MIRA INFORM REPORT
|
Report No. : |
344100 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASB INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
UNITY FORGINGS PRIVATE LIMITED RASUDH CASTING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-9, MIDC, Additional Ambarnath Industrial Area, Anand Nagar,
Ambarnath (East), Thane – 421506, Maharashtra |
|
Tel. No.: |
91-251-2625000/ 2621802/ 2621803/ 2621804 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.02.1997 |
|
|
|
|
Com. Reg. No.: |
11-134840 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.360.068 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1997PTC134840 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05068A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA8424F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged into manufacturing Single Stage Injection Stretch Blow Molding
machines, molds, parts and components for making PET bottles. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4698000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Nissei ASB Machine Company Limited’. It is
a manufacturer of injection molding machines, spare parts and equipment. For the financial year ended 2014, company has reported 23.98% sales
turnover growth as compared to previous sales turnover and it has maintained
satisfactory profitability margins at 3.53% during the year under a review. Rating reflects company’s healthy financial profile marked by adequate
networth base along with sound debt protection indicators and above average
liquidity position of the company. Company also receives strong financial and managerial support from its
holding entity. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Suvarna |
|
Designation : |
Finance Department |
|
Contact No.: |
91-251-6485070 |
|
Date : |
06.10.2015 |
LOCATIONS
|
Registered Office / Factory : |
E-9, MIDC, Additional Ambarnath Industrial Area, Anand Nagar,
Ambarnath (East), Thane – 421506, Maharashtra, India |
|
Tel. No.: |
91-251-2625000/ 2621802/ 2621803/ 2621804 |
|
Fax No.: |
91-251-2621815/ 2625035/ 2625055/ 2621805 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
309-311, Ansal Chambers-II, 6, Bhikaji Cama Place, New Delhi – 110066, India |
|
Tel. No.: |
91-11-26181615 |
|
Location : |
Rented |
|
|
|
|
Branch Office 2 : |
No.8, First Floor, Saena Circle, 37/2, Duraiswamy Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
DIRECTORS
AS ON 24.06.2014
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
1-4-5, Midorigaoka, Ueda, Nagano, Japan |
|
Date of Birth/Age : |
15.11.1972 |
|
Date of Appointment : |
04.08.1997 |
|
DIN No.: |
01558065 |
|
|
|
|
Name : |
Mr. Rajkumar Bhagchand Jagyasi |
|
Designation : |
Managing Director |
|
Address : |
Sharda Castles, C-Wing, 204, 2nd Floor, Opposite Bank of Maharashtra,
Ulhasnagar, Thane – 421004, Maharashtra, India |
|
Date of Birth/Age : |
11.12.1963 |
|
Date of Appointment : |
10.08.2013 |
|
PAN No.: |
ABGPJ4149J |
|
DIN No.: |
01386004 |
|
|
|
|
Name : |
Mr. Junichi Miyasaka |
|
Designation : |
Director |
|
Address : |
5-12-601, Agematsu 1, Chome, Nagano City, Nagano Prefecture, Japan |
|
Date of Birth/Age : |
19.04.1958 |
|
Date of Appointment : |
22.06.2013 |
|
DIN No.: |
06578570 |
|
|
|
|
Name : |
Kazumi Masuda |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat No.2304, Torino Building,, Hiranandani Gardens,Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1958 |
|
Date of Appointment : |
01.11.2013 |
|
DIN No.: |
06738580 |
|
|
|
|
Name : |
Masahiko Shozo Ohi |
|
Designation : |
Director |
|
Address : |
Royal Oak #102 15-7, Sakudairaeki Higashi, Saku City, Na, Japan |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07105953 |
KEY EXECUTIVES
|
Name : |
Ms. Gargi Ranade |
|
Designation : |
Secretary |
|
Address : |
1-13 Parimal Co-operative Housing Society Limited, Deendayal Road,
Vishnu, Dombivali, Thane – 421202, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1982 |
|
Date of Appointment : |
21.04.2009 |
|
PAN No.: |
ALSPR4314F |
|
|
|
|
Name : |
Ms. Suvarna |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.06.2014
|
Names of Shareholders (Equity Shareholders) |
No. of Shares |
|
Nissei ASB Machine Company Limited, |
44777032 |
|
Nissei ASB Pte Limited, Singapore |
2 |
|
|
|
|
Total |
44777034 |
AS ON 24.06.2014
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 : |
Subject is
engaged into manufacturing Single Stage Injection Stretch Blow Molding
machines, molds, parts and components for making PET bottles. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27Th - 32Nd Floor, Indiabulls Finance Center, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
|
PAN
No. : |
AADFD2337G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Nissei ASB Machine Company Limited, Japan |
|
|
|
|
Fellow
Subsidiaries/ Subsidiaries of fellow subsidiaries : |
|
CAPITAL STRUCTURE
AFTER 24.06.2014
Authorised Capital :
Rs.760.000 Million
Issued, Subscribed & Paid-up Capital : Rs.585.516 Million
AS ON 24.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs.10/- each |
Rs.560.000 Million |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.760.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44,777,034 |
Equity Shares |
Rs.10/- each |
Rs. 447.770 Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs.10/- each |
Rs.560.000 Million |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.760.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38006823 |
Equity Shares |
Rs.10/- each |
Rs.380.068 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 |
380.068 |
360.000 |
420.000 |
|
(b) Reserves & Surplus |
1264.519 |
1066.525 |
992.651 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
100.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1644.587 |
1526.525 |
1412.651 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1234.889 |
925.686 |
563.153 |
|
(b) Deferred tax liabilities (Net) |
65.541 |
34.973 |
28.602 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
25.173 |
23.424 |
18.027 |
|
Total
Non-current Liabilities (3) |
1325.603 |
984.083 |
609.782 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
77.984 |
24.295 |
23.850 |
|
(b) Trade payables |
585.308 |
382.969 |
326.232 |
|
(c) Other current liabilities |
370.744 |
282.524 |
196.474 |
|
(d) Short-term provisions |
19.528 |
10.530 |
20.124 |
|
Total
Current Liabilities (4) |
1053.564 |
700.318 |
566.680 |
|
|
|
|
|
|
TOTAL |
4023.754 |
3210.926 |
2589.113 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1711.184 |
918.711 |
715.000 |
|
(ii) Intangible Assets |
7.381 |
3.265 |
8.124 |
|
(iii) Capital work-in-progress |
94.399 |
577.567 |
34.804 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.002 |
0.002 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
93.909 |
122.719 |
234.332 |
|
(e) Other Non-current assets |
33.384 |
20.955 |
11.822 |
|
Total
Non-Current Assets |
1940.260 |
1643.219 |
1004.084 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1392.238 |
999.583 |
876.876 |
|
(c) Trade receivables |
330.902 |
180.976 |
229.129 |
|
(d) Cash and cash equivalents |
188.770 |
228.510 |
360.551 |
|
(e) Short-term loans and advances |
169.335 |
150.208 |
109.198 |
|
(f) Other current assets |
2.249 |
8.430 |
9.275 |
|
Total
Current Assets |
2083.494 |
1567.707 |
1585.029 |
|
|
|
|
|
|
TOTAL |
4023.754 |
3210.926 |
2,589.113 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
3344.047 |
|
2916.569 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3344.047 |
2697.977 |
2916.569 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
2957.005 |
2463.642 |
2560.125 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
387.042 |
234.335 |
356.444 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
18.823 |
11.912 |
9.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
368.219 |
222.423 |
346.877 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
152.343 |
107.505 |
87.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
215.876 |
114.918 |
259.238 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
97.814 |
35.232 |
95.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
118.062 |
79.686 |
163.763 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
609.100 |
595.225 |
548.120 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend paid / proposed on Preference Shares |
0.000 |
5.000 |
14.333 |
|
|
|
Dividend paid / proposed on Equity Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend Distribution tax |
0.000 |
0.811 |
2.325 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
60.000 |
100.000 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
727.162 |
609.100 |
595.225 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1879.604 |
1310.743 |
1518.217 |
|
|
TOTAL EARNINGS |
1879.604 |
1310.743 |
1518.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.11 |
2.10 |
3.90 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
231.575 |
118.863 |
74.364
|
|
Cash Generated from Operations |
40.307 |
182.123 |
NA |
|
Net Cash flow from Operating Activities |
14.412 |
146.854 |
NA |
|
Net cash flows from (used in) operations |
40.307 |
182.123 |
273.581 |
|
Net cash flows from (used in) operating activities |
14.412 |
146.854 |
178.585 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
3.53 |
2.95 |
5.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/ Total Income) |
(%) |
11.57 |
8.69 |
12.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.49 |
4.36 |
10.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.08 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.94 |
0.70 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98 |
2.24 |
2.80 |
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 |
420.000 |
360.000 |
380.068 |
|
Reserves & Surplus |
992.651 |
1066.525 |
1264.519 |
|
Share Application money
pending allotment |
0.000 |
100.000 |
0.000 |
|
Net worth |
1412.651 |
1526.525 |
1644.587 |
|
|
|
|
|
|
long-term borrowings |
563.153 |
925.686 |
1234.889 |
|
Short term borrowings |
23.850 |
24.295 |
77.984 |
|
Current maturities of
long-term debt |
74.364 |
118.863 |
231.575 |
|
Total borrowings |
661.367 |
1068.844 |
1544.448 |
|
Debt/Equity ratio |
0.468 |
0.700 |
0.939 |
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) |
|
Total Income |
2916.569 |
2697.977 |
3344.047 |
|
|
|
(7.495) |
23.946 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
2916.569 |
2697.977 |
3344.047 |
|
Profit |
163.763 |
79.686 |
118.062 |
|
|
5.61% |
2.95% |
3.53% |
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 |
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 |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency term loans from other |
1234.889 |
925.686 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
77.984 |
24.295 |
|
|
|
|
|
Total |
1312.873 |
949.981 |
CONTINGENT
LIABILITIES
(i) During the year, the company has received the Draft Order from Assistant Commissioner of Income Tax. Asst. Commissioner of Income Tax has made a transfer price adjustment based on the order received from Transfer Pricing Officer. The Transfer Pricing officer made necessary adjustment for the difference in the margins between AE (Associated Enterprises) and Non AE transactions. Demand raised based on the draft order is Rs. 60.459 Million. Company has filed the Appeal with Dispute resolution panel, Mumbai against the draft order. Company is of the view that they will be in a position to continue the method adopted as done in earlier years.
(ii) The Additional Commissioner of Income Tax issued demand notice of Rs. 42.988 Million (Previous year Rs. 42.988 Million) for the Assessment Year 2008-09 disallowing the claim of deduction by the Company under Section 10B of the Income Tax Act, 1961. Company has filed the Appeal with Income Tax Appellate Tribunal. Company is of the view that, outcome of the appeal will be in its favor since the company has already got the verdict in its favor from the ITAT for the prior assessment years.
(iii) Show cause cum demand raised by Commissioner of Central Excise for payment of custom duty by disallowing the Eligibility of procuring duty free raw material (PET Granules) used for testing of machines manufactured by ASBI and raised the demand of Rs.14.528 Million (Previous year Rs.14.528 Million). Company has filed the Appeal with Customs Excise Service Tax Appellate Tribunal (CESTAT).
(iv) During the year, the company has received a Demand cum show cause notice of Rs. 10.121 Million from Commissioner of Central Excise for availment of CENVAT credit on PET falling under Chapter 39, treating them as inputs. The Company has procured PET granules on payment of duty and used these granules for testing the final product. Commissioner of Central Excise is of the view that availed CENVAT credit cannot be treated as ‘Inputs’ used in or in relation to the final product, hence the same is inadmissible as per the provisions of Rule 2 of the CENVAT credit rules , 2004.
(v) The Company had received a show cause notice cum demand of Rs. Nil (Previous year Rs. 1.758 Million) from the Additional Commissioner of Central Excise for payment of service tax. The Company had filed an appeal against the order.
During the year, the case has been decided in favour of the company via order dated 27th June, 2013
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CORPORATE INFORMATION
The Company is an
Export Oriented Unit and a wholly owned subsidiary of Nissei ASB Machine
Company Limited Japan. The Company manufactures Single Stage Injection Stretch
Blow Molding machines, molds, parts and components for making PET bottles.
PERFORMANCE
The just concluded financial year marks the completion of the Fourteenth year of their journey. Though on the backdrop of economic slowdown, global economy tried to revive during the FY. 2013-14, some pressures was continued to persist and perhaps weigh on growth prospects, still the Company’s ultimate picture measures as an improvement over the year gone by.
The Company had overcome the challenges and also responded to these challenges in a timely manner and delivered Net Prof it of Rs. 118.062 Million for the year.
EXPANSION PROJECT
During the year, New Factory was successfully commissioned. Other than expansion project investment, Company has also invested Rs. 303.800 Million. On plant and machinery and other assets. This investment was largely funded through External Commercial Borrowings and partially through internal accruals. The company believes that this Expansion Project will definitely help to enhance Company’s market leadership derived through economies of scale, operational integration, productivity gain, cost reduction and effective quality control.
FUTURE OUTLOOK
The Company expects a recovery of the slow downed market conditions in the coming years. In order to keep pace with the global demand and technological innovations, the Company proposes to produce more series of machines and increase the production.
In upcoming years the Company proposes to remain committed towards sustainable development and total quality approach to its operations.
With a focus on enhancing operational efficiency, the company will continuously strive to restore performance levels and to better, the best performances of the previous years.
FIXED ASSETS
Tangible Assets
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
- Leasehold Improvements
Intangible Assets
- Computer Software
- Know-how
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 Finasncial
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.65.26 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.