MIRA INFORM REPORT

 

 

Report No. :

341954

Report Date :

19.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NITTO DENKO INDIA PRIVATE LIMITED

 

 

Registered Office :

Plot No. 177-178, Sector-5, IMT Manesar, Gurgaon – 122050, Haryana

Tel. No.:

91-124-4221600/ 1601/ 1602/ 1603

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.10.2009

 

 

Com. Reg. No.:

05-039633

 

 

Capital Investment / Paid-up Capital :

Rs. 950.000 Million

 

 

CIN No.:

[Company Identification No.]

U36100HR2009FTC039633

 

 

IEC No.:

0509067646

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKN02617G

 

 

PAN No.:

[Permanent Account No.]

AADCN1160A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Trading of Adhesives Products.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Maximum Credit Limit :

USD 1050000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Nitto Denko (Singapore) Pte. Limited”. It is engaged into manufacturing and trading of adhesives products.

 

The company possesses moderate operational performance and it has incurred huge accumulated losses which led to deterioration of its capital structure.

 

However, rating takes into consideration strong financial and managerial support that company receives from its holding company backed by well integrated global operations along with diversified business portfolio and customer base.

 

Trade relations are reported as fair. Payment terms are reported to be slow but correct.

 

In view of strong holding company support, the company can be considered 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 31-03-2015.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Anoop Bahl

Designation :

Area Manager

Contact No.:

91-7350011656

 

 

Name :

Mr. Mani Gandan

Designation :

Assistant Manager

Contact No.:

91-44-26810236

 

 

LOCATIONS

 

Registered Office :

Plot No. 177-178, Sector-5, IMT Manesar, Gurgaon – 122050, Haryana, India

Tel. No.:

91-124-4221600/ 1601/ 1602/ 1603/ 1604

Mobile No.:

91-7350011656 [Mr. Anoop Bahl]

Fax No.:

91-124-4221605

E-Mail :

sachin_gupta@gg.nitto.co.jp

salesupport_nin@gg.nitto.co.jp

Website :

http://www.nitto.com

 

 

Branch Offices :

Located at:

 

·         Chennai

·         Bangalore

·         Pune

·         Ahmedabad

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Daisuke Minakata

Designation :

Managing director

Address :

A-063, Raheja Atlantis, Sector 31, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

01.04.2014

PAN No.:

CMZPM0858F

Passport No.:

TK5997494

DIN No.:

06845622

 

 

Name :

Mr. Yuki Shinkai

Designation :

Director

Address :

Flat No. 903, Ivory Court II, Essel Tower, M G Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

10.03.1959

Qualification :

Graduate

Experience :

31 Years

Date of Appointment :

26.04.2011

PAN No.:

DKYPS0264M

Passport No.:

MS7479602

DIN No.:

03520414

 

 

Name :

Mr. Yasuhito Ohwaki

Designation :

Director

Address :

2992-476, Takanoocho, Tsu, Mie, Japan – 5142221

Date of Birth/Age :

13.02.1962

Date of Appointment :

03.05.2014

Passport No.:

TH4063895

DIN No.:

06859464

 

 

KEY EXECUTIVES

 

Name :

Mr. Anoop Bahl

Designation :

Area Manager

 

 

Name :

Mr. Mani Gandan

Designation :

Assistant Manager

 

 

Name :

Mr. Sachin Gupta

Designation :

Secretary

Address :

E-2/27A, Right Portion, Street No. 1, Shastri Nagar, New Delhi – 110052, India 

Date of Birth/Age :

19.05.1980

Date of Appointment :

07.05.2010

PAN No.:

AJBPG6145L

Passport No.:

H1153103

 

 

Name :

Hiroyuki Tokuda

Designation :

Manager-Sales

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Nitto Denko Singapore Pte. Limited, Singapore

94393610

99.36

Nitto Denko Corporation, Japan

606390

0.64

 

 

 

Total

 

95000000

100.00

 

 

 

 

AS ON 30.09.2014

 

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 :

Manufacturing and Trading of Adhesives Products.

 

 

Products :

ITC Code No.

 

Product Descriptions

87089900

Parts and Accessories of Motor Vehicles

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

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 :

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 :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of 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 :

B S S R and Company

Chartered Accountants

Address :

Building No. 10, 8th Floor, Tower B, DLF Cyber City, DLF Phase-II, Gurgaon - 122002, Haryana, India

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

AADFB6889R

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding company :

Nitto Denko (Singapore) Pte. Limited

 

 

Ultimate Holding company :

Nitto Denko Corporation

 

 

Fellow Subsidiary company :

·         Nitto Matex Thailand Co. Limited

·         Nitto Denko Automotive, Ohio, Inc

·         Nitto Denko Materials (Malaysia) SDN BHD

·         Nitto Denko C S Systems Corporation

·         Nitto Denko Tainjin Co. Limited

·         Nitto Denko Taiwan Corporation

·         Nitto Europe NV

·         Nitto Shinko Corporation

·         Nitto Denko (Shanghai Songjiang) Co. Limited

·         Korea Nitto Denko

·         Nitto Denko (China) Investment Co. Limited

·         Nitto Denko (Foshan) Co. Limited

·         Nitto Denko UK Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

95,000,000

Equity Shares

Rs. 10/- each

Rs. 950.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

95,000,000

Equity Shares

Rs. 10/- each

Rs. 950.000 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

950.000

740.000

235.000

(b) Reserves & Surplus

(580.984)

(213.233)

(155.445)

(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)

369.016

526.767

79.555

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

1.782

0.356

0.000

(d) long-term provisions

6.294

4.228

1.384

Total Non-current Liabilities (3)

8.076

4.584

1.384

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

77.767

57.287

121.379

(c) Other current liabilities

11.378

73.493

5.364

(d) Short-term provisions

0.118

0.063

0.029

Total Current Liabilities (4)

89.263

130.843

126.772

 

 

 

 

TOTAL

466.355

662.194

207.711

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.807

10.868

13.928

(ii) Intangible Assets

0.058

2.714

2.577

(iii) Capital work-in-progress

0.000

192.649

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

0.000

0.000

(d)  Long-term Loan and Advances

16.330

22.932

4.719

(e) Other Non-current assets

218.768

209.823

0.235

Total Non-Current Assets

242.963

438.986

21.459

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

38.833

99.265

65.255

(c) Trade receivables

122.505

79.377

65.232

(d) Cash and cash equivalents

37.435

13.478

41.018

(e) Short-term loans and advances

23.905

31.088

14.747

(f) Other current assets

0.714

0.000

0.000

Total Current Assets

223.392

223.208

186.252

 

 

 

 

TOTAL

466.355

662.194

207.711

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

(52.855)

(79.375)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

NA

4.933

3.315

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

NA

(57.788)

(82.690)

 

 

 

 

 

Less

TAX                                                     

NA

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

(367.751)

(57.788)

(82.690)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2.466

0.000

0.000

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(3.87)

(0.78)

(3.52)

 

 

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) operations

(127.157)

(113.279)

(99.433)

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

(12.31)

(39.81)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

(0.11)

(1.04)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.50

1.71

1.47

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

235.000

740.000

950.000

Reserves & Surplus

(155.445)

(213.233)

(580.984)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

79.555

526.767

369.016

 

 

 

 

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

 

 

 

 

 

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

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

No

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

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from Plot No.152, Sector-5, IMT Manesar, Gurgaon - 122002, Haryana, India to the present address w.e.f.27.04.2013

 

 

BACKGROUND

 

The Company was incorporated on 23 October 2009 under the Companies Act, 1956 as a private limited company. The main objective of the Company is manufacturing and trading of adhesives products in India.

 

 

FIXED ASSETS:

 

·         Plant and equipment

·         Other plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Computer equipments

·         Other equipments

·         Leasehold improvements

·         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. 65.93

UK Pound

1

Rs. 102.75

Euro

1

Rs. 75.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

5

--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

 

43

 

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.