MIRA INFORM REPORT
|
Report No. : |
320613 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI CHEMICAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.52, First Floor, Sector – 44, Gurgaon – 122003, Haryana |
|
Tel No : |
91-124-4699800 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
10.03.2008 |
|
|
|
|
Com. Reg. No.: |
05-037687 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 110.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74120HR2008FTC037687 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKM05152A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM4502P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of polymer compounds and polymer products (e.g.
polyolefins, polyvinylchlorides, polyesters and a variety of engineering
plastics, for automotive use and others). |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 280000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Mitsubishi Chemical Corporation, Japan. It is an established company having moderate track record. The company has incurred some accumulated losses. However, no
borrowings recorded by the company. The company also receives strong
managerial and financial support from its holding company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. In view of strong holding support the company can be considered for
business dealings with slight 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
LOCATIONS
|
Registered Office : |
Plot No.52, First Floor, Sector – 44, Gurgaon – 122003, Haryana, India |
|
Tel. No.: |
91-124-4699800/ 4699812 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-124-4699822 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
DIRECTORS
As on: 30.06.2014
|
Name : |
Mr. Kenji Yokoo |
|
Designation : |
Managing Director |
|
Address : |
464-0824, 2-20,Inafune- Mansion B2, Inafune-Dori, Chikusa-Ku, Nagoya,
Aichi 000000 |
|
Date of Birth/Age : |
03.05.1963 |
|
Date of Appointment : |
29.0.2013 |
|
DIN No.: |
06540904 |
|
|
|
|
Name : |
Mr. Naoaki Ishiwatari |
|
Designation : |
Director |
|
Address : |
5-5-14, Shimoshakuji, Nerima-Ku, Tokyo – 1770042, Japan, India |
|
Date of Birth/Age : |
22.08.1961 |
|
Date of Appointment : |
29.06.2013 |
|
DIN No.: |
06587034 |
|
|
|
|
Name : |
Mr. Fujio Sumi |
|
Designation : |
Director |
|
Address : |
4-50, Nakatahigashi, Izumi-Ku, Yokohma-Shi, Kanagawa, Japan |
|
Date of Birth/Age : |
21.06.1951 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05345844 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Mitsubishi Chemical Corporation |
10450000 |
95.00 |
|
Rhombic Corporation |
550000 |
5.00 |
|
Total |
11000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companies(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 of polymer compounds and polymer products (e.g.
polyolefins, polyvinylchlorides, polyesters and a variety of engineering
plastics, for automotive use and others). |
|
|
|
|
Products : |
Not Available |
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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 : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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||||||||||||
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Customers : |
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||||||||||||
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No. of Employees : |
Not Divulged |
||||||||||||
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Bankers : |
Not Available |
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||||||||||||
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Facilities : |
Not Available |
|
Auditors : |
|
|
Name : |
ASA and Associates Chartered Accountants |
|
Address : |
118 Kshouse Shahpur Jat, New Delhi -110049, India |
|
PAN No.: |
AAAFA4690A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiary Company : |
|
CAPITAL STRUCTURE
As on: 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 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 |
110.000 |
110.000 |
110.000 |
|
(b) Reserves & Surplus |
(11.780) |
(17.380) |
(31.167) |
|
(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) |
98.220 |
92.620 |
78.833 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.153 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.738 |
0.845 |
0.522 |
|
Total Non-current
Liabilities (3) |
0.891 |
0.845 |
0.522 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
108.707 |
78.800 |
8.315 |
|
(c) Other
current liabilities |
16.865 |
30.755 |
7.519 |
|
(d) Short-term
provisions |
0.708 |
1.903 |
0.000 |
|
Total Current
Liabilities (4) |
126.280 |
111.458 |
15.834 |
|
|
|
|
|
|
TOTAL |
225.391 |
204.923 |
95.189 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
42.603 |
43.270 |
44.484 |
|
(ii)
Intangible Assets |
0.095 |
0.096 |
0.126 |
|
(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 |
0.167 |
0.000 |
|
(d) Long-term Loan and Advances |
4.255 |
5.806 |
3.903 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
46.953 |
49.339 |
48.513 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
15.465 |
0.760 |
1.016 |
|
(c) Trade
receivables |
106.352 |
59.860 |
32.824 |
|
(d) Cash
and cash equivalents |
16.123 |
89.487 |
4.804 |
|
(e)
Short-term loans and advances |
13.442 |
5.023 |
6.609 |
|
(f) Other
current assets |
27.056 |
0.454 |
1.423 |
|
Total
Current Assets |
178.438 |
155.584 |
46.676 |
|
|
|
|
|
|
TOTAL |
225.391 |
204.923 |
95.189 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
293.715 |
218.332 |
NA |
|
|
|
Other Income |
1.556 |
0.219 |
NA |
|
|
|
TOTAL |
295.271 |
218.551 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating expenses |
289.266 |
204.930 |
NA |
|
|
|
TOTAL |
289.266 |
204.930 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6.005 |
13.621 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.316 |
14.865 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.311 |
1.244 |
1.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.005 |
13.621 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.404 |
(0.167) |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.601 |
13.788 |
(6.824) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.51 |
1.25 |
(0.62) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.91 |
6.32 |
---- |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
2.04 |
6.24 |
---- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.66 |
6.65 |
---- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.15 |
---- |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.40 |
2.95 |
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 |
110.000 |
110.000 |
110.000 |
|
Reserves & Surplus |
(31.167) |
(17.380) |
(11.780) |
|
Net
worth |
78.833 |
92.620 |
98.220 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
218.332 |
293.715 |
|
|
----- |
34.527 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
218.332 |
293.715 |
|
Profit |
13.788 |
5.601 |
|
|
6.32% |
1.91% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
twor years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
NOTE:
The registered office of the company has been shifted from Office No. 8 and
9, Ground Floor, Tower B, Unitech Cyber Park, Sector-39, Gurgaon – 122001,
Haryana, India to present address w.e.f. 18.03.2014
FINANCE PERFORMANCE:
During the financial year the Revenues of the
company has increased to Rs. 293.700 Million as against previous year turnover
of Rs. 218.300 Million. The trend of Profit after tax shown fall for the year
was Rs. 5.600 Million as compared to Rs. 13.800 Million during the previous
year ended on 31st December, 2012.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- 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,
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.64.04 |
|
|
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.72.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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
unfavorable 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.