MIRA INFORM REPORT
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Report No. : |
301705 |
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Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECOREA AND KURODA ELECTRIC INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. H -1, Phase 2, Ranjangaon, MIDC Industrial Area, Taluka
Shirur, District Pune – 412 220, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.08.2010 |
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Com. Reg. No.: |
11-137175 |
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Capital
Investment / Paid-up Capital : |
Rs.1205.510 Millions |
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CIN No.: [Company Identification
No.] |
U31902PN2010PTC137175 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE02775D |
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PAN No.: [Permanent Account No.] |
AACCE4801E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Moulded Industrial Accessories of Plastics. |
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No. of Employees
: |
250 (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 |
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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 an established company having moderate track record. The rating is constrained on account of company’s weak financial risk
profile marked by weak financial performance and huge accumulated losses incurred
by the company. However, trade relations are fair. Business is active. Payments are
reported to be 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.
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. Anil |
|
Designation : |
Finance Head |
|
Contact No.: |
91-2138-612114 |
|
Date : |
01.01.2015 |
LOCATIONS
|
Registered Office /Factory: |
Plot No. H -1, Phase 2, Ranjangaon, MIDC Industrial Area, Taluka :
Shirur, District Pune – 412 220, Maharashtra, India |
|
Tel. No.: |
91-2138-612114 / 612100 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.05.2014
|
Name : |
Dong Woo Kang |
|
Designation : |
Managing Director |
|
Address : |
E-Pyenhansesang Apt 106-804 1333, Sinmun-Ri Jangyu-Myeon Gimhae-Si
Gyeongsangnam-Do, Gimhae Si, Republic of Korea 106804 |
|
Date of Birth/Age : |
14.11.1970 |
|
Date of Appointment : |
25.08.2011 |
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DIN No.: |
03245142 |
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Name : |
Ryo Ito |
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Designation : |
Managing Director |
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Address : |
1-20-11 Chitosedai Setagaya-Ku Tokyo, Tokyo, Japan 1570071 |
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Date of Birth/Age : |
30.11.1965 |
|
Date of Appointment : |
25.08.2011 |
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DIN No.: |
03325172 |
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Name : |
Tae Young Jeong |
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Designation : |
Director |
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Address : |
Seokbong Ma-Eul Daedong Apt. 503-201 40-4, Sammun-Ri Jangyu-Myeon
Gimhae-Si Gyeongsangnam-Do, Gimhae Si, Republic of Korea 621832 |
|
Date of Birth/Age : |
21.06.1964 |
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Date of Appointment : |
23.08.2010 |
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DIN No.: |
03144992 |
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|
Name : |
Koichi Hosokawa |
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Designation : |
Director |
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Address : |
1-20-11 Chitosedai Setagaya-Ku Tokyo, Tokyo, Japan 1570071 |
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Date of Birth/Age : |
05.05.1957 |
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Date of Appointment : |
25.08.2011 |
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DIN No.: |
03527294 |
MAJOR SHAREHOLDERS
As on 30.05.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Ecorea Industrial Limited, Korea |
48220410 |
40.00 |
|
Kuroda Electric Company Limited, Japan |
72330615 |
60.00 |
|
Total |
120551025 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.05.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Moulded Industrial Accessories of Plastics. |
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Products : |
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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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Import : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
ASA and Associates Chartered Accountants |
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Address : |
118, KS House, Shahpur Jat, New Delhi – 110 049, India |
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PAN No.: |
AAAFA4690A |
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Holding Company : |
Kuroda Electric Company Limited, Japan |
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Other Related Parties : |
Ecorea Industrial Limited, Korea (Shareholder) |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
As on 30.05.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120600000 |
Equity Shares |
Rs.10/- each |
Rs.1206.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120551025 |
Equity Shares |
Rs.10/- each |
Rs.1205.510 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 |
1205.510 |
1205.510 |
984.090 |
|
(b) Reserves & Surplus |
(290.535) |
(136.779) |
(36.204) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
914.975 |
1068.731 |
947.886 |
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(3)
Non-Current Liabilities |
|
|
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|
(a) long-term borrowings |
270.449 |
271.368 |
255.783 |
|
(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 |
1.447 |
0.838 |
0.375 |
|
Total Non-current
Liabilities (3) |
271.896 |
272.206 |
256.158 |
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(4)
Current Liabilities |
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|
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|
(a) Short
term borrowings |
139.602 |
76.540 |
0.000 |
|
(b) Trade
payables |
193.787 |
44.785 |
19.859 |
|
(c) Other
current liabilities |
27.487 |
27.699 |
52.662 |
|
(d) Short-term
provisions |
0.609 |
0.672 |
0.046 |
|
Total Current
Liabilities (4) |
361.485 |
149.696 |
72.567 |
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|
|
|
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TOTAL |
1548.356 |
1490.633 |
1276.611 |
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II.
ASSETS |
|
|
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(1)
Non-current assets |
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1056.983 |
1058.439 |
685.342 |
|
(ii)
Intangible Assets |
0.720 |
1.121 |
0.034 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
287.406 |
|
(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) |
0.951 |
51.012 |
12.863 |
|
(d) Long-term Loan and Advances |
7.931 |
6.931 |
5.386 |
|
(e) Other
Non-current assets |
0.200 |
0.200 |
0.200 |
|
Total Non-Current
Assets |
1066.785 |
1117.703 |
991.231 |
|
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|
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(2)
Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
98.714 |
41.805 |
20.524 |
|
(c) Trade
receivables |
127.843 |
67.823 |
14.405 |
|
(d) Cash
and cash equivalents |
97.751 |
170.650 |
139.444 |
|
(e)
Short-term loans and advances |
157.162 |
91.489 |
109.634 |
|
(f) Other
current assets |
0.101 |
1.163 |
1.373 |
|
Total Current
Assets |
481.571 |
372.930 |
285.380 |
|
|
|
|
|
|
TOTAL |
1548.356 |
1490.633 |
1276.611 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
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Income |
1215.071 |
445.876 |
15.819 |
|
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Other Income |
8.807 |
1.266 |
19.918 |
|
|
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TOTAL (A) |
1223.878 |
447.142 |
35.737 |
|
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|
(Now Company has
started with their activity full fledgedly) |
|||
|
Less |
EXPENSES |
|
|
|
|
|
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|
Cost of raw materials and components consumed |
1020.242 |
354.421 |
17.667 |
|
|
|
Purchases of stock-in-trade |
20.099 |
5.092 |
2.309 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(28.379) |
(8.383) |
(7.125) |
|
|
|
Employee benefits expense |
46.791 |
45.983 |
13.989 |
|
|
|
Other expenses |
183.697 |
125.481 |
33.853 |
|
|
|
TOTAL (B) |
1242.450 |
522.594 |
60.693 |
|
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(18.572) |
(75.452) |
(24.956) |
|
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|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.388 |
6.289 |
0.000 |
|
|
|
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(28.960) |
(81.741) |
(24.956) |
|
|
|
|
|
|
|
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
60.458 |
42.426 |
12.516 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Expenses |
0.114 |
2.332 |
0.150 |
|
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(89.533) |
(126.499) |
(37.622) |
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|
|
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|
|
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|
Less |
TAX (H) |
50.060 |
(38.149) |
(12.203) |
|
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|
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|
|
|
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|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(139.593) |
(88.350) |
(25.419) |
|
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|
|
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|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
(1.16) |
(0.29) |
(0.29) |
|
Expected Sales (2014-15) : Rs.1500.000 millions
The above information has been parted by Mr. Anil (Finance Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(11.49) |
(19.81) |
(160.69) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(1.53) |
(16.92) |
(157.76) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.79) |
(8.79) |
(3.85) |
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.12) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45 |
0.33 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
2.49 |
3.93 |
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 |
984.090 |
1205.510 |
1205.510 |
|
Reserves & Surplus |
(36.204) |
(136.779) |
(290.535) |
|
Net
worth |
947.886 |
1068.731 |
914.975 |
|
|
|
|
|
|
long-term borrowings |
255.783 |
271.368 |
270.449 |
|
Short term borrowings |
0.000 |
76.540 |
139.602 |
|
Total
borrowings |
255.783 |
347.908 |
410.051 |
|
Debt/Equity
ratio |
0.270 |
0.326 |
0.448 |
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 |
15.819 |
445.876 |
1215.071 |
|
|
|
2,718.611 |
172.513 |
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 |
15.819 |
445.876 |
1215.071 |
|
Profit |
(25.419) |
(88.350) |
(139.593) |
|
|
(160.69%) |
(19.81%) |
(11.49%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT 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% |
Yes |
|
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 |
Yes |
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loans and advances from others |
270.449 |
271.368 |
|
Short Term
Borrowing |
|
|
|
Rupee term loans from banks |
40.000 |
40.000 |
|
Other loans and advances |
99.602 |
36.540 |
|
Total |
410.051 |
347.908 |
Note :
NO CHARGES EXIST
FOR THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.63.38 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
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.