MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
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Tel. No.: |
91-11-40516030 |
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Fax No.: |
91-11-41031300 |
IDENTIFICATION DETAILS
|
Name : |
ROSMERTA AUTOTECH PRIVATE LIMITED (w.e.f. 18.02.2011) |
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Formerly Known
As : |
MULTI SPEED GEARS PRIVATE LIMITED |
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Registered
Office : |
153, III Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.05.1987 |
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Com. Reg. No.: |
55-27962 |
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Capital
Investment / Paid-up Capital : |
Rs.12.000 millions |
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CIN No.: [Company Identification
No.] |
U74899DL1987PTC027962 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electronic Speed Governer. |
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No. of Employees
: |
200 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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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 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established 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 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
|
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
|
Name : |
Mr. B Bag |
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Designation : |
Deputy General Manager |
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Contact No.: |
91-11-40516030 |
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Date : |
10.06.2011 |
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Name : |
Mr. Rakesh Giri |
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Designation : |
General Manager in Finance |
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Date : |
10.06.2011 |
LOCATIONS
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Registered Office : |
153, III Floor, |
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Tel. No.: |
91-11-40516030 / 41000055 |
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Fax No.: |
91-11-40516033 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Pharma, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pankaj Madan |
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Designation : |
Director |
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Address : |
C-322 Panchwati, |
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Date of Birth/Age : |
06.08.1971 |
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Date of Appointment : |
18.08.2008 |
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DIN No.: |
02614589 |
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Name : |
Mr. Sandeep Malik |
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Designation : |
Director |
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Address : |
70-B, Single Storey, Ramesh Nagar, |
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Date of Birth/Age : |
15.12.1971 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
02698183 |
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Name : |
Indu Bhushan Singh |
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Designation : |
Director |
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Address : |
H-6/9, Malviya Nagar, |
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Date of Birth/Age : |
09.04.1964 |
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Date of Ceasing : |
11.07.2009 |
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DIN No.: |
00034962 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Rosmerta Technologies Limited, |
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1200000 |
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Total |
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1200000 |
As on 30.09.2010
|
Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electronic Speed Governer. |
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Products : |
·
Electronic Speed Governer ·
Variable Speed Governer ·
Adaptive Speed Governer ·
Vehicle Tracking System (VTS) ·
Tachograph |
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Exports : |
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Products : |
Electronic Speed Governer |
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Countries : |
·
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Speed Limiting Devices |
Nos. |
NA |
NA |
9979 |
|
Finished Goods Purchase |
Nos. |
NA |
NA |
386 |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
200 Approximately |
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Bankers : |
ICICI Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
AVK and Associates Chartered Accountant |
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Address : |
101, Sewak Chamber – I, 2099/38, Naiwala, Karol Bagh, |
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Tel. No.: |
(O) 91-11-28759895 / 28753562 / (R) 27395062 |
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Mobile No.: |
91-9810310063 |
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E-Mail : |
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Name 2 : |
Das Gupta and Associates Chartered Accountant |
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Holding Company : |
Rosmerta Technologies Limited CIN No.: U72200MH2006PLC161565 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
12.000 |
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 |
138.839 |
25.808 |
15.771 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
150.839 |
27.808 |
17.771 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
27.250 |
19.462 |
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TOTAL BORROWING |
0.000 |
27.250 |
19.462 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.012 |
0.174 |
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TOTAL |
150.839 |
55.070 |
37.407 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.193 |
1.291 |
8.168 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Intangible Assets |
6.766 |
5.805 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.502
|
12.338 |
17.496 |
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Sundry Debtors |
76.632
|
16.188 |
1.256 |
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Cash & Bank Balances |
58.931
|
23.838 |
4.997 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.002
|
8.407 |
15.446 |
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Total
Current Assets |
151.067
|
60.771 |
39.195 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.099
|
2.958 |
5.198 |
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Other Current Liabilities |
2.961
|
3.714 |
2.878 |
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Provisions |
5.484
|
6.125 |
1.880 |
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Total
Current Liabilities |
8.544
|
12.797 |
9.956 |
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Net Current Assets |
142.523
|
47.974 |
29.239 |
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MISCELLANEOUS EXPENSES |
0.357 |
0.000 |
0.000 |
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TOTAL |
150.839 |
55.070 |
37.407 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
80.275 |
38.379 |
106.851 |
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Other Income |
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|
0.033 |
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TOTAL (A) |
80.275 |
38.379 |
106.884 |
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Less |
EXPENSES |
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Cost of Goods Sold |
37.524 |
11.065 |
79.418 |
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Employee Cost |
0.000 |
0.000 |
6.586 |
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Administrative, Selling and Other Expenses |
12.778 |
6.099 |
12.172 |
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Increase / Decrease in closing stock |
0.409 |
4.614 |
(7.681) |
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TOTAL (B) |
50.711 |
21.778 |
90.495 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.564 |
16.601 |
16.389 |
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Less |
FINANCIAL CHARGES (D) |
0.088 |
0.203 |
0.301 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.476 |
16.398 |
16.088 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.107 |
2.278 |
1.282 |
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PROFIT BEFORE
TAX (E-F) (G) |
27.369 |
14.120 |
14.806 |
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Less |
TAX (H) |
4.728 |
4.083 |
2.011 |
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PROFIT AFTER TAX
(G-H) (I) |
22.641 |
10.037 |
12.795 |
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Add |
PRIOR PERIOD
ADJUSTMENT |
0.390 |
0.000 |
0.000 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.352 |
12.315 |
(0.480) |
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BALANCE CARRIED
TO THE B/S |
45.383 |
22.352 |
12.315 |
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|
Earnings Per
Share (Rs.) |
11.21 |
5.02 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
28.20
|
26.15 |
11.97 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
13.86 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.98
|
22.75 |
31.26 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.51 |
0.83 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.06
|
1.44 |
1.66 |
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|
Current Ratio (Current Asset/Current Liability) |
|
17.68
|
4.75 |
3.94 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from 1011, 10th
Floor,
FIXED ASSETS
Tangible Assets
·
Computers
·
Office Equipment
·
Plant and Machinery
·
Motor Vehicle
·
Furniture and Fixtures
·
Website A/c.
Intangible Assets
·
Licence Fees
·
Technical know how
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.44.91 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.