MIRA
INFORM REPORT
|
Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOKAI RIKA MINDA INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 365, Sompura Industrial Area, 1st Stage, Dobaspet,
Nelamangala, Taluk, Bangalore – 562111, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.08.2008 |
|
|
|
|
Com. Reg. No.: |
08-047401 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 630.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300KA2008PTC047401 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT06505C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCT0271C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Importer of Automobile Components i.e. Safety and
Security Accessories. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 387000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between NK Minda Group and Tokai Rika. It is a well established company having a moderate track record. There
appear huge accumulated losses recorded by the company. The external
borrowing seems to be huge. However, the company gets strong financial support from its holding
companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow. In view of experience promoters, the company can be considered for
business dealings with some caution. Note: Latest Profit and Loss Account is not available. |
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 |
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. Prasad |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-80-28014700 |
|
Date : |
11.05.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 365, Sompura Industrial Area, 1st Stage, Dobaspet,
Nelamangala Taluk, Bangalore – 562111, Karnataka, India |
|
Tel. No.: |
91-80-28014700 |
|
Fax No.: |
91-80-28014750 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Makoto Kubo |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1504, L Block, Brigade Gateway, Dr. Rajkumar Road,
Rajajinagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
06.07.1954 |
|
Date of Appointment : |
25.08.2008 |
|
PAN No.: |
ALPPK1390K |
|
DIN No.: |
01174689 |
|
|
|
|
Name : |
Mr. Nirmal Kumar Minda |
|
Designation : |
Director |
|
Address : |
J – 10/33, DLF Phase II, Gurgaon – 122002, |
|
Date of Birth/Age : |
07.11.1957 |
|
Date of Appointment : |
25.08.2008 |
|
DIN No.: |
00014942 |
|
|
|
|
Name : |
Mr. Ashok Kumar Goel |
|
Designation : |
Director |
|
Address : |
A-303, GH – 96, Sector 54, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
29.08.1950 |
|
Date of Appointment : |
25.08.2008 |
|
DIN No.: |
02012971 |
|
|
|
|
Name : |
Tadashi Wakiya |
|
Designation : |
Director |
|
Address : |
6-96, Koyodai, Kani Shi, |
|
Date of Birth/Age : |
01.09.1953 |
|
Date of Appointment : |
27.07.2009 |
|
DIN No.: |
02707512 |
|
|
|
|
Name : |
Yoshihiro Obayashi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
81, Mitocho Nishigatairyoda Toyohashi Japan 4410312 |
|
Date of Birth/Age : |
13.04.1954 |
|
Date of Appointment : |
24.08.2012 |
|
DIN No.: |
05352550 |
|
|
|
|
Name : |
Yuzo Ushiyama |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
1-377, Nishiogi Minami, Suginami Ku, Japan 1670053 |
|
Date of Birth/Age : |
10.06.1950 |
|
Date of Appointment : |
24.08.2012 |
|
DIN No.: |
05352561 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Raj Kiran Seetharamu Badvanahalli |
|
Designation : |
Secretary |
|
Address : |
Chayanandana, 2nd Main, 2nd Cross, Sapthagiri Extension,
Near Nalanda Convent, Tumkur – 572102, Karnataka, India |
|
Date of Birth/Age : |
16.12.1987 |
|
Date of Appointment : |
22.11.2011 |
|
PAN No.: |
APJPR1741R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tokai Rika Company Limited, Japan |
|
52500000 |
|
Minda Finance Limited, India |
|
22500000 |
|
|
|
|
|
Total |
|
75000000 |
AS ON 27.12.2012
|
Names of Allottees |
|
No. of Shares |
|
Tokai Rika Company Limited, Japan |
|
100000000 |
|
|
|
|
|
Total |
|
100000000 |
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] |
|
70.00 |
|
Bodies
corporate |
|
30.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Automobile Components i.e. Safety and
Security Accessories. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Ø Japan |
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|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Ø The Bank of
Tokyo-Mitsubishi UFJ, Limited, Singapore Ø HDFC Bank
Limited Ø Mizuho Corporate
Bank Limited Ø Standard
Chartered Bank Limited Ø State Bank of
Mysore Ø State Bank of
Hyderabad Ø The Bank of
Tokyo Mitsubishi UFJ, Japan |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
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|
|
|
Holding Company : |
Tokai Rika Company Limited, Japan |
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|
|
|
Joint venture : |
Minda Finance Limited [L67120DL1985PLC021349] |
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|
|
|
Fellow
Subsidiaries : |
Ø Tokai Rika
(Thailand) Company Limited Ø Thai Seat Belt
Company Limited Ø TRCZ s.r.o Ø TRQSS., Inc |
|
|
|
|
Associates : |
Ø Thai Torica
Company Limited Ø Mindarika Private
Limited [U74899DL1995PTC073692] |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1750.000 Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 630.000 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 |
630.000 |
500.000 |
500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(533.202) |
(353.713) |
(37.587) |
|
|
NETWORTH |
96.798 |
146.287 |
462.413 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
862.310 |
758.560 |
215.000 |
|
|
TOTAL BORROWING |
862.310 |
758.560 |
215.000 |
|
|
DEFERRED TAX LIABILITIES |
14.205 |
12.330 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
973.313 |
917.177 |
677.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
900.907 |
846.964 |
188.500 |
|
|
Capital work-in-progress |
3.946 |
39.913 |
708.640 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
121.369
|
77.381
|
4.529 |
|
|
Sundry Debtors |
142.216
|
165.229
|
0.580 |
|
|
Cash & Bank Balances |
97.587
|
54.720
|
27.808 |
|
|
Other Current Assets |
1.610
|
0.526
|
0.000 |
|
|
Loans & Advances |
95.174
|
66.251
|
63.601 |
|
Total
Current Assets |
457.956
|
364.107
|
96.518 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
304.268
|
245.139
|
307.200 |
|
|
Other Current Liabilities |
75.717
|
82.405
|
8.633 |
|
|
Provisions |
9.511
|
6.263
|
0.412 |
|
Total
Current Liabilities |
389.496
|
333.807
|
316.245 |
|
|
Net Current Assets |
68.460
|
30.300
|
(219.727) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
973.313 |
917.177 |
677.413 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
N.A. |
324.474 |
14.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
N.A. |
628.270 |
45.686 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
N.A. |
(303.796) |
(31.655) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
N.A. |
12.330 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(179.488) |
(316.126) |
(31.655) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.424 |
0.356 |
0.319 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
3.955 |
|
|
|
Capital Goods |
|
|
236.662 |
|
|
TOTAL IMPORTS |
N.A. |
N.A. |
240.617 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.85) |
(6.32) |
(0.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
N.A. |
(97.43)
|
(225.61) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A. |
(25.08)
|
(11.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A. |
(2.08)
|
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
8.91
|
5.19
|
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.09
|
0.31 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two 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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term loans from others |
601.060 |
697.560 |
|
Term loans from banks |
261.250 |
61.000 |
|
Total |
862.310 |
758.560 |
Note:
The registered office of the company has been shifted from 2nd Floor, Embassy
Icon Annexe, 2/1 Infantry Road, Bangalore - 560001, Karnataka, India to the
present w.e.f.11.11.2009.
CORPORATE
INFORMATION:
Tokai Rika Minda
India Private Limited (TRMN), the Company was incorporated on August 11, 2008
as a Joint Venture between Tokai Rika Company Limited, Japan and Minda
Investments Limited, India (replaced with Minda Finance Limited vide an
amendment dated March 15, 2011 to the Joint Venture Agreement), to carry on the
business of manufacture and selling of automotive parts to various car
manufacturers in accordance with the Joint Venture agreement June 16, 2008.
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Plant and equipment
Ø Factory equipments
Ø Furniture and fixtures
Ø Vehicles
Ø Office equipment
Ø Computer equipments
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. 54.54 |
|
|
1 |
Rs. 84.19 |
|
Euro |
1 |
Rs. 71.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.