MIRA INFORM REPORT

 

 

Report No. :

324562

Report Date :

29.05.2015

 

IDENTIFICATION DETAILS

 

Name :

KONICA MINOLTA BUSINESS SOLUTIONS INDIA PRIVATE LIMITED

 

 

Registered Office :

10th Floor, DLF Cyber City, Building – 8, Tower C, Phase-II, Gurgaon – 122002, Haryana

Tel. No.:

91-124-6652000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.07.2010

 

 

Com. Reg. No.:

05-040802

 

 

Capital Investment / Paid-up Capital :

Rs. 745.000 Million

 

 

CIN No.:

[Company Identification No.]

U51909HR2010FTC040802

 

 

IEC No.:

0510048650

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKK03632G

 

 

PAN No.:

[Permanent Account No.]

AAECK0086B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Monochrome Color Multi-Function Printers and Production Printers.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 2690000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear 

 

 

Comments :

Subject is a subsidiary of Konica Minolta Inc., Japan

 

It is an established company having company having satisfactory track record.

 

Reserves of the company are low However, the company’s balance sheet is totally debt free.

 

The rating also takes into consideration strong managerial and financial support received to the subject from its holding company.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

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

 

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 PARTED BY

 

Name :

Mr. Nitin Gupta

Designation :

Chief Financial Officer

Contact No.:

91-124-6652000

Date :

27.05.2015

 

 

LOCATIONS

 

Registered Office :

10, Floor, DLF Cyber City, Building – 8, Tower C, Phase-II, Gurgaon – 122002, Haryana, India

Tel. No.:

91-124-6652000

Fax No.:

Not Available

E-Mail :

marcom@bin.konicaminolta.in

nitin.gupta@konicaminolta.in

Website :

www.konicaminolta.com

 

 

Branch Offices :

Located at:

 

·         Chennai

·         Mumbai

·         Bangalore

·         New Delhi

·         Kolkata

 

 

DIRECTORS

 

AS ON 28.07.2014

 

Name :

Tadahiko Sumitani

Designation :

Director

Address :

4-5-2-1-1802,Yurinokidai, Yachiyo-Shi, Chiba Prefecture - 2760042, Japan

Date of Birth/Age :

26.11.1959

Date of Appointment :

01.07.2010

DIN No.:

03027450

 

 

Name :

Jiro Tanaka

Designation :

Director

Address :

B-2, 601, 6th Floor Uni World City, Sector 31, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

28.05.1979

Date of Appointment :

28.07.2014

DIN No.:

06860855

 

 

Name :

Yuji Nakata

Designation :

Director

Address :

N-233, Block - N, Park Place Heights, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

14.09.1965

Date of Appointment :

28.07.2014

DIN No.:

06860909

 

 

KEY EXECUTIVES

 

Name :

Shruti Pandey

Designation :

Secretary

Address :

102 D, Sagar Sadan, Plot No 113, I. P. Extension, Delhi - 110092, Delhi, India

Date of Birth/Age :

24.07.1983

Date of Appointment :

11.01.2011

PAN No.:

ATZPP6941P

 

 

Name :

Mr. Nitin Gupta

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 28.07.2014

 

Names of Shareholders

No. of Shares

 

Konica Minolta Inc., Japan

37249

Konica Minolta Business Solutions Asia Pte Limited, Singapore

1

 

 

Total

 

37250

 

 

AS ON 28.07.2014

 

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

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Monochrome Color Multi-Function Printers and Production Printers.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

84433100

Machine

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 Days)

 

 

Purchasing :

Cash and Credit (30/ 60/ 90 Days)

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users and OEMs

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Bank Name:

HDFC Bank Limited

Branch:

Gurgaon Branch, Haryana, India

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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D. P. Khosla and Company

Chartered Accountants

Address :

Atma Ram House, C-37, Connaught Place, New Delhi, India

Income-tax PAN of auditor or auditor's firm :

AAAFD4444M

 

 

Holding Company :

Konica Minolta Inc. formerly known as Konica Minolta Business Technologies Inc., Japan

 

 

Ultimate Holding Company :

Konica Minolta Holdings Inc., Japan.

 

·          

Fellow Subsidiary Company :

·         Konica Minolta Business Solutions (S) Private Limited

·         Konica Minolta Business Solutions (HK) Limited

·         Konica Minolta Business Solutions (M) Sdn Bhd

·         Konica Minolta Business Solutions (China) Co. Limited

·         Konica Minolta Sensing Singapore Private Limited

·         Konica Minolta Business Solutions Asia. Pte Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60,000

Equity Shares

Rs. 20000/- each

Rs. 1200.000  Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

37,250

Equity Shares

Rs. 20000/- each

Rs. 745.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

745.000

435.000

105.000

(b) Reserves & Surplus

197.536

98.621

(8.355)

(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)

942.536

533.621

96.645

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

2.176

(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

3.558

1.555

0.616

Total Non-current Liabilities (3)

3.558

1.555

2.792

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

458.702

758.145

635.274

(c) Other current liabilities

182.126

82.412

77.226

(d) Short-term provisions

17.995

8.469

7.211

Total Current Liabilities (4)

658.823

849.026

719.710

 

 

 

 

TOTAL

1604.917

1384.202

819.147

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

47.003

28.751

28.329

(ii) Intangible Assets

6.730

9.243

7.417

(iii) Capital work-in-progress

1.173

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)

10.272

5.673

5.276

(d)  Long-term Loan and Advances

25.628

12.306

0.000

(e) Other Non-current assets

7.171

0.092

0.036

Total Non-Current Assets

97.977

56.065

41.058

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

432.248

547.170

238.882

(c) Trade receivables

540.051

381.269

227.996

(d) Cash and cash equivalents

397.957

350.911

240.606

(e) Short-term loans and advances

136.684

48.787

70.605

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1506.940

1328.137

778.089

 

 

 

 

TOTAL

1604.917

1384.202

819.147

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES                                                                

 

 

 

 

 

Income

2991.283

2275.991

1149.175

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                     (A)

NA

NA

NA

 

 

 

 

 

Less

EXPENSES                                                          (B)

NA

NA

NA

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

179.594

190.873

(2.656)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

0.749

1.413

1.858

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

178.845

189.460

(4.514)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

26.905

18.931

12.156

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)            

151.940

170.529

(16.670)

 

 

 

 

 

Less

TAX                                                                  (H)

53.025

63.553

(5.447)

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

98.915

106.976

(11.223)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

137.677

23.337

96.844

 

 

 

 

 

 

Earnings Per Share (Rs.)

2655.44

2871.84

(301.29)

 

Expected Sales (2014-2015): Rs. 3200.000 Million

 

The above information has been parted by Mr. Nitin Gupta (Chief Financial Officer).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

30.06.2014

30.09.2014

31.12.2014

Current Maturities of Long term debt

0.000

2.176

3.749

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

3.31

4.70

(0.98)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

6.00

8.39

(0.23)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.54

12.37

(2.05)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.32

(0.17)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.29

1.56

1.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

105.000

435.000

745.000

Reserves & Surplus

-8.355

98.621

197.536

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

96.645

533.621

942.536

 

 

 

 

Long-term borrowings

2.176

0.000

0.000

Short term borrowings

0.000

0.000

0.000

CURRENT MATURITIES OF LONG-TERM DEBTS

3.749

2.176

0.000

Total borrowings

5.925

2.176

0.000

Debt/Equity ratio

0.061

0.004

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1149.175

2275.991

2991.283

 

 

98.054

31.428

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1149.175

2275.991

2991.283

Profit

(11.223)

106.976

98.915

 

(0.98%)

4.70%

3.31%

 

 

 

 

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

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

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

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

 

CHANGE OF ADDRESS:

 

The Registered Office of the Company has been shifted from 104, Centrum Plaza, Golf Course Road, Gurgaon – 122002, Haryana, India to the present address w.e.f. 01.04.2011.

 

 

PERFORMANCE OF THE COMPANY

 

The company is pursuing the trading operations through its Distributors and Dealers. Sale of the Company during Financial year 2013-14 is Rs. 2991.283 million against Previous Financial Year 2012-13 is Rs. 2275.990 million.

 

 

FIXED ASSETS:

 

·         Furniture and Fixtures

·         Office Equipment

·         Computer Equipment’s

·         Other Equipment’s

·         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 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. 63.90

UK Pound

1

Rs. 98.16

Euro

1

Rs. 69.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--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

 

46

 

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

 

--

 

 

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.