MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ROTOAUTO ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Fact 65, Shed 1, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.07.2008 |
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Com. Reg. No.: |
18-068526 |
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Capital
Investment / Paid-up Capital : |
Rs.1.800 Millions |
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CIN No.: [Company
Identification No.] |
U29248TN2008PTC068526 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHR09896F |
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PAN No.: [Permanent
Account No.] |
AAECR0591E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing Of Engineering Parts |
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No. of Employees
: |
60 (In Office - 15, In Factory - 45) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 495000 |
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Status : |
Recently Commenced |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008. The company has
recently commenced its commercial operation in the year 2010. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The Company can be considered for business dealings with some
cautions. |
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
|
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 |
INFORMATION PARTED BY
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Name : |
Mr.Ramkumar |
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Designation : |
Accountant |
LOCATIONS
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Registered
Office / Factory : |
Fact - 65, Shed 1, SIDCO Industrial Estate, Ambattur Chennai - 600098,
Tamilnadu |
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Tel. No.: |
91-44-26258043 / 459 / 424 / 26357306 |
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Fax No.: |
91-44-26258199 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq.ft |
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Location : |
Owned |
DIRECTORS
As on 25.09.2010
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Name : |
Mr.Giri.Raghavan |
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Designation : |
Managing Director |
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Address : |
No-1485,13th, |
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Date of
Birth/Age : |
16.10.1974 |
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Date of
Appointment : |
10.07.2008 |
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DIN : |
00242057 |
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Name : |
Mr.A.Raghavan |
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Designation : |
Director |
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Address : |
No-1485,13th, |
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Date of
Birth/Age : |
19.03.1936 |
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Date of
Appointment : |
10.07.2008 |
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DIN : |
00242035 |
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Name : |
Mr. Muthu Lekshmi Kali Ammal |
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Designation : |
Director |
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Address : |
No-1485,13th, |
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Date of
Birth/Age : |
21.01.1940 |
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Date of
Appointment : |
24.06.2010 |
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DIN : |
00242080 |
KEY EXECUTIVES
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Name : |
Mr. T. Srinivasan |
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Designation : |
Company Secretary |
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Address : |
Plot No-1483, Door No.7, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
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No. of Shares (Equity) |
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Giri Raghvan |
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175000 |
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Muthu Lekshmi Kali Ammal |
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5000 |
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TOTAL |
|
180000 |
As on 25.09.2010
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Names of Shareholders |
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Percentage of
Holding |
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Directors and Relative Of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturing Of Engineering Parts |
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Products and
Services: |
POWER PLANTS
FERROUS AND NON FERROUS PROCESS PLANTS
SUGAR MILLS
RAILWAYS
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
60 (In Office - 15, In Factory - 45) Approximately |
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Bankers : |
State Bank Of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RSJV and Associates Chartered Accountant |
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Address : |
Flat No-1, Mahalakshmi Flats, 26 [old No.13], |
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Tel. No.: |
91-44-28237269 |
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E-mail: |
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Sister Concern : |
Activity : Manufacturing Of Engineering Parts |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.800 Millions |
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As On 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.800 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.800 |
1.800 |
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2] Share Application Money |
|
8.475 |
0.000 |
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3] Reserves & Surplus |
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113.625 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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123.900 |
1.800 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
19.947 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
19.947 |
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DEFERRED TAX LIABILITIES |
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0.195 |
0.000 |
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TOTAL |
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124.095 |
21.747 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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112.750 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.305 |
8.086 |
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Sundry Debtors |
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8.114 |
0.000 |
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Cash & Bank Balances |
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8.605 |
0.737 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
15.525 |
24.757 |
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Total Current Assets |
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34.549 |
33.580 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current Liabilities |
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3.632 |
12.000 |
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Sundry Creditors |
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15.919 |
1.344 |
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Provisions |
|
4.862 |
0.000 |
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Total Current Liabilities |
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24.413 |
13.344 |
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Net Current Assets |
|
10.136 |
20.236 |
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Preliminary and Pre Operative Expenses |
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1.209 |
1.511 |
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TOTAL |
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124.095 |
21.747 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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|
31.03.2010 |
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REVENUE
(A) |
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127.467 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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110.743 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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16.724 |
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Less |
FINANCIAL
EXPENSES (D) |
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3.629 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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13.095 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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0.956 |
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PROFIT BEFORE
TAX (E-F) (G) |
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12.139 |
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Less |
TAX (I) |
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4.310 |
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PROFIT AFTER TAX
(G-I) (J) |
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7.829 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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6.14 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.20 |
18.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.41 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
During the year the Directors
decided to merge two of the group companies M/s Sabari Motor Manufacturing
Company Private Limited and M/s. Steel and Allied Engineers Private Limited and
moved the madras high court for necessary orders. The Hon. High Court approved
the scheme of merger effective from 01.04.2009 vide order dated 03.09.2010 and
the companies stands merged as a single entity under the name of M/s Rotoauto
Engineering Solutions Private Limited. Accordingly profit and loss account for
the year ended and balance sheet as at 31.03.2010 reflects the figures under
the year consisting of all the three
companies and the corresponding figure for the previous year will be only that
of M/S. Rotoauto Engineering Solutions Private Limited, share holders are
requested to take note of the above while reading and comparing the financial
statements
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29248TN2008PTC068526 |
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Name of the
company |
Rotoauto Engineering
Solutions Private Limited |
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Address of the
registered office or of the principal place of business in |
Fact–65 SIDCO
Industrial Estate,Ambattur,Chennai,Tamil Nadu - 600098 |
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Type of charge |
Movable Property Book debts |
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Particular of
charge holder |
State Bank Of Chenai – 600058, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
cum Hypothecation – SME 2 dated 23-09-2008 for Rs.94.000 millions Bank
Guarantee agreement SME -3 dated 23-09-2008. |
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Date of
instrument Creating the charge |
23.09.2008 |
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Amount secured by
the charge |
Rs.94.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital :
CC:Intrest at 1% above SBAR 13.75%.present effective rate 14.75% p.a. Bank Guarantee:
as per agreement Terms of
Repayment Working Capital
facility is repayable on Demand Bank Guarantee :
repayable on Demand Margin Raw
materials:Imported:10% Raw
materials:Indigenous:10% Semi finished
Goods:10% Finished
goods:10% Components/consumable/spares:10% Domestic
receivables:10% Bank
Guarantee:10% Receivable for
cover period 90 days Extent and
Operation of the charge The charge is to
operate as security by way of first charge for the due payment of various
credit facilities of Rs.94.000 Millions (CC Rs.70.000 Millions and Bank
Guarantee Rs.24.000 Millions) (Rupees Nine crore forty lacs only) together
with interests, additional interests,costs,charges,expenses and all other
moneys payable by the company to the bank in terms of sanction Others Cash Credit
Rs.70.000 Millions Bank Guarantee Rs
24.000. Millions |
|
Short particulars of the property charged (including location of the
property) |
Hypothecation of
Raw Materials, Semi Finished Goods, Finished Goods and Receivables. Hypothecation of present
and future stocks, raw materials, semi-finished goods, finished goods, book
debts and vehicles and all other movable assets of Company including
receivables. |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Computer
·
Office Equipments
·
Electrical Installations
·
Vehicles
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 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.44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.40 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.