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|
MIRA INFORM REPORT
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Report No. : |
493660 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
RENAULT NISSAN AUTOMOTIVE INDIA PRIVATE LIMITED (w.e.f. 13.03.2008) |
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|
|
|
Formerly Known
As : |
RHOMBUS AUTOMOTIVE PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1A, SIPCOT Industrial Estate, Oragadam, Mattur (Post),
Sriperumbudur – 602 105, Tamilnadu |
|
Tel. No.: |
91-44-37196983 / 37199999 |
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Country : |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
18-073002 |
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Capital
Investment / Paid-up Capital : |
INR 67806.920 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U34100TN2007PTC073002 |
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|
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IEC No.: [Import-Export Code No.] |
0308018311 |
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TIN No.: |
33291664743 |
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PAN No.: [Permanent Account No.] |
AADCR7965B |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
33AADCR7965B1ZF |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of vehicle, vehicle related spare parts and engineering trial parts, purchase and sale of vehicles and steel. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Renault Nissan Automotive is a joint venture between “Nissan Motors Company Limited, Japan” and “Nissan Investment Overseas B.V.”. It was incorporated in the year 2007. It is engaged in manufacturing of vehicles, vehicle related spare parts and engineering trial parts, purchase and sale of vehicles and steel. For the financial year 2016, the company reported 5.82% dip in its revenue along with operational loss. The moderate financial risk profile of the company is marked by negative reserve base but comfortable debt balance sheet profile. Rating takes into consideration the strong financial and managerial support that the company receives from its venture entities and its experienced management team. Rating also takes into account the established position of subject in the market. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note 1: The correct name of the company is “Renault Nissan Automotive India Private Limited”. Note 2: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-44-37196983)
(Tel No.: 91-44-37199999/ 67480777 - Continuously Ringing)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 1A, SIPCOT Industrial Estate, Oragadam, Mattur (Post), Sriperumbudur
– 602 105, Tamilnadu, India |
|
Tel. No.: |
91-44-37196983 / 37199999 |
|
Fax No.: |
91-44-67206016 |
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E-Mail : |
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Website : |
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|
|
Factory 2 : |
2nd Floor, Krisp IT Park, 942, Vandalur - Kelambakkam Road,
Kizhakottayur, Chennai – 600 048, Tamilnadu, India |
|
Tel. No.: |
91-44-67480777 |
|
Fax No.: |
91-44-67480739 |
|
|
|
|
Factory 3 : |
Mathur PO, Kanchipuram, Village Oragadam, Kanchipuram – 602112,
Tamilnadu, India |
|
Tel No.: |
91-44-97481008 |
DIRECTORS
As on 31.03.2017
|
Name : |
Colin Moore Macdonald |
|
Designation : |
Managing Director |
|
Address : |
No. 14, Spring Garden, 2nd Street, Akkarai, Sholinganallur, Chennai-600119, Tamilnadu, India |
|
Date of Birth/Age : |
02.04.1968 |
|
Date of Appointment : |
01.04.2015 |
|
PAN No.: |
CLSPM8616H |
|
DIN No.: |
07144072 |
|
|
|
|
Name : |
Christian Claude Dauvais |
|
Designation : |
Director |
|
Address : |
2005 Sadaf 7, PO Box 61111, Dubai, NA, United Arab Emirates |
|
Date of Birth/Age : |
12.02.1955 |
|
Date of Appointment : |
06.11.2015 |
|
DIN No.: |
07335004 |
KEY EXECUTIVES
|
Name : |
Mr. Shoban Babu |
|
Designation : |
Company Secretary |
|
Address : |
Ono 17, Newno 14, Manikeswari Street, Kilpauk, Chennai-600010, Tamilnadu, India |
|
Date of Appointment : |
14.12.2016 |
|
PAN No.: |
CYHPS1367P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders (Equity
Shares) |
|
No. of Shares |
|
Nissan Motor Company Limited, Japan |
|
1443298590 |
|
Renault Group BV, Netherlands |
|
1731958357 |
|
Nissan Overseas Investments BV, Netherlands |
|
2597937410 |
|
Total |
|
5773194357 |
|
Names of Shareholders (Preference
Shares) |
|
No. of Shares |
|
Nissan Motor Company Limited, Japan |
|
812000000 |
|
Renault Group BV, Netherlands |
|
195497263 |
|
Total |
|
1007497263 |
Equity Share Break up (Percentage of Total Equity)
As on 15.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of vehicle, vehicle related spare parts and engineering trial parts, purchase and sale of vehicles and steel. (Registered Activity) |
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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 : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
TPL House No. 3, |
|
Tel. No.: |
91-44-42194400 |
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Fax No.: |
91-44-24311450 |
|
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 Company (As
on 2017) : |
· Nissan Motor Company Limited (Holds 25.00%) · Nissan Overseas Investments BV (Holds 44.99%) |
|
|
|
|
Associates (As on
2017) : |
· Renault Group BV · Nissan Motor India Private Limited CIN No.: U34100TN2005PTC073897 · Ashok Leyland Vehicles Limited CIN No.: U34102TN2008PLC067839 · Ashley Powertrain Limited CIN No.: U34102TN2008PLC067838 · Ashok Leyland Technologies Limited CIN No.: U34300TN2008PLC067840 · Nissan Renault Financial Services India Private Limited CIN No.: U65923TN2013FTC093374 · Renault Nissan Technology and Business Centre India Private Limited CIN No.: U50401TN2007PTC064840 · Nissan Trading India Private Limited CIN No.: U50404TN2011FTC081480 · Renault India Private Limited CIN No.: U34100TN2005FTC078835 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2016): |
· Ashok Leyland Nissan Vehicles Limited · Autech Japan · Nissan (China) Investment Company Limited · Nissan Ashok Leyland Powertrain Limited · Nissan Motor (Thailand) Company Limited · Nissan Motor Company Limited, Japan · Nissan Motor Iberica S.A. · Nissan Motor India Private Limited · Nissan Renault Financial Services India Private Limited · Nissan Trading Company Limited, Japan · Nissan Trading India Private Limited · Renault Group BV, Netherlands · Nissan Ashok Leyland Technologies Limited · Nissan International SA · Renault Espana S A · Nissan Powertrain Thailand Company Limited · Renault-Nissan Global Management · Renault Technologie Roumanie SRL · Nissan Trading China Company Limited · Nissan Trading Europe Limited · Nissan Manufacturing Rus LLC · Nissan South Africa Pty Limited · Nissan Creative Services Company Limited · Renault Do Brasil S.A · Nissan Learning Center Human Resource · Nissan Europe S.A.S. · Renault Global Management · Yulon Nissan Motor Co Limited · Nissan Mexicana S.A · Nissan Motor Manufacturing (UK) Limited · P.T. Nissan Motor Indonesia · Nissan Shanghai Company Limited · Renault Russia · Renault SAS · Nissan Trading Thailand Company Limited · Renault Nissan Technology and Business Centre India Private Limited · Renault India Private Limited |
CAPITAL STRUCTURE
As on 15.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6100000000 |
Equity Shares |
INR 10/- each |
INR 61000.000 Million |
|
1550000000 |
Preference Shares |
INR 10/- each |
INR 15500.000 Million |
|
|
Total
|
|
INR 76500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5773194357 |
Equity Shares |
INR 10/- each |
INR
57731.944 Million |
|
1007497263 |
Preference Shares |
INR 10/- each |
INR 10074.973 Million |
|
|
Total
|
|
INR 67806.917
Million |
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6100000000 |
Equity Shares |
INR 10/- each |
INR 61000.000 Million |
|
1550000000 |
Preference Shares |
INR 10/- each |
INR 15500.000 Million |
|
|
Total
|
|
INR 76500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5773195000 |
Equity Shares |
INR 10/- each |
INR
57731.950 Million |
|
1007497000 |
Preference Shares |
INR 10/- each |
INR 10074.970 Million |
|
|
Total
|
|
INR 67806.920
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
67806.920 |
67806.920 |
40017.220 |
|
(b) Reserves and Surplus |
(2206.130) |
(2172.910) |
(4325.950) |
|
(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) |
65600.790 |
65634.010 |
35691.270 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
488.000 |
488.000 |
12434.750 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
387.550 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
337.320 |
236.800 |
169.840 |
|
Total Non-current
Liabilities (3) |
825.320 |
1112.350 |
12604.590 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
8676.380 |
5325.550 |
16750.000 |
|
(b) Trade
payables |
37962.970 |
33334.150 |
42578.790 |
|
(c) Other
current liabilities |
6618.430 |
6840.540 |
3722.830 |
|
(d) Short-term
provisions |
43.280 |
45.940 |
40.570 |
|
Total Current
Liabilities (4) |
53301.060 |
45546.180 |
63092.190 |
|
|
|
|
|
|
TOTAL |
119727.170 |
112292.540 |
111388.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
46943.530 |
38539.160 |
40832.920 |
|
(ii)
Intangible Assets |
104.700 |
87.520 |
123.770 |
|
(iii) Tangible assets
capital work-in-progress |
3170.740 |
8946.800 |
1464.110 |
|
(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 loans and advances |
10492.340 |
10203.810 |
8126.260 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
60711.310 |
57777.290 |
50547.060 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
5086.690 |
0.000 |
0.000 |
|
(b)
Inventories |
11560.330 |
13162.710 |
13252.270 |
|
(c) Trade
receivables |
13557.730 |
12061.250 |
21159.910 |
|
(d) Cash and
bank balances |
2183.750 |
2384.080 |
1890.910 |
|
(e)
Short-term loans and advances |
22568.870 |
19522.160 |
21804.740 |
|
(f) Other
current assets |
4058.490 |
7385.050 |
2733.160 |
|
Total
Current Assets |
59015.860 |
54515.250 |
60840.990 |
|
|
|
|
|
|
TOTAL |
119727.170 |
112292.540 |
111388.050 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
100097.960 |
106281.560 |
129715.600 |
|
|
Other Income |
2409.570 |
5371.410 |
9738.900 |
|
|
TOTAL |
102507.530 |
111652.970 |
139454.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
82368.600 |
89739.630 |
111261.360 |
|
|
Purchases of
Stock-in-Trade |
597.220 |
1802.550 |
4417.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1183.450) |
(2558.350) |
527.310 |
|
|
Employee benefit expense |
4174.050 |
3330.570 |
3112.450 |
|
|
Other expenses |
11670.760 |
11119.010 |
13238.810 |
|
|
Prior period items |
0.000 |
(690.370) |
0.000 |
|
|
Exceptional items |
0.000 |
0.000 |
(106.560) |
|
|
TOTAL |
97627.180 |
102743.040 |
132450.870 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4880.350 |
8909.930 |
7003.630 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
713.370 |
1645.820 |
2772.670 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4166.980 |
7264.110 |
4230.960 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4587.750 |
3883.990 |
3843.170 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(420.770) |
3380.120 |
387.790 |
|
|
|
|
|
|
|
Less |
TAX |
(387.550) |
1227.080 |
118.870 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(33.220) |
2153.040 |
268.920 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
147.180 |
178.730 |
5366.640 |
|
|
TOTAL EARNINGS |
147.180 |
178.730 |
5366.640 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
23445.710 |
33263.100 |
50840.550 |
|
|
Capital Goods |
2783.170 |
3884.430 |
2073.620 |
|
|
TOTAL IMPORTS |
26228.880 |
37147.530 |
52914.170 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.01) |
0.44 |
0.07 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
9081.040 |
6616.850 |
3175.320 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
49.44 |
41.42 |
59.54 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.38 |
8.81 |
6.13 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
167.01 |
132.91 |
134.35 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.42 |
0.68 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.10 |
0.19 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.45 |
0.41 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.14 |
0.09 |
0.82 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.81 |
0.69 |
1.77 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.77 |
0.72 |
1.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.84 |
5.41 |
2.53 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(0.03) |
2.03 |
0.21 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(0.03) |
1.92 |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(0.05) |
3.28 |
0.75 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.11 |
1.20 |
0.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.89 |
0.91 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.55 |
0.58 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.14 |
0.09 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.11 |
1.20 |
0.96 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
40017.220 |
67806.920 |
67806.920 |
|
Reserves & Surplus |
(4325.950) |
(2172.910) |
(2206.130) |
|
Net
worth |
35691.270 |
65634.010 |
65600.790 |
|
|
|
|
|
|
long-term borrowings |
12434.750 |
488.000 |
488.000 |
|
Short term borrowings |
16750.000 |
5325.550 |
8676.380 |
|
Total
borrowings |
29184.750 |
5813.550 |
9164.380 |
|
Debt/Equity
ratio |
0.818 |
0.089 |
0.140 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
129715.600 |
106281.560 |
100097.960 |
|
|
|
(18.066) |
(5.818) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
129715.600 |
106281.560 |
100097.960 |
|
Profit/ (Loss) |
268.920 |
2153.040 |
(33.220) |
|
|
0.21% |
2.03% |
(0.03%) |
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 |
Yes |
|
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 |
No |
|
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 |
NOTE:
The Registered office of the company has been shifted from Chintamani Plaza, B Wing, Office No. 524, Andheri Kurla Road, Andheri (East), Mumbai- 400099, Maharashtra, India to the present address w.e.f. 15.09.2009
BACKGROUND AND
CORPORATE INFORMATION (As on 31.03.2016)
The Company was incorporated on September 25, 2007. The Company has been incorporated as a Joint venture between Renault Group BV, Netherlands and Nissan Motor Company Limited, Japan. Effective April 10, 2012, pursuant to certain internal restructuring plans with group companies, the Company is engaged in manufacture and assembly of Completely Built Units (CBU's) for sale to group companies for further sale to export and domestic market. The Company also manufactures vehicles under a contract manufacturing arrangement with one of its group companies.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
8676.380 |
5325.550 |
|
Total |
8676.380 |
5325.550 |
INDEX
OF CHARGES: NO CHARGES EXISTS FOR COMPANY
FIXED ASSETS
- Leasehold land
- Building
- Plant and machinery
- Computers and other peripherals
- Office Equipment
- Furniture and Fittings
- Vehicles
- Tools
- Computer Software
WEBSITE DETAILS
NEWS/ PRESS
RELEASES
RENAULT NISSAN
PETITIONS MADRAS HIGH COURT
February 3, 2018
Such provisions direct that winding up petitions filed/pending under the Companies Act before the High Court.
Renault Nissan Automotive India Private Limited has approached the Madras High Court to declare as ultra vires the legislative competence of Parliament while challenging provisions of the Companies (Transfer of Pending Proceedings Rules) Act. Such provisions direct that winding up petitions filed/pending under the Companies Act before the High Court be treated as an application under Insolvency and Bankruptcy Code.
All such legislation is to be adjudicated only by the National Company Law Tribunal/National Company Law Appellate Tribunal and the company is challenging this too.
The First Bench comprising Chief Justice Indira Banerjee and Justice Abdul Quddhose before whom the petition filed by Renault Nissan came up for hearing admitted the petition and ordered notice, returnable by March 2, to the Union government and SRL Advisors LLP, besides staying the proceedings pending before the NCLT, Chennai branch against the petitioner.
Petitioner’s counsel M. Velmurugan submitted that SRL Advisors, a firm providing financial, tax and accounting services were engaged by the petitioner for services relating to finance, tax and accounting. Subsequently, the petitioner terminated the services of the firm on July 24, 2014. While the termination letter remained unchallenged, the SRL Advisors issued a statutory winding up a notice on March 17, 2015, and commenced winding up proceedings before the Madras High Court, he added.
He said the firm has filed an utterly misconceived, frivolous and untenable petition seeking winding up. Therefore, the petitioner opposed the petition. The dispute was referred to mediation, which failed and posted back to the High Court for further adjudication. Meanwhile, the Insolvency and Bankruptcy Code was brought into effect and certain Rules were notified by the Central government to the effect of directing the winding up proceedings filed under the Companies Act to be treated as applications under the new code and to be adjudicated by the NCLT. The impugned rules providing for the transfer of pending company petitions involving SRL and the petitioner company in which the entire proceedings were over. Transferring such cases to be adjudicated by the NCLT under the Insolvency Code was impermissible, prejudicial to its rights, interest and entitlements besides being wholly unconstitutional, Velmurugan added.
RENAULT TAX CASE:
GOVT. FINALLY FILES AFFIDAVIT
February 07,
2018
After a delay of over 18 months, the State Government has finally filed a counter-affidavit to a batch of writ petitions preferred by Renault India, challenging certain amendments made in 2016 to the Tamil Nadu Value Added Tax (TNVAT) Act of 2006 with retrospective effect from January 1, 2007.
The counter-affidavit filed by the Industries Secretary stated that Renault India was a wholly owned subsidiary of a transnational company, and hence it could not base its claim on the constitutional right to carry on trade or business.
The Secretary went on to state that the government had entered into an MoU with a consortium comprising Renault as well as Japanese automaker Nissan on February 22, 2008, for setting up an integrated automobile plant at Oragadam with a capacity to manufacture 4 lakh units per annum.
Then, the consortium had agreed to invest INR 45000.000 million within seven years from the date of the MoU, and the government, in turn, sanctioned a structured package of assistance which included refund of output VAT and Central Sales Tax (CST) as Investment Promotion Subsidy (IPS) up to a maximum period of 21 years from the date of commercial production.
A clause was also added to the MoU that the refund would be paid either up to 21 years or till the cumulative availment of the refund of the gross Output VAT plus CST and Input VAT on building materials reaches 115% of the eligible investment made by the consortium within the investment period, whichever was earlier.
Subsequently, Renault Nissan Automotive India Private Limited (RNAIPL) started commercial production in 2010 and was provided with IPS. The entire VAT paid by the consortium on inputs (raw materials) as well as the output (manufactured vehicles) was refunded to it by the government on the belief that a substantial number of vehicles would be sold in other States and exported.
However, RNAIPL sold all its vehicles locally to its group companies Nissan India Private Limited (NIPL) and Renault India Private Limited (RIPL), which were the marketing arms, and charged VAT for such sale at the rate of 14.5% which was refunded to it in full by the State government. The marketing companies, in turn, claimed the 14.5% of VAT paid by them to RNAIPL as Input Tax Credit (ITC) from the government under the provisions of the TANVAT Act, as it stood prior to the 2016 amendment, and went on to sell the vehicles in other States on collection of just 2% of Central Sales Tax and completely tax free for the exports.
“This situation led to refund twice from the government exchequer on the same commodity which was glaringly an undue and unintended benefit... On one side, RNAIPL got refund of entire taxes under the conditions of the MoU executed, and on the other, the same amount was claimed as ITC by the marketing companies – NIPL and RIPL.
“To curtail the undue refunds from the Commercial Tax Department and on coming to understand the misuse of available provisions by such firms to enrich themselves that the TANVAT Act was amended in 2016 with retrospective effect,” the court was told.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
UK Pound |
1 |
INR 79.94 |
|
Euro |
1 |
INR 90.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.