MIRA INFORM REPORT
|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAIKISHA ENGINEERING INDIA LIMITED (w.e.f.
01.07.1998) |
|
|
|
|
Formerly Known
As : |
TAIKISHA ENGINEERING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14, Palam Marg, Vasant Vihar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.02.1995 |
|
|
|
|
Com. Reg. No.: |
55-065836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL1995PLC065836 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT01889G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2634G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Plant and Machinery for Automobile
Industries. |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company satisfactory track record. There seems dip in the turnover and profit of the company during 2013
however, net worth of the company is good. General financial position of the
company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal 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.
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 PARTED BY
|
Name : |
Mr. Jaipal |
|
Designation : |
Accountant |
|
Contact No.: |
91-11-226147101 |
|
Date : |
13.09.2014 |
LOCATIONS
|
Registered Office : |
14, Palam Marg, Vasant Vihar, |
|
Tel. No.: |
91-11-26147101/ 26148671 |
|
Fax No.: |
91-11-26148671 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Factory 1 : |
Plot No. 404, Udyog Vihar, Phase-IV, Gurgaon -122 015,
Haryana |
|
Tel. No.: |
91-124-2348246/ 2455215/ 16 |
|
Fax No.: |
91-124-2348246/ 2348247 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Sheet Metal Factory Gat No. 321/323, Village Kondapuri, Taluka-Shirur,
District-Pune, |
|
Tel. No.: |
91-213-7270231 |
|
|
|
|
Factory 3 : |
19, Sector III, IMT Manesar, Gurgaon – 122 051, |
|
Tel. No.: |
91-124-2290152/ 4669011 |
|
Fax No.: |
91-124-2290153 |
|
|
|
|
Mumbai Office : |
123-126, Building No.S-2, Vedant, |
|
Tel. No.: |
91-22-25885130/ 25885131/ 25885132 |
|
Fax No.: |
91-22-25886133/ 25834793 |
|
E-Mail : |
DIRECTORS
As on 12.09.2013
|
Name : |
Mr. Natwarlal Amrutlal Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
“Astha”, Plot No.438, Sector 14, Gurgaon – 122 001, Haryana, India |
|
Date of Birth/Age : |
20.06.1940 |
|
Qualification : |
BE Mechanical and Electrical |
|
Date of Appointment : |
24.02.1995 |
|
DIN No.: |
00329059 |
|
|
|
|
Name : |
Mr. Hemant N. Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
“Astha”, Plot No.438, Sector 14, Gurgaon – 122 001, Haryana, India |
|
Date of Birth/Age : |
11.07.1972 |
|
Date of Appointment : |
10.06.2004 |
|
DIN No.: |
00329094 |
|
|
|
|
Name : |
Yutaka Onozawa |
|
Designation : |
Managing director |
|
Address : |
2-14-11 Gontazaka Hodogaya-Ku, Yokohama City Kanagawa, 2400026, Japan |
|
Date of Birth/Age : |
14.05.1965 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
05223674 |
|
|
|
|
Name : |
Tetsuya Ogawa |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
No. 2605 1 Chome 4-20, Ariake, Kotu-Ku, Tokyo, 1350063, Japan |
|
Date of Birth/Age : |
25.04.1953 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05223702 |
|
|
|
|
Name : |
Nobuhiko Harada |
|
Designation : |
Director |
|
Address : |
3116-64 Ikenouchi, Komaki City Aichi, 4850804, Japan |
|
Date of Birth/Age : |
27.02.1952 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05223729 |
|
|
|
|
Name : |
Yukinori Hamanaka |
|
Designation : |
Director |
|
Address : |
9-40-7 Asumigaoka, Midori-Ku, Chiba City, 2670066, Japan |
|
Date of Birth/Age : |
10.12.1958 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05223751 |
|
|
|
|
Name : |
Hikaru Kimura |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
6-19-2, Maeno-Cho, Itabashi-Ku,Tokyo, 1740063, Japan |
|
Date of Birth/Age : |
04.01.1953 |
|
Date of Appointment : |
04.07.2013 |
|
DIN No.: |
06619425 |
|
|
|
|
Name : |
Ryoichi Uenodan |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
3-21-2, Sounam,Minami-Ku, Sagamihara, Kanagawa, 2520312, Japan |
|
Date of Birth/Age : |
20.07.1953 |
|
Date of Appointment : |
04.07.2013 |
|
DIN No.: |
06619438 |
KEY EXECUTIVES
|
Name : |
Mr. Jaipal |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2013
|
Names of Shareholders |
No. of Shares |
|
Taikisha Limited, Japan |
329997 |
|
Sumitomo Corporation, |
30000 |
|
Margo Engineers Private Limited, |
239998 |
|
Satoru Kamiyama |
1 |
|
Hashimoto Kazunori |
1 |
|
Masaaki Saito |
1 |
|
Hemant N. Makwana |
1 |
|
P. Shivraj |
1 |
|
Total |
600000 |
As on 12.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
60.00 |
|
Bodies corporate |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plant and Machinery for Automobile
Industries. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
v Genoa v Germany |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Control Panel and Parts for own projects |
Nos. |
N.A. |
N.A. |
81 |
|
Control Panel for others |
Nos. |
N.A. |
N.A. |
Nil |
|
PU Process Materials |
Nos. |
N.A. |
N.A. |
4 |
|
Fabricated Parts |
Nos. |
N.A. |
N.A. |
21 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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No. of Employees : |
450 (Approximately) |
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||||||||||||||||||||||||
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Bankers : |
Union Bank of India, Guraon (Branch), Haryana, India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Gupta Thapar and Company Chartered Accountants |
|
Address : |
D-53, Anand Niketan |
|
PAN
No. : |
AAKPG8803F |
|
|
|
|
Ultimate
Holding company : |
Taikisha Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 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 |
6.000 |
6.000 |
6.000 |
|
(b) Reserves & Surplus |
911.018 |
818.449 |
654.242 |
|
(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) |
917.018 |
824.449 |
660.242 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
67.196 |
16.742 |
3.190 |
|
(b) Deferred tax liabilities (Net) |
8.504 |
6.425 |
5.467 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
345.875 |
399.128 |
277.017 |
|
Total Non-current Liabilities (3) |
421.575 |
422.295 |
285.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
544.898 |
321.850 |
218.289 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
283.887 |
62.824 |
433.728 |
|
(d) Short-term provisions |
261.290 |
412.117 |
92.801 |
|
Total Current Liabilities (4) |
1090.075 |
796.791 |
744.818 |
|
|
|
|
|
|
TOTAL |
2428.668 |
2043.535 |
1690.734 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
640.333 |
323.167 |
258.530 |
|
(ii) Intangible Assets |
12.471 |
8.690 |
7.559 |
|
(iii) Capital
work-in-progress |
46.264 |
16.475 |
8.787 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
29.353 |
31.896 |
33.768 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
70.339 |
80.875 |
35.597 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
798.760 |
461.103 |
344.241 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.000 |
4.734 |
211.626 |
|
(b) Inventories |
260.317 |
90.324 |
187.058 |
|
(c) Trade receivables |
818.882 |
961.189 |
553.969 |
|
(d) Cash and cash
equivalents |
267.585 |
269.839 |
200.234 |
|
(e) Short-term loans and
advances |
252.959 |
225.614 |
182.029 |
|
(f) Other current assets |
25.165 |
30.732 |
11.577 |
|
Total Current Assets |
1629.908 |
1582.432 |
1346.493 |
|
|
|
|
|
|
TOTAL |
2428.668 |
2043.535 |
1690.734 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2064.326 |
3254.440 |
1420.705 |
|
|
|
Other Income |
25.907 |
23.829 |
38.000 |
|
|
|
TOTAL |
2090.233 |
3278.269 |
1458.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
241.896 |
|
|
|
|
|
Purchases of Stock-in-Trade |
1140.242 |
1796.502 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(140.802) |
73.379 |
|
|
|
|
Employees benefits expense |
199.980 |
173.995 |
|
|
|
|
Other expenses |
316.926 |
404.857 |
|
|
|
|
TOTAL |
1758.242 |
2734.337 |
1313.632 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
331.991 |
543.932 |
145.073 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
32.257 |
43.707 |
14.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
299.734 |
500.225 |
130.388 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
60.697 |
45.284 |
36.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
239.037 |
454.941 |
93.723 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
65.040 |
151.267 |
31.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
173.997 |
303.674 |
62.434 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
43.983 |
21.642 |
12.830 |
|
|
TOTAL EARNINGS |
43.983 |
21.642 |
12.830 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15.281 |
61.190 |
61.003 |
|
|
|
Capital Goods |
81.366 |
27.963 |
31.061 |
|
|
TOTAL IMPORTS |
96.647 |
89.153 |
92.064 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
290.00 |
506.12 |
104.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.32 |
9.26 |
4.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.58 |
13.98 |
6.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.16 |
22.80 |
5.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.55 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67 |
0.41 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.99 |
1.81 |
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 |
6.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
654.242 |
818.449 |
911.018 |
|
Net worth |
660.242 |
824.449 |
917.018 |
|
|
|
|
|
|
long-term borrowings |
3.190 |
16.742 |
67.196 |
|
Short term borrowings |
218.289 |
321.850 |
544.898 |
|
Total borrowings |
221.479 |
338.592 |
612.094 |
|
Debt/Equity ratio |
0.335 |
0.411 |
0.667 |
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) |
|
Revenue from Operations |
1420.705 |
3254.440 |
2064.326 |
|
|
|
129.072 |
(36.569) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
1420.705 |
3254.440 |
2064.326 |
|
Profit |
62.434 |
303.674 |
173.997 |
|
|
4.39% |
9.33% |
8.43% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is Not Available.
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
63.017 |
14.884 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
544.898 |
0.000 |
|
|
|
|
|
Total |
607.915 |
14.884 |
INDEX OF CHARGES
No Charges Exist for Company
PERFORMANCE OF TEI DURING FY 2012-13
The Revenue from Operations
has declined to Rs. 2060.000 millions from Rs. 3250.000 millions in the previous
year. This is mainly due to the present slowdown in the automotive business
industry. This has resulted into reduction of paint shop projects. To sustain
sales and growth, the Company has already taken action for diversification of
business activities through manufacturing at Pune and Vadodara factories.
NEW BUSINESS DEVELOPMENT
Not to just depend on paint
shop business, TEI has decided to concentrate and give due importance on new
business development and accordingly TEI will start activity of control panel
manufacturing for other than paint shop projects for Indian market and also for
export into Middle East, Europe and USA market.
TEI is also in close
discussion with TKS Japan GT division and it has been decided to reinforce TEI
GT division which undertakes business like new factory mechanical and
electrical utility installation, ventilation system, etc. This can be a good
business in near future since many new Japanese companies are entering to
Indian market due to good relation between India and Japan country.
TEI has also actively
discussing with TKS Japan for setting-up of small robotic painting trial
laboratory at TEI Manesar factory which will be useful to conduct certain
trials and training of TEI and client members on robotic operation.
CURRENT YEAR PERFORMANCE AS OF DATE AND FUTURE PROSPECTS
Current year performance of
the company is expected on similar lines like the previous year. Due to slow
down in the Indian economy, various Indian automotive and other customers are
holding back/ postponing their decision for new investments. However, it is
realized that since India is a big market having large population and
consumption demand, therefore, the economy and the business will improve
particularly after elections which is likely to happen in beginning of year
2014.
TEI is also concentrating
into new development and improvement in present painting process and technology
and also to improve business booking TEI will concentrate on smaller value
paint shop projects by offering to such client various low cost solutions.
FIXED ASSETS
œ Land
œ Buildings
œ Furniture and Fixtures
œ Office Building
œ Plant and Equipment
œ Vehicles
œ Computer Equipment’s
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.61.10 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.