.013 |
11.532 |
|
Total
Current Liabilities |
192.807
|
144.249 |
49.567 |
|
|
Net Current Assets |
174.411
|
142.089 |
113.838 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
207.391 |
168.260 |
124.934 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
716.402 |
433.575 |
240.259 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
716.402 |
433.575 |
240.259 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
656.333 |
366.287 |
200.493 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
656.333 |
366.287 |
200.493 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
60.069 |
67.288 |
39.766 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.880 |
1.829 |
1.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
57.190 |
65.459 |
38.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.647 |
21.997 |
13.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
38.543 |
43.462 |
25.164 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
152.776 |
109.314 |
95.014 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS
GRATUITY PROVISION WRITTEN BACK |
0.000 |
0.000 |
0.398 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
2.516 |
|
|
|
Dividend |
0.000 |
0.000 |
7.500 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
1.246 |
|
|
BALANCE CARRIED
TO THE B/S |
191.319 |
152.776 |
109.314 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
0.849 |
0.877 |
0.346 |
|
|
|
Reimbursement of Expenses |
8.477 |
0.807 |
0.400 |
|
|
TOTAL EARNINGS |
9.326 |
1.684 |
0.746 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stock in Trade |
427.734 |
292.015 |
172.131 |
|
|
|
Demonstration Expenses |
0.820 |
8.906 |
0.000 |
|
|
|
Service Equipment |
2.114 |
0.542 |
0.825 |
|
|
|
Sales Promotion |
0.347 |
0.094 |
0.208 |
|
|
TOTAL IMPORTS |
431.015 |
301.557 |
173.164 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.39 |
57.95 |
33.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.38
|
10.02 |
10.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.29
|
20.95 |
21.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.39 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.99 |
3.30 |
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Review of operations
and performance:
The Company is tendering services to the Indian market by importing and selling surveying instruments for all forms of land survey. The gross revenue during the financial year under consideration higher than the corresponding previous year by 65.23%. "lliis increase is attributable to die management's continuous efforts to improve the Company's market share in the Indian market and also to the Government's ihrust on infrastructure development in the country. The Company is continuously endeavoring to push new product lines in the Indian market thereby helping improve its market share further and hopes that the revenues during the current financial year would be significantly higher than the last financial year. The Company has earned a profit after tax of Rs.38.543 Millions against a profit of Rs.43.462 Millions in the previous year, a decline of 11.31%. This decline is mainly on account of adverse foreign exchange fluctuations during the year. The Company sees a good potential for the marketing of such high precision surveying instruments in the Indian market in view of the continuing thrust being given to infrastructure sector by die Indian Government.
FIXED ASSETS:
- Leasehold Improvements
- Computers
- Office Equipments
- Furniture and Fixtures
- Vehicles
- Equipments
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.54.38 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
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Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.