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|
|
MIRA INFORM REPORT
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Report No. : |
486632 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
AISIN AUTOMOTIVE HARYANA PRIVATE LIMITED |
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Registered
Office : |
Plot No.7, 8 and 9, Sector 30B, IMT Rohtak, Rohtak – 124027, Haryana |
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Tel. No.: |
91-1262-306000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
22.12.2011 |
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Com. Reg. No.: |
05-044651 |
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Capital
Investment / Paid-up Capital : |
INR 3419.900 Million |
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|
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CIN No.: [Company Identification
No.] |
U34300HR2011FTC044651 |
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IEC No.: |
Not Divulged |
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GST No.: |
06AAKCA1851E1ZZ |
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TIN No.: |
06152828150 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAKCA1851E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Manufacturing including Trading, Design, production, processing, fabrication, assembling, repairing, alteration, buying, importing, marketing, exporting, engineering, selling of Automotive components including engines, body, drive train, brake, chases related products and otherwise dealing in all kinds of automotive components of all type of automobiles including jigs and dies. (Registered Activity) |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2011. It is a subsidiary of “Aisin Seiki Co. Limited”, Japan. The company is engaged in manufacturing and trading of automotive components including engines, brake, chases related products, etc. As per the financial of 2017, the company has achieved a favourable growth in its revenue as compared to the previous year. However, the company is incurring losses from past few years. The company’s weak financial profile is marked by negative reserve base which have eroded the net worth base. Rating takes into consideration the strength that the company derives from its strong parent company and its well experience management team. Business is active. Payments are reported to be slow. In view of the aforesaid, the company can be considered for business dealings with some caution. |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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
31-03-2016.
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 17.01.2018.
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
[Contact No: 91-1262-306000]
LOCATIONS
|
Registered Office/ Factory : |
Plot No.7, 8 and 9, Sector 30B, IMT Rohtak, Rohtak – 124027, Haryana,
India |
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Tel. No.: |
91-1262-306000 |
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Fax No.: |
91-1262-306060 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Makoto Saito |
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Designation : |
Managing director |
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Address : |
1-35-7, Tsuijicho, Kariya, Aichi - 4480857, Japan |
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Date of Birth/Age : |
20.06.1960 |
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Qualification: |
Graduation |
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Date of Appointment : |
28.12.2011 |
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DIN No.: |
05136037 |
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Other Directorship:
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Name : |
Mr. Ito Hirotoshi |
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Designation : |
Director |
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Address : |
Nishi Machi Nisha 1-1 Chiryu City, Aichi-Ken Chiryu City 000000 JP |
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Date of Birth/Age : |
28.03.1961 |
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Qualification: |
Graduation |
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Date of Appointment
: |
16.07.2012 |
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DIN No.: |
05329608 |
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Other Directorship:
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Name : |
Mrs. Hiroshi Shirai |
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Designation : |
Whole-time Director |
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Address : |
A-3/1604, Uniworld City, Sector 31, Gurgaon - 122003, Haryana, India |
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Date of Birth/Age : |
05.10.1964 |
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Qualification: |
Graduation |
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Date of Appointment
: |
29.09.2014 |
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PAN No.: |
EOFPS8741F |
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DIN No.: |
07010132 |
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Name : |
Ms. Akira Nakamura |
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Designation : |
Managing Director |
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Address : |
Kariya Park Homes, 202, 4-107, Kotobuki-cho, Kariya, Aichi 448-0856, Japan 4480856 JP |
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Date of Birth/Age : |
04.02.1956 |
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Qualification: |
Graduation |
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Date of Appointment : |
26.05.2016 |
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DIN No.: |
07445855 |
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Other Directorship:
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Name : |
Mr. Makoto Mitsuya |
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Designation : |
Director |
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Address : |
2-174, Nozomi Gaoka Handa Aichi 4750019 JP |
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Date of Birth/Age : |
13.12.1958 |
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Qualification: |
Graduation |
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Date of Appointment
: |
26.05.2016 |
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DIN No.: |
07522205 |
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Other Directorship:
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Name : |
Mr. Kazuto Koyama |
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Designation : |
Director |
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Address : |
44-4, Azagohigashi Kugozaki-cho, Okazaki Aichi 4440851 JP |
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Date of Birth/Age : |
24.02.1963 |
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Qualification: |
Graduation |
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Date of Appointment : |
26.05.2016 |
||||||||||||||||
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DIN No.: |
07522208 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Bhagwati Prasad |
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Designation : |
Company Secretary |
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Address : |
H. No 229, Sector 12A, Gurugram - 122001, Haryana, India |
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Date of Appointment : |
25.08.2012 |
|
PAN No.: |
AIDPG9118N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2016
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Aisin Seiki Co., Limited, Japan |
|
69935000 |
|
Aisin Seiki Co., Limited, Japan |
|
95950000 |
|
Aisin Aisa Pacific Co. Limited, Thailand |
|
1065000 |
|
Toyota Tsusho Corporation, Japan |
|
13050000 |
|
|
|
|
|
Total |
|
180000000 |
|
Names of Shareholders (1% Fully Compulsorily Convertible Cumulative
Preference Shares) |
|
No. of Shares |
|
Aisin Seiki Co. Limited, Japan (Face value INR 10/-) |
|
81000000 |
|
Aisin Seiki Co. Limited, Japan (Face value INR 7/-) |
|
115700000 |
|
|
|
|
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Total |
|
196700000 |
AS ON: 29.06.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
92.75 |
|
Public/Other than promoters - Body Corporate |
7.25 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing including Trading, Design, production, processing, fabrication, assembling, repairing, alteration, buying, importing, marketing, exporting, engineering, selling of Automotive components including engines, body, drive train, brake, chases related products and otherwise dealing in all kinds of automotive components of all type of automobiles including jigs and dies. (Registered Activity) |
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Products : |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
Building 8, 7th
and 8th Floor Tower B, DLF Cyber City, Gurugram, Haryana, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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|
|
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Holding Company : |
Aisin Seiki Co., Ltd, Japan |
|
|
|
|
Fellow Subsidiary Companies
: |
· Aisin Automotive Karnataka Private Limited [U34300KA2011FTC061803] · Advics North India Private Limited [U34100HR2012FTC046839] · Aisin Asia PTE. Limited · Aisin Europe S.A, Belgium · Siam Aisin Co. Limited · Aisin AI Co., Limited · Advics South India Private Limited [U34100KA2012FTC065352] · Cataler India Auto Parts Private Limited [U34201KA2014FTC073870] · Aisin Europe Manufacturing Czech S.R.O · Aisin AW Co. Limited · Aisin Mexicana, S. A. de C. V. · PT. Aisin Indonesia · Hangzhou Aisin Lixil Machinery and Electricy Co Limited ·
Aisin Otomotiv Parcalari Sanayi VE Ticar · Aisin Asia Pacific Co., Ltd, Thailand |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181000000 |
Equity Shares |
INR 10/- each |
INR 1810.000 Million |
|
81000000 |
Preference Shares |
INR 10/- each |
INR 810.000 Million |
|
115700000 |
Preference Shares |
INR 7/- each |
INR 809.900 Million |
|
|
Total |
|
INR 3429.900
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
INR 10/- each |
INR 1800.000
Million |
|
81000000 |
Preference Shares |
INR 10/- each |
INR 810.000
Million |
|
115700000 |
Preference Shares |
INR 7/- each |
INR 809.900
Million |
|
|
Total |
|
INR 3419.900 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3419.900 |
3419.900 |
2610.000 |
|
(b) Reserves and Surplus |
(4463.681) |
(1975.046) |
(1273.042) |
|
(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) |
(1043.781) |
1444.854 |
1336.958 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2585.000 |
1925.000 |
1125.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
1.730 |
1.730 |
1.730 |
|
(d) long-term
provisions |
8.039 |
4.014 |
1.806 |
|
Total Non-current
Liabilities (3) |
2594.769 |
1930.744 |
1128.536 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
243.000 |
|
(b) Trade
payables |
321.963 |
282.301 |
178.893 |
|
(c) Other
current liabilities |
506.244 |
244.507 |
133.488 |
|
(d) Short-term
provisions |
8.700 |
4.949 |
2.377 |
|
Total Current
Liabilities (4) |
836.907 |
531.757 |
557.758 |
|
|
|
|
|
|
TOTAL |
2387.895 |
3907.355 |
3023.252 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
806.493 |
2225.848 |
2326.173 |
|
(ii)
Intangible Assets |
3.947 |
1.212 |
1.069 |
|
(iii) Tangible assets
capital work-in-progress |
21.518 |
246.477 |
27.433 |
|
(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 |
165.183 |
93.923 |
82.768 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
997.141 |
2567.460 |
2437.443 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
387.284 |
349.094 |
171.884 |
|
(c) Trade
receivables |
248.373 |
216.706 |
132.841 |
|
(d) Cash and
bank balances |
227.734 |
445.250 |
74.989 |
|
(e)
Short-term loans and advances |
398.144 |
311.734 |
205.348 |
|
(f) Other
current assets |
129.219 |
17.111 |
0.747 |
|
Total
Current Assets |
1390.754 |
1339.895 |
585.809 |
|
|
|
|
|
|
TOTAL |
2387.895 |
3907.355 |
3023.252 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2084.981 |
1198.296 |
1289.069 |
|
|
Other Income |
53.977 |
59.780 |
40.118 |
|
|
TOTAL |
2138.958 |
1258.076 |
1329.187 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1509.648 |
801.843 |
711.132 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
69.841 |
(20.576) |
206.443 |
|
|
Employee benefit expense |
519.813 |
428.978 |
377.363 |
|
|
Other expenses |
407.792 |
352.699 |
399.053 |
|
|
Exceptional items |
1718.104 |
0.000 |
0.000 |
|
|
TOTAL |
4225.198 |
1562.944 |
1693.991 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(2086.240) |
(304.868) |
(364.804) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
183.866 |
124.149 |
74.584 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2270.106) |
(429.017) |
(439.388) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
218.529 |
272.987 |
278.445 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(2488.635) |
(702.004) |
(717.833) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(0.129) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(2488.635) |
(702.004) |
(717.704) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(6.61) |
(3.90) |
(3.99) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
290.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(597.028) |
(569.273) |
(494.830) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(622.306) |
(582.456) |
(483.931) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.48 |
66.01 |
37.61 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.39 |
5.53 |
9.70 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
77.84 |
128.50 |
91.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(5.39) |
(0.87) |
(2.12) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(2.51) |
(0.12) |
(0.15) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.55 |
0.63 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(2.75) |
1.33 |
1.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(0.80) |
0.37 |
0.42 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.80) |
1.71 |
1.76 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(11.35) |
(2.46) |
(4.89) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(119.36) |
(58.58) |
(55.68) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(104.22) |
(17.97) |
(23.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
238.43 |
(48.59) |
(53.68) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.66 |
2.52 |
1.05 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.20 |
1.86 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.44) |
0.37 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.84 |
0.56 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.66 |
2.52 |
1.05 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
2610.000 |
3419.900 |
3419.900 |
|
Reserves & Surplus |
(1273.042) |
(1975.046) |
(4463.681) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1336.958 |
1444.854 |
(1043.781) |
|
|
|
|
|
|
long-term borrowings |
1125.000 |
1925.000 |
2585.000 |
|
Short term borrowings |
243.000 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
0.000 |
0.000 |
290.000 |
|
Total
borrowings |
1368.000 |
1925.000 |
2875.000 |
|
Debt/Equity
ratio |
1.023 |
1.332 |
(2.754) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1289.069 |
1198.296 |
2084.981 |
|
|
|
(7.042) |
73.995 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1289.069 |
1198.296 |
2084.981 |
|
Profit/ (Loss) |
(717.704) |
(702.004) |
(2488.635) |
|
|
(55.68%) |
(58.58%) |
(119.36%) |
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
EXISTS FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
2585.000 |
1925.000 |
|
|
|
|
|
Total |
2585.000 |
1925.000 |
GENERAL INFORMATION
Subject was incorporated on December 22, 2011 with the object to carry on business of manufacturing including trading, design, production, processing, fabrication, assembling, repairing, alteration, buying, importing, marketing, exporting, engineering, selling of Automotive components including engines, body, drive train, brake, chases related products and otherwise dealing in all kinds of automotive components of all type of automobiles including jigs and dies. The Company is a subsidiary of Aisin Seiki Co., Ltd.
Japan.
STATE OF COMPANIES
OPERATION
ACHIEVEMENTS DURING THE YEAR
The Indian economy in the current term grow, and the GDP growth averaged 7.6%. Domestic demand pulls economy due to economic structure reform by Modi government and reduction of the policy interest rate, domestic demand pulls economy. The automotive market was up 8 percent compared with last year at 3.77 million units. The main reason for the increase were due to reduction of the interest rate of the automobiles loan by monetary easing and campaign of each car maker despite concern about the impact on consumption due to abolition of high-value banknotes The sales amount of the current term was 2,090 million rupees of 72% increase in comparison with last year (1,212million rupees). The production volume of Maruti Suzuki India which is main customer increase. About the profit, we tried cost reduction activity hard, but we booked the fixed assets impairment. Accordingly the net loss became 2,489 million rupees of 261% decrease in comparison with last year (689 million rupees deficit).
FUTURE BUSINESS
AHL has adhered ‘Build AISIN Group bases to accelerate its operations in India’ in our company policy. To promote to establish partnership with Indian customers, we will achieve customer start-up schedule and quality target and make safety work place and agile members. Please support us with your guidance and support.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer Equipments
PRESS RELEASE:
AISIN AUTOMOTIVE WORKERS IN INDIA’S HARYANA STATE FACE A NEW
COMPANY-GOVERNMENT WITCHHUNT
28 JULY 2017
Only a few months after 13 Maruti Suzuki workers
in the company’s car assembly plant at Manesar in Hindu supremacist Bharatiya
Janata Party (BJP)-ruled Haryana state were sentenced to life imprisonment on
frame-up murder charges, another Japanese company, Aisin Automotive Haryana
Private Limited, has launched a victimization of its workers. The
Japanese-owned auto parts maker employs close to 800 in IMT Rohtak, Haryana.
The judicial frame-up of Maruti Suzuki
workers was part of company-government joint vendetta against Manesar workers
in retaliation for their struggle against sweatshop conditions and for forming
an independent union in opposition to the company-stooge union. Now, Aisin
workers are being witch-hunted for forming a union to fight similar slave labor
conditions.
Aisin, which manufactures automobile parts
like door latches and inside out handles, has another plant in the south Indian
state of Karnataka. The company supplies parts to major automakers like Maruti,
Honda and Toyota.
More than 400 workers are facing frame-up
charges following their May 31 arrest, in a brutal crackdown aimed at breaking
a month-long protest by about 800 Aisin workers and their family members
outside the factory. A battalion of about 700 police personnel, called in at
management’s request, launched a brutal lathi (baton) charge against workers
and family members who were in a dharna
(sit-in-protest) outside the company gates. Even small children and the parents
of workers were beaten up. 390 men and 35 women, Aisin workers and their
supporters, were also arrested by the police.
Although female workers were released on bail
the following day, male workers were kept in Sunarain jail in Rohtak and
subjected to constant harassment. On June 1 workers held protests in New Delhi
and Rohtak against the brutal police attack and the detention of the Aisin
workers. Under conditions of growing opposition to this witch-hunt among
workers in the area, 103 male workers were released on personal bonds on June
3. Other workers were bailed out later after being kept in jail for about two
weeks. All arrested workers are now out on bail and are facing frame-up
charges.
Aisin workers were engaged in a months-long
campaign against brutal and oppressive working conditions aimed at assuring
super profits for the company. They are given only 12 seconds to assemble each
product, with few or no water breaks and only a 15-minute tea break a day,
apart from the lunch break. In order to speed up production, the number of
workers per production line had been reduced from 25 to 18 and the target number
of units to be produced per hour had been increased from 180 to 300.
Workers said they were punished for acts like
drinking water and taking restroom breaks. They were subjected to verbal abuse,
manhandling and even faced beatings by company thugs if anyone complained about
the non-enforcement of India’s meager labor laws. Women workers were subjected
to sexual harassment. Leave was unpaid and frequently workers faced losing
their jobs if they took a long leave. In a number of instances workers found
they were replaced when returning from four or five days approved leave.
Workers were poorly paid, earning a meager 6,800 rupees for casual workers and
8,620 rupees for trainees. Even permanent workers were not paid agreed wages.
The sweatshop conditions common in Haryana
and other parts of industrial India are in part due to the fact that government
policies have made agriculture economically unviable. Thus, unemployed youth
from villages have no option but to come to the cities and work under brutal conditions.
Aisin workers decided to form a union to
fight back. However, the Haryana state labor department on March 20 rejected
their application for official recognition of the Aisin Automotive Haryana
Mazdoor Union on the pretext that there were not enough members. As per
modifications to the Trade Union Act 1926 passed by the Modi government soon
after it came to power in 2014, at least 10 percent of the workforce have to be
members for a union to be recognized.
However, Aisin workers pointed out that they
had enough members to form the union and that the company had wrongly shown a
paper increase in the number of permanent employees so that the union
application could be rejected. Although the company had 280 permanent workers
and kept 250 as trainees and 150 workers on probation, it incorrectly showed
513 permanent workers in order to justify the rejection of the union’s
registration. In a telling incident, revealing the collusion between the
company management and state labor department officials, management, through a
Whatsapp message, informed workers of the decision to reject union registration
10 days before it was officially conveyed to them by the labor department.
On May 3 the company dismissed 20 casual
workers active in forming the union. 600 other workers protested this
unjustified sacking, resulting in the company declaring a lockout. The
protesting workers were told to give an undertaking that they would not join
any union and only then would they would be allowed in. However, they refused
to sign the undertaking and started a protest outside factory gates demanding
reinstatement of the 20 sacked workers. The workers’ protest continued for a
full month through May, in the scorching heat.
The state government labor commissioner in
the arbitration meetings and mediation sessions lined up with company
management in rejecting the workers’ demands. With its hand strengthened by the
open support of government labor officials, the company sacked 150 more workers
and also lodged a FIR [First Information Report] at the local police station
based on charges alleging that workers were carrying illegal firearms, thus
preparing the brutal May 31 police attack.
Over 500 workers are continuing their protest
400 meters outside the factory gate, defying unbearable summer heat and also
facing lack of basic necessities like drinking water. In a move aimed at
breaking the workers protest, management has taken out a court order
prohibiting any gathering within 400 meters of the factory gate. State police
continue harassing protesting workers, prohibiting them from erecting even a
makeshift tent and threatening them with severe consequences if they do not
stop their campaign.
Meanwhile, in an attempt to break the
workers’ protest and force them back on the job under its slave labor regime,
Aisin is running the factory using replacement workers. These newly hired
workers are housed in a big tent under appalling conditions on the factory
grounds. They are forced to work, eat and sleep on site. The company has not
provided them with uniforms and required safety gear like special shoes and
goggles. Management, to ensure their complete subjugation, has seized all their
documents, including identification.
Aisin workers have shown a real determination
to fight. However, they must draw the necessary lessons from the years-long
campaign by Maruti Suzuki workers against similar slave labor conditions in the
face of a company-government vendetta.
India’s main Stalinist organizations,
particularly their unions, have played a treacherous role in paving the way for
the witchhunt of Maruti Suzuki workers through their systematic isolation of
the workers’ determined struggle. They are now playing a similar role in
relation to Aisin workers. The Center of Indian Trade Unions (CITU), affiliated
to the main Stalinist parliamentary party, the Communist Party of India
(Marxist) or CPM, has issued a statement “strongly” condemning the police
attack and the arrest and detention of Aisin workers. It warns BJP-led Haryana
state government against “trying to repeat ‘Honda’ or ‘Maruti’ in Aisin or
elsewhere in the state.”
This is empty rhetoric. In fact the
Stalinists have assisted the earlier Congress-led and current BJP-led Haryana
government, their police, courts and Maruti Suzuki management in launching and
carrying through their witch-hunt against workers at the Manesar plant. Workers
must reject those treacherous unions and their affiliated parties and
decisively break from them politically and organizationally.
In their struggle against slave labor
conditions Aisin workers confront a joint assault on the part of company
management and the entire bourgeois political establishment, including the BJP
government at both the federal and state levels, their police, courts and also
labor officials. They must turn to fellow workers in Haryana and elsewhere
throughout India, South Asia and internationally who face similar sweatshop
conditions and a joint assault on the part of company management and state
officials.
Workers must wage a united struggle against
slave labor and cheap labor conditions. Such a fight must be directed towards
building a new independent political movement of workers based on a socialist
program against capitalist rule and for the establishment of a government based
on workers and peasants.
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 records 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 63.76 |
|
UK Pound |
1 |
INR 87.91 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
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 |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
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.