MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
REMSO CONTROL TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
C 5A/111, Ground Floor, Janakpuri,
New Delhi – 110058 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.11.2001 |
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Com. Reg. No.: |
55-113101 |
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CIN No.: [Company
Identification No.] |
U31909DL2001PTC113101 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR12565A |
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PAN No.: [Permanent
Account No.] |
AABCR8577R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Inoculants Cored Wire and other
Consumables Products for Iron and Steel Industries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Unknown |
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Comments : |
Subject is passing through difficult times having good amount of accumulated losses. Trade relations are fair. Payments are reported as slow and delayed. The Company can be considered for any business dealings on fully safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
C 5A/111, Ground Floor, Janakpuri,
New Delhi – 110058, India |
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E-Mail : |
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Website : |
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Factory : |
D-157, Greater Noida Export Promotion
Industrial Park, Kasna, Greater Noida 201306, Gautam Budh Nagar, Utter
Pradesh, India |
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Tel. No.: |
91-120- 4290183 / 2341544 / 2341545 |
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Fax No.: |
91-120- 4295183 / 23267262 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manisha Prasad |
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Designation : |
Director |
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Address : |
C-5A/111 [G.F], Janakpuri, New Delhi 110058, India |
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Date of Birth/Age : |
03.08.1979 |
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Date of Appointment : |
06.06.2005 |
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Name : |
Mr. Madan Kumar |
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Designation : |
Director |
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Address : |
C – 98, Greater Noida, Gautam Budh Nagar, Uttar Pradesh, India |
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Date of Birth/Age : |
15.05.1973 |
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Date of Appointment : |
09.11.2001 |
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Name : |
Mr. Deepak Kumar |
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Designation : |
Director |
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Address : |
9581, Greater Noida, Gautam Budh Nagar, Uttar Pradesh, India |
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Date of Birth/Age : |
06.01.1975 |
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Date of Appointment : |
09.11.2001 |
KEY EXECUTIVES
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Name : |
Mr.
R. Madan Kumar Gupta |
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Designation : |
Founder and Technical Director |
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Name : |
Mr.
R. Y. Mahajan |
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Designation : |
Company Secretary |
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Name : |
Mr.
Raja Ram Bhagat |
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Designation : |
Chairman |
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Name : |
Mr.
Rajender Prasad Chourasia |
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Designation : |
Unit Chief - Unit-1 |
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Name : |
Mr. A. K. Prasad |
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Designation : |
Ex. Executive Director (Tech), Unit Chief
– Unit – II, |
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Name : |
Mr.
Sushil Kumar Gupta |
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Designation : |
Charter Accountant |
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Name : |
Mr.
V. N. Verma |
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Designation : |
Ex. GM (Design), Unit Chief – Electrical
Division |
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Name : |
Mr.
V. K. Singh |
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Designation : |
Chief Advisor |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Equity Share
Break-up |
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Percentage |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Inoculants Cored Wire and other
Consumables Products for Iron and Steel Industries. |
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Products : |
· Alloys Cored
Wire · Deoxident Wire
Rod · Cored Wire
Feeder Machine · Expendable
Thermocouples · Samplers For
Steel · Oxygen Lancing
Pipes · Copper Mould
Tubes |
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Exports : |
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Countries : |
Russia, SAARC and African Countries |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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Bankers : |
·
Syndicate
Bank SSI Finance and
FEX Branch, Sector 18, Noida 201305, Uttar Pradesh, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Susheel K. Gupta and Company Chartered Accountants |
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Address : |
L -4/902, Kedar Building, Subzi Mandi, Clock Tower, Delhi 110007,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
0.500 |
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2] Share Application Money |
1.000 |
1.000 |
0.012 |
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3] Reserves & Surplus |
0.000 |
0.146 |
0.000 |
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4] (Accumulated Losses) |
[1.399] |
0.000 |
0.000 |
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NETWORTH |
0.601 |
2.146 |
0.512 |
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LOAN FUNDS |
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1] Secured Loans |
4.718 |
0.657 |
0.817 |
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2] Unsecured Loans |
2.322 |
2.321 |
2.251 |
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TOTAL BORROWING |
7.040 |
2.978 |
3.068 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.641 |
5.124 |
3.580 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.973 |
2.845 |
2.755 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.946 |
1.226 |
0.916 |
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Sundry Debtors |
0.000 |
2.932 |
0.561 |
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Cash & Bank Balances |
0.124 |
1.182 |
0.406 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.293 |
0.049 |
0.054 |
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Total
Current Assets |
4.363 |
5.389 |
1.937 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
0.703 |
3.080 |
1.118 |
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Provisions |
0.000 |
0.040 |
0.006 |
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Total
Current Liabilities |
0.703 |
3.120 |
1.124 |
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Net Current Assets |
3.660 |
2.269 |
0.813 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.010 |
0.012 |
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TOTAL |
7.641 |
5.124 |
3.580 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2.904 |
10.955 |
0.791 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
2.904 |
10.955 |
0.791 |
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Profit/(Loss) Before Tax |
(1.546) |
0.119 |
0.009 |
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Provision for Taxation |
0.000 |
0.044 |
0.004 |
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Profit/(Loss) After Tax |
(1.546) |
0.075 |
0.005 |
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Expenditures : |
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Financial Charge |
0.000 |
0.245 |
0.097 |
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Depreciation |
0.000 |
0.189 |
0.233 |
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Other Expenditure |
4.450 |
10.402 |
0.452 |
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Total Expenditure |
4.450 |
10.836 |
0.782 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(53.24) |
0.68 |
0.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
(53.24) |
1.09 |
1.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(18.55) |
1.44 |
0.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
2.57 |
0.05 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.88 |
2.84 |
8.19 |
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Current Ratio (Current Asset/Current Liability) |
|
6.20 |
1.72 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
80023417 |
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Corporate
identity number of the company |
U31909DL2001PTC113101 |
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Name of the
company |
REMSO CONTROL TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C5A/111, Ground Floor, Janakpuri, New Delhi 110058, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Syndicate Bank SME Branch,
Sector 18, Noida 201305, Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 3.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge The extent and
operation of the charge shall be first
charge on the assets mortgaged to the extent of Rs. 3.300 Millions
plus interest, cost , commission, expenses, etc. |
|
Short particulars
of the property charged |
Land and Building
at D – 157, Export Promotion Industrial Park, Kasna, Greater Noida [Uttar
Pradesh] with all land, building, super structure, plant, fixtures etc. |
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Date of latest
modification prior to the present modification |
Na |
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Particulars of
the present modification |
The charge is
created to collaterally secure SODH limit of Rs. 3.300 Millions. The limit shall be collaterally secured by
equitable mortgage by way of deposit of title deeds in respect of companies
property at D-157, Export Promotion Industrial Park, Kasna, Greater Noida
[Uttar Pradesh] with all land, Building, super structure, plant, fixtures,
etc. Other terms, conditions and
securities remained the same. |
|
Name of the company |
REMSO CONTROL
TECHNOLOGIES PRIVATE LIMITED |
||||||||
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Presented By |
Syndicate Bank SSI Finance and
FEX Branch, Sector 18, Noida 201305, Uttar Pradesh, India |
||||||||
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1) Date and description of instrument creating the change |
22.07.2005 Composite hypothecation agreement. Omnibus Counter Guarantee |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 2.700
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 |
[a] Stock of raw
materials, semi finished and finished goods, stored/to be stored at the
borrower premises at D – 157, Export Promotion Industrial Park, Kasna,
Greater Noida 201306, Uttar Pradesh, India or wherever also the same may be. [b] all the borrower present and future book debts outstanding, monies
receivables, Claims, Bills, contract etc. [c] Existing machineries and plant as detailed in Part C, Schedule III
to the Composite hypothecation agreement, stored/installed at the borrowers
premises at D – 157, Export Promotion Industrial Park, Kasna, Greater Noida
201306, Uttar Pradesh, India |
||||||||
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The above is
hypothecated to secure the following credit facilities granted by the bank to
the company.
The rate of
interest/bank charges/commission shall be charged as may be prescribed by the
bank from time to time. |
||||||||
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5) Name and Address and description of the person entitled to the
charge. |
Syndicate Bank SSI Finance and
FEX Branch, Sector 18, Noida 201305, Uttar Pradesh, 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 |
AS PER WEBSITE
DETAILS:
PROFILE
Subject is ISO 9001:2000 accredited company at
Greater Noida, Export Promotion Industrial Park, Kasna, (U.P.), in close
vicinity of New Delhi the Capital city of INDIA.
The seed of Remso was sown by strong & well experienced technocrat
entrepreneur, with the clear vision and mission to manufacturing Inoculants
Cored Wire & other consumables products for Iron & Steel Industries.
Apart from this, they also manufacture different low voltage electrical and
electronic controls systems, Engineering Products, Castings and
Electro-Mechanical Equipments for all core sectors industries. Remso has
diversified its activities in the area of Heavy Equipment Builder, Technology
Supplier and Turnkey Contractor for undertaking projects.
With time "Remso" has taken a shape of a healthy
grown up tree within a very short span of time with pool resources of highly
experience and competent team.
Facilities at Remso:-
· State-of-the-art
modern manufacturing facilities.
· Engineering
experience.
· Technical know -
how coupled with modern well-equipped design / R&D facilities.
· Total Quality
Management System.
The sincere endeavor of maintaining customer satisfaction,
the best quality and efficient service through modern & advanced technical
excellence & technology is their main target to stay always a step ahead of
time.
Remso Advantage: -
· The broadest range
of product.
· Commitment for
quality products of the highest order at competitive Price.
They believe in
building bridges of healthy relationship strengthening the
connections with their customers, staff members and the enterprise and create a
win situation by ingenuity and commitment.
Subject is committed with single-minded effort to achieve technical and
marketing advantage to consistently meet and exceed customer expectations with
efficient timely after-sales service support.
REMSO seeks to balance its economic, environmental and social responsibilities
everywhere it operates
News & Events
Subject has joined India’s most
innovative& logistics companies’ world that reaches out to provide
comprehensive logical solutions in the field of Alloys Cored Wire Technology.
HISTORY:
|
November |
Established at Greater Noida – NCR, in the
heart of Capital city of India. It was developed with the mission to
manufacture INOCULANTS Cored Wire, consumable products for foundry and steel
industries and engineering service. |
|
August |
The Trade Division was established to
operate imports and exports mainly with NIEs (Newly Industrialized Economies)
and European country. |
|
February |
Design, Develop, Commissioning and trail
run of Rolls Rehardening System for SAIL/Bokaro Steel Plant. |
|
May |
Become a proven vendor for supply of
INOCULANTS Cored Wire in SAIL / Bokaro Steel Plant, India 's biggest
Integrated Steel Plant. |
|
September |
The Engineering division was established. |
|
October
|
First Biggest Export Order worth USD 1.81
Million for supply of CaFe Cored wire from Iran. |
|
November
|
Unit II started for Projects Management
& Contracting. |
|
February |
Unit III started for manufacturing
Transmission Tower Line & Sub Station Structures. |
Subject is an organization built by
people and the technology they develop through long-term relationships with
customers, suppliers, community and academy. REMSO’s mission is to promote the
development of its people, utilizing the best available technology, the most
efficient safety protocols and modern environmental programs to satisfy the
expectations of its customers while providing quality products. By doing this,
REMSO’S can generate positive returns for its shareholders and create jobs in
the areas where it operates.
PROJECTS EXPORT:
·
Section Steel Rolling Mills
·
Rebar Rolling Plant
·
Tube Mills
·
Erw Pipe Mill
·
Welded Tube Plant
·
Tube Galvanizing Plant
·
Strip Coil Galvanizing Plant
·
Production Plant Fiberglass Composite, Smc/Dmc Moulding
·
Bare Aluminium And Copper Conductor Manufacturing.
·
Production Plant For Double Paper Cover, Double Cotton
Cover, Double Fibre Glass Cover And Enameled
·
inding Copper / Aluminium Wire.
·
Pvc Lt Cable
·
Pvc Tube / Pipe Plant
·
Pvc Conduit Plant
·
Food Preservation, Spices, Pickles, Sauces, Squashes
·
Production Plant For Biscuit Plant
·
Spice Plant
·
Dal Plant
·
Besan Plant
·
Agro & Herb Based Plant
·
Cattel Feed Production Plant
·
Production Plant for Rice Mill
·
Production Plant for Plywood
·
Production Plant for G.S.L. Lamp
·
Iodised Salt Plant
·
Poultry Feed Plant
·
Coconut Shell Plant
·
Oil Mill
·
Mechanical Workshops
·
Electric Motor and Generator Rebuilding Workshop
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. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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 |
|