MIRA INFORM REPORT
|
Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
STANZEN TOYOTETSU INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.20, Building No.2, Bidadi Industrial Area, District Ramanagara,
Bangalore – 562 109, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.11.1998 |
|
|
|
|
Com. Reg. No.: |
08-024464 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.170.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300KA1998PTC024464 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS04218E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS5675B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture of automobile components. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
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 650000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are
slow but correct. The company can be considered for business dealings with some
cautions. |
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 PARTED BY
|
Name : |
Mr. Sudhakar |
|
Designation : |
Account Executive |
|
Contact No.: |
91-80-27287158 |
|
Date : |
17.10.2014 |
LOCATIONS
|
Registered Office / Factory: |
Plot No.20, Building No.2, Bidadi Industrial Area, District
Ramanagara, Bangalore – 562 109, Karnataka, India |
|
Tel. No.: |
91-80-27287158/ 59/ 74/ 75 / 27289159 |
|
Mobile No.: |
91-9740015013 (Mr. Nitaraj) |
|
Fax No.: |
91-80-27287153 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 23.07.2014
|
Name : |
Masaaki Kobayashi |
|||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||
|
Address : |
B-1208, Cygnus Wing, Bridge Gateway, No.26/1, Dr Rajkumar Road,
Malleswaram West, Bangalore – 560055, Karnataka, India |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
25.04.1957 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
01.08.2012 |
|||||||||||||||||||||||||||
|
DIN No.: |
02648896 |
|||||||||||||||||||||||||||
|
Other
Directorship
|
||||||||||||||||||||||||||||
|
Name : |
Avinash Sosale |
|
Designation : |
Whole-time director |
|
Address : |
No.94, Arvind, 11th Cross, Margosa Road, Bangalore –
560003, Karnataka, India |
|
Date of Birth/Age : |
04.01.1981 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
03191246 |
|
|
|
|
Name : |
Jun Suzuki |
|
Designation : |
Whole-time director |
|
Date of Birth/Age : |
04.04.1966 |
|
Date of Appointment : |
01.03.2014 |
|
DIN No. : |
06823277 |
|
|
|
|
Name : |
Noriyoshi Taguchi |
|
Designation : |
Whole-time director |
|
Address : |
D-1409, Cygnus Wing, Bridge Gateway, No.26/1, Dr Rajkumar Road, Malleswaram
West, Bangalore – 560055, Karnataka, India |
|
Date of Birth/Age : |
28.01.1965 |
|
Date of Appointment : |
01.07.2014 |
|
DIN No. : |
06904412 |
|
|
|
|
Name : |
Kuroki Yuji |
|
Designation : |
Director |
|
Address : |
Apartment No,.605, A Wing, Brigade Gateway, 26/1, 80 Feet, Dr.
Rajkumar Road, Malleswaram West, Bangalore, Karnataka, India |
|
Date of Birth/Age : |
30.04.1951 |
|
Date of Appointment : |
15.07.2014 |
|
DIN No. : |
06940963 |
|
|
|
|
Name : |
Kazuhiko Takarada |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
201-15, 4 Chjome, Miyukihnomachi, Toyota City, Aichi, Japan – 473-0901 |
|
Date of Birth/Age : |
13.10.1951 |
|
Date of Appointment : |
27.06.2011 |
|
DIN No. : |
00104768 |
|
Name : |
Jun Koizumi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Embassy Orchard, No-57/387 63, Rajmahal Villas Extension |
|
Date of Birth/Age : |
05.10.1966 |
|
Date of Appointment : |
04.07.2011 |
|
DIN No. : |
03577631 |
KEY EXECUTIVES
|
Name : |
Mridula Parampuzha Thomas |
|
Designation : |
Company Secretary |
|
Address : |
No.86, 2nd Floor, 2nd Street, MES Colony, Konena
Agrahara, HAL Post, Bangalore – 560017, Karnataka, India |
|
Date of Birth/Age : |
19.01.1986 |
|
Date of Appointment : |
24.03.2014 |
|
PAN No.: |
AIKPT9304L |
|
|
|
|
Name : |
Mr. Sudhakar |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Toyoda Iron Works Company Limited, Japan |
|
18202222 |
|
Toyota Tsusho Corporation, Japan |
|
850000 |
|
Stanzen Techno Private Limited, India |
|
170000 |
|
Total
|
|
19222222 |
AS ON 23.07.2014
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 |
99.12 |
|
Bodies corporate |
0.88 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of automobile components. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
|
Terms : |
|
|
Selling : |
L/C, Cheque and Credit |
|
|
|
|
Purchasing : |
L/C, Cheque and Credit |
GENERAL INFORMATION
|
No. of Employees : |
700 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road,
Ulsoor, Bangalore – 560 008, Karnataka, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Lovelock and lewes, 5th Floor, Tower D, The Millenia, 1&2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India |
|
PAN No.: |
AABFL5878L |
|
|
|
|
|
|
|
Holding company : |
Toyoda Iron Works Company Limited |
|
|
|
|
Fellow Subsidiary company : |
Toyotetsu India Auto Parts Private Limited [U34300KA2008PTC048504] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners
with Key management
personnel and their relatives |
|
CAPITAL STRUCTURE
AS ON 23.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23000000 |
Equity Shares |
Rs.10/- each |
Rs.230.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,222,222 |
Equity Shares |
Rs.10/- each |
Rs.192.222
Millions |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23000000 |
Equity Shares |
Rs.10/- each |
Rs.230.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.000 |
170.000 |
170.000 |
|
(b) Reserves & Surplus |
(108.140) |
124.870 |
139.175 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
99.999 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
161.859 |
294.870 |
309.175 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.211 |
14.339 |
9.206 |
|
Total Non-current
Liabilities (3) |
12.211 |
14.339 |
9.206 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
250.618 |
276.980 |
217.502 |
|
(c) Other
current liabilities |
81.027 |
93.491 |
39.091 |
|
(d) Short-term
provisions |
6.968 |
1.392 |
1.980 |
|
Total Current
Liabilities (4) |
338.613 |
371.863 |
258.573 |
|
|
|
|
|
|
TOTAL |
512.683 |
681.072 |
576.954 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
144.631 |
176.045 |
178.607 |
|
(ii)
Intangible Assets |
0.374 |
0.554 |
0.337 |
|
(iii)
Capital work-in-progress |
2.050 |
2.361 |
5.797 |
|
(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 |
70.470 |
2.052 |
7.197 |
|
(e) Other
Non-current assets |
(147.055) |
0.000 |
0.548 |
|
Total Non-Current
Assets |
70.470 |
181.012 |
192.486 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
69.252 |
39.499 |
35.859 |
|
(c) Trade receivables |
69.722 |
177.145 |
175.465 |
|
(d) Cash
and cash equivalents |
280.293 |
185.882 |
118.651 |
|
(e)
Short-term loans and advances |
16.609 |
93.534 |
51.280 |
|
(f) Other
current assets |
6.337 |
4.000 |
3.213 |
|
Total
Current Assets |
442.213 |
500.060 |
384.468 |
|
|
|
|
|
|
TOTAL |
512.683 |
681.072 |
576.954 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
978.664 |
|
1002.754 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
978.664 |
1322.801 |
1002.754 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Profit prior period items |
(2.285) |
0.000 |
0.000 |
|
|
|
Other Expenses |
1032.995 |
1302.944 |
1068.796 |
|
|
|
TOTAL |
1030.710 |
1302.944 |
1068.796 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(52.046) |
19.857 |
(66.042) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
33.886 |
36.085 |
43.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, IMPAIRMENT LOSS |
(85.932) |
(16.228) |
(109.992) |
|
|
|
|
|
|
|
|
|
Less/ Add |
IMPAIRMENT LOSS |
147.055 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(232.987) |
(16.228) |
(109.992) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.022 |
(1.923) |
11.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(233.009) |
(14.305) |
(121.124) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89.321 |
103.626 |
224.750 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend (including dividend tax)
|
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(143.688) |
89.321 |
103.626 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials parts & Components |
4.499 |
3.439 |
2.450 |
|
|
|
Stores & Spares |
1.668 |
2.836 |
5.780 |
|
|
|
Capital Goods |
0.000 |
0.578 |
20.677 |
|
|
TOTAL IMPORTS |
6.167 |
6.853 |
28.907 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(13.71) |
(0.84) |
(7.12) |
|
Expected Sales ( 2014-2015 ) : Rs.1070.000 Millions
The above information has been parted by Mr. Sudhakar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(23.81) |
(1.08)
|
(12.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(45.63) |
(2.39)
|
(19.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.44) |
(0.06)
|
(0.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.34
|
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
170.000 |
170.000 |
170.000 |
|
Reserves & Surplus |
139.175 |
124.870 |
(108.140) |
|
Share Application money pending allotment |
0.000 |
0.000 |
99.999 |
|
Net
worth |
309.175 |
294.870 |
161.859 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1002.754 |
1322.801 |
978.664 |
|
|
|
31.917 |
(26.016) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1002.754 |
1322.801 |
978.664 |
|
Profit/(Loss) |
(121.124) |
(14.305) |
(233.009) |
|
|
(12.08%) |
(1.08%) |
(23.81%) |
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 |
Yes |
|
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 |
Yes |
|
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) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm / promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
GENERAL INFORMATION:
The Company is a joint venture between Toyoda Iron Works Company Limited, Japan, Stanzen Techno Private Limited, India and Toyota Tsusho Corporation, Japan. The Company is engaged in the manufacture of automobile components through pressing and welding and manufacture of tools and dies for cars. The Company has a manufacturing facility at Bidadi, Ramanagar, India and predominantly sells its products in India.
REVIEW OF OPERATIONS:
Revenue and profitability
During the year the sale of auto components decreased by 25% from Rs. 1,264 million in the year 2012-13 to Rs. 953 million in the year 2013-14. The tooling sale during the year was Rs. 5 million as compared to Rs. 41 million during the previous year.
The Company incurred loss of Rs. 233 million (including provision for impairment of assets Rs 147 million) during the year against loss of Rs. 16 million during the previous year.
Economic slowdown and negative growth in automobile sector, substantially contributed to reduction in the business volume. The Board of Directors initiated cost reduction activities across the organization and able to contain the losses for the year to Rs 85 million.
Further during the year the company has made provision for impairment of assets amounting to Rs 147 million as per the Accounting Standards (AS-28). The provision was necessitated on account of the negative projections for the next two years on account of low business volume from the present project and proposed major investments for plant expansions for the next project. The provision is made based on the information available as on date on the market condition and will be reviewed every year & necessary adjustments will be made.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Indirect Tax matters |
|
|
|
(a) During the month of January 2008, the company availed VAT credit of Rs.0.507 million on foundation work for installation of its press machines, which was disallowed by the Commercial Tax Department as the same qualifies as restricted goods for availing the VAT credit. The department levied interest of Rs.0.234 million and penalty of Rs.0.051 million on account of excess credit availed. The Company has deposited an amount of Rs.0.396 millions 'under protest' in this regard. The Joint Commissioner of Commercial Taxes (Appeals), Bangalore, dismissed the appeal filed by the Company on April 22, 2012 and the Company has filed an appeal with the Karnataka Appellate Tribunal, and a hearing is awaited. |
0.792 |
0.792 |
|
(b) The Company had availed cenvat credit for input services relating to employee transportation amounting to Rs.2.329 millions and outdoor catering service amounting to Rs.0.703 millions for the period January 2008 to November 2010. The Department of Central Excise and Customs issued Show cause notice on March 21, 2011 objecting to the availment of credit. The Additional Commissioner of Central Excise, Bangalore, vide his Order dated September 19, 2011 allowed the credit availed by the Company. However, department appealed against the said order of the Additional Commissioner Commissioner of Central Excise, Bangalore, on January 10, 2012 and the Company has filed Memorandum of cross Objections on March 9, 2012 in this regard. |
3.338 |
3.338 |
|
Further during the year on September 20, 2012, the Company has received order from the Additional Commissioner of Central Excise allowing input credits on canteen services of Rs.0.042 million ( for the period October 2007 to March 2008) and Rs.0.263 million ( for the period December 2010 to March 2011). However, department appealed against the said order of the Additional Commissioner of Central Excise, Bangalore. The Company has filed Memorandum of Cross objections on February 4, 2013 and hearing is awaited. |
|
|
|
Others |
|
|
|
The Company suffered a set back in industrial relation 2010-11, and early part of 2011-12. On March 19, 2011, certain workmen indulged in violence, physical assault and manhandling of management personnel. The Company suspended 25 workmen and served a show cause notice and a charge sheet by initiating domestic enquiry against these workmen. Meanwhile the suspended workmen have brought a stay on the domestic enquiry proceedings from the Principal Civil Judge, Ramanagara and the High Court of Karnataka. The Company has filed a Special Leave Petition in the Honorable Supreme Court seeking vacation of the stay and directing the conduct of domestic enquiry. The case is yet to come up for hearing. |
|
|
|
The Company has been paying subsistence allowance to the 25 suspended workmen, in terms of the Company’s Certified Standing Orders. The amounts paid in this regard aggregate to Rs. 3.714 millions for the current financial year, which has been charged to Statement of Profit and Loss. Pending outcome of the enquiry, it is not possible to quantify the liability arising on account of proceedings, if any at this stage. However, the Company does not expect any liability which may have a material impact on the financial statements for the year 2012-13. |
|
|
|
Claims against company not acknowledged as debt |
1.453 |
0.917 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90200875 |
14/11/2003 |
92,000,000.00 |
U.F.J. BANK
LIMITED |
NEW DELHI
BRANCH-UPPER GROUND FLOOR, MERCANTIL HO |
- |
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Computer System
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--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.