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|
|
MIRA INFORM REPORT
|
Report No. : |
497722 |
|
Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
YAZAKI INDIA PRIVATE LIMITED (w.e.f.29.01.2015) |
|
|
|
|
Formerly Known
As : |
YAZAKI INDIA LIMITED (w.e.f.13.02.2013) TATA YAZAKI AUTOCOMP LIMITED |
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Registered
Office : |
Gat No. 93, Survey No. 166, High-Cliff Industrial Estate, Wagholi Rahu
Road, Kesnand, Pune – 412207, Maharashtra |
|
Tel. No.: |
91-20-66315116/ 66315152 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
06.10.1997 |
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|
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Com. Reg. No.: |
11-015436 |
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Capital
Investment / Paid-up Capital : |
INR 3676.000 Million |
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|
|
CIN No.: [Company Identification
No.] |
U34300PN1997PTC015436 |
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IEC No.: |
0398028559 |
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GST No.: |
Not Divulged |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACT5570F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Engineering, Design and Manufacturing of Wiring Harness for a variety of segments of the automobile industry including passenger cars and commercial vehicles. [Registered Activity] |
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|
|
No. of Employees
: |
Information declined by the management |
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Yazaki Corporation, Japan” and was
incorporated in the year 1997. For the financial year ended 2017, the company has achieved
significant growth in the revenue along with an average profit margin of
1.39%. The overall moderate financial risk profile of the company seems to be
moderate marked by negative but improving net worth base due to operational
profile earned by the company along with negligible debt balance sheet
profile. Rating takes into consideration the strong financial and managerial
support that company receives from its holding entity backed by its well
experienced management team. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings
with 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB” |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
March, 2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3+” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
March, 2017 |
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 14.03.2018
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 [91-20-66315116/ 66315152]
[91-20-67083333/ 66315000] Continuously ringing
LOCATIONS
|
Registered Office : |
Gat No. 93, Survey No. 166, High-Cliff Industrial Estate, Wagholi Rahu
Road, Kesnand, Pune – 412207, Maharashtra, India |
|
Tel. No.: |
91-20-66315116/ 66315152 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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Website: |
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|
|
|
Factories: |
Located: · Gujarat · Bangalore · Uttarakhand |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Prashanth Raghunath Nayak |
|
Designation : |
Whole-time director |
|
Address : |
803, Kumar Presidency, II Lane No.6, Koregaon Park, Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
06.03.1971 |
|
Date of Appointment : |
01.04.2013 |
|
PAN: |
AABPN6344F |
|
DIN No. : |
03371824 |
|
|
|
|
Name : |
Mr. Sanjay Sharadchandra Vamburkar |
|
Designation : |
Director |
|
Address : |
C-402, Kapil Abhijat, Dahanukar Colony, Kothrud, Pune – 411038, Maharashtra,
India |
|
Date of Birth/Age : |
16.07.1960 |
|
Date of Appointment : |
31.05.2013 |
|
Pan: |
ABQPV7105A |
|
DIN No. : |
06547864 |
|
|
|
|
Name : |
Mr. Koichiro Matsunaga |
|
Designation : |
Director |
|
Address : |
20146-1, Oike Kakegaw, A-City Shizuoka Prefecture Japan 436004 |
|
Date of Birth/Age : |
16.10.1956 |
|
Date of Appointment : |
15.05.2014 |
|
DIN No. : |
06668807 |
|
|
|
|
Name : |
Mr. Raju Penmajcha Venkatapathi |
|
Designation : |
Director |
|
Address : |
No 5B, Adithi Apts No 2, Mugalivakkam Main Road, Porur,
Chennai-600116, Tamilnadu, India |
|
Date of Appointment : |
25.10.2016 |
|
DIN No. : |
07608043 |
|
|
|
|
Name : |
Paul Martin Patrick Bradley |
|
Designation : |
Additional Director |
|
Address : |
28-16 Honmokuwada Naka-Ku Yokohama City Japan |
|
Date of Appointment : |
29.01.2018 |
|
DIN No.: |
07608645 |
|
|
|
|
Name : |
Hiroyuki Aoki |
|
Designation : |
Alternate Director |
|
Address : |
6-30-8 Nogaya Machida, Tokyo Na Japan |
|
Date of Appointment : |
24.10.2017 |
|
DIN No.: |
07608685 |
|
|
|
|
Name : |
Mr. Ryoji Kawai |
|
Designation : |
Additional Director |
|
Address : |
Conrad Hotel, 7, Mangaldas Road, Pune – 411001,
Maharashtra, India |
|
Date of Appointment : |
15.09.2017 |
|
DIN No.: |
07930323 |
|
|
|
|
Name : |
Masakazu Sato |
|
Designation : |
Additional Director |
|
Address : |
8-24-2, Kitamachi Nerimaku, Tokyo, Japan |
|
Date of Appointment : |
23.10.2017 |
|
DIN No.: |
07961256 |
|
|
|
|
Name : |
Takahiro Yasufuku |
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Designation : |
Alternate Director |
|
Address : |
Kohyama-Daira 2-2-7, Gotenba City, Shizuoka Japan |
|
Date of Appointment : |
15.12.2017 |
|
DIN No.: |
07961257 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Chandermohan Sehgal |
|
Designation : |
Secretary |
|
Address : |
HB 13/8, Jai Plaza, Sai Chowk Pimpri, Pune – 411017, Maharashtra,
India |
|
Date of Birth/Age : |
14.03.1984 |
|
Date of Appointment : |
15.09.2009 |
|
PAN No.: |
BYFPS2729J |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Equity Shareholders |
No. of Shares |
|
|
Yazaki Corporation, Japan |
|
146999999 |
|
Yazaki Corporation Jointly with Mr. Yoshikuni Inoue |
|
1 |
|
YGP Pte. Limited, Singapore |
|
115599999 |
|
Yazaki Wiring Technologies Gmbh, Germany |
|
1 |
|
|
|
|
|
Total |
|
262600000 |
|
Names of 7% Cumulative Preference Shareholder |
No. of Shares |
|
|
Yazaki Corporation, Japan |
|
5000000 |
|
|
|
|
|
Total |
|
5000000 |
|
Names of 5% Cumulative Preference Shareholder |
No. of Shares |
|
|
Yazaki Corporation, Japan |
|
100000000 |
|
|
|
|
|
Total |
|
100000000 |
AS ON: 21.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters- Body corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Engineering, Design and Manufacturing of Wiring Harness for a variety of segments of the automobile industry including passenger cars and commercial vehicles. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells Chartered Accountants |
|
Address : |
706, 'B' Wing,
7th Floor, ICC Trade Towers, International Convention Center, Senapati Bapat
Road, Pune – 411016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
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Holding Company : |
Yazaki Corporation, Japan |
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|
|
|
Fellow Subsidiary
Company : |
|
CAPITAL STRUCTURE
AFTER 21.07.2017
Authorised Capital : INR 3676.000 Million
Issued, Subscribed & Paid-up Capital : INR 3626.000
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262600000 |
Equity Shares |
INR 10/- each |
INR 2626.000 Million |
|
5000000 |
7% Cumulative Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
100000000 |
5% Cumulative Preference Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
Total |
|
INR 3676.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262600000 |
Equity Shares |
INR 10/- each |
INR 2626.000 Million |
|
5000000 |
7% Cumulative Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
100000000 |
5% Cumulative Preference Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
Total |
|
INR 3676.000
Million |
FINANCIAL DATA
[all figures are
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 |
3676.000 |
2120.000 |
1520.000 |
|
(b) Reserves &
Surplus |
(864.990) |
(2408.070) |
(1646.640) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
2681.920 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2811.010 |
2393.850 |
(126.640) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1268.300 |
1893.410 |
1731.270 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
36.680 |
35.650 |
30.690 |
|
(d) long-term provisions |
208.440 |
191.770 |
161.200 |
|
Total Non-current
Liabilities (3) |
1513.420 |
2120.830 |
1923.160 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
944.510 |
695.800 |
858.810 |
|
(b) Trade payables |
3003.290 |
3492.630 |
2135.230 |
|
(c) Other current
liabilities |
2240.830 |
2050.410 |
1290.550 |
|
(d) Short-term provisions |
94.260 |
12.480 |
7.880 |
|
Total Current Liabilities
(4) |
6282.890 |
6251.320 |
4292.470 |
|
|
|
|
|
|
TOTAL |
10607.320 |
10766.000 |
6088.990 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3051.940 |
3125.030 |
2098.310 |
|
(ii) Intangible Assets |
1301.110 |
1699.680 |
70.450 |
|
(iii) Capital
work-in-progress |
130.310 |
62.330 |
190.490 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
2.600 |
|
(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 |
407.850 |
390.120 |
412.120 |
|
(e) Other Non-current
assets |
58.740 |
182.950 |
58.920 |
|
Total Non-Current Assets |
4949.950 |
5460.110 |
2832.890 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2251.820 |
2316.920 |
1291.390 |
|
(c) Trade receivables |
1789.540 |
1171.010 |
770.280 |
|
(d) Cash and cash
equivalents |
69.070 |
147.600 |
342.790 |
|
(e) Short-term loans and
advances |
266.070 |
450.180 |
167.940 |
|
(f) Other current assets |
1280.870 |
1220.180 |
683.700 |
|
Total Current Assets |
5657.370 |
5305.890 |
3256.100 |
|
|
|
|
|
|
TOTAL |
10607.320 |
10766.000 |
6088.990 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Revenue from operations |
14876.640 |
12913.250 |
8064.250 |
|
|
|
|
Other Income |
86.080 |
70.040 |
47.860 |
|
|
|
|
TOTAL |
14962.720 |
12983.290 |
8112.110 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
9353.780 |
8486.630 |
5672.290 |
|
|
|
|
Purchase of Stock-in-trade |
50.060 |
170.030 |
78.790 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
147.020 |
(160.450) |
(149.690) |
|
|
|
|
Employee Benefits Expenses |
1671.070 |
1720.900 |
1372.140 |
|
|
|
|
Other Expenses |
2289.940 |
2266.850 |
1371.330 |
|
|
|
|
TOTAL |
13511.870 |
12483.960 |
8344.860 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1450.850 |
499.330 |
(232.750) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
263.550 |
288.530 |
239.070 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1187.300 |
210.800 |
(471.820) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
980.770 |
923.240 |
306.580 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
206.530 |
(712.440) |
(778.400) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
0.000 |
49.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
206.530 |
(761.440) |
(778.400) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
101.820 |
33.550 |
5.530 |
|
|
|
TOTAL EARNINGS |
101.820 |
33.550 |
5.530 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
4895.250 |
4592.460 |
2927.190 |
|
|
|
|
Stores & Spares |
91.960 |
140.940 |
120.600 |
|
|
|
|
Capital Goods |
228.340 |
510.750 |
672.640 |
|
|
|
TOTAL IMPORTS |
5215.550 |
5244.150 |
3720.430 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
0.83 |
(5.27) |
(5.32) |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
619.800 |
457.110 |
275.640 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(2210.630) |
734.480 |
187.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.91 |
33.10 |
34.86 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.31 |
11.03 |
10.47 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
116.57 |
147.26 |
135.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.64 |
0.22 |
(0.18) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.32 |
0.10 |
(0.10) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.77 |
0.80 |
1.03 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.01 |
1.27 |
(22.63) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.24 |
2.61 |
(33.90) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.59 |
2.04 |
(18.65) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.51 |
1.73 |
(0.97) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.39 |
(5.90) |
(9.65) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.95 |
(7.07) |
(12.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.35 |
(31.81) |
614.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.90 |
0.85 |
0.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.54 |
0.48 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.22 |
(0.02) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.77 |
1.44 |
1.89 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.90 |
0.85 |
0.76 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
1520.000 |
2120.000 |
3676.000 |
|
Reserves & Surplus |
(1646.640) |
(2408.070) |
(864.990) |
|
Share Application money
pending allotment |
0.000 |
2681.920 |
0.000 |
|
Net worth |
(126.640) |
2393.850 |
2811.010 |
|
|
|
|
|
|
long-term borrowings |
1731.270 |
1893.410 |
1268.300 |
|
Short term borrowings |
858.810 |
695.800 |
944.510 |
|
Current Maturities of
Long term debt |
275.640 |
457.110 |
619.800 |
|
Total borrowings |
2865.720 |
3046.320 |
2832.610 |
|
Debt/Equity ratio |
(22.629) |
1.273 |
1.008 |
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 |
8064.250 |
12913.250 |
14876.640 |
|
|
|
60.130 |
15.204 |
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 |
8064.250 |
12913.250 |
14876.640 |
|
Profit/ (Loss) |
(778.400) |
(761.440) |
206.530 |
|
|
(9.65%) |
(5.90%) |
1.39% |
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 |
No |
|
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 |
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 |
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 |
Yes |
|
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 CHARGE:
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
Y10167790 |
90082769 |
STATE BANK OF INDIA |
12/12/2001 |
08/11/2005 |
- |
142500000.0 |
INDUSTRIAL FINANCE BRANCHTARA CHAMBERS; WAKDEWADIPUNEMH411003IN |
|
2 |
B37265360 |
90088460 |
STATE BANK OF INDIA |
12/12/2001 |
27/03/2012 |
- |
2199400000.0 |
INDUSTRIAL FINANCE BRANCH,TARA CHAMBERSMUMBAI PUNE ROAD,WAKDEWADIPUNEMH411003IN |
|
3 |
Y10176153 |
90091132 |
STATE BANK OF INDIA |
24/12/1999 |
30/06/2006 |
- |
100000000.0 |
INDUSTRIAL FINANCE BRANCH,TARA CHAMBERS, WAKDEWADI,PUNEMH411003IN |
|
4 |
C22728570 |
10121247 |
AXIS BANK LIMITED |
07/07/2008 |
27/03/2012 |
20/09/2014 |
50000000.0 |
SAI CAPITAL, SECOND FLOOROPPOSITE ICC SENAPATI BAPAT ROADPUNEMH411016IN |
|
5 |
A86295169 |
10121840 |
AXIS BANK LIMITED |
25/07/2008 |
- |
06/05/2010 |
212700000.0 |
1262/B, STERLING PLAZA, DECCAN GYMKHANAJANGLI MAHARAJPUNEMH411004IN |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG TERM
BORROWING |
|
|
|
Rupee term loans from banks |
1268.300 |
1893.410 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand from banks |
534.260 |
51.510 |
|
Working capital loans from banks |
410.250 |
452.500 |
|
|
|
|
|
Total |
2212.810 |
2397.420 |
GENERAL
INFORMATION
Subject was incorporated in 1997. During the previous year, the name of Yazaki India Limited was changed to Yazaki India Private Limited. Yazaki India Private Limited is engaged in engineering, design and manufacturing of wiring harness for a variety of segments of the automobile industry including passenger cars and commercial vehicles and has its production facilities at Pune, Jamshedpur, Pantnagar, Sanand, Bangalore and Chennai in India.
REVIEW OF BUSINESS
OPERATIONS AND FUTURE PROSPECTS
During the year, the Company has turnover of INR 14876.640 million. The profit for the year has been INR 206.530 Million as against the loss of INR 761.440 Million during the previous financial year.
The Company and the directors are continuously looking for avenues for further growth of the Company and are evaluating various areas where it can fetch good returns for the Company by entering into various contracts, assignments and adopting relevant systems, strategies, which will definitely accelerate the growth of the Company and support the Company to achieve its object more efficiently with higher profitability.
FUTURE OUTLOOK
During the year 2016-17, the Company plans to consolidate and institutionalize the improvements resulting from the Efficiency Growth initiative. The Company will continue its focus on material localization and build its engineering capability to support current and future requirement of its customers.
INDUSTRY
UPDATE
Performance of Auto Industry during 2016-17
- Production
The industry produced a total 25,316,044 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April-March 2017 as against 24,016,599 in April-March 2016, registering a marginal growth of 5.41 percent over the same period last year.
- Domestic Sales
The sales of Passenger Vehicles grew by 9.23 percent in April-March 2017 over the same period last year. Within the Passenger Vehicles, Passenger Cars, Utility Vehicles and Vans grew by 3.85 percent, 29.91 percent and 2.37 percent respectively during April-March 2017 over the same period last year.
The overall Commercial Vehicles segment registered a growth of 4.16 percent in April-March 2017 as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) grew by 0.04 percent and Light Commercial Vehicles grew by 7.41 percent during April-March 2017 over the same period last year.
Three Wheelers sales declined by (-) 4.93 percent in April-March 2017 over the same period last year. Passenger Carrier sales declined by (-) 8.83 percent and Goods Carrier sales grew by 12.75 percent in April-March 2017 over April-March 2016
Two Wheelers sales registered a growth at 6.89 percent during April-March 2017 over April-March 2016. Within the Two Wheelers segment, Scooters, Motorcycles and Mopeds grew by 11.39 percent, 3.68 percent and 23.02 percent respectively in April-March 2017 over April-March 2016.
- Exports
In April-March 2017, overall automobile exports declined by (-) 4.50 percent. While Passenger Vehicles and Commercial Vehicles exports registered a growth of 16.20 percent and 4.99 percent respectively, exports of Three Wheelers and Two Wheelers declined by (-) 32.77 percent and (-) 5.78 percent respectively in April-March 2017 over April-March 2016.
CHANGE IN THE NATURE
OF BUSINESS
During the period Company has altered its Memorandum of Association to add and include the following new activities in its Object Clause under the scheme of Amalgamation by Order of Hon’ble Bombay High Court dated 19th August, 2016
“To carry on the business of manufacturers, producers, developers, processors, makers, convertors, assemblers, fabricators, repairers, importers, exporters, traders, buyers, sellers, retailers, wholesalers, suppliers, indenters, packers, movers, preservers, stockists, agents, sub-agents, merchants, distributors, consignors, jobbers, brokers, concessionaires or otherwise deal in Automotive Systems for Power Train, Safety and Chassis Systems electronics, Body Electronic Systems, Electric Motors and Drives, Diesel systems, Driver Information Systems, Electronic Systems and Components for domestic appliances, relevant Software Development as well as components for these Systems and Products and all types of electronic components, devices, equipments, and appliances and equipments including those using electromagnetic waves intended for radiotelegraphic or radiotelephonic communication, electronic lighting controls, continuous fan/motor speed control, continuous flashers and fire alarm machines, electromechanical pneumatic control, computers automatic calculators, and capacitors, resistances, condensers, semi-conductors, transistors, rectifiers, integrated and hybrid circuit, relays, potentio meters, connectors, printed circuits, colls, chocks, transformers, switch, volume controls, plugs, socket, arial gears, diodes and allied items intended for and used in electronic devices, and in air conditioners, heaters and cooking ranges and other types of domestic appliances and any types of equipments used in the generation, transmission and receiving of sounds, light and electrical impulses and components parts thereof and other materials used in or in connection with electronic and electrical industries”.
Amended by Special Resolution at AGM held on 21st December, 2016
“To carry on and undertake the business of designing and developing of electrical/electronic distributions & display systems and its components and to set up, manage and provide design and engineering services to companies in and outside India through off shore design centers and / or by deputation of engineers on site to customer locations.”
“To develop, provide, undertake, design, import, export, distribute and deal in drawings using application software’s for all areas of application either for its own use, for sale in India or for export outside India and to design and develop such drawings for and on behalf of manufacturers in India or elsewhere in the world”.
“To carry on the business of providing testing and validation services including designing, development, customization, implementation, maintenance, testing, validation, benchmarking through own or third party computer software packages, programs, solutions or any other method or system as may be deemed necessary”.
“To establish, undertake, develop, support and provide services such as translation, back office work in various functional (sales, program management, quality, purchasing and others) areas through written or oral mode such in and outside India.” Except the change mentioned herein, there has been no change in the nature of business of the Company.
AMALGAMATION:
In terms of the Scheme of Amalgamation (the Scheme), Yazaki Wiring Technologies India Private Limited (YWTI) (Transferor Company) has been amalgamated with Yazaki India Private Limited (YIPL)(Transferee Company), upon which the undertaking and the entire business, including all assets and liabilities of the Transferor Company stand transferred to and vested in the Transferee Company. The amalgamation has been accounted under the purchase method and the assets and liabilities transferred have been recorded at their fair value as determined by the Board of Directors of the Transferee Company. The Scheme filed by the Company has been approved by the Honourable High Court of Judicature at Bombay with an appointed date of April 1, 2015 and an effective date of October 19, 2016 (‘the Effective Date’), being the date on which all the requirements under the Companies Act, 1956 / 2013 have been completed.
In accordance with the Scheme, all the assets and liabilities of the erstwhile YWTI have been recorded by the YIPL at their respective fair values in accordance with the ‘Purchase Method’ of accounting as per Accounting Standard 14 as notified under section 133 of the Companies Act, 2013. The fair value of the assets taken over have been determined based on the valuation done by an independent valuer appointed by the management. Having regard to the nature of business and long term customer contracts of erstwhile YWTI, the Company has also valued and recorded an intangible assets in respect of ‘Customer Contracts and Related Relationship’ based on a valuation done by an independent valuer appointed by the management. The excess of the fair value of equity shares issued as consideration over the value of net assets of the YIPL acquired (including separately identified intangible assets viz. Customer Contracts and related relationship) has been be recorded as ‘Goodwill arising on amalgamation’. The fair value of equity shares to be issued in excess of the face value of equity shares will be recorded as share premium on the date of issue. Goodwill arising on amalgamation and Customer contracts and related relationships will be amortized over a period of 5 years and 6 years respectively.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicles
·
Office Equipment
·
Leasehold Improvement
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.96 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
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++ |
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.