MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOYO BEARINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ground Floor, E-1, |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
23.06.2009 |
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|
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Com. Reg. No.: |
08-050203 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 616.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29253KA2009FTC050203 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK09440E |
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|
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PAN No.: [Permanent Account No.] |
AADCK6998D |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Bearings, gears and parts thereof. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5600000 |
|
|
|
|
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 company having a moderate track record. The company is in its expansion phase due to which it has incurred loss
during 2012. The trading business of the company is doing well and has earned
better income during this year. The capital base of the company appears to be good. Trade relations are reported as fair. Business is active. Payment
terms are 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 – 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 : |
Ground Floor, E-1, |
|
Tel. No.: |
91-80-42764529 |
|
Fax No.: |
91-80-42764528 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory : |
Bawal Industrial Area, |
|
|
|
|
Branch Office : |
C/o Stylus Commercial Services Private Limited, Ground Floor, The
Beach, E-1, Manyata Embassy Business Park, Outer Ring Road, Bangalore -
560045, Karnataka, India |
|
Tel. No.: |
91-80-42764567/ 42764529 |
|
Fax No.: |
91-80-42764568 |
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E-Mail : |
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Singapore Office : |
27 Penjuru Lane, #09-01, C and P Logistics Hub 2, Singapore 609195 |
|
Tel. No.: |
65-6274-2200 |
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Fax No.: |
65-6862-1623 |
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E-Mail : |
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Middle East Office : |
6EA601, Dubai Airport Free Zone PO Box 54816, Dubai, United Arab Emirates |
|
Tel. No.: |
971-4-299-3600 |
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Fax No.: |
971-4-299-3700 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mitsuru Shoji |
|
Designation : |
Managing director |
|
Address : |
Flat No.#207, Four Seasons No.16, Brunton Road, Bangalore – 560025,
Karnataka, India |
|
Date of Birth/Age : |
05.09.1957 |
|
Date of Appointment : |
14.04.2011 |
|
PAN No.: |
DHSPS3330D |
|
DIN No.: |
03471740 |
|
|
|
|
Name : |
Shinichi Jinno |
|
Designation : |
Director |
|
Address : |
House No. D-162, Westend High, DLF-V, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
18.07.1958 |
|
Date of Appointment : |
28.09.2011 |
|
PAN No.: |
ATNPJ1569R |
|
DIN No.: |
03631747 |
|
|
|
|
Name : |
Yoshio Tsuji |
|
Designation : |
Director |
|
Address : |
Shiraniwadai, 1 Choume, 2Banchi
21, Ikoma, Nara, Japan |
|
Date of Birth/Age : |
19.09.1956 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
03225563 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Chand Gupta |
|
Designation : |
Secretary |
|
Address : |
H. No. 1019, Sector 10A, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
14.03.1978 |
|
Date of Appointment : |
27.08.2012 |
|
PAN No.: |
AIXPG9150G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
JTEKT Corporation, Japan |
|
89035503 |
|
Koyo |
|
5350000 |
|
|
|
|
|
Total |
|
94385503 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
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 : |
Manufacturer and Trader of Bearings, gears and parts thereof. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Jain,
Christopher, Srikanth and Srikanth Chartered Accountants |
|
Address : |
JCSS, # 20, 2nd
Floor, Uniworth Plaza, Sankey Road, Banglore-560020, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAACJ8466A |
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Holding company : |
JTEKT Corporation |
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Fellow Subsidiary company : |
Koyo Singapore
Bearings (Pte) Limited |
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|
|
Associates : |
Ø Dalian Koyo
Wazhou Automobile Bearing Company Limited Ø JTEKT-Europe -
Netherland Bearings B.V. Ø JTEKT Sona
Automotive India Limited [U29268DL2007PLC165741] Ø JTEKT (Thailand)
Company Limited Ø Koyo Automotive
Parts (WUXI) Company Limited Ø Koyo Bearings
Deutscheland GMBH Ø Koyo Bearings
USA LLC Ø Koyo Bearings
Vierzon Maromme SAS Ø Koyo Corporation
of USA Ø Koyo Latin
America S.A. Ø Koyo Machine
industries Company Limited Ø Koyo
Manufacturing (Phils) Corporation Ø Koyo Needle
Bearings (WUXI) Company Limited Ø Koyo Romania
S.A. Ø Sona Fuji Kiko
Automotive Limited [U35122DL2007PLC166496] Ø Sona Koyo
Steering Systems Limited [L29113DL1984PLC018415] Ø Toyoda
Micromatic Machinery India Limited [U29200DL2008FLC182050] |
CAPITAL STRUCTURE
AFTER 29.09.2012
Authorised Capital : Rs.
2598.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 2259.855
Millions
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
259,800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2598.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94,385,503 |
Equity Shares |
Rs. 10/- each |
Rs. 943.855
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
259,800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2598.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 616.000
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 |
616.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
778.000 |
194.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.629 |
24.881 |
10.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1400.629 |
228.881 |
20.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.358 |
0.554 |
0.729 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.358 |
0.554 |
0.729 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1400.987 |
229.435 |
21.129 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
178.349 |
1.523 |
1.618 |
|
|
Capital work-in-progress |
1034.138 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
6.023 |
1.012 |
0.093 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
223.381
|
13.321 |
0.000 |
|
|
Sundry Debtors |
111.122
|
11.504 |
9.772 |
|
|
Cash & Bank Balances |
410.679
|
197.470 |
12.730 |
|
|
Other Current Assets |
2.141
|
1.371 |
0.000 |
|
|
Loans & Advances |
138.736
|
39.755 |
2.632 |
|
Total
Current Assets |
886.059
|
263.421 |
25.134 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
107.401
|
0.000 |
3.048 |
|
|
Other Current Liabilities |
519.100
|
4.636 |
0.434 |
|
|
Provisions |
77.081
|
31.885 |
2.234 |
|
Total
Current Liabilities |
703.582
|
36.521 |
5.716 |
|
|
Net Current Assets |
182.477
|
226.900 |
19.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1400.987 |
229.435 |
21.129 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
390.669 |
68.398 |
32.180 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
413.932 |
44.896 |
15.623 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(23.263) |
23.502 |
16.557 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(5.011) |
9.021 |
6.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(18.252) |
14.481 |
10.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
41.340 |
64.727 |
32.035 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.30) |
14.48 |
10.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.67)
|
21.17 |
32.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.19)
|
8.87 |
61.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.10 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
7.21 |
4.40 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered address of the company has been shifted from “906, Prestige
Meridian – 1, 9th Floor, 29 MG Road, Bangalore – 560001, Karnataka,
India” to the present address w.e.f. 19.07.2009
CORPORATE
INFORMATION:
Subject is
established as a private company with liability limited by shares and incorporated
on June 23, 2009 in the state of Karnataka as a subsidiary of JTEKT
Corporation, Japan. The Company provides services to its Holding company and
other group companies at a pre-agreed percentage of commission in accordance
with the contractual terms with them for marketing and sale of JTEKT products
in India. During the year the company has commenced trading activity of
bearings by procuring from various associated enterprises. Further, the company
has taken a land in the state of Haryana and is in the process of setting up of
manufacturing facility.
OPERATIONS REVIEW
The Company has
achieved a total income of Rs. 390.669 Millions for the year ended March 31,
2012 as against Rs. 68.398 Millions achieved during the previous financial year
ended on March 31, 2011. Net Loss of the Company for the year ended March 31,
2012 stood at Rs. 18.252 Millions as against Net Profit of Rs. 14.481 Millions
for the previous financial year.
The Company is in
its expansion phase. The setting up of a factory at Bawal Industrial Area,
Haryana to carry on the manufacturing of all kinds of bearings is in progress.
It is expected to complete the construction of factory by September 2012 and
commencement of activities by October 2012.
Due to above
expansion activity, the Company incurred loss during the financial year ended
March 31, 2012. The trading business of the Company is doing well.
The Board is confident of achieving better results, once the commercial
production at factory situated at Bawal, will commence.
CONTINGENT LIABILITY [AS ON 31.03.2012]
The Company is in
the process of collecting declaration forms / certificates towards sales made
at concessional rate of sales tax amounting to Rs. 299.909 Millions (Previous
year ` Nil). The management is confident of collecting these declaration forms
or the differential tax amounting to Rs. 8.997 Millions (Previous year ` Nil).
Hence, no provision has been made in the books in this regard.
FIXED ASSETS:
Ø
Computers
Ø
Office Equipments
Ø
Furniture and Fixtures
Ø
Motor Vehicle
Ø
Computer Software
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. 54.10 |
|
|
1 |
Rs. 82.47 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.