|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.1, Bidadi Industrial Area, Ramanagara Taluka, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.10.1997 |
|
|
|
|
Com. Reg. No.: |
08-022858 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34101KA1997PTC022858 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT01107B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5415B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Assembly and Trading of Multi Utility Vehicles and
Passenger Cars. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 57790000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 89:11 venture between the world’s largest car maker
Toyota and Kirloskar Group which is ultimately a subsidiary of “Toyota Motor
Corporation, Japan”. Management has failed to file Form 23AC and 23ACA which illustrates
the financial statements, whereas submitted Form 20B for filing its annual
returns for FY14 with the statutory authorities. It is an established company having fine track record. As per the
available, the company possesses an average financial profile marked by
acceptable networth base along with moderate albeit increased gearing and
unfavourable gap between trade receivables and payables. Management has reported consecutive losses from past two years during
FY13, may be as a result of slowdown in the overall sector. However, the ratings also take into consideration the faster economic
growth coupled with the government policies is likely to drive volumes and revive
the Indian Automobile Sector. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitment. In view of managerial technical and financial support from its reputed
promoters and the established brand, the subject can be considered 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-80-66553300]
LOCATIONS
|
Registered Office/ Factory : |
Plot No.1, Bidadi Industrial Area, Ramanagara Taluka, Bangalore Rural
District, Bangalore – 562109, Karnataka, India |
|
Tel. No.: |
91-80-66292929/ 56914000/ 66553300 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 27.06.2014
|
Name : |
Mr. Naomi Ishii |
|
Designation : |
Managing director |
|
Address : |
No. 413, 16th Main, 3rd Block, 2nd
Cross, Kormangala, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
06.06.1965 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
06779390 |
|
|
|
|
Name : |
Mr. Kyoichi Tanada |
|
Designation : |
Director |
|
Address : |
7-6-309, Nanpeidai Cho Shibuya-Ku, Tokyo 1500036 Japan |
|
Date of Birth/Age : |
22.10.1954 |
|
Date of Appointment : |
21.06.2012 |
|
DIN No.: |
05309280 |
|
|
|
|
Name : |
Mr. Vikram Shreekant Kirloskar |
|
Designation : |
Director |
|
Address : |
Kirloskar Residence, Behind Kirloskar Business Park, Hebbal, Bellary
Road, Bangalore-560024, Karnataka,
India |
|
Date of Birth/Age : |
19.11.1958 |
|
Date of Appointment : |
06.10.1997 |
|
DIN No.: |
00007907 |
|
|
|
|
Name : |
Mr. Atul Chandrakant Kirloskar |
|
Designation : |
Director |
|
Address : |
Radha, 453, Gokhale Road, Pune - 411016, Maharashtra,
India |
|
Date of Birth/Age : |
13.02.1956 |
|
Date of Appointment : |
03.04.2000 |
|
DIN No.: |
00007387 |
|
|
|
|
Name : |
Mr. Shekar Viswanathan |
|
Designation : |
Whole-time director |
|
Address : |
Shrothrabhiram, No.110, 6th Cross, 2nd Main, RMV 2nd Stage (SFHS) Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
16.11.1956 |
|
Date of Appointment : |
25.06.2008 |
|
PAN No.: |
ABTPV2617P |
|
DIN No.: |
01202587 |
|
|
|
|
Name : |
Mr. Masanori Takahashi |
|
Designation : |
Whole-time director |
|
Address : |
Regency Heights, Flat No.B-8, 8™ Floor, Cleveland Road, Bangalore – 560005, Karnataka, India |
|
Date of Birth/Age : |
25.09.1958 |
|
Date of Appointment : |
08.01.2009 |
|
DIN No.: |
02506394 |
|
|
|
|
Name : |
Mr. Yoshihiro Horinouchi |
|
Designation : |
Whole-time director |
|
Address : |
The Residence No. 30/1, 2nd Cross, Ulsoor Road, Bangalore –
560042, Karnataka, India |
|
Date of Birth/Age : |
30.08.1957 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
05302315 |
|
|
|
|
Name : |
Mr. Tharuvai Swaminathan Jaishankar |
|
Designation : |
Whole-time director |
|
Address : |
A-706, Mantri Tranquil, Gubbalala Village, Off Kanakapura Road, Bangalore – 560062, Karnataka, India |
|
Date of Birth/Age : |
21.09.1959 |
|
Date of Appointment : |
25.01.2013 |
|
PAN No.: |
ACMPJ3309B |
|
DIN No.: |
06474987 |
|
|
|
|
Name : |
Mr. Mao Saka |
|
Designation : |
Whole-time director |
|
Address : |
M-1506, 15th Floor, M Wing Lynx, Brigade Gateway, Dr. Rajkumar Road, Malleswaram, Bangalore – 560055, Karnataka, India |
|
Date of Birth/Age : |
30.01.1971 |
|
Date of Appointment : |
25.01.2013 |
|
DIN No.: |
06474992 |
|
|
|
|
Name : |
Mr. Hisayuki Inoue |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
3-23-8, Minamicho, Kichijoji Musahino City, Tokyo 4718571 Japan |
|
Date of Birth/Age : |
09.04.1958 |
|
Date of Appointment : |
25.06.2013 |
|
DIN No.: |
06616286 |
|
|
|
|
Name : |
Mr. Narayanaswamy Raja |
|
Designation : |
Whole-time director |
|
Address : |
546, Gitanjali, 8th Main, 4th Block,
Koramangala, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
26.01.1963 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
06840450 |
|
|
|
|
Name : |
Mr. Yoshiaki Numata |
|
Designation : |
Whole-time director |
|
Address : |
1 1708, I Wing, Hercules, Brigade Gateway, 26/1, Dr. Rajkumar Road,
Malleshwaram, Bangalore – 560055, Karnataka, India |
|
Date of Birth/Age : |
17.03.1964 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
06779397 |
|
|
|
|
Name : |
Mr. Akitoshi Takemura |
|
Designation : |
Whole-time director |
|
Address : |
1 506, I Wing, Brigade Gateway, 26/1, Dr. Rajkumar Road, Malleshwaram,
Bangalore – 560055, Karnataka, India |
|
Date of Birth/Age : |
03.08.1971 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
06779406 |
|
|
|
|
Name : |
Mr. Yoshihiro Uozumi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
8-14-2, Miyoshigaoka Miyoshi City Aichi Prefecture Japan 4718571 |
|
Date of Birth/Age : |
09.04.1958 |
|
Date of Appointment : |
25.06.2013 |
|
DIN No.: |
06616295 |
KEY EXECUTIVES
|
Name : |
Mr. Shreenivasa P Gotur |
|
Designation : |
Secretary |
|
Address : |
No. 58, Gruhalakshmi Colony, 1st Stage, Basaveshwara Nagar,
Bangalore – 560079, Karnataka, India |
|
Date of Birth/Age : |
26.12.1971 |
|
Date of Appointment : |
31.07.2010 |
|
PAN No.: |
ACBPS8309K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Kirloskar Systems Limited, |
77000000 |
11.00 |
|
Toyota Motor Corporation, |
623000000 |
89.00 |
|
|
|
|
|
Total |
700000000 |
100.00 |
AS ON 27.06.2014
|
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] |
89.00 |
|
Others |
11.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Assembly and Trading of Multi Utility Vehicles and
Passenger Cars. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· The Bank of Tokyo Mitsubishi UFJ Limited Hongkong
and Shanghai Banking Corporation Citi
Bank N.A State
Bank of India ICICI
Bank Limited Standard
Chartered Bank HDFC
Bank Limited Kotak
Mahindra Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
The Millenia, 5th Floor, Tower D, 1 and 2, Murphy Road, Bangalore – 560008, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Holding company : |
Toyota Motor Corporation, Japan (TMC) |
|
|
|
|
Fellow Subsidiary
company : |
· Toyota Motor Asia Pacific Pte. Limited, Singapore Toyota
Kirloskar Auto Parts Private Limited [U35914KA2002PTC030335] Toyota
Logistics Kishor India Private Limited [U60231KA2010PTC052698] Toyota
Motor Asia Pacific Manufacturing Company Limited, (TMAP(EM)) Toyota
Motor Manufacturing, Indonesia (TMMIN) Toyota
Motor Manufacturing, North America (TMMNA) Toyota
Motor Sales Inc., USA (TMS) Toyota
Autoparts Philippines Inc, Philippines (TAP) Daihatsu
Motor Co. Limited, Japan Design
Corporation, Japan (DCJ) Delphys
Inc. Toyota
Techno Park India Private Limited (TTPIL) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7000.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7000.000 |
7000.000 |
7000.000 |
|
(b) Reserves & Surplus |
7446.320 |
7509.540 |
7777.900 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14446.320 |
14509.540 |
14777.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28711.580 |
19248.130 |
15251.900 |
|
(b) Deferred tax liabilities (Net) |
1402.850 |
905.160 |
665.730 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1268.460 |
806.820 |
451.700 |
|
Total Non-current
Liabilities (3) |
31382.890 |
20960.110 |
16369.330 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
8775.640 |
0.000 |
2247.630 |
|
(b) Trade
payables |
11638.190 |
13296.690 |
8948.730 |
|
(c)
Other current liabilities |
7196.110 |
4326.620 |
3495.120 |
|
(d) Short-term
provisions |
110.170 |
90.120 |
778.720 |
|
Total Current
Liabilities (4) |
27720.110 |
17713.430 |
15470.200 |
|
|
|
|
|
|
TOTAL |
73549.320 |
53183.080 |
46617.430 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
36039.040 |
27027.250 |
22499.190 |
|
(ii)
Intangible Assets |
2421.430 |
2531.340 |
2467.380 |
|
(iii)
Capital work-in-progress |
480.190 |
352.100 |
950.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4711.710 |
3418.450 |
2613.140 |
|
(e) Other
Non-current assets |
245.590 |
232.670 |
215.330 |
|
Total Non-Current
Assets |
43897.960 |
33561.810 |
28745.040 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
11527.280 |
9766.740 |
5640.520 |
|
(c)
Trade receivables |
5690.710 |
1406.820 |
1084.100 |
|
(d) Cash
and cash equivalents |
8270.860 |
5363.250 |
8796.070 |
|
(e) Short-term
loans and advances |
3928.380 |
2982.790 |
2158.410 |
|
(f)
Other current assets |
234.130 |
101.670 |
193.290 |
|
Total
Current Assets |
29651.360 |
19621.270 |
17872.390 |
|
|
|
|
|
|
TOTAL |
73549.320 |
53183.080 |
46617.430 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
148893.520 |
114522.060 |
77241.260 |
|
|
|
Other Income |
982.090 |
1370.440 |
1136.750 |
|
|
|
TOTAL |
149875.610 |
115892.500 |
78378.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
144273.540 |
111510.730 |
72484.180 |
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION |
5602.070 |
4381.770 |
5893.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5167.600 |
4367.080 |
2379.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX |
434.470 |
14.690 |
3513.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
497.690 |
283.050 |
1298.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
AFTER TAX |
(63.220) |
(268.360) |
2215.840 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
7409.540 |
7677.900 |
6108.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
553.960 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
92.010 |
|
|
BALANCE CARRIED
TO THE B/S |
7346.320 |
7409.540 |
7677.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
(0.09) |
(0.38) |
3.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.04) |
(0.23) |
2.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.29 |
0.01 |
4.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.59 |
0.03 |
7.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.00 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.59 |
1.33 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.11 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
7000.000 |
7000.000 |
7000.000 |
|
Reserves & Surplus |
7777.900 |
7509.540 |
7446.320 |
|
Net
worth |
14777.900 |
14509.540 |
14446.320 |
|
|
|
|
|
|
long-term borrowings |
15251.900 |
19248.130 |
28711.580 |
|
Short term borrowings |
2247.630 |
0.000 |
8775.640 |
|
Total
borrowings |
17499.530 |
19248.130 |
37487.220 |
|
Debt/Equity ratio |
1.184 |
1.327 |
2.595 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
77241.260 |
114522.060 |
148893.520 |
|
|
|
48.265 |
30.013 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
77241.260 |
114522.060 |
148893.520 |
|
Profit/ [Loss] |
2215.840 |
(268.360) |
(63.220) |
|
|
2.87% |
(0.23%) |
(0.04%) |
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 |
Yes |
|
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 |
LITIGATION DETAILS
CASE PENDING
|
High Court of Karnataka - Bangalore Bench |
WP 27834/2014 |
|
SRI A DHANANJAYA |
Respondent/Defnt.
Name |
MS/ TOYOTA
KIRLOSKAR MOTOR COMPANY LIMITED |
|||
|
Petnr./Appnt.
Advocate |
SATHEESHA K N |
Respnt./Defnt.
Advocate |
|
||
|
Date Filed |
13/06/2014 |
Classification |
L(TER) |
District |
Bangalore City |
|
Stage |
PENDING FOR ADMISSON |
Last Posted For |
PRELIMINARY HEARING |
|
|
|
Last Action Taken |
NOTICE |
Last Date of Action |
16/07/2014 |
Next Hearing Date |
|
|
Latest Order |
POST AFTER 4 WKS |
||||
|
Before Hon'ble Judge/s |
S.ABDUL NAZEER |
||||
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
4551.140 |
0.000 |
|
Borrowing from government semi-government bodies |
24160.440 |
19248.130 |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
8775.640 |
0.000 |
|
|
|
|
|
Total |
37487.220 |
19248.130 |
GENERAL INFORMATION
Subject is a joint venture between Toyota Motor Corporation, Japan and Kirloskar
Systems Limited. The Company is a private limited Company incorporated in 1997
under provisions of Companies Act, 1956. The Company has a manufacturing
facility in Bidadi and is primarily engaged in the business of manufacturing,
assembly and trading of Multi Utility Vehicles and passenger cars in India.
FIXED ASSETS:
· Land
Buildings
Residential
building
Office
building
Factory
building
Other
building
Plant
and equipment
Factory
equipments
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Other
equipments
PRESS RELEASES
TOYOTA KIRLOSKAR
MOTOR SALES DOWN
August
1, 2014
A press release from Toyota Kirloskar Motor said 13,847 units were sold in
July 2014 compared to 14,470 units in July 2013. A total of 1,926 units of
Etios series were exported last month.
In the domestic market, the company sold 11,921 units in July, an increase
of 4 per cent over the 11,515 units sold in the corresponding period last year.
TKM Director and Senior Vice-President (Sales and Marketing) N Raja
said: “We look forward to a further improvement in customer’s purchasing
sentiments with the beginning of the festive season.”
During July, he added, the company sold 882 units and 888 units of the
Corolla Altis and Etios Cross respectively.
TOYOTA KIRLOSKAR TO COMPLY WITH GOVERNMENT IN STANDOFF WITH STAFF
Apr
21, 2014
BANGALORE: Toyota Kirloskar has
decided to comply with Karnataka state government directive to restore normalcy at its
manufacturing facility near Bangalore and has decided to remove its condition
of asking workers to sign "good conduct" agreement before joining
work.
Toyota Kirloskar, an 89:11 joint venture between world's largest car
manufacturer and India's Kirloskaron Sunday
night issued a statement saying the management is willing to remove the clause
provided the workers start work from Monday.
But the workers remained reluctant with R Satish, general secretary of Toyota Kirloskar Workers Uniontelling
ET that that Union would decide upon the future course of action only after a
meeting on Monday. We'll not start work from tomorrow, a worker told ET.
"They will decide on their stand after the office bearers of the Union
meet tomorrow," a worker affiliated to the Union said.
The state government directed the workers to report back to work from
Monday. It also had asked the company's management not to insist that workers
sign a "good conduct" agreement.
"The government of Karnataka, in order to maintain industrial peace
and harmony, has issued an order asking the company and the union to restore
normalcy in operations, immediately," Toyota said in a statement.
"All relevant issues between the workers and the management have been
referred for adjudication," the statement added.
A senior state government labour official said that Saturday's notice
was a "prohibitory order" which makes it binding on the 4,500 Toyota
Kirloskar Workers Union members to report to work.
"The dispute pertaining to the wages has been forwarded to the
industrial disputes tribunal. So, it is sub judice. Now, the company has to
remove the clause asking workers to sign the good conduct code as continuation
of any such demand by the company is a violation of state law," said the
official.
It's not clear for now whether the management will revoke the suspension
of 30 workers but the company has been maintaining that this has been done
pending an enquiry and it would let the threemember panel decide.
Santanu Sarkar, professor at Jamshedpur-based Xavier Institute of Labour
Relations, said he does not see the situation turning volatile. "The
government issuing this order sends across a strong message to both the workers
and management not to take any abrupt steps," said Sarkar.
TOYOTA KIRLOSKAR MOTOR IMPASSE: WORKERS TO RESUME DUTY TODAY
Apr
22, 2014
BANGALORE:
Starting Tuesday, Toyota Kirloskar will do at its manufacturing plant near Bangalore
what it does best - make cars. After more than two months of intermittent
production - which included a go-slow drive by workers and a 5-day shutdown -
the 4,500-strong union decided on Monday to resume work, a day after the Karnataka Government urged both the management and the
workers to help restore normalcy at the manufacturing plant at Bidadi, 30
kilometers from Bangalore.
"I am glad," said Shekar Viswanathan, vice-chairman and
whole-time director, Toyota Kirloskar, an 89:11venture between the world's
largest car maker, Toyota and Kirloskar Group. "I'm happy and relieved but
also saddened that so much happened for nothing," Shekar told ET.
However, the workers will continue to contest with the management on
annual wage increase and over the suspension of 30 workers, said a senior
official of the union. "Both the issues of wages and the suspension of 30
workers are sub judice as it before industrial tribunal," said R Satish,
general secretary of Toyota Kirloskar Motor Employees Union.
WHY WORLD'S TOP THREE CARMAKERS TOYOTA, GENERAL MOTORS, VOLKSWAGEN ARE
LAGGARDS IN INDIA
Jun
3, 2014
The financial year 2013-14 has been one to forget for
carmakers in India. As the Indian consumer held back, sales of passenger cars
fell 4.65%. Every manufacturer endured the pain. But for three
carmakers—Toyota, General Motors and Volkswagen—the agony and frustration of
2013-14 was yet another humbling reminder of how, even after all these years,
their numerical achievements in India remain a stark contrast to their
achievements at a global level.
In worldwide passenger car sales, Toyota, GM and
Volkswagen stand on the podium, in that order. But in India, the world's sixth
largest market, they are ranked six, eight and 10, respectively, and struggling
with the bottom line. Volkswagen is a relative newbie, having entered India
only seven years earlier. But Toyota drove into India 17 years and GM completes
20 years in 2014.
According to Wilfried Aulbur, managing partner of Roland Berger Strategy
Consultants, India is a market with unique attributes, which require car
companies to tailor their operations differently. For example, the tax
structure favours cars of a length of up to four metres, or the smallcar
segment.
A big part of this is the sub-Rs 4 lakh car, which accounts for 70% of
the Indian market. "It (the regulation) forces global players to adapt
their products to the Indian market," says Aulbur. "This implies
significant investments, which, at present, not every large manufacturer is willing
to make. In turn, volume opportunities get constrained."
For these companies, this 70% segment has either not been top priority
(Toyota and Volkswagen) or they have been unable to crack it (GM).
Stumbling Strategies
Every company that has done well in India has done so on the back of a
blockbuster model, one that balanced the diverse needs of an Indian buyer, and
towered over everything else in its space for a considerable length of time.
For Maruti, this was 800, Alto and DZire. For Hyundai, Santro. For Honda, City.
For Mahindra, Scorpio.
In recent times, Renault Duster, Ford EcoSport and Honda Amaze have
cracked the puzzle of combining functionality, design, features, pricing and
after-sales. Toyota has had success with Qualis and Innova, but Volkswagen and
GM have struggled to find models that bring in the volumes and endure in the
Indian context.
The two models Toyota launched as India-specific models in 2011 have
only met with moderate success. "Etios and Liva have been learnings for us
in terms of customer expectations and buying patterns," says N Raja,
senior VP, marketing and sales, Toyota Kirloskar, who recently replaced Sandeep
Singh, deputy MD. "We have addressed that by sprucing interiors, performance
and rural reach."
In its life of 19 years, the Indian subsidiary of General Motors has
accumulated losses of Rs 27400.000 Millions, while garnering a minuscule 2%
market share and a reputational taint for falsifying emission data. "If GM
is struggling in India, it's because it has been bringing in products designed
for overseas markets," says VG Ramakrishanan, managing director, Frost and
Sullivan.
German car maker Volkswagen had a strong phase of growth from 2010 to
2012, with Polo and Vento. But growth has since flagged in the absence of an
India-specific small car and the absence of an effective supplier base.
Frequent senior management changes at Volkswagen have not helped matters,
something that is true also of GM.
It ends up hurting more because of the intrinsic nature of the Indian
market, which demands a strong local orientation. "Companies that
understand the Indian market and can convince their headquarters of the need
for an India-specific strategy tend to come out ahead," says Aulbur. Rakesh
Batra, partner and national automotive leader, Ernst and Young, iterates the
need to think local. "One needs to have an India-specific strategy rather
than an India-presence strategy," he says. "Carmakers need to have a
cost structure in place, clear product strategy, and focus on urban and rural
markets to be profitable." It's a self-reinforcing circle. "If the
cost structure is in place, companies can position and launch value-for-money
products," says Aulbur. "A decent product portfolio leads to larger
volumes, which would need companies to invest in distribution."
Recovery Plans
India remains central to the plans of global carmakers, but also
confounds them and makes them think relatively. According to the International
Organisation of Motor Vehicle Manufacturers, India was ranked number six in car
production in 2013, after China, Japan, Germany, US and South Korea.
In 2003, India was ranked number 13 and China was ranked number six,
producing twice as many cars as India. But China has since then separated from
the pack. While India produced 3.1 million cars in 2013, China produced six
times as many: 18 million. "To achieve the number one position globally,
India really doesn't matter as the volumes are significantly lower," says
Ramakrishnan of Frost and Sullivan.
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 records 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. 61.56 |
|
|
1 |
Rs. 103.50 |
|
Euro |
1 |
Rs. 82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
53 |
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.