MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONTITECH INDIA PRIVATE LIMITED (w.e.f. 26.10.2006) |
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|
|
|
Formerly Known As : |
ROULUNDS CODAN INDIA LIMITED |
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Registered Office : |
301, Himland House, Karmpura Commercial Complex, Opposite Milan
Cinema, New Delhi-110015 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.11.1992 |
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Com. Reg. No.: |
55-050874 |
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Capital Investment / Paid-up Capital : |
Rs.68.056 Millions |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC050874 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05202B |
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PAN No.: [Permanent
Account No.] |
AABCR6921P |
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Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer of Power Transmission Belts for the
Automotive and Industrial Sector. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a group company of caution AG, It is a well established and a reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
301, Himland House, Karmpura Commercial Complex, Opposite Milan
Cinema, New Delhi-110015, |
|
Tel. No.: |
91-130-6451794 |
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Fax No.: |
91-130-2366244 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 14.08.2010
|
Name : |
Mr. Mukul Sinha |
|
Designation : |
Managing Director |
|
Address : |
A-62, |
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Date of Birth/Age : |
25.12.1960 |
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Date of Appointment : |
08.05.2006 |
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DIN No. : |
00277603 |
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|
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|
Name : |
Mr. Uffe Pedersen |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.01.1951 |
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Date of Appointment : |
03.07.2004 |
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DIN No. : |
01033166 |
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Name : |
Mr. Konrad Mueller |
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Designation : |
Director |
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Address : |
Anton Preytag Strasse 22, Garsen-30823 |
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Date of Birth/Age : |
12.11.1951 |
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Date of Appointment : |
04.06.2006 |
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DIN No. : |
00610296 |
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Name : |
Mr. Karin Seid |
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Designation : |
Director |
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Address : |
Alte Ziegelei 6, D 30419, |
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Date of Birth/Age : |
28.04.1967 |
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Date of Appointment : |
04.05.2008 |
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DIN No. : |
00610266 |
KEY EXECUTIVES
|
Name : |
Mr. Anupam Srivastava |
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Designation : |
Secretary |
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Address : |
173, 2nd Floor, Sant Nagar, East of Kailash, |
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Date of Birth/Age : |
11.04.1965 |
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Date of Appointment : |
01.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Roulunds Rubber A/S ( |
|
6805645 |
|
Contitech A/G ( |
|
4 |
|
Total |
|
6805649 |
Equity Share Breakup (Percentage of Total Equity)
As on 14.08.2010
|
Category |
|
Percentage of
Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident indian(s) or
Overseas corporate bodies or others |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transmission Belts for the
Automotive and Industrial Sector. |
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Products : |
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PRODUCTION STATUS As on 31.12.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Wrapped Belts |
Nos. |
NA |
3480000 |
2011693 |
|
Raw Edge Belts |
Nos. |
NA |
4500000 |
3655176 |
GENERAL INFORMATION
|
Bankers : |
·
Standard Chartered Bank, Credit Risk Control,
Narain Manzils, 23 Barakhamba Road, New Delhi-110001, India ·
Standard Chartered Bank, Sansad Marg, ·
ANZ Grindlays Bank Limited, B- 68, Greater
Kailash – 1, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountant |
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Address : |
Building No. 10, 8th Floor, Tower – B, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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|
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Holding Company : |
·
Roulunds Rubber A/S ·
Contitech AG |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16500000 |
Equity Shares |
Rs. 10/- each |
Rs.165.000 Millions |
|
250000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.25.000 Millions |
|
|
Total |
|
Rs.190.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6805649 |
Equity Shares |
Rs. 10/-
each |
Rs.68.056
Millions |
Note :
Of the above 2499996 equity shares were allotted
as fully paid up pursuant to a contract without payment being made in cash.
Further, of the above 6805649 equity shares are held by Roulunds A/S, the
holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
68.056 |
68.056 |
68.056 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
579.895 |
542.976 |
451.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
647.951 |
611.032 |
519.286 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
2.780 |
6.660 |
|
|
TOTAL BORROWING |
0.000 |
2.780 |
6.660 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.777 |
|
|
|
|
|
|
|
|
TOTAL |
647.951 |
613.812 |
527.723 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
314.445 |
238.783 |
146.310 |
|
|
Capital work-in-progress |
22.914 |
77.596 |
10.280 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
102.402 |
|
|
DEFERREX TAX ASSETS |
2.320 |
0.214 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
110.613
|
134.892 |
118.199
|
|
|
Sundry Debtors |
114.281
|
109.026 |
127.745
|
|
|
Cash & Bank Balances |
166.919
|
126.262 |
130.845
|
|
|
Other Current Assets |
5.410
|
4.521 |
5.779
|
|
|
Loans & Advances |
42.300
|
66.989 |
18.541
|
|
Total
Current Assets |
439.523
|
441.690 |
401.109 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.252
|
11.079 |
9.541
|
|
|
Other Current Liabilities |
116.870
|
129.862 |
118.289
|
|
|
Provisions |
3.129
|
3.530 |
4.548
|
|
Total
Current Liabilities |
131.251
|
144.471 |
132.378
|
|
|
Net Current Assets |
308.272
|
297.219 |
268.731
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
647.951 |
613.812 |
527.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
583.772 |
635.202 |
540.759 |
|
|
|
Other Income |
19.353 |
26.586 |
26.463 |
|
|
|
TOTAL (A) |
603.125 |
661.788 |
567.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
216.836 |
242.450 |
198.070 |
|
|
|
Purchases made for re-sale |
0.000 |
0.000 |
0.237 |
|
|
|
Excise Duty |
(5.450) |
0.204 |
4.718 |
|
|
|
Personnel Expenses |
74.682 |
76.298 |
71.082 |
|
|
|
Operating Expenses |
198.005 |
193.350 |
189.664 |
|
|
|
Increase/(Decrease) in Finished Goods |
8.646 |
(15.760) |
(8.229) |
|
|
|
TOTAL (B) |
492.719 |
496.542 |
455.542 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.406 |
165.246 |
111.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.236 |
0.564 |
0.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.170 |
164.682 |
111.065 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.978 |
26.848 |
20.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
73.192 |
137.834 |
90.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
27.993 |
46.088 |
30.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
45.199 |
91.746 |
60.135 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
149.297 |
242.373 |
NA |
|
|
TOTAL EARNINGS |
149.297 |
242.373 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
114.344 |
153.262 |
NA |
|
|
|
Stores & Spares |
7.657 |
7.470 |
NA |
|
|
|
Capital Goods |
0.000 |
98.970 |
NA |
|
|
TOTAL IMPORTS |
122.001 |
259.702 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.64 |
13.48 |
8.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
7.49
|
13.86 |
10.60
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.54
|
21.70 |
16.68
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.71
|
20.25 |
16.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.22 |
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.24 |
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.35
|
3.06 |
3.03
|
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered address of the company has been shifted from
Background :
Contitech India Private Limited, a subsidiary of Roulunds Rubber A/S,
The company’s business consists of manufacturing and sale of power
transmission belts for the automotive and industrial sector.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U74899DL1992PTC050874 |
|
Name of the
company |
CONTITECH INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301, Himland House, Karmpura Commercial Complex, Opposite Milan
Cinema, New Delhi-110015, |
|
Type of charge |
Others |
|
Particular of
charge holder |
Standard Chartered Bank, Credit Risk Control, Narain Manzils, 23 Barakhamba
Road, New Delhi-110001, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of charge
and irrevocable lien and set-off over fixed deposits/ cash deposits |
|
Date of
instrument Creating the charge |
25.06.2009 |
|
Amount secured by
the charge |
Rs. 1.030
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of
Repayment As per Agreement Margin As per Agreement Extent and
Operation of the charge Extent and
Operation – 100% |
|
Short particulars
of the property charged |
Hypothecation by
way of First and exclusive charge over fixed deposit including interest over
the deposit in favour of the bank |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
AS PER WEBSITE
Profile:
Subject (erstwhile Roulunds Codan India
Limited), is a group company of ContiTech AG,
The Continental Corporation is one of
the world’s leading automotive industry suppliers offering comprehensive
know-how in brake technology, vehicle dynamics control, electronics, sensor
products, hybrid technology and telematics. It is the goal to make individual
mobility safer and more comfortable. In addition to the operations in the
automotive sector, they also make products for machine manufacturing and mining
as well as for the furniture and printing industries.
ContiTech
Production locations and development
centers:
Austria, Belgium, Brazil, Chile, China,
Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Japan, Korea,
Malaysia, Mexico, Philippines, Portugal, Romania, Russia, Slovakia, South
Africa, Spain, Sweden, Taiwan, Turkey, UK and USA.
ContiTech is a division of Continental
and has different business including power transmission systems, printing
blankets, molded parts, air springs, elastomer coatings, technical hoses and
hose lines, sealing systems, sheeting for vehicle interiors, and conveyor belt
systems. Sales: € 3 billion.
ContiTech India Private Limited is a
part of Power Transmission Group of ContiTech which has a sales of € 350
million and operates in
The company is engaged in manufacturing
of transmission belts which find its application in Industry and Automotive
Sector.
ContiTech
The Company has aggressive growth plans
to not only improve its share in Indian market but also become a preferred
supplier to Group Companies and customers in other parts of the world.
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.44.46 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.