MIRA INFORM REPORT

 

 

Report No. :

323810

Report Date :

02.06.2015

 

IDENTIFICATION DETAILS

 

Name :

KAJIMA INDIA PRIVATE LIMITED

 

 

Registered Office :

Suite No. 1120-21,11th Floor ,Tower – A, DLF Towers Jasola , Jasola District Centre, New Delhi – 110025

Tel. No.:

91-11-4911450

 

 

Country :

India

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.06.2011

 

 

Com. Reg. No.:

221225

 

 

Capital Investment / Paid-up Capital :

Rs.250.000 Million

 

 

CIN No.:

[Company Identification No.]

U45204DL2011FTC221225

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECK3879L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is engaged in providing services in construction, project management, supervision and related engineering consultancy services.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 280000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “KAJIMA OVERSEAS ASIA PTE LIMITED”, Singapore. It is an established company having moderate track.

 

The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company.

 

However, the company receives good financial and managerial support from its holding company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding company, 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 – 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 DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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 (GENERAL DETAILS)

 

Name :

Mr. Mirav

Designation :

Construction Manager

Contact No.:

91-796-5454550

Date :

23.05.2015

 

 

LOCATIONS

 

Registered Office :

Suite No. 1120-21,11th Floor ,Tower – A, DLF Towers Jasola , Jasola District Centre, New Delhi – 110025, India

Tel. No.:

91-11-4911450

Fax No.:

Not Available

E-Mail :

shivani@kajima-india.com

himanshu.srivastava@cci.in

info@kajima-india.com

Website :

http://www.kajimaindia.com

Location :

Rented

 

 

Main Office :

#1103, Tower-A, Signature Towers, South City-I, Gurgaon - 122002, Haryana, India

Tel. No.:

91-124-4911450

Fax No.:

91-124-4911455

 

 

Corporate Office :

Office No.806/A, Pinnacle Business Park, Corporate Road, Prahladnagar, Ahmedabad - 380015, Gujarat, India

Tel. No.:

91-796-5454550

 

 

SOLE PROPRIETOR/PARTNERS/DIRECTORS

 

AS ON 20.06.2014

 

Name :

Hirotaka Takabayashi

Designation :

Director

Address :

26, Cuscaden Road,, 17-05, Singapore, 249722, Singapore

Date of Appointment :

21.06.2011

DIN No.:

03531985

 

 

Name :

Seigo Takahashi

Designation :

Director

Address :

22, Nassim Hill, #03-08, Singapore, 258468, Singapore

Date of Appointment :

09.05.2012

DIN No.:

05253094

 

 

Name :

Hiroshi Hashimoto

Designation :

Managing director

Address :

Flat No. E-163, The Belaire, DLF City Phase- V, Gurgaon - 122002, Haryana, India

Date of Appointment :

30.05.2013

DIN No.:

06588280

 

 

Name :

Hideto Okazeri

Designation :

Director

Address :

Flat No. Rt-142, The Royalton Towers, DLF City, Phase IV, Gurgaon - 122001, Haryana, India

Date of Appointment :

30.05.2013

DIN No.:

06588285

 

 

Name :

Kunikiyo Funakoshi

Designation :

Director

Address :

5, Cuscaden Walk #08-02, Singapore, 249696, Singapore

Date of Appointment :

15.11.2013

DIN No.:

06735709

 

 

KEY EXECUTIVES

 

Name :

Shivani Gupta

Designation :

Secretary

Address :

44-C Pocket AG/1, Vikaspuri, New Delhi - 110018, India

PAN No.:

AMHPG5582A

Date of Appointment :

20.10.2011

 

 

Name :

Mr. Mirav

Designation :

Construction Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 20.06.2014

 

Names of Shareholders

No. of Shares

%age holding

Kajima Overseas Asia Pte Limited , Singapore

24750000

99.00

Kajima Construction Investment Pte. Limited, Singapore

250000

1.00

 

 

 

Total

25000000

100.00

 

 

AS ON 18.12.2014

 

Names of Shareholders

 

No. of Shares

Kajima Overseas Asia Pte Limited , Singapore

 

50000000

 

 

 

Total

 

50000000

 

AS ON 20.06.2014

 

Equity Share Break up (Percentage of Total Equity)

 

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 :

The company is engaged in providing services in construction, project management, supervision and related engineering consultancy services.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and 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 :

100 (Approximately)

 

 

Bankers :

Bank Name

Standard Chartered Bank

Branch

Not Divulged

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 (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase – II, Gurgaon, Haryana, India

PAN No. :

AABFD2095B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding company:

Kajima Corporation

 

 

Holding company :

Kajima Overseas Asia Pte. Limited

 

 

Fellow Subsidiary

Companies :

·         Kajima Construction Investment Pte. Limited

·         Thai Kajima Company Limited

·         Kajima Design Asia Pte. Limited

 

 

CAPITAL STRUCTURE

 

AS ON 20.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100,000,000

Equity Shares

Rs.10/- each

Rs.1000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

75,000,000

Equity Shares

Rs.10/- each

Rs.750.000 Million

 

AS ON 31.12.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100,000,000

Equity Shares

Rs.10/- each

Rs.1000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

25,000,000

Equity Shares

Rs.10/- each

Rs.250.000 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

250.000

250.000

150.000

(b) Reserves & Surplus

(151.991)

(31.066)

(17.836)

(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)

98.009

218.934

132.164

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

1.913

(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

3.637

1.199

0.453

Total Non-current Liabilities (3)

3.637

1.199

2.366

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

361.136

254.674

128.401

(c) Other current liabilities

55.165

24.228

27.533

(d) Short-term provisions

7.260

38.036

0.000

Total Current Liabilities (4)

423.561

316.938

155.934

 

 

 

 

TOTAL

525.207

537.071

290.464

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.213

6.965

5.401

(ii) Intangible Assets

1.858

2.611

1.880

(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

0.060

0.060

0.060

(c) Deferred tax assets (net)

0.000

11.801

7.976

(d)  Long-term Loan and Advances

26.910

28.901

12.143

(e) Other Non-current assets

0.000

33.075

9.700

Total Non-Current Assets

41.041

83.413

37.160

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6.502

0.000

0.000

(c) Trade receivables

84.821

52.140

86.219

(d) Cash and cash equivalents

247.955

347.259

139.597

(e) Short-term loans and advances

35.588

37.494

6.280

(f) Other current assets

109.300

16.765

21.208

Total Current Assets

484.166

453.658

253.304

 

 

 

 

TOTAL

525.207

537.071

290.464

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2013

31.12.2012

31.12.2011

 

SALES

 

 

 

 

Income

901.795

867.135

200.455

 

Other Income

25.753

14.568

2.187

 

TOTAL

927.548

881.703

202.642

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

1037.947

897.483

228.454

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(110.399)

(15.780)

(25.812)

 

 

 

 

 

Less

TAX

10.526

(2.550)

(7.976)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(120.925)

(13.230)

(17.836)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(4.84)

(0.71)

(1.6)

 

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

Net Profit Margin
(PAT / Sales)

(%)

(13.41)

(1.53)

(8.90)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(21.02)

(3.00)

(9.14)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(1.13)

(0.07)

(0.20)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.00

0.01

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

1.43

1.62

 

 

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

150.000

250.000

250.000

Reserves & Surplus

(17.836)

(31.066)

(151.991)

Share Application money pending allotment

0.000

0.000

0.000

Net worth

132.164

218.934

98.009

 

 

 

 

long-term borrowings

1.913

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

1.913

0.000

0.000

Debt/Equity ratio

0.014

0.000

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)

Sales

200.455

867.135

901.795

 

 

332.583

3.997

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.12.2012

31.12.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

200.455

867.135

901.795

Profit/Loss

(17.836)

(13.230)

(120.925)

 

(8.90%)

(1.53%)

(13.41%)

 

 

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

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

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

COMPANY OVERVIEW

 

Kajima India, incorporated on June 21, 2011, was promoted by Kajima Overseas Asia Pte Limited, Singapore (99%) and Kajima Construction Investment Pte. Limited, Singapore (1%).The authorized capital of Kajima India is Rs. 1000.000 Million and paid up capital is Rs. 250.000 Million.

 

During the FY 2011 and 2012, Kajima India was awarded contracts of Ford India, Unicharm India, Hitachi India and Sumitomo Mitsui Banking Corporation for construction management and the general contracting activities. During FY 2013, the Company was awarded SPP of Ford India and Phase III, BC 6&7 and BC 8&9 of Unicharm India.

 

The Company is now an ISO 9001 certified Company. All the systems and procedures of the Company are now properly streamlined and it is well equipped to take more projects. Also, the Company has successfully delivered some of its projects in the past and some of the projects will be completed in this year. The Company is also bidding for other new projects.

 

Also, with the success of recent elections and formation of new stable government, the possibilities of new business avenues have opened up. The new government is better equipped to take more risks and hence, more business opportunities will come up in the future which will also benefit the Company.

 

BACKGROUND

 

The Company was incorporated in India on June 21, 2011 with an objective to provide services in construction, project management, supervision and related engineering consultancy services.

 

The Company is a subsidiary of Kajima Overseas Asia Pte. Limited, Singapore which holds 99% of its equity shares. The remaining 1% is held by Kajima Construction Investment Pte. Limited. The ultimate holding company is Kajima Corporation, Japan.

 

FIXED ASSETS

 

·         Furniture and fixtures

·         Office equipment

·         Computer software

 

 

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 :

SUPR

 

 

Analysis Done by :

KAR

 

 

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

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

4

--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

 

29

 

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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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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