MIRA
INFORM REPORT
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROSTI TECHNICAL PLASTICS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
90/2, Madavillagam Village, Thirumazhisai, Nazarethpet Post, (Near
Motel Highway), Chennai – 602103, Tamil Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.06.2008 |
|
|
|
|
Com. Reg. No.: |
18-068268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.125.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200TN2008PTC068268 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER09763F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECR0163L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject engaged in the assembly of plastic moulded components |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
90/2, Madavillagam Village, Thirumazhisai, Nazarethpet Post,
(Near Motel Highway), Chennai – 602103, Tamil Nadu, India |
|
Tel. No.: |
91-44-26494185 / 4195 |
|
Fax No.: |
91-44-26496338 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 17.09.2010
|
Name : |
Mr. David Anthony Knight |
|
Designation : |
Director |
|
Address : |
3, Manse View, High Blantyre, Glasgow, United
Kingdom, G720DF. |
|
Date of Birth/Age : |
07.08.1965 |
|
Date of Appointment : |
18.06.2008 |
|
DIN No.: |
02184066 |
|
|
|
|
Name : |
Mr. Borje Erik Vernet |
|
Designation : |
Director |
|
Address : |
Erik Dahlbergs Gata 4C, SE 25438 Helsingborg,
Sweden, 25438. |
|
Date of Birth/Age : |
21.08.1953 |
|
Date of Appointment : |
09.03.2010 |
|
DIN No.: |
03033911 |
|
|
|
|
Name : |
Mr. Purushothaman Thorapadi Krishnamurthy |
|
Designation : |
Managing director |
|
Address : |
No. 453, Muthukumaran Street, G. C. Colony,
Gandhi Nagar, Vellore – 632006, Tamil Nadu, India |
|
Date of Birth/Age : |
20.07.1967 |
|
Date of Appointment : |
09.03.2010 |
|
DIN No.: |
03037453 |
|
Name : |
Mr. Lars Bjorn Heineke |
|
Designation : |
Director |
|
Address : |
Hoffmeyersvej 20, Frederiksberg, Denmark,
2000 |
|
Date of Birth/Age : |
03.10.1968 |
|
Date of Appointment : |
18.06.2008 |
|
Date of Cessation : |
28.02.2011 |
|
DIN No.: |
02184097 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25200TN2008PTC068268 |
Rosti
Technical Plastics (India) Private Limited |
Director |
18-06-08 |
18-06-08 |
28-02-11 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rosti IT A/S, Denmark |
|
10000 |
|
Rosti A/S (Formerly Known As Rosti Technical
Plastics Holding A/S), Denmark |
|
9990000 |
|
Total |
|
10000000 |
List of Allottees
As on 27.01.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Rosti A/S (Formerly Known As Rosti Technical
Plastics Holding A/S), Denmark |
|
5000000 |
|
Total |
|
5000000 |
List of Allottees
As on 01.06.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Rosti A/S (Formerly Known As Rosti Technical
Plastics Holding A/S), Denmark |
|
5000000 |
|
Total |
|
5000000 |
As on 17.09.2010
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 : |
Subject engaged in the assembly of plastic moulded components |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production* |
|
|
|
|
|
|
|
Plastic parts, Components and accessories of machines or of mechanical
appliance |
Tons |
|
21.00 |
6.38 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Chennai, Tamil Nadu, India |
|
PAN.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
Rosti A/S (Formerly known as Rosti Technical Plastics Holding A/S) |
|
|
|
|
Fellow Subsidiaries : |
·
Rosti IMS Company Limited ·
Rosti Technical Plastics UK Limited ·
Rosti ·
Rosti IT A/S, ·
Rosti Technical Plastics Company Limited |
CAPITAL STRUCTURE
As on 17.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
|
|
|
|
|
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
125.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
50.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(137.416) |
(74.174) |
(24.828) |
|
|
NETWORTH |
37.584 |
25.826 |
75.172 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
94.642 |
61.623 |
30.794 |
|
|
TOTAL BORROWING |
94.642 |
61.623 |
30.794 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
132.226 |
87.449 |
105.966 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
79.923 |
91.196 |
52.304 |
|
|
Capital work-in-progress |
1.987 |
0.028 |
8.496 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.520
|
9.697 |
4.154 |
|
|
Sundry Debtors |
19.436
|
4.504 |
0.068 |
|
|
Cash & Bank Balances |
23.855
|
3.572 |
51.224 |
|
|
Other Current Assets |
0.482
|
0.079 |
0.030 |
|
|
Loans & Advances |
18.238
|
15.126 |
12.482 |
|
Total
Current Assets |
76.531
|
32.978 |
67.958 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.186
|
29.937 |
20.509 |
|
|
Other Current Liabilities |
2.110
|
2.956 |
1.299 |
|
|
Provisions |
5.919
|
3.860 |
0.984 |
|
Total
Current Liabilities |
26.215
|
36.753 |
22.792 |
|
|
Net Current Assets |
50.316
|
(3.775) |
45.166 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
132.226 |
87.449 |
105.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
7.257 |
0.068 |
|
|
|
Other Income |
|
8.369 |
0.050 |
|
|
|
TOTAL (A) |
66.256 |
15.626 |
0.118 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
6.219 |
(0.027) |
|
|
|
Personal Cost |
|
10.691 |
2.842 |
|
|
|
Other Administrative Expenses |
|
32.966 |
18.991 |
|
|
|
TOTAL (B) |
129.498 (Including
Financial Expenses and Depreciation) |
49.876 |
21.806 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(34.250) |
(21.688) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.304 |
0.766 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(36.554) |
(22.454) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
12.793 |
1.423 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(63.242) |
(49.347) |
(23.877) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(63.242) |
(49.347) |
(24.828) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(74.175) |
(24.828) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(137.417) |
(74.175) |
(24.828) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales- Export |
55.718 |
3.311 |
0.068 |
|
|
TOTAL EARNINGS |
55.718 |
3.311 |
0.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
6.018 |
1.301 |
|
|
|
Machinery |
NA |
0.000 |
0.286 |
|
|
|
Capital Goods |
NA |
25.833 |
15.792 |
|
|
TOTAL IMPORTS |
NA |
31.851 |
17.379 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.65) |
(4.93) |
(6.50) |
|
%20PRIVATE%20LIMITED%20-%20176909%2018-Apr-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20176909%2018-Apr-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(95.45)
|
(315.80) |
(21040.68) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(679.99) |
(35113.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(40.42)
|
(39.74) |
(19.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.68)
|
(1.91) |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
3.81 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.92
|
0.90 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Background:
Subject was incorporated on 18 June 2008 as a private limited company under
the Companies Act 1956. The registered office of the Company is located in
Chennai. He Company is primarily engaged in the assembly of plastic moulded
components and other related contract manufacturing activity for various
markets such as domestic appliance, business machines, automotive and medical.
Fixed Assets:
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.