MIRA INFORM REPORT
|
Report No. : |
325394 |
|
Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
NISSIN BRAKE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
HIP Japanese Centre, B-37 and 38, IDC Mehrouli Road, Sector-14, Near
MDI Chowk, Gurgaon – 122001, Haryana |
|
Tel. No.: |
91-1494-246733 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
13.09.2006 |
|
|
|
|
Com. Reg. No.: |
036360 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1525.959 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U50500HR2006PTC036360 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCN3633K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and trader of automotive and aluminum and nonautomotive brake
and aluminum components, spare parts and other related accessories. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “ Nissin Kogyo Company Limited”. It is an
established company having moderate track. Management of the company has not filed its latest financials i.e.
December 2014 with the government department. As per the available financial of December 2013, the company has
incurred some accumulated losses. However, the company has achieved a decent net profitability due to
which the management has wiped off a part of its accumulated losses. Trade relations are seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of financial managerial and technical support extended by the
parentage, the company can be considered for business dealings with some
caution. |
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
31-03-2014.
INFORMATION DENIED
|
Name : |
Mr. Gaurav |
|
Designation : |
Accountant |
|
Contact No.: |
91-1494-246735 |
|
Date : |
01.06.2015 |
LOCATIONS
|
Registered Office : |
HIP Japanese Centre, B-37 and 38, IDC Mehrouli Road, Sector-14, Near
MDI Chowk, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-1494-246733 / 246735 |
|
Fax No.: |
91-1494-246733 |
|
E-Mail : |
|
|
|
|
|
Manufacturing
facility : |
Sp-1-33-35, New Industrial Area, Phase-3,
Neemrana, Alwar -301705, Rajasthan, India |
|
Tel. No.: |
91-1494-246733 |
DIRECTORS
AS ON 21.03.2014
|
Name : |
Ichihei Kojima |
|
Designation : |
Director |
|
Address : |
Villa No. 6, Ashiana Green Hills , Neemrana, Alwar -301705, Rajasthan, India |
|
Date of Birth/Age : |
08.10.1958 |
|
Date of Appointment : |
01.04.2010 |
|
Date of Cessation : |
29.03.2014 |
|
DIN No. : |
03032396 |
|
|
|
|
Name : |
Naokazu Beppu |
|
Designation : |
Managing Director |
|
Address : |
Flat No. B - 114, 11th Floor, Westend Heights, DLF City Phase – I, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
30.05.1963 |
|
Date of Appointment : |
29.03.2014 |
|
DIN No. : |
03054537 |
|
|
|
|
Name : |
Masaaki Arakawa |
|
Designation : |
Director |
|
Address : |
Tower - B Flat No. 163 Raheja Atlantis, Sector - 31 , Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
21.03.1967 |
|
Date of Appointment : |
01.11.2011 |
|
Date of Cessation : |
02.06.2014 |
|
DIN No. : |
05146614 |
|
|
|
|
Name : |
Hideyuki Terashima |
|
Designation : |
Additional director |
|
Address : |
Crystal Place Mansion, 1268/1 Mitraparp Road, Tambol Naimung, Amphur Muang, Nakhonratchasima - 30000 , Japan |
|
Date of Appointment : |
21.03.2014 |
|
DIN No. : |
06915319 |
|
|
|
|
Name : |
Yasunori Shino |
|
Designation : |
Additional director |
|
Address : |
Hotel Hirohama, Kolilasanga, Alwar - 301705, Rajasthan, India |
|
Date of Appointment : |
05.07.2014 |
|
DIN No. : |
06916839 |
KEY EXECUTIVES
|
Name : |
Kavita Pal |
|
Designation : |
Secretary |
|
Address : |
K-24, Rajapuri, Uttam Nagar, New Delhi - 110059, India |
|
Date of Appointment : |
01.12.2014 |
|
PAN No.: |
DQLPK8115E |
|
|
|
|
Name : |
Mr. Gaurav |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Nissin Kogyo Company Limited, Japan |
|
152590975 |
|
Nissin R and Dasia Limited, India |
|
5000 |
|
|
|
|
|
Total |
|
152595975 |
AS ON 21.03.2014
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and trader of automotive and aluminum and nonautomotive brake
and aluminum components, spare parts and other related accessories. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
|
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company. LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower-BSector-42, Sector Road |
|
PAN No.: |
ACEFS9943C |
|
|
|
|
Holding Company
: |
Nissin Kogyo Company Limited, Japan |
|
|
|
|
Fellow
Subsidiary : |
|
CAPITAL STRUCTURE
AS ON 21.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1600.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152,595,975 |
Equity Shares |
Rs.10/- each |
Rs. 1525.959 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1525.959 |
1525.959 |
1240.000 |
|
(b) Reserves & Surplus |
(146.035) |
(457.215) |
(572.578) |
|
(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) |
1379.924 |
1068.744 |
667.422 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
4.187 |
2.449 |
1.288 |
|
Total
Non-current Liabilities (3) |
4.187 |
2.449 |
1.288 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
84.312 |
193.108 |
|
(b) Trade payables |
597.594 |
274.688 |
517.640 |
|
(c) Other current liabilities |
42.573 |
32.657 |
34.776 |
|
(d) Short-term provisions |
38.281 |
0.160 |
0.033 |
|
Total
Current Liabilities (4) |
678.448 |
391.817 |
745.557 |
|
|
|
|
|
|
TOTAL |
2062.559 |
1463.010 |
1414.267 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,104.717 |
769.732 |
760.867 |
|
(ii) Intangible Assets |
0.491 |
0.378 |
0.634 |
|
(iii) Capital work-in-progress |
45.442 |
24.856 |
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 |
273.520 |
194.097 |
48.337 |
|
(e) Other Non-current assets |
0.078 |
0.078 |
0.000 |
|
Total
Non-Current Assets |
1424.248 |
989.141 |
809.838 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
427.835 |
282.568 |
339.172 |
|
(c) Trade receivables |
153.627 |
121.748 |
93.166 |
|
(d) Cash and cash equivalents |
44.635 |
62.730 |
28.900 |
|
(e) Short-term loans and
advances |
12.207 |
6.565 |
142.501 |
|
(f) Other current assets |
0.007 |
0.258 |
0.690 |
|
Total
Current Assets |
638.311 |
473.869 |
604.429 |
|
|
|
|
|
|
TOTAL |
2062.559 |
1463.010 |
1414.267 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
1651.777 |
1547.587 |
1129.517 |
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
TOTAL
|
1570.310 |
1432.224 |
1232.071 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
311.180 |
115.363 |
(102.554) |
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
311.180 |
115.363 |
(102.554) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.20 |
0.76 |
--- |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.43 |
8.02 |
(7.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
0.22 |
0.11 |
(0.15) |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
0.00 |
0.08 |
0.29 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
0.94 |
1.21 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1240.000 |
1525.959 |
1525.959 |
|
Reserves & Surplus |
(572.578) |
(457.215) |
(146.035) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
667.422 |
1068.744 |
1379.924 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
193.108 |
84.312 |
0.000 |
|
Total borrowings |
193.108 |
84.312 |
0.000 |
|
Debt/Equity ratio |
0.289 |
0.079 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
1129.517 |
1547.587 |
1651.777 |
|
|
|
37.013 |
6.732 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1,129.517 |
1,547.587 |
1,651.777 |
|
Profit/(Loss) After Tax |
(102.554) |
115.363 |
311.180 |
|
|
(9.08%) |
7.45% |
18.84% |
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 |
No |
|
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) |
No |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES :
NO EXIST CHARGES OF THE COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2013 (Rs.
in Million) |
31.12.2012 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
84.312 |
|
|
|
|
|
Total |
0.000 |
84.312 |
|
Note : Loan from
Banks*: Rs. 84.312 Million * Rs. Nil includes towards working capital demand
loan carrying interest rate nil (P.Y. 9.50% p.a.) Rs. Nil (P.Y. Rs. 29.312
Million) for buyer's credit carrying an interest rate of 1% p.a. - Holding
company has given a guarantee for the above borrowings) |
||
Nature of Operations
The Company was
incorporated on September 13, 2006 with the main object to manufacture, alter,
convert, procure, sale, stock and trade all types of automotive and aluminum and/or
nonautomotive brake and aluminum components, spare parts and other related
accessories. The Company has its manufacturing facility at Neemrana, Rajasthan.
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 records 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.63.61 |
|
UK Pound |
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.