MIRA
INFORM REPORT
|
Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEIREN INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 19-25, 32 and 33, Kadakola Industrial Area, Kadakola, |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
21.03.2012 |
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Com. Reg. No.: |
08-063157 |
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Capital
Investment / Paid-up Capital : |
Rs.800.000 Millions |
|
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CIN No.: [Company Identification
No.] |
U17120KA2012FTC063157 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS41591E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of polyester fabric.
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No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 3200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is relatively new company having moderate track record. Ms. Jayalatha, Accounts officer has provided general information to us
and claimed that company is into manufacturing and trading of polyester
fabric. Further she also claimed that company has started it operation with
trading polyester fabric and from 31st November 2013, company has
started its manufacturing of fabric. As per registrar of companies the date of balance sheet (i.e.
financial file) is shown as 31.03.2013 but the document related to the
financial are not available from any sources. The company has incurred loss from its operational activities in its
first year of business operation. However, trade relations are improving. Business is active. Payment
terms are slow. The company 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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 : |
Ms. Jayalatha |
|
Designation : |
Accounts officer |
|
Contact No.: |
91-9900049723 |
|
Date : |
23.09.2014 |
LOCATIONS
|
Registered Office / Factory: |
Plot No. 19 to 25, 32, 33, Kadakola Industrial Area, Near SKF Factory,
Mysore, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9480306312 (Mr. Gururaj Banakar) 91-9900049723 (Ms. Jayalatha) |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 15.04.2014
|
Name : |
Hidenori Kawabe |
|
Designation : |
Managing Director |
|
Address : |
14-10-1, Kawaiwashizuka-Cho, Fukui-Shi, Fukui-Ken, Japan |
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Date of Birth/Age : |
02.03.1967 |
|
Date of Appointment : |
21.03.2012 |
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DIN No.: |
05187358 |
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|
|
Name : |
Keisuke Takama |
|
Designation : |
Director |
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Address : |
APT No.1001, Chamundi Vihara Complex Brigade Horizon No.28 24 BC 16
A2, A3 and A4, T Narasipura, Mysore 570002 |
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Date of Birth/Age : |
04.10.1978 |
|
Date of Appointment : |
28.06.2013 |
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DIN No.: |
06558030 |
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Name : |
Tatsuo Kawada |
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Designation : |
Director |
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Address : |
9-10-Yamate-Cho Ashiya-Shi Hyogo-Ken Japan |
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Date of Birth/Age : |
27.01.1940 |
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Date of Appointment : |
28.06.2013 |
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DIN No.: |
06558028 |
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|
|
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Name : |
Koichi Yuikawa |
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Designation : |
Director |
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Address : |
2-68 Yoshino-Cho Katsuyama-Shi, Fukui-Ken, Japan |
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Date of Birth/Age : |
15.09.1948 |
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Date of Appointment : |
28.06.2013 |
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DIN No.: |
06558027 |
KEY EXECUTIVES
|
Name : |
Ms. Jayalatha |
|
Designation : |
Accounts officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.04.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Seiren Company Limited, Japan |
204900000 |
99.95 |
|
Seiren Shoji Company Limited, Japan |
100000 |
0.05 |
|
Total |
205000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 15.04.2014
|
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 : |
Manufacturer of polyester fabric.
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Imports : |
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Products : |
Spare Parts |
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Countries : |
·
Japan ·
Thailand ·
Indonesia |
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Terms : |
|
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Selling : |
Cash |
GENERAL INFORMATION
|
Suppliers : |
Nagase India Private Limited |
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|
|
|
Customers : |
IS Tech India private Limited, Noida, Uttar Pradesh, India |
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No. of Employees : |
45 (Approximately) |
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Bankers : |
·
Mizuho Bank, New Delhi, India ·
HDFC bank, Mysore, Karnataka, India |
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Banking
Relations : |
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Auditors : |
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|
Name : |
B S R R and Company Chartered Accountants |
|
Address : |
Maruthi Into-Tech Centre, 11-12/1 Inner Ring RoadKoramangala |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
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Auditors : |
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Name : |
A S A and Associates Chartered Accountants |
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Holding Company and
ultimate holding Company: |
Seiren Company Limited |
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Parties under
common control: |
Seiren Shoji Company Limited |
CAPITAL STRUCTURE
As on 15.04.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
205000000 |
Equity Shares |
Rs.10/- each |
Rs. 2050.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
205000000 |
Equity Shares |
Rs.10/- each |
Rs. 2050.000 Millions |
|
|
|
|
|
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
800.000 |
|
(b) Reserves & Surplus |
|
|
(3.746) |
|
(c) Money received against
share warrants |
|
|
0.000 |
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|
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(2) Share Application money
pending allotment |
|
|
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
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|
796.254 |
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|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.000 |
|
(c) Other current liabilities |
|
|
0.743 |
|
(d) Short-term provisions |
|
|
0.352 |
|
Total
Current Liabilities (4) |
|
|
1.095 |
|
|
|
|
|
|
TOTAL |
|
|
797.349 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
213.533 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
89.642 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
124.490 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
427.665 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash equivalents |
|
|
358.560 |
|
(e) Short-term loans and
advances |
|
|
10.404 |
|
(f) Other current assets |
|
|
0.720 |
|
Total
Current Assets |
|
|
369.684 |
|
|
|
|
|
|
TOTAL |
|
|
797.349 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
|
|
10.747 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
11.006 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
(0.259) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
3.487 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
(3.746) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
5.000 |
Expected Sales (2014-2015) : Rs.250.000 Millions
The above information has been parted by Ms. Jayalatha (Accounts
officer)
KEY RATIOS
|
PARTICULARS |
|
|
|
31.12.2012 |
|
PAT / Total Income |
(%) |
|
|
(34.86) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(0.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
337.61 |
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
two years |
Yes |
|
12] |
Profitability for last
one year |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
NOTE: Registered office of the company has been shifted from A-2, Ground Floor, Akruti Antara Apartment, No. 11/1, Haudin Road, Bangalore – 560042, Karnataka, India to the present address.
COMPANY OVERVIEW
Subject was incorporated on 21 March 2012, with the objective manufacturing of automotive upholstery materials. The Company is a subsidiary of Seiren Company Limited, Japan. The Company’s registered office is in Bangalore and the manufacturing plant is under construction at Mysore. The Company has not commenced manufacturing operations during the period ended on 31 December 2012.
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.60.87 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.