MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
METRO INFRASYS PRIVATE LIMITED |
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Formerly Known
As : |
METRO ROAD SYSTEMS PRIVATE LIMITED |
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Registered Office
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B-92, Mayapuri Industrial Area, Phase – 1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.08.1998 |
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Com. Reg. No.: |
55-95373 |
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CIN No.: [Company
Identification No.] |
U24222DL1998PTC095373 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM10327C |
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PAN No.: [Permanent
Account No.] |
AACCM9567H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To install, Maintain, Operate and
otherwise Deal in all kind of Tolling Systems and Other Road Systems
such as Variable Message Sings, Safety Products like Cat Eyes, Road Sings,
Guard Rails, Cones Studs, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 32000 |
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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 well established company having satisfactory track. Financial
position of the company appears to be improving. Trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B-92, Mayapuri Industrial Area, Phase – 1, |
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Tel. No.: |
91-11-28117545 / 28115546 / 45501109 |
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Fax No.: |
91-11-28117545 / 28115546 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.190, Sector 6, IMT Manesar Industrial Area, Gurgaon, |
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Tel. No.: |
91-124-4367298 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Satish Bhatia |
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Designation : |
Director |
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Address : |
3, Malkagani, |
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Date of Birth/Age : |
28.10.1944 |
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Date of Appointment : |
04.08.1998 |
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Name : |
Mr. Sachin Bhatia |
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Designation : |
Director |
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Address : |
3, Malkagani, |
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Date of Birth/Age : |
31.05.1973 |
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Date of Appointment : |
04.08.1998 |
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Name : |
Ms. Dolly Bhatia |
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Designation : |
Director |
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Address : |
3, Malkagani, |
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Date of Birth/Age : |
07.05.1949 |
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Date of Appointment : |
04.08.1998 |
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Name : |
Ms. Ameena Bhatia |
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Designation : |
Director |
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Address : |
3, Malkagani, |
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Date of Birth/Age : |
07.11.1978 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mr. Sameer Bhatia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ranjit Choudhary |
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Designation : |
Chief Commercial Officer |
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Name : |
Mr. Amit Kumar Singh |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Rajesh Kumar Pandey |
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Designation : |
Sales and Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Dolly Bhatia |
3010 |
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Sachin Bhatia |
16990 |
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Total
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20000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To install, Maintain, Operate and
otherwise Deal in all kind of Tolling Systems and Other Road Systems
such as Variable Message Sings, Safety Products like Cat Eyes, Road Sings,
Guard Rails, Cones Studs, etc. |
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Products/ Services : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Anand Chartered Accountants |
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Address : |
22/16, Old Rajinder Nagar, New Delhi-110060, |
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Tel. No.: |
91-11-25820601 / 42436551 |
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Fax No.: |
91-11-25818638 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.115 |
2.835 |
2.072 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.115 |
4.835 |
4.072 |
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LOAN FUNDS |
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1] Secured Loans |
7.947 |
5.156 |
6.558 |
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2] Unsecured Loans |
1.914 |
1.341 |
2.791 |
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TOTAL BORROWING |
9.861 |
6.497 |
9.349 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.018 |
0.000 |
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Deferred Payment Credit |
4.848 |
9.615 |
4.916 |
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TOTAL |
22.824 |
20.965 |
18.337 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.391 |
11.618 |
11.749 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.027 |
0.027 |
0.027 |
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DEFERREX TAX ASSETS |
0.091 |
0.000 |
0.096 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.493
|
0.553
|
3.174 |
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Sundry Debtors |
25.350
|
12.715
|
4.409 |
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Cash & Bank Balances |
1.575
|
1.648
|
1.706 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.360
|
4.387
|
4.453 |
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Total
Current Assets |
34.778
|
19.303
|
13.742 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.514
|
5.674
|
4.419 |
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Other Current Liabilities |
4.949
|
4.309
|
2.858 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
23.463
|
9.983
|
7.277 |
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Net Current Assets |
11.315
|
9.320
|
6.465 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.824 |
20.965 |
18.337 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
69.436 |
25.561 |
24.534 |
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Other Operating Income |
11.734 |
14.384 |
15.034 |
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Other Income |
0.426 |
0.274 |
0.106 |
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TOTAL (A) |
81.596 |
40.219 |
39.674 |
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Less |
EXPENSES |
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Material Costs |
44.129 |
13.049 |
12.890 |
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Site Expenses |
9.416 |
4.099 |
6.767 |
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Administrative and Other Expenses |
18.771 |
16.833 |
14.263 |
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Selling and Distribution Expenses |
1.207 |
1.016 |
0.596 |
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TOTAL (B) |
73.523 |
34.997 |
34.516 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.073 |
5.222 |
5.158 |
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Less |
FINANCIAL
EXPENSES (D) |
1.201 |
0.984 |
1.162 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.872 |
4.238 |
3.996 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.861 |
1.790 |
2.105 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.011 |
2.448 |
1.891 |
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Less |
TAX (H) |
1.732 |
1.419 |
0.690 |
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PROFIT AFTER TAX
(G-H) (I) |
3.279 |
1.029 |
1.201 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.836 |
2.073 |
0.872 |
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Less |
APPROPRIATIONS |
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WCT Transfer |
0.000 |
0.266 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
6.115 |
2.836 |
2.073 |
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EARNINGS IN
FOREIGN CURRENCY |
0.880 |
13.798 |
18.500 |
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Earnings Per
Share (Rs.) |
163.97 |
51.43 |
60.06 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.02
|
2.56
|
3.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.22
|
9.58
|
7.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.85
|
7.92
|
7.42 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.51
|
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.11
|
3.41
|
4.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.93
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
METRO ROAD SYSTEMS PRIVATE LIMITED |
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Presented By |
Canara Bank, Mayapur, |
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1) Date and description of instrument creating the change |
1) i) letter
Evidencing deposit of title deeds dated 02.08.2005 ii) counter
indemnity agreement dated 02.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.500 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 |
Equitable
mortgage mortgage by deposit of title deeds in respect of company’s with all buildings,
structures, fixtures, fittings, machineries standing / installed thereon and
to be erected / installed and put up in future to secured the repayment of
credit facilities due and owing together with interest, costs, charges and
expenses thereon. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure the various credit facilities of Rs.6.500 millions i.e.
OCC/ODBD/CDB/BG/FLC/ Term Loan granted by the Bank to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Mayapuri, |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10081596 |
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Corporate
identity number of the company |
U24222DL1998PTC095373 |
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Name of the
company |
METRO INFRASYS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B-92 Mayapuri Industrial
Area, Phase-I, New Delhi-110064, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West,
Mumbai-400013, Maharashtra, India. |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum
Recording Past Transactions of creation of Mortgage by Delivery of Title
Deeds. |
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Date of instrument
Creating the charge |
16.09.2009 |
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Amount secured by
the charge |
Rs.8.514 Millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment Working Capital
facility shall be repayable On Demand. Term Loan shall
be repayable in suitable instalments. 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.15 below, as security for repayment of
Rs.8.514 Millions by Company, together
with principal, interest, liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
Immovable
properties lying and situated at 190, Sector-6, IMT, Manesar, Gurgaon. |
|
Date of latest
modification prior to the present modification |
07.02.2009 |
|
Particulars of
the present modification |
The equitable
mortgage/charge now stands reduced from Rs.107.17 Millions to Rs.8.514 Millions (Comprising : Cash Credit of Rs.2.000
Millions , Term Loan of Rs.1.014 Millions
Bank Guarantee of Rs.5.500 Millions , LC (sub limit) of Rs.4.000
Millions ) in favour the Bank |
|
Corporate
identity number of the company |
U24222DL1998PTC095373 |
|
Name of the
company |
METRO INFRASYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-92, Mayapuri Industrial Area, Phase – 1, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10081596 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India Email ID: RBBform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Memorandum
recording past transactions of creation of mortgage by delivery of title
deeds. |
|
Date of
instrument Creating the charge |
26.11.2009 |
|
Amount secured by
the charge |
Rs.20.750
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment Working capital
facility shall be repayable on demand and term loan shall be repayable in
suitable installments. Margin As may by
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 security for repayment of Rs.20.750 millions by the company,
together with principal, interest, liquidated damages, costs, charges and
expenses. |
|
Short particular
of the property or asset(s) charged |
Immovable
properties lying and situated at Plot No.190, Sector-6 IMT, Manesar, Gurgaon,
Haryana, India |
CONTINGENT
LIABILITIES: (As on 31.03.2010)
·
Guarantee given by the Bank on behalf of the
company – Rs.11.451 millions
FIXED ASSETS
- Plant and Machinery
- Lab Equipments
- Generator
- Fax Modem
- Filling Cabinat
- Fax Machines
- Indiac
- Ford Ikon Car
- Zen
- Fans
- Printer
- Road Marketing Machine
- Computer
- Honda Civik
- Truck TATA 407
- Opetra Car
- Mobile Phone
- Lap Top
- Computer Software
- Furniture and Fixture
- Motor Car Accent
- Water Machine
- Air Conditioner
- Tools
- Weighing Scale
- Plastic Kon
- Cash Drawer
- Epabx System
- Land at Manesar
AS PER WEB DETAILS
PROFILE
Subject (formerly Metro Road Systems Private Limited) with
its head office based in
Subject has set its service, integration and development centre as per the international standards at IMT Manesar, Gurgaon (Haryana). The company has made on Road Labs for simulation based through which it demonstrates various technologies for tolling, traffic management and parking. The facility is also being used for simulation, testing, innovation, and training.
Drawing on comprehensive research and collaboration with the world's leading companies, subject provides the best available customized solution in the field of Highway Systems, Urban Traffic and Transport Systems and Security Systems. They adapt world's best technology with local knowledge and expertise suitable for Indian subcontinent's environmental and operational conditions.
PROJECT PARTNERS
They have teamed with organizations who offer world-class technologies and services. Their collaboration affords innovative solutions and technologies for all of their clients’ intelligent transportation system needs.
Kapsch Traffic Com AG
Kapsch Traffic Com is a international supplier of innovative
road traffic telematic systems, products and services. Headquartered in
The company also provides commercial and technical operation of ETC systems.
In addition, Kapsch Traffic Com offers traffic management systems, including
traffic surveillance systems, parking and access systems (on-street and
off-street), and traffic control systems.
Building on more than 15 years of experience in the Road User Charging (RUC)
systems market, Kapsch Traffic Com has established itself to be amongst the
world market leaders in RUC systems with more than 100 installations in 26
countries in Europe,
E2S Electronic Engineering Solution
Electronic Engineering Solutions S.L. (E2S) - part of the Simon Holding group - is an engineering company specializing in the design and manufacture of intelligent parking guidance systems. The company has global experience and expertise with 90 plus installations worldwide.
Some of the projects E2S has undertaken have included:
- Madrid Airport New Terminal (more than 9,000 spaces)
- Barcelona Airport Terminal Sur (under construction) (10,000 spaces)
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.