MIRA INFORM REPORT

 

 

Report Date :

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

COSMA INTERNATIONAL (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Satav Industrial Estate, Industrial Gala No.#3, Gat #376, Karubwadi, Chakan Talegaon Road, Khed Pune – 410 501, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

07.05.2009

 

 

Com. Reg. No.:

11 – 133906

 

 

Capital Investment / Paid-up Capital :

Rs. 50.000 Millions

 

 

CIN No.:

[Company Identification No.]

U34200PN2009FTC133906

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEC07876B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Sheet Metal Parts for Passenger Cars.

 

 

No. of Employees :

55 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

---

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Magna Cyprus Holding Limited, Cyprus. It is a relatively new company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured 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.

 

 

INFORMATION DECLINED BY

 

Management  Non Co-operative

 

 

LOCATIONS

 

Registered Office :

Satav Industrial Estate, Industrial Gala No.#3, Gat #376, Karubwadi, Chakan Talegaon Road, Khed Pune – 410 501, Maharashtra, India

Tel. No.:

91-21-35677405

E-Mail :

SChakraborty@cosma.com

Location :

Rented

 

 

Other Address:

U.S. AFFILIATE OFFICE

1807 E. Maple Road, Troy, MI – 48083, USA

Tel. No. 248.689.5512

Fax No. 248.689-6197

 

JAPANESE AFFILIATE OFFICE

Crest Yasuda Building 3F, 3-21 Kanada Nishiki Cho, Chiyoda –Ku, Tokyo – 101-0054, Japan

Tel. No. 011-81-3-3518-8002

Fax No. 011-81-3-3518-8010

 

AFFILIATE PROTOTYPE OFFICE

1170, Chicago Road, Troy, MI 48083, USA

Tel. No. 248-585-4800

Fax No. 248-786-2563/ 248-585-4221             

 

 

 

 

DIRECTORS

As on 30.09.2010

 

Name :

Mr. Douglas Richard Tatters

Designation :

Director

Address :

685 Kingsmere Ave, New Market, Canada, L3X1L5

Date of Birth/Age :

15.03.1961

Date of Appointment :

07.05.2009

DIN No.:

01384498

 

 

Name :

Mr. Eric Jon Wilds

Designation :

Director

Address :

22540 Arden Glen Ct, Novi Michigan - 48374-3799, USA

Date of Birth/Age :

04.03.1967

Date of Appointment :

07.05.2009

DIN No.:

02387126

 

 

Name :

Mr. Seetarama Swamy Kotagiri

Designation :

Director

Address :

2045 Roundtree, Rochester Hills, MI 48307, USA

Date of Birth/Age :

17.12.1968

Date of Appointment :

07.05.2009

DIN No.:

02393025

 

 

Name :

Mr. Prasad Vasudeva Rao

Designation :

Director

Address :

MP209, Suryodaya Apts, Mangalya Swapnaloka, Varthur Hubli, Near Marathahalli Bridge, Bangalore – 560037, Karnataka

Date of Birth/Age :

05.08.1965

Date of Appointment :

27.09.2010

DIN No.:

03259082

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

No. of Shares

Magna Cyprus Holding Limited, Cyprus

4999999

Magna Steyr Inc, Canada

1

Total

5000000

 

 

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

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 Sheet Metal Parts for Passenger Cars.

 

 

GENERAL INFORMATION

 

Customers :

OEM’s

 

 

No. of Employees :

55 (Approximately)

 

 

Bankers :

City Bank, Pune Branch, India

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.V. Ghatalia and Associates

Chartered Accountant

Address :

C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune – 411006, Maharasahtra, India

PAN.:

AACFS6921Q

 

 

Subsidiaries :
  • Vehma Engineering Solutions (India) Private Limited, India
  • Cosma International Inc., Canada
  • Vehma International of America Inc., USA
  • Cosma Engineering Europe AG, Austria
  • Promatek Research Center, Canada
  • Litens Automotive India Private Limited, India

 

 

Holding Company:
  • Magna Cyprus Holding Limited
  • Megna Steyr Inc, Canada

 

Ultimate Holding Company:

  • Megna International Ic., Canada

 

 

CAPITAL STRUCTURE

As on 31.12.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs.10/- Each

Rs.100.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs.10/- Each

Rs.50.000 Millions

 

 

 

 

 

 

Of the Above:

 

  • 4999999 Equity Shares are held by the holding company i.e. Magna Cyprus Holding Limited, Cyprus
  • 1 Equity shares held by Megna Steyr Inc, Canada

 

 

As on 30.09.2010

 

Authorised Capital : Rs. 625.000 Millions

 

 

Issued, Subscribed & Paid-up Capital : Rs. 50.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

SOURCES OF FUNDS

 

 

 

31.12.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

50.000

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

(41.495)

NETWORTH

 

 

8.505

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

0.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.505

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

29.270

Capital work-in-progress

 

 

4.787

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.041

 

Sundry Debtors
 

 

0.420

 

Cash & Bank Balances
 

 

26.079

 

Other Current Assets
 

 

0.350

 

Loans & Advances
 

 

48.218

Total Current Assets
 

 

75.108

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

94.717

 

Other Current Liabilities
 

 

2.691

 

Provisions
 

 

3.252

Total Current Liabilities
 

 

100.660

Net Current Assets
 

 

(25.552)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.505

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.12.2009

 

SALES

 

 

 

 

 

TOTAL                                    

 

 

0.394

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

 

 

39.410

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

 

 

(39.016)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

2.478

 

 

 

 

 

 

PROFIT BEFORE TAX              

 

 

(41.494)

 

 

 

 

 

Less

TAX                                                                 

 

 

0.000

 

 

 

 

 

 

PROFIT AFTER TAX                            

 

 

(41.494)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

 

(41.494)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Foreign Exchange Earnings

 

 

0.145

 

TOTAL EARNINGS

 

 

0.145

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

 

 

0.005

 

 

Tooling Cost

 

 

0.031

 

 

Prototype Material Purchased

 

 

0.001

 

TOTAL IMPORTS

 

 

0.037

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.12.2009

PAT / Total Income

(%)
 

 

(10531.47)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(39.75)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

(4.88)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

11.83

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.75

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Performance:

 

This Financial Year being the first year of setting up, the turnover during the year was Rs. 0.394 Millions. Management of the company has taken several steps, subsequent to the Balance Sheet date, to aggressively better the performance of the company in coming years.

 

 

Nature of Operations:

 

Subject is primarily engaged in the manufacture of sheet metal parts for passenger cars. The company has been incorporated on May 7, 2009 under the Companies Act, 1956. The Company is a 99.99 % subsidiary of Magna Cyprus holding Limited, Cyprus. The Company has commenced commercial operations on October1, 2009.

 

 

Sundry Creditors

 

Particulars

As on

31.12.2009 (Rs.

in Millions)

Total outstanding dues to creditors other than Micro and Small Enterprises

94.717

Total

94.717

 

 

Contingent Liabilities (to the extent not provided for)

 

Based on confirmation received from the Company solicitors, there are no contingent liabilities outstanding as the balance sheet date.

 

 

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. 44.89

UK Pound

1

Rs. 73.84

Euro

1

Rs. 64.76

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--CREDIT LINES

1~10

2

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

16

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.