MIRA INFORM REPORT
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Report No. : |
344983 |
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Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SHIMIZU CORPORATION INDIA PRIVATE LIMITED |
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Registered
Office : |
130, Sarojini Market, New Delhi- 110023 |
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Tel. No.: |
91-80-43567777 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.02.2011 |
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Com. Reg. No.: |
55-214851 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Million |
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CIN No.: [Company Identification
No.] |
U45400DL2011FTC214851 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAPCS4719L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of planning, construction, maintenance, operation and contracting for building, civil engineering and other related activities. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 530000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of foreign company (Shimizu Corporation)
incorporated in the year 2011. For the FY 2014, the company has achieved decent revenue marked by
satisfactory profitability margin of 9.36%. The company possesses debt free capital structure marked by good cash
accruals by there is unfavorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong holding of the promoter, the company can be
considered for 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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 DECLINED
Management non-cooperative (91-80-43567777)
LOCATIONS
|
Registered Office : |
130, Sarojini Market, New Delhi- 110023, Delhi, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Prestige Emerald, 5th Level, No. 2, Madras Bank
Road-Lavelle Road, |
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Tel. No.: |
91-80-43567777 |
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Fax No.: |
91-80-43567778 |
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Regional Offices 1
: |
301, 3rd Floor, Time Tower, Sector 28, M.G Road, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-12-44608100 |
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Fax No.: |
91-12-44608181 |
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Regional Offices 2
: |
No. 304 (A&B), 3rd Floor, Delta Wing, Raheja
Towers, 177 Anna Salai, |
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Tel. No.: |
91-44-49036666 |
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Regional Offices 3
: |
Formula Incubation Center, A-7, F-1, B-Wing, Acropolis Mall, Thaltej Crossroads, S. G Highway, Ahmedabad – 380 052, Gujarat, India |
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Tel. No.: |
91-79-40704434 |
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Regional Offices 4
: |
P-903, Laburnum Park, Gate No.3, Magarpatta
City, Hadpsar, |
DIRECTORS
As on 26.09.2014
|
Name : |
Takeo Yoshigi |
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Designation : |
Director |
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Address : |
967 Fairfield Dr, Marietta, Georgia, Georgia, 300682624, United States Of America |
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Date of Birth/Age : |
17.05.1961 |
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Date of Appointment : |
15.07.2013 |
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DIN No.: |
06541416 |
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Other Directorship:
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Name : |
Kenichiro Yasui |
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Designation : |
Director |
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Address : |
150, Thomson Road # 06-02, Singapore, 307605, Singapore |
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Date of Birth/Age : |
07.10.1972 |
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Date of Appointment : |
15.07.2013 |
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PAN No.: |
AKPPY3545D |
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DIN No.: |
06589700 |
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KEY EXECUTIVES
|
Name : |
Mr. Dinesh Singh |
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Designation : |
Secretary |
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Address : |
No. 302, Supreme Castle Apartments, 3rd Main, C N Reddy Colony, Vignan Nagar, Banaglore-560037, Karnataka, India |
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Date of Appointment : |
01.12.2014 |
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PAN No.: |
AXEPS8627G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2014
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Names of Shareholders |
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No. of Shares |
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Shimizu Corporation, Japan |
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9999 |
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Shimizu North America LLC, USA |
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1 |
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Total |
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10000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2014
|
Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of planning, construction, maintenance, operation and contracting for building, civil engineering and other related activities. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
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Address : |
12 and 13 Floor, UB City, Canberra Block, No. 24, VittalMalya Road, Bangalore-560001, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding companies : |
· Shimizu Corporation, Japan |
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Fellow Subsidiary Companies : |
· S C Properties (Sin) Pte Limited, Singapore · Shimizu North America LLC, United States of America · Shimizu Philippine Contractors Inc., Philippines |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.5000/- each |
Rs. 50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.5000/- each |
Rs. 50.000 Million |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
50.000 |
50.000 |
50.000 |
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(b) Reserves & Surplus |
133.917 |
45.175 |
2.686 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
183.917 |
95.175 |
52.686 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
10.952 |
7.540 |
0.680 |
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Total Non-current
Liabilities (3) |
10.952 |
7.540 |
0.680 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade
payables |
649.189 |
592.885 |
454.430 |
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(c) Other
current liabilities |
422.871 |
1360.091 |
1383.631 |
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(d) Short-term
provisions |
569.448 |
257.105 |
19.919 |
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Total Current
Liabilities (4) |
1641.508 |
2210.081 |
1857.980 |
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TOTAL |
1836.377 |
2312.796 |
1911.346 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
28.64 |
40.962 |
24.147 |
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(ii)
Intangible Assets |
1.363 |
2.237 |
1.179 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
100.212 |
39.595 |
1.148 |
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(d) Long-term Loan and Advances |
38.248 |
108.432 |
102.073 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
168.463 |
191.226 |
128.547 |
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(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
25.850 |
22.361 |
16.975 |
|
(c) Trade
receivables |
163.316 |
249.219 |
18.885 |
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(d) Cash
and cash equivalents |
1316.949 |
1388.115 |
1431.843 |
|
(e)
Short-term loans and advances |
158.294 |
458.962 |
312.608 |
|
(f) Other
current assets |
3.505 |
2.913 |
2.488 |
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Total
Current Assets |
1667.914 |
2121.570 |
1782.799 |
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|
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|
|
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TOTAL |
1836.377 |
2312.796 |
1911.346 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
6339.863 |
7104.856 |
1954.840 |
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Other Income |
128.209 |
101.054 |
46.405 |
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TOTAL |
6468.072 |
7205.910 |
2001.245 |
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Less |
EXPENSES |
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Operating Expenses |
5570.439 |
6786.263 |
1974.705 |
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TOTAL |
5570.439 |
6786.263 |
1974.705 |
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PROFIT BEFORE
TAX |
897.633 |
419.647 |
26.540 |
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Less |
TAX |
304.421 |
136.387 |
8.630 |
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PROFIT AFTER TAX
|
593.212 |
283.260 |
17.910 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
-- |
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Less |
APPROPRIATIONS |
|
|
|
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|
|
Transfer to General Reserve |
88.742 |
42.489 |
2.686 |
|
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Proposed final equity dividend |
429.822 |
207.164 |
13.098 |
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|
|
Tax on proposed equity dividend |
73.048 |
33.607 |
21.249 |
|
|
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Tax on prior year equity dividend |
1.600 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
-- |
-- |
-- |
|
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|
|
|
Earnings Per
Share (Rs.) |
59321.20 |
28326.00 |
1791.00 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
318.445 |
78.405 |
1449.492 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.36 |
3.99 |
0.92 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
51.70 |
18.46 |
1.39 |
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.88 |
4.41 |
0.50 |
|
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|
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|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.96 |
0.96 |
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 |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
2.686 |
45.175 |
133.917 |
|
Net
worth |
52.686 |
95.175 |
183.917 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1954.840 |
7104.856 |
6339.863 |
|
|
|
263.449 |
(10.767) |
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 |
1954.840 |
7104.856 |
6339.863 |
|
Profit |
17.910 |
283.260 |
593.212 |
|
|
0.92% |
3.99% |
9.36% |
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
REVIEW OF
PERFORMANCE:
The Year 2013-14 the Company recorded the growth as expected. The key highlights of the performance are as
follows:
· Achieved a turnover from Construction Services Rs. 6339.862 Million
· Profit Before Tax is Rs. 897.632 Million and
· Profit After Tax is Rs. 593.212 Million
The Company executing factory construction projects at various places in India and procured few new design and build contracts from reputed clients. Your Company has earned good name for quality and timely completion of the projects. Steps being taken for further improvement in the performance of the company.
The overall outlook of the construction industry looks positive in view of the current economic scenario and future of the Indian economy in general and that of construction industry in particular appears to be optimistic.
CORPORATE INFORMATION
Company was incorporated on February 25, 2011. SCIPL is engaged in the business of planning, construction, maintenance, operation and contracting for building, civil engineering and other related activities.
FIXED ASSETS
- Computers
- Office equipment
- Furniture and fittings
- Plant and Machinery
- Software
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.65.02 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.73.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
49 |
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.