MIRA INFORM REPORT
|
Report No. : |
337239 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVICS NORTH INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.7, 8, 9, Sector 30B, IMT, Rohtak Industrial Estate, Rohtak –
124 001, Haryana |
|
Tel. No.: |
Not Available |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.08.2012 |
|
|
|
|
Com. Reg. No.: |
05-046839 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.490.000 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100HR2012FTC046839 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCA9381P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged into manufacturing, selling and
providing services of braking systems, suspension systems, steering systems and
other automotive systems, and parts comprising braking systems, suspension
systems, steering systems and other automotive systems. |
|
|
|
|
No. of Employees
: |
Not Available |
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 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 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.
LOCATIONS
|
Registered Office : |
Plot No.7, 8, 9, Sector 30B, IMT, Rohtak Industrial Estate, Rohtak –
124 001, Haryana, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Toshitaka Suga |
|
Designation : |
Managing director |
|
Address : |
1-94, Umesato, Midori-Ku, Nagoya Shi, Na, Japan |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
05272319 |
|
PAN No.: |
EMXPS1468D |
|
|
|
|
Name : |
Hiroshi Otsubo |
|
Designation : |
Director |
|
Address : |
2-3-7, Kyo-Machi,, Toyota Shi, Na, Japan |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
05272313 |
|
|
|
|
Name : |
Naofumi Masuda |
|
Designation : |
Director |
|
Address : |
2-1508, Kifune, Meito-Ku, Nagoya Shi, Na, Japan |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
05272315 |
|
|
|
|
Name : |
Shoichi Masaki |
|
Designation : |
Director |
|
Address : |
3-11-18, Honbayashi, Yata Cho, Chiryu Shi, Na, Japan |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
05272316 |
|
|
|
|
Name : |
Shuzo Matsumoto |
|
Designation : |
Director |
|
Address : |
3-56-3, Ikegamidai, Midori Ku, Nagoya Shi, Na, Japan |
|
Date of Appointment : |
23.08.2012 |
|
DIN No.: |
05272318 |
KEY EXECUTIVES
|
Name : |
Sumit
Kumar Gururani |
|
Designation : |
Secretary |
|
Address : |
House
No.62, Sector 7, R K Puram, Delhi – 110 022, India |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
AKPPG9300E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Advics Company Limited, Japan |
101550000 |
97.64 |
|
Toyota Tsusho Corporation, Japan |
2450000 |
2.36 |
|
Total |
104000000 |
100.00 |
AS ON 30.06.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturing, selling and providing
services of braking systems, suspension systems, steering systems and other
automotive systems, and parts comprising braking systems, suspension systems,
steering systems and other automotive systems. |
|
|
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|
Products : |
|
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|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Building No.8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon – 122 002, Haryana, India |
|
PAN No.: |
AAFFP3698A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
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Ultimate Holding Company: |
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Joint Venture Company: |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
AS ON 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000000 |
Equity Shares |
Rs.10/- each |
Rs.490.000 million |
|
55000000 |
Preference shares |
Rs.10/- each |
Rs.550.000 million |
|
|
Total
|
|
Rs.1040.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000000 |
Equity Shares |
Rs.10/- each |
Rs.490.000 million |
|
55000000 |
Preference shares |
Rs.10/- each |
Rs.550.000 million |
|
|
Total
|
|
Rs.1040.000
million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000000 |
Equity Shares |
Rs.10/- each |
Rs.490.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000000 |
Equity Shares |
Rs.10/- each |
Rs.490.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
490.000 |
490.000 |
|
(b) Reserves & Surplus |
|
(156.415) |
(11.714) |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
550.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
883.585 |
478.286 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) Long-term provisions |
|
0.507 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.507 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
45.368 |
20.562 |
|
(c) Other current liabilities |
|
45.678 |
2.978 |
|
(d) Short-term provisions |
|
1.177 |
1.604 |
|
Total
Current Liabilities (4) |
|
92.223 |
25.144 |
|
|
|
|
|
|
TOTAL |
|
976.315 |
503.430 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
293.961 |
0.530 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
83.796 |
1.874 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
24.500 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
32.020 |
9.277 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
434.277 |
11.681 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
19.205 |
0.022 |
|
(c) Trade receivables |
|
14.077 |
0.453 |
|
(d) Cash and cash equivalents |
|
408.182 |
486.343 |
|
(e) Short-term loans and
advances |
|
97.645 |
1.640 |
|
(f) Other current assets |
|
2.929 |
3.291 |
|
Total
Current Assets |
|
542.038 |
491.749 |
|
|
|
|
|
|
TOTAL |
|
976.315 |
503.430 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
NA |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(144.701) |
(11.714) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
(11.714) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(156.415) |
(11.714) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(2.95) |
NA |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term debt |
|
NA |
NA |
|
Cash generated
from operations |
|
NA |
NA |
|
Net cash flows from (used in) operations |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.88 |
19.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
490.000 |
490.000 |
|
Reserves & Surplus |
(11.714) |
(156.415) |
|
Share Application money pending allotment |
0.000 |
550.000 |
|
Net
worth |
478.286 |
883.585 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
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 |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTES:
·
The registered office of
the company has been shifted from Suite No. 4, The Master Piece, Golf Course
Road, Sector – 54, Gurgaon – 122 002, Haryana, India to the present address w.e.f. 23.10.2013.
·
No Charges Exist for Company
OPERATIONS
The Company has incurred loss in the current year of operation. The directors are expecting to improve the financial position of the company in the coming years.
GENERAL INFORMATION
Subject was incorporated on August 23, 2012 with the object of manufacturing, selling and providing services of braking systems, suspension systems, steering systems and other automotive systems, and parts comprising braking systems, suspension systems, steering systems and other automotive systems. The Company is a subsidiary of ADVICS Company Limited, Japan.
FIXED ASSETS:
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
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.65.12 |
|
UK Pound |
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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.