MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTA TSUSHO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 33 and 34, Bidadi Industrial Area, Ramanagara Taluk and District, Ramanagara – 562109, Karnataka |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.04.1999 |
|
|
|
|
Com. Reg. No.: |
08-025012 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1591.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27105KA1999PTC025012 |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCS6230N |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader of Steel |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8800000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “TOYOTA TSUSHO CORPORATION”. It is an
established company having moderate track. As per Registrar of Companies the date of financial statements is shown
as March 31, 2013 but the documents related to the same are not available
from any sources. Further, the available records state that, the company has reported a
loss during FY 12. However, trade relations seem to be fair. Business is active. Payment
terms are reported as unknown. In view of lack of latest financial data, the subject can be
considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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. Manjunath |
|
Designation : |
Account Executive |
|
Contact No.: |
91-80-40823100 |
|
Date : |
04.07.2014 |
LOCATIONS
|
Registered Office / Head Office : |
Plot No. 33 and 34, Bidadi Industrial Area, Ramanagara
Taluk and District, Ramanagara – 562109, Karnataka, India |
|
Tel. No.: |
91-80-40823156 / 40823100 |
|
Fax No.: |
91-80-40823114 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 20.07.2012
|
Name : |
Mr. Tatsuya Watanuki |
|
Designation : |
Whole-Time Director |
|
Address : |
110 1-Chome Hongo Meito-Ku Nagoya Aichi Prefecture 4650024 |
|
Date of Birth/Age : |
24.07.1963 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
05202492 |
|
|
|
|
Name : |
Mr. Shizuka Hayashi |
|
Designation : |
Director |
|
Address : |
4-39-2-102, Tamagawa Setagaya Ku Tokyo 1580094 |
|
Date of Birth/Age : |
15.10.1957 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
03316927 |
|
|
|
|
Name : |
Mr. Yasuhiko Yokoi |
|
Designation : |
Director |
|
Address : |
9-1 3-Chome Sakuragaoka Tama-Shi Tokyo 2060013 |
|
Date of Birth/Age : |
26.01.1954 |
|
Date of Appointment : |
20.07.2012 |
|
DIN No.: |
05333582 |
|
|
|
|
Name : |
Mr. Jun Nakayama |
|
Designation : |
Director |
|
Address : |
10-21 2-Chome Ishiodai Kasugal Shi Aichi Japan 4870006 |
|
Date of Birth/Age : |
18.11.1952 |
|
Date of Appointment : |
20.07.2012 |
|
DIN No.: |
05333584 |
|
|
|
|
Name : |
Ogura Kenji |
|
Designation : |
Alternate Director |
|
Address : |
No. 2-50, Nagoya-shi, Chikusa-ku Karayamacho (Karayama U- House
No.201) Karayamacho 4640806 |
|
Date of Birth/Age : |
18.07.1969 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06567581 |
KEY EXECUTIVES
|
Name : |
Mr. A Murali |
|
Designation : |
Secretary |
|
Address : |
Shree Mangaladevi, No.24, 2nd Main, 2nd Cross,
Kathriguppe (East), BSK 3rd Stage, Bangalore, Karnataka – 560085,
Karnataka, India |
|
Date of Birth/Age : |
19.03.1971 |
|
Date of Appointment : |
01.04.2001 |
|
PAN No.: |
AGKPM5499D |
|
Voter ID No.: |
XHL3481470 |
|
|
|
|
Name : |
Mr. Manjunath |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Toyota Tsusho Corporation, Japan |
|
159099990 |
|
Toyota Tsusho Singapore Pet. Limited, Singapore |
|
10 |
|
Total |
|
159100000 |
As on 07.09.2012
|
Names of Allottment |
|
No. of Shares
Allotted |
|
Toyota Tsusho Corporation, Japan |
|
92608386 |
|
Total |
|
92608386 |
As on 20.07.2012
Equity Share Break up (Percentage of Total Equity)
|
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 Steel |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Japan |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
Japan |
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Terms : |
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Selling : |
L/C / Credit |
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Purchasing : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited, M G Road, Bangalore – 560001, Karnataka, India · Mizuho Corporate Bank Limited · The Bank Of Tokyo -Mitsubishi UFJ Limited · Indian Bank · ICICI Bank Limited · State Bank of India · Standard Chartered Bank |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore - 560025, Karnataka, India |
|
PAN No.: |
AACFD3771D |
CAPITAL STRUCTURE
After 20.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251708386 |
Equity Shares |
Rs.10/- each |
Rs.2517.084 Milli0ons |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251708386 |
Equity Shares |
Rs.10/- each |
Rs.2517.084 Milli0ons |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159100000 |
Equity Shares |
Rs.10/- each |
Rs.1591.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159100000 |
Equity Shares |
Rs.10/- each |
Rs.1591.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1591.000 |
1091.000 |
|
(b) Reserves & Surplus |
|
613.291 |
208.039 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2204.291 |
1299.039 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
534.946 |
598.291 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
534.946 |
598.291 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
302.000 |
|
(b) Trade payables |
|
2716.754 |
1009.167 |
|
(c) Other current
liabilities |
|
468.885 |
256.261 |
|
(d) Short-term provisions |
|
34.436 |
17.675 |
|
Total Current Liabilities (4) |
|
3220.075 |
1585.103 |
|
|
|
|
|
|
TOTAL |
|
5959.312 |
3482.433 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1552.782 |
1593.105 |
|
(ii) Intangible Assets |
|
80.200 |
6.075 |
|
(iii) Capital
work-in-progress |
|
591.435 |
64.895 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
53.955 |
11.667 |
|
(d) Long-term Loan and Advances |
|
93.826 |
53.879 |
|
(e) Other Non-current assets |
|
109.250 |
54.902 |
|
Total Non-Current Assets |
|
2481.448 |
1784.523 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1179.094 |
668.025 |
|
(c) Trade receivables |
|
1477.219 |
808.697 |
|
(d) Cash and cash
equivalents |
|
610.580 |
99.164 |
|
(e) Short-term loans and
advances |
|
78.873 |
54.740 |
|
(f) Other current assets |
|
132.098 |
67.284 |
|
Total Current Assets |
|
3477.864 |
1697.910 |
|
|
|
|
|
|
TOTAL |
|
5959.312 |
3482.433 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1091.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
201.695 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1292.695 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1292.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
277.145 |
|
|
Capital work-in-progress |
|
|
231.146 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
15.813 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
485.276 |
|
|
Sundry Debtors |
|
|
470.657 |
|
|
Cash & Bank Balances |
|
|
473.516 |
|
|
Other Current Assets |
|
|
29.095 |
|
|
Loans & Advances |
|
|
104.060 |
|
Total
Current Assets |
|
|
1562.604 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
720.372 |
|
|
Other Current Liabilities |
|
|
59.061 |
|
|
Provisions |
|
|
14.580 |
|
Total
Current Liabilities |
|
|
794.013 |
|
|
Net Current Assets |
|
|
768.591 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1292.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
8041.307 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
8041.307 |
5172.823 |
3395.393 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
8088.958 |
5136.139 |
3249.055 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
8088.958 |
5136.139 |
3249.055 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(47.651) |
36.684 |
146.338 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
89.385 |
26.194 |
22.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(137.036) |
10.490 |
123.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(42.288) |
4.146 |
25.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(94.748) |
6.344 |
98.533 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.60) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.18) |
0.12 |
2.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.58) |
0.31 |
6.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
0.01 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.69 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.07 |
1.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
1091.000 |
1591.000 |
|
Reserves & Surplus |
|
208.039 |
613.291 |
|
Net
worth |
|
1299.039 |
2204.291 |
|
|
|
|
|
|
long-term borrowings |
|
598.291 |
534.946 |
|
Short term borrowings |
|
302.000 |
0.000 |
|
Total
borrowings |
|
900.291 |
534.946 |
|
Debt/Equity
ratio |
|
0.693 |
0.243 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3395.393 |
5172.823 |
8041.307 |
|
|
|
52.348 |
55.453 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3395.393 |
5172.823 |
8041.307 |
|
Profit |
98.533 |
6.344 |
(94.748) |
|
|
2.90% |
0.12% |
(1.18%) |
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 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 |
No |
|
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 |
No |
|
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 |
Note:
The registered office of the company has been shifted from
Toyota Techno Park, Plot No.20, Building No.4, Bidadi Industrial Area,
Bangalore – 562109, Karnataka, India to present address w.e.f. 01.09.2011
GENERAL INFORMATION
Subject was incorporated on April 1, 1999, pursuant to a joint venture agreement dated December 17, 1998, entered between Toyota Tsusho Corporation, Japan ('TTC') and Kirloskar Systems Limited ('KSL'). During the year ended March 31, 2006, KSL transferred its shares to Kirloskar Oil Engines Limited, India (KOEL). TTC and KOEL held 95.4% and 4.6 % respectively in the equity shares of the company as at March 31, 2009. During the year March 31, 2010, KOEL transferred its entire shares in the Company to KSL. During the current year shares held by KSL were transferred to TTC and Toyota Tsusho Singapore Pte Limited. Joint venture arrangement between Toyota Tsusho corporation, Japan (TTC) and Kirloskar systems Limited (KSL) ceased to be operational.
The Company undertakes trading in automobile components, processing steel products and providing logistics services primarily catering to the Automotive Industry. The logistics centre within TTIPL leverages on its global expertise in international trade and commercial logistics to provide a wide array of solutions to the Toyota group of companies and to the Automotive Industry in particular. The Company also has manufacturing activities of polypropylene (manufactured goods).
REVIEW OF OPERATIONS
The overall growth of Gross Domestic Product (GDP) was at around 6.50% in 2011-12 representing an appreciable increase from the growth of 8.60% had in 2010-11.
The Automobile Domestic Sales trend grew by 12.24% as compared to the previous year riding on two-wheelers and commercial vehicles sales growth. Last year the Automobile Domestic Sales grew by 26.17%.
The Automobile Industry is likely to grow by 10-12% in the year 2012-13.
In view of this background, the Company was able to record a phenomenal increase of over 55.45% in its total income as compared to the previous year.
For its existing operations at Bidadi, the Head Office of the Company, the Company has the necessary systems and manpower in place to cater to the activity of steel processing and supply of auto components and raw materials to M/s Toyota Kirloskar Motor Private Limited (TKML) and its Tier-I vendors.
Other business segments such as Metals, Machinery and Electronics, Chemicals, Food and Consumer Products are still at a nascent stage and are expected to strengthen and widen customer base in the years to come.
The Company changed its Registered Office and Head Office during the year to Plot No. 33 and 34, Bidadi Industrial Area, Ramanagara Taluk and District - 562109.
The Company was set up as a Joint Venture company between M/s Toyota Tsusho Corporation, Japan (TTC) and M/s Kirloskar Systems Limited India (KSL). During the year, the shares of KSL were purchased by TTC group. The Joint Venture agreement ceased to be operational in view of this.
FUTURE PROSPECTS
With the economy surging ahead, the Company is optimistic that the future holds good for its business. The Company is also expanding its operations in areas such as Chennai, Mumbai and in New Delhi.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Rupee term loans from banks |
534.946 |
598.291 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand |
0.000 |
302.000 |
|
Total |
534.946 |
900.291 |
|
|
|
|
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
AS PER WEBSITE
PRESS RELEASE
K MINDA GROUP
VENTURES INTO MANUFACTURING OF AUTOMOTIVE SAFETY COMPONENTS
December 2, 2011
Forms a Joint Venture with Toyoda Gosei and Toyota Tsusho of Japan
New Delhi, India and Aichi, Japan; Friday, December 02, 2011; USD 361 mn NK Minda Group, the technology leader in Auto Components Industry, has entered into a 82.1:5:12.9 Joint Venture (JV), with Toyoda Gosei Co., Limited, Japan and Toyota Tsusho Corporation, Japan.
The JV Company, to be named Toyoda Gosei Minda India Private Limited, subject to ROC approval, will develop, manufacture and sell automotive safety components like Steering Wheels, Airbags and Body Sealing parts for major Indian car manufacturers. The new JV was signed off by Nirmal K Minda, CMD of Minda Industries Limited., and T Arashima, President of Toyoda Gosei Company Limited, Japan in end October.
A key feature of the JV is the availability of top-notch Japanese technology of 'Integrated Rubber Parts Production', which Toyoda Gosei will bring to this joint venture, in order to ensure its cost competitiveness in the Indian market. This process is targeted to start production from May 2012 in Neemrana plant, where manufacturing of safety parts is already ongoing. The JV will also establish a new plant in Bangalore within two years.
The capital of this Joint Venture is US$ 30.8 mn (INR 1590 mn), in which Toyoda Gosei Company Limited will hold 82.1% stake, Toyota Tsusho Corporation will hold 5% stake and Minda will hold 12.9% stake, with an option to increase its share to 44% in the next three years.
On this occasion Nirmal K Minda, CMD of NK Minda Group, said, "Diversification is the key to growth in global markets. We have a vision to be a preferred supplier to major OEMs across the world. This Joint venture is an important step towards that vision." He further added, "We are delighted to partner with Toyoda Gosei, a leading innovative auto component manufacturer, and see this as a great opportunity for introducing new technologies to Indian OEMs."
Brief highlights of
the Joint Venture
Company: TOYODA GOSEI MINDA INDIA PRIVATE LIMITED
CEO Name: Mr. H Fukamachi
Capital: 1590 million rupees (Approx. 2390 million yen)
Investment amount: 1590 million rupees (Approx. 2390 million yen)
Investment ratio: Toyoda Gosei Co., Ltd.：82.1%
Minda Investment Limited：12.9%
Toyota Tsusho Corporation： 5.0%
Products: Safety Parts like Steering Wheels, Airbags and Body Sealing Parts for automobiles.
About Toyoda Gosei
Founded in 1949, Toyoda Gosei is a customer-driven, global company that researches, develops and manufactures products of exceptional quality for a variety of industries, from automotive to agriculture to telecommunications. With headquarters in Aichi, Japan; Troy, Michigan, U.S.A, Zaventem, Belgium and Chonburi, Thailand, the company is a world-class supplier to the automotive industry. Toyoda Gosei's five product categories include: Body Sealing Systems, Interior / Exterior Systems, Optoelectronics, Fuel System / Functional Parts and Safety Systems. The TG Group employs over seventeen thousand people in seventeen countries, located in fifty-eight facilities worldwide. Key automotive OEM customers include Toyota, General Motors, DaimlerChrysler, Ford, Honda, Isuzu, Mitsubishi, and Nissan.
About N K MINDA Group
NK Minda Group, a technology leader in Auto Components Industry, is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures Switches, Electric Mirrors, Horns, Lamps, Blow molding Components, Electronics and Sensors, CNG-LPG Kits, Alloy Wheels, Air Filtration Systems, Seat Belts, Batteries, Die Casting Components and Wheel Covers for Original Equipment Manufacturers (OEMs). It is today a US$361mn group and is rapidly expanding with increased market share in its product lines.
NK Minda Group is a global player in automotive sector with manufacturing facilities in Indonesia and Vietnam and Offices in Japan, Europe and China. It has 27 manufacturing plants in India and has JVs/Technical Agreements with world renowned manufactures such as Tokai Rika- Japan, Kyoraku –Japan, EMER – Italy, Roki - Japan and Kosei - Japan. Our continuous effort is to deliver high technology and quality products to our valued customers such as MSIL, TML, TKML, M&M, BAL, TVS, HHML, HMSI, HSCIL, VW, GMIL, FIPL, RNPO, IYM etc.
KOBE STEEL, TOYOTA
TSUSHO EXPLORE PRODUCTION OF AUTOMOTIVE ALUMINUM SHEET IN THE US
2014-05-26
TOKYO -- Kobe Steel Limited and Toyota Tsusho Corporation have decided to consider establishing a joint venture to produce and sell aluminum sheet for automotive body panels and automotive heat exchangers in the United States. The two companies plan to conduct further studies with the aim of concluding an agreement for the joint venture by the end of September 2014.
The joint venture is envisaged to produce and sell mainly aluminum sheet for automotive body panels, along with aluminum sheet for automotive heat exchangers. Operations would start in 2017. In the joint venture scheme, Kobe Steel will be responsible for production, quality assurance and business operations. Toyota Tsusho will undertake the important role of marketing the products. The joint venture's equipment is anticipated to mainly cover downstream operations.
For the sourcing of the master coils to make the aluminum sheet, Kobe Steel is currently in talks with Wise Alloys, LLC. Wise Alloys, based in Muscle Shoals, Alabama, is a major U.S. producer of aluminum can stock for the beverage and food industries.
Corporate average fuel economy (CAFE) standards in the United States have become increasingly stricter in recent years. Cars will be required to achieve a 25-percent improvement in fuel efficiency by 2016, compared with 2011. By 2025, fuel efficiency will be required to double. On this background, automakers are rapidly taking steps to make lighter cars. One effective way is the increasing use of aluminum panel material. North American demand for aluminum body panels is anticipated to increase substantially from approximately 100,000 tons per year now to over 1 million tons in 2020.
Kobe Steel maintains more than a 50-percent share of the Japanese market for aluminum panel material. Since the 1980s, Kobe Steel has been providing total solutions covering materials development, analysis and design, and processing and joining technologies. Not only Japanese automakers, but American and European automakers as well hold Kobe Steel in high regard for its automotive aluminum products.
Utilizing this strength, Kobe Steel is accelerating its global expansion to meet the growing demand for aluminum panel material. In June 2013, Kobe Steel announced that it had entered into a technical cooperation agreement with Germany's Hydro Aluminium Rolled Products GmbH for aluminum sheet used in automotive body panels. In September 2013, Kobe Steel reached a decision to establish Kobelco Automotive Aluminum Rolled Products (China) Company Limited to produce aluminum sheet for automotive body panels in Tianjin, China. Construction of the plant is underway with operations to begin in early 2016.
In addition, the manufacture and sale of aluminum sheet for heat exchangers by the joint venture is also under consideration.
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 records 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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.