MIRA INFORM REPORT

 

 

Report No. :

334796

Report Date :

01.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNCHIRIN AUTOPARTS INDIA PRIVATE LIMITED

 

 

Registered Office :

Plot No.25, New Municipal No.5, KIADB, 3rd Main Road, 1st Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka

Tel. No.:

91-80-41179583

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

22.03.2005

 

 

Com. Reg. No.:

08-058796

 

 

Capital Investment / Paid-up Capital :

Rs. 203.600 Million

 

 

CIN No.:

[Company Identification No.]

U34300KA2005PTC058796

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS28162B

 

 

PAN No.:

[Permanent Account No.]

AAICS8959D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, producing, developing, improving, designing, marketing and selling components for the automobile industry.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (12)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Management has failed to file its financial record with government department for the year 2014.

 

As per the available financial record of 2013, company possesses weak operational risk profile marked by weak financial base and huge accumulated losses incurred, which has eroded net worth of the company.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured trade terms and conditions.

 

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Jayant Thakur

Designation :

H. R. Executive

Contact No.:

91-8800378755

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Plot No.25, New Municipal No.5, KIADB, 3rd Main Road, 1st Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India

Tel. No.:

91-80-41179583

Mobile No.:

91-8800378755 (Mr. Jayant Thakur)

Fax No.:

91-80-41179581

E-Mail :

harish@sunchirin.net

admin-sapi@sunchirin.net

ragha@cavrando.com

Website :

www.sunchirin.net

Location :

Owned

Locality :

Industrial

 

 

Factory 2 :

17, Barakhamba Road, LGF 69-70, Vijaya Building, New Delhi – 110001, India

 

 

Factory 3 :

Plot No. 347 G, Udyog Kendra, Extension 2, Ecotech 3, Greater Noida – 201306, Uttar Pradesh, India

 

 

DIRECTORS

 

As on 21.06.2014

 

Name :

Mr. Kau Chia Lim

Designation :

Director

Address :

No.12, Jalan Chengal, 3/14, Shah Alam, Malaysia 40000

Date of Birth/Age :

23.06.1961

Date of Appointment :

22.03.2005

DIN No.:

00521434

 

 

Name :

Mr. Hide Kazu Yoshitaka

Designation :

Managing Director

Address :

1521-6, Takaoka, Fukusaki-Cho, Kanzaki-Gun, Hyogo, Japan 6792217

Date of Birth/Age :

18.07.1966

Date of Appointment :

11.10.2010

DIN No.:

01302920

 

 

Name :

Mr. Mitsuru Ishimoto

Designation :

Additional Director

Address :

Royal Tower Mont Kiara, Palna Jalan 1/ 70c, Kuala Lunpur 50480

Date of Birth/Age :

08.06.1963

Date of Appointment :

11.10.2010

DIN No.:

03255592

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayant Thakur

Designation :

H. R. Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 21.06.2014

 

 

Names of Shareholders

 

 

No. of Shares

Kau Chia Lim

 

1

Sunchirin Corporation SDN BHD, Malaysia

 

20359999

 

 

 

Total

 

20360000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 21.06.2014

 

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]

99.99

Directors or relatives of Directors

0.01

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, producing, developing, improving, designing, marketing and selling components for the automobile industry.

 

 

Products :

 

Item Code No.

Product Description

8708

Partsand Accessaries of the Motor Vehicle

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Air-conditioning Parts

Countries :
  • USA
  • Europe
  • Gulf Countries
  • Asian Countries
  • Malaysia
  • Japan

 

 

Imports :

 

Products :

Automobile Components

Countries :
  • Japan
  • China
  • Korea
  • Malaysia

 

 

Terms :

 

Selling :

Cash, L/C, Cheque, Credit

 

 

Purchasing :

Cash, L/C, Cheque, Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Axis Bank Limited, Corporate Banking Branch, 'Express Building', Ii 
    Floor, No.1, Queen's Road, Bangalore - 560001, Karnataka , India

 

Banker Name :

Bank of Baroda

Branch :

Branch K.G. Road, Bangalore, Karnataka, India

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Facilities :

SECURED LOANS

31.12.2013

Rs. In Million

31.12.2012

Rs. In Million

Short Term Borrowings

 

 

Loans repayable on demand from banks

0.000

14.683

 

 

 

Total

0.000

14.683

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V.P. Thacker and Company

Chartered Accountants

Address :

No. 10 , 2md Floor,Trust Complex, DVG Road, Basavanagudi, Bangalore- 560004, Karnakaka, India

Tel. No.:

91-22-66311480

Fax No.:

91-22-66311474

E-Mail :

vptco@vsnl.com

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding Company :

Sunchirin Industries (Malaysia) Berhad

 

 

Holding Company :

Sunchirin Corporation SDN, BHD

 

 

Fellow Subsidiary :

Sunchirin Industries (Thailand) Limited

 

 

Significant Influence :

·         Nichirin Company Limited

·         Sunrise Industry Company Limited

·         Suntrade Inc.

·         Nichirin Autoparts India Private Limited

 

 

CAPITAL STRUCTURE

 

After 21.06.2014

 

Authorised Capital :Rs. 400.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 239.000 Million

 

 

 

As on 21.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40.000.000

Equity Shares

Rs.10/- each

Rs. 400.000Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20,360,000

Equity Shares

Rs.10/- each

Rs. 203.600 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

203.600

122.500

122.500

(b) Reserves & Surplus

(219.443)

(178.294)

(114.993)

(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)

(15.843)

(55.794)

7.507

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

65.351

61.325

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

2.672

0.088

0.000

(d) long-term provisions

0.000

1.832

1.197

Total Non-current Liabilities (3)

2.672

67.271

62.522

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

14.683

7.386

(b) Trade payables

237.985

302.276

166.003

(c) Other current liabilities

124.681

43.372

17.731

(d) Short-term provisions

0.131

0.000

0.000

Total Current Liabilities (4)

362.797

360.331

191.120

 

 

 

 

TOTAL

349.626

371.808

261.149

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

57.621

72.869

71.593

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

57.621

72.869

71.593

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

97.092

114.291

62.286

(c) Trade receivables

117.530

103.099

76.210

(d) Cash and cash equivalents

20.437

19.375

9.910

(e) Short-term loans and advances

56.946

62.174

41.150

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

292.005

298.939

189.556

 

 

 

 

TOTAL

349.626

371.808

261.149

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

 

 

INCOME

406.744

352.165

187.699

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

(427.710)

(392.023)

(236.328)

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

(20.183)

(23.443)

(9.536)

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(41.149)

(63.301)

(58.166)

 

 

 

 

 

 

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(41.149)

(63.301)

(58.166)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

13.974

26.936

26.131

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

199.322

281.536

146.891

 

Consumables

0.066

0.153

3.468

 

TOTAL IMPORTS

199.388

281.689

150.359

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

(3.11)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

0.925

22.263

(14.862)

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

(10.12)

(17.97)

(30.99)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(11.77)

(17.03)

(22.27)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

2.60

1.13

(7.75)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

(1.43)

9.15

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.80

0.83

0.99

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

122.500

122.500

203.600

Reserves & Surplus

(114.993)

(178.294)

(219.443)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

7.507

(55.794)

(15.843)

 

 

 

 

long-term borrowings

61.325

65.351

0.000

Short term borrowings

7.386

14.683

0.000

Total borrowings

68.711

80.034

0.000

Debt/Equity ratio

9.153

(1.434)

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

187.699

352.165

406.744

 

 

87.622

15.498

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

187.699

352.165

406.744

Profit

(58.166)

(63.301)

(41.149)

 

(30.99%)

(17.97%)

(10.12%)

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE INFORMATION (AS ON 31.12.2012)

 

Subject was incorporated on 22.03.2005 to carry on the business of manufacturing, producing, developing, improving, designing, marketing, and selling components for the automobile industry including but not restricted to air-conditioning systems and components for sale to and use by customers in India and outside India and to export such products and designs.

 

 

UNSECURED LOANS:

 

Particulars

31.12.2013

Rs. In Million

31.12.2012

Rs. In Million

Long Term Borrowings

 

 

Loans and advances from others

0.000

65.351

 

 

 

Total

0.000

65.351

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10494543

19/03/2014

22,500,000.00

AXIS BANK LIMITED

Corporate Banking Branch, 'Express Building', II 
Floor, No.1, Queen's Road,, BANGALORE, Karnataka - 560001, INDIA

C03615580

 

 

 

 

 

FIXED ASSETS

 

  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.00

UK Pound

1

Rs.99.83

Euro

1

Rs.70.15

 

 

INFORMATION DETAILS

 

Information Gathered by :

SNJ

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

-

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

-

--CREDIT LINES

1~10

-

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

12

 

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

 

--

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.