MIRA
INFORM REPORT
|
Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROULUNDS BRAKING INDIA PRIVATE LIMITED |
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Formerly Known As : |
ROULUNDS INDIA PRIVATE LIMITED |
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Registered Office : |
108-109, First Floor, Rishab Corporate Tower, 16 Community Centre,
Karkrduma, Delhi – 110092 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21.04.1997 |
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Com. Reg. No.: |
55 – 86779 |
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CIN No.: [Company
Identification No.] |
U25191DL1997PTC086779 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05626F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing,
Importing and Exporting of Disk Brake Pads for Passanger Vehicles, Asbestos
free Commercial Vehicle Linings, Passenger Vehicles Disc Pads and CV Linings
for Commercial Vehicles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 2500824 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Available information
indicates high financial responsibility of the company. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
108-109, First Floor, Rishab Corporate Tower, 16 Community Centre,
Karkrduma, Delhi – 110092, India |
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E-Mail : |
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Website : |
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Corporate Office : |
S-23, Green Park Extension, New Delhi – 110 016, India |
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Tel. No.: |
91-11-26513914 |
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Fax No.: |
91-11-26858137 |
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E-Mail : |
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Website : |
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Factory : |
Livaspur,
P. O. Bahalgarh, Sonepat, Haryana – 131 021 |
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Tel. No.: |
91-130-2381163 |
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Fax No.: |
91-130-2381193 |
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E-Mail : |
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Branches : |
Located
at :- ‘Saidullajab’
Mehrauli Badarpur Road, Opposite D-Block, Saket, New Delhi – 110 030 |
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Overseas
offices : |
Tel. 91-45 63 11 53 50 Fax. 91-45 65 91 23 58 E-mail. rdbk@roulunds-braking.dk
Tel. 91-45 66 18 89 34 Fax. 91-45 66 18 78 05 E-mail. men@meneta.dk
Tel. 91-33 3 4449 4700 Fax. 91-33 3 4449 4714 E-mail. rbf@roulunds-braking.fr
Avon, Warwickshire B50 4 JH Tel. 91-44 1 789 778308 Fax. 91-44 1 789 772057 E-mail. dave.noke@dan-block.co.uk
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DIRECTORS
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Name : |
Mr. Dirk Van Der
Weeen |
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Designation : |
Director |
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Address : |
Hestehaven 51, DK
– 5260 Odense 5, Denmark |
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Date of Birth/Age : |
08.06.1949 |
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Date of Appointment : |
11.09.2003 |
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Name : |
Mr.
Pradeep Kumar Jain |
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Designation : |
Managing Director
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Address : |
X – 1543, Rajgarh
Colony, Street No. 8, Jheel, Delhi – 110031, India |
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Date of Birth/Age : |
06.04.1958 |
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Date of Appointment : |
25.09.1997 |
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Name : |
Mr. Steve Wang |
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Designation : |
Additional Director |
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Address : |
4782 Wellington, Long Grove, IL 60047, USA |
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Date of Birth/Age : |
17.06.1953 |
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Date of Appointment : |
14.02.2008 |
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Name : |
Mr. Chirstoper Watson |
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Designation : |
Director |
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Address : |
2514, Saddleridger Road, Pulaski – 24301, United State of
America. |
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Date of Birth/Age : |
10.08.1962 |
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Date of Appointment : |
26.10.2006 |
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Name : |
Mr. Ravindra Chandra Bhargava |
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Designation : |
Director |
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Address : |
Hestehaven 51, DK
– 5260 Odense 5, Denmark |
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Date of Appointment : |
19.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mat
Holdings, USA |
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4798640 |
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Roulunds Barking France SA, France |
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2490 |
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Total |
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4801130 |
(As on 31.12.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs/ FCs/ FFIs/ NRIs/ OCBs) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Importing and Exporting of Disk Brake Pads for Passanger Vehicles, Asbestos
free Commercial Vehicle Linings, Passenger Vehicles Disc Pads and CV Linings
for Commercial Vehicles. |
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Products : |
·
Backing
Plates ·
Anti
Noise Shims |
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Exports : |
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Products : |
Finished
products |
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Countries : |
Europe |
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Imports : |
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Countries : |
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PRODUCTION
STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Disc Brake Pads |
Pcs |
9600000 |
6074972 |
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Commercial Vehicle Linings |
Pcs |
450000 |
300402 |
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Brake Shoes |
Pcs |
1500000 |
1253668 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
100 |
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Bankers : |
9th
Floor, Ansal Classique Tower, Rajouri Garden, New Delhi – 110027, Delhi,
India |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price
Waterhouse Chartered
Accountants |
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Name : |
H Singh Chartered Accountant |
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Address : |
Price Water House, Coopers Building 8, Tower B, 8th Floor,
DLF Cyber City, Gurgaon – 122022, Haryana, India |
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Holding Company : |
Mat Holding Inc. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4486780 |
Equity Shares |
Rs.10/- each |
Rs. 44.867 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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44.867 |
31.313 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
580.339 |
351.143 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
625.206 |
382.456 |
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LOAN FUNDS |
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1] Secured Loans |
|
55.153 |
35.190 |
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2] Unsecured Loans |
|
22.856 |
0.000 |
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TOTAL BORROWING |
|
78.009 |
35.190 |
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DEFERRED TAX LIABILITIES |
|
14.298 |
0.000 |
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TOTAL |
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717.513 |
417.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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427.568 |
178.707 |
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Capital work-in-progress |
|
7.377 |
112.657 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
286.090 |
159.931 |
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Sundry Debtors |
|
201.961 |
59.942 |
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Cash & Bank Balances |
|
18.320 |
21.787 |
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Other Current Assets |
|
0.482 |
0.221 |
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Loans & Advances |
|
44.347 |
27.564 |
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Total
Current Assets |
|
551.200 |
269.445 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
265.746 |
137.255 |
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Provisions |
|
3.009 |
6.063 |
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Total
Current Liabilities |
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268.755 |
143.318 |
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Net Current Assets |
|
282.445 |
126.127 |
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MISCELLANEOUS EXPENSES |
|
0.123 |
0.155 |
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TOTAL |
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717.513 |
417.646 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
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Sales Turnover |
850.245 |
555.388 |
439.019 |
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Other Income |
9.298 |
4.538 |
2.737 |
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Total Income |
859.453 |
559.926 |
441.756 |
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Profit/(Loss) Before Tax |
103.309 |
57.206 |
103.727 |
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Provision for Taxation |
4.173 |
(2.867) |
12.315 |
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Profit/(Loss) After Tax |
99.136 |
60.073 |
91.412 |
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Export Value |
877.924 |
552.924 |
NA |
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Import Value |
284.461 |
169.389 |
NA |
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Expenditures : |
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Financial Charges |
0.828 |
1.512 |
0.324 |
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Depreciation |
39.766 |
20.377 |
13.164 |
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Other Expenditure |
715.550 |
480.831 |
324.541 |
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Total Expenditure |
756.144 |
502.720 |
338.029 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006
|
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
11.53
|
10.73 |
20.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.15
|
10.30 |
23.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.55
|
12.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.55 |
0.47 |
NA |
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Current Ratio (Current Asset/Current Liability) |
|
2.05 |
1.88 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ROULUNDS BRAKING INDIA PRIVATE LIMITED |
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Presented By |
HDFC Bank Limited |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation dated 19.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.78.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Cash/ Credit/ LC/
BG:- Hypothecation by
way of first charge over stocks and Book Debts of the company both present
and future. Second Charge
over fixed assets of the company. Term Loan:- Hypothecations by
way of first charge the fixed assets of the company both present and future. Second Charge
over current assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure the following credit facilities:- Cash Credit –
Rs.10.000 Millions Terms Loan –
Rs.50.000 Millions LC/FLC – Rs,5.000
Millions |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited New Delhi, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U25191DL1997PTC086779 |
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Name of the
Company |
ROULUNDS BRAKING INDIA PRIVATE LIMITED |
|
Address |
New Delhi –
110016, India |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Floating Charge |
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Particulars of
the charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg. Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum
recording transaction of creation of equitable mortgage by deposit of title
deeds by constructive delivery. Supplementary
Hypothecation Agreement of Book Debts and stock in trade. (Collectively
constitute a single charge for Rs.150.000 Millions) |
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Date of the
instrument creating or modifying the charge |
13.02.2007 |
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Amount secured by
the charge |
Rs.150.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests at the
rate as may be communicated by the Bank from time to time. Terms of repayment: On Demand Margin: As may be
stipulated by the Bank from time to time. Extent and
operation of the charge: The company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of constructive delivery) in respect of its immovable
properties as mentioned under item no.14 as for repayable of principle,
interests, liquidated damages costs, charges, and expenses Hypothecation by
way of first charge on company stocks book debts and stock in trade to secure
as a continuing security. |
|
Short particulars
of the property charged (including location of the property) |
Property
measuring 26 Kanel in khasra No.. Khewat No.26, Khatta No.38, Killa No.21/24,
26/4, 26/5 situated in the revenue estate of village livaspur, Teh District Sonipat
property measuring 14399 sq. yards. In khsra No.21/8, 14/1, 18, situated in
the revenue estate of village livaspur, Teh District Sonipat Hypothecation
first charge over the stock, book debts, and stock in trade. |
|
Particular of the
present modification |
The mortgage
charge now increased from Rs.148.000 Millions to Rs.150.000 Millions |
Business:
The
subject has been awarded with QS 9000/ISO 9002 Certification by BVQI and its
products had been approved by Global Quality Certifying Organisations like
British Friction Material Council (BFMC), Economic Commission of Europe (ECE),
Waren-Vertrieb-Artikel-Nummern (WVA) and Kraftfahrt-Bundesamt (KBA).
The
company’s friction materials are a range of brake linings for cars and
commercial vehicles. It is a supplier to Original Equipment to vehicle
manufacturers in India and abroad.
The Dan
Block aftermarket range includes Brake Linings for commercial Vehicle, Brake
Pads and Brake Shoes for Passenger Vehicle.
FIXED
ASSETS
·
Building
- Plant and machinery
- Furniture and Fixture
- Office equipments
- Vehicles
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.77 |
|
UK Pound |
1 |
Rs.82.10 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|