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|
|
MIRA INFORM REPORT
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Report No. : |
507574 |
|
Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTETSU INDIA PRIVATE LIMITED |
|
|
|
|
Formerly known
as: |
STANZEN TOYOTETSU INDIA PRIVATE LIMITED |
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Registered Office
: |
Plot No. 20, Building No. 2, Toyota Techno Park, Bidadi Industrial Area, Ramanagar - 562109, Karnataka |
|
Mob. No.: |
91-9008300529 [Mr. Shiva Kumar Reddy] |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.11.1998 |
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Com. Reg. No.: |
08-024464 |
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Capital
Investment / Paid-up Capital : |
INR 430.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U34300KA1998PTC024464 |
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|
|
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
29490303595 |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
29AADCS5675B1Z8 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AADCS5675B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the Manufacture of Automobile Components through Pressing and Welding and Manufacture of Tools and Dies for Cars [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 |
|
Maximum Credit Limit : |
USD 366000 |
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|
|
|
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 “Toyoda Iron Works Co Limited”, Japan. It is an established company incorporated in the year 1998 having satisfactory track record. For the financial year ended 2017, the company is continuously incurring heavy losses from its operational activities which has resulted into negative reserves registered by the company. However, the rating takes into consideration company’s sound net worth base along with fair debt level and healthy growth in the company’s revenue profile. Further, the company also derives strength from its holding entity and its experienced management team. Trade relations are fair. Business is active. Payment terms are seems to be slow but correct. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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
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 03.05.2018.
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 BY
|
Name : |
Mr. Shiva Kumar Reddy |
|
Designation : |
Marketing Department |
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Contact No.: |
91-9008300529 |
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|
|
|
Name : |
Mr. Malik Arjuna |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9686852838 |
[91-80-27287158/ 2728159/ 27287174/ 75] Numbers are not working
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 20, Building No. 2, Toyota Techno Park, Bidadi Industrial Area, Ramanagar - 562109, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9008300529 [Mr. Shiva Kumar Reddy] 91-9686852838 [Mr. Malik Arjuna] |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Hidekazu Sugahara |
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Designation : |
Director |
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Address : |
Apt No. 1204, Fairmont Towers, No.16, Banaswadi Road, Cooke Town, Bangalore - 560005, Karnataka, India |
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Date of Appointment : |
22.07.2015 |
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DIN No.: |
07204224 |
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Other Directorship :
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Name : |
Mr. Atushi Ozawa |
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Designation : |
Managing Director |
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Address : |
Flat No 906, Pegasus Wing, Brigade Gateway No 26/1 Dr Rajkumar Road, Rajajinagar Ext, Malle Swaram Wes, Bangalore - 560055, Karnataka, India |
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Date of Birth/Age : |
02.08.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.08.2016 |
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PAN No.: |
ACEPO1393C |
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DIN No.: |
07575789 |
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Other Directorship :
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Name : |
Mr. Kusuo Sato |
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Designation : |
Whole-time |
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Address : |
The Chancery, No. 10/6, Lavelle Road, Bangalore - 560001, Karnataka, India |
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Date of Appointment : |
01.08.2017 |
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DIN No.: |
07889482 |
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Name : |
Mrs. Hideki Otaki |
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Designation : |
Additional Director |
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Address : |
Temple Tree Studios, 11/1, Alfred Street, Richmond Town, Bangalore - 560025, Karnataka, India |
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Date of Appointment : |
01.10.2017 |
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DIN No.: |
07911960 |
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Other Directorship :
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Name : |
Tatsuya Ishikawa |
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Designation : |
Additional Director |
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Address : |
1-152, Hoshigaoka Oshima-Cho Toyota 4730935 JP |
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Date of Appointment : |
01.10.2017 |
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DIN No.: |
07916894 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Kadaba Nataraja |
|
Designation : |
Company Secretary |
|
Address : |
No 344, Belaku, 3rd A Main, Jnanabharathi Layout 3rd Block, Bangalore - 562109, Karnataka, India |
|
Date of Appointment : |
15.02.2016 |
|
PAN No.: |
ABNPN4617N |
|
|
|
|
Name : |
Mr. Shiva Kumar Reddy |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Toyoda Iron Works Co. Limited, Japan |
41094444 |
95.57 |
|
Toyota Tsusho Corporation |
1905555 |
4.43 |
|
|
|
|
|
Total |
42999999 |
100.00 |
AS ON: 03.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Body corporate) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacture of Automobile Components through Pressing and Welding and Manufacture of Tools and Dies for Cars [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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Auditors : |
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|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
Toyoda Iron Works Company Limited, Japan |
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|
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|
Fellow Subsidiary
company: |
Toyotetsu India Auto Parts Private Limited [U34300KA2008PTC048504] |
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Other Related
Parties: |
· TT Steel Service India Private Limited [U28111KA2014PTC074964] · Stanzen Engineering Private Limited |
CAPITAL STRUCTURE
AFTER 03.07.2017
Authorised Capital : INR 550.000 Million
Issued, Subscribed & Paid-up Capital : INR 541.111
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
INR 10/- each |
INR 550.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42999999 |
Equity Shares |
INR 10/- each |
INR 430.000 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 |
430.000 |
430.000 |
381.111 |
|
(b) Reserves and Surplus |
(301.902) |
552.402 |
664.905 |
|
(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) |
128.098 |
982.402 |
1046.016 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
77.150 |
4.357 |
|
(d) long-term
provisions |
39.746 |
27.791 |
46.834 |
|
Total Non-current
Liabilities (3) |
39.746 |
104.941 |
51.191 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
273.000 |
655.000 |
0.000 |
|
(b) Trade
payables |
747.828 |
779.229 |
291.392 |
|
(c) Other
current liabilities |
148.354 |
852.203 |
19.538 |
|
(d) Short-term
provisions |
0.780 |
1.638 |
2.305 |
|
Total Current
Liabilities (4) |
1169.962 |
2288.070 |
313.235 |
|
|
|
|
|
|
TOTAL |
1337.806 |
3375.413 |
1410.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
701.059 |
713.612 |
160.233 |
|
(ii)
Intangible Assets |
3.732 |
1.328 |
0.999 |
|
(iii) Tangible assets
capital work-in-progress |
1.879 |
26.195 |
13.596 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
(161.232) |
|
(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 |
179.617 |
195.144 |
87.831 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
181.496 |
784.687 |
101.427 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
129.066 |
1811.446 |
74.832 |
|
(c) Trade
receivables |
536.997 |
185.794 |
130.641 |
|
(d) Cash and
bank balances |
344.608 |
162.148 |
969.493 |
|
(e)
Short-term loans and advances |
84.066 |
428.710 |
124.490 |
|
(f) Other
current assets |
61.573 |
2.628 |
9.559 |
|
Total
Current Assets |
1156.310 |
2590.726 |
1309.015 |
|
|
|
|
|
|
TOTAL |
1337.806 |
3375.413 |
1410.442 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
4567.233 |
1189.140 |
1231.824 |
|
|
Other Income |
23.143 |
49.847 |
44.734 |
|
|
TOTAL |
4590.376 |
1238.987 |
1276.558 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2037.131 |
2249.023 |
379.365 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1709.177 |
(1728.426) |
(3.333) |
|
|
Employee benefit expense |
381.122 |
328.424 |
330.592 |
|
|
Other expenses |
505.285 |
574.736 |
518.449 |
|
|
TOTAL |
4632.715 |
1423.757 |
1225.073 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(42.339) |
(184.770) |
51.485 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
71.365 |
71.375 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(113.704) |
(256.145) |
51.485 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
740.812 |
27.470 |
17.328 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(854.516) |
(283.615) |
34.157 |
|
|
|
|
|
|
|
Less |
TAX |
(0.213) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(854.303) |
(283.615) |
34.157 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(19.87) |
(7.35) |
1.37 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
787.969 |
(1041.125) |
(626.585) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
813.010 |
(1021.105) |
(636.083) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
42.92 |
57.03 |
38.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.51 |
6.40 |
9.43 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
133.99 |
126.46 |
280.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.33) |
(0.10) |
0.69 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.06) |
(0.25) |
3.79 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.87 |
0.68 |
0.22 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.13 |
0.67 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
9.13 |
2.33 |
0.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
5.52 |
0.75 |
0.01 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.59) |
(2.59) |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(18.71) |
(23.85) |
2.77 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(63.86) |
(8.40) |
2.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(666.91) |
(28.87) |
3.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.99 |
1.13 |
4.18 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.88 |
0.34 |
3.94 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.10 |
0.29 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.63 |
1.52 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.99 |
1.13 |
4.18 |
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 |
381.111 |
430.000 |
430.000 |
|
Reserves & Surplus |
664.905 |
552.402 |
(301.902) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1046.016 |
982.402 |
128.098 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
655.000 |
273.000 |
|
Total
borrowings |
0.000 |
655.000 |
273.000 |
|
Debt/Equity
ratio |
0.000 |
0.667 |
2.131 |
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 |
1231.824 |
1189.140 |
4567.233 |
|
|
|
(3.465) |
284.079 |
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 |
1231.824 |
1189.140 |
4567.233 |
|
Profit/(Loss) |
34.157 |
(283.615) |
(854.303) |
|
|
2.77
% |
(23.85
%) |
(18.71
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
Y10302774 |
90200875 |
U.F.J. BANK
LIMITED |
14/11/2003 |
- |
- |
92000000.0 |
NEW DELHI BRANCH-UPPER
GROUND FLOORMERCANTIL HOUSE; 15; KASTURBA GANDHI MARGNEW DELHIDL110001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
|
273.000 |
655.000 |
|
|
|
|
|
Total |
273.000 |
655.000 |
GENERAL INFORMATION
The 'Company (Formerly Stanzen Toyotetsu India Private Limited) is a joint venture between Toyoda Iron Works Company Limited, Japan and Toyota Tsusho Corporation, Japan. The Company is engaged in the manufacture of automobile components through pressing and welding and manufacture of tools and dies for cars. The Company has a manufacturing facility at Bidadi, Ramanagar, India and predominantly sells its products in India.
REVIEW OF
OPERATIONS:
Revenue and
profitability
During the year the sales of auto components was INR 25350.000 million. (2016: INR 11000.000 million) The sale value for the year 2016-17 includes the cost of raw material (steel) which was supplied by the customer on charged basis. Due to change in business model from free supply of raw material to charged supply of raw material and change in the product mix sale value is not directly comparable to the previous year value. The tooling sales during the year was INR 2032.000 million as compared to INR 890.000 million during the previous year. The increase in tooling sales due to change in vehicle models at OEM customer.
Capital
expenditure
With long term objective, focusing on automation and to optimize working efficiency, the company has invested during the year INR.177.550 million on robots, new press machines and realignment of plant layout. (2016: INR 594.650 million).
Name Change and Capital Infusion
In June 2106, a joint venture (JV) partner, Stanzen Techno Private Limited, Bangalore, India, has exited from JV and entire balance shareholding in the company (170,000 numbers of equity shares) has purchased by other JV partner Toyoda Iron Works Company Ltd, Japan, Consequent to the above changes, the word STANZEN is excluded from the name of the Company and with effect from 27th September 2016, the name of the company has been changed as TOYOTETSU INDIA PRIVATE LIMITED In May 2017, through rights issue, the company has offered 11,111,111 number of equity shares of INR10 each at the premium of INR 35 per share and 10,618,889 got subscribed and paid up and thereby infuse further capital of INR 477.850 million to fund working capital requirements and reduction of debts.
BUSINESS:
The directors are pleased to inform that during the year, the company has successfully achieved milestone of smooth running change over to supply of auto parts to the OEMs new vehicle Model Innova Crysta (from 4th April 2016) and to New Fortuner (w.e.f. 1st October 2016).
The company also focusing on further localization of parts and increase business. Further discussions are on with other OEMs for supply of the Company’s signature parts Clutch Pedal & Brake Pedal.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
On May 29, 2013, the Company has received a Show Cause Notice (SCN) from the Department of Central Excise objecting the availment of input credits on employee insurance services of INR 0.669 million (for the period 2008 to 2011). The Additional Commissioner vide his order No.V/87/15/35/2013 dated January 30, 2014, upheld the SCN and disallowed the credits. The Company had filed an appeal against the said order before the Commissioner of Central Excise (Appeals I) on April 3, 2014. However, the appeal was rejected vide order No 208/2015 dated March 31, 2015 by the Commissioner of (Appeals-I), which was received by the Company on April 28, 2015. The Company has filed an appeal no. RSCK01/CST/2015/S-033 against the said order in CESTAT on July 27, 2015 and hearing is awaited. |
0.670 |
0.670 |
|
During the year, the Company has received order for the assessment year 2013-14 demanding INR 81 million from Income Tax Department. The Company has decided to file an appeal against the said order. |
0.081 |
0.000 |
NOTE:
Outflow if any arising out of the said claim including interest, if any, would
depend on the outcome of the decision of the appellate authority and the
Company’s right for future appeal before the judiciary.
FIXED ASSETS:
·
Plant and equipment
·
Factory equipment’s
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
·
Leasehold improvements
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 66.66 |
|
UK Pound |
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
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 opera tions 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.