MIRA INFORM REPORT

Report No. :	306589
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	ROSENBERGER ELECTRONIC COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	H-3/157, Second Floor , Vikaspuri , New Delhi - 110018
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.02.2006
Com. Reg. No.:	55-146129
Capital Investment / Paid-up Capital :	Rs.146.466 Millions
CIN No.: [Company Identification No.]	U32109DL2006PTC146129
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR2367P
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Erection, Commissioning and Installation Services of Mobile Tower.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2014. As per available financial of 2013, the company has processed weak operational performance which has resulted into losses from its operational activities and it has moderate liquidity position. However, trade relations are fair. Business is active. Payments are reported to be slow but correct 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Avinash Parab
Designation :	Accounts Manager
Contact No.:	91-8308991991
Date :	04.02.2015

LOCATIONS

Registered Office :	H-3/157, Second Floor , Vikaspuri , New Delhi – 110018, India
Tel. No.:	Not Available
Mobile No.:	91-8308991991 (Mr. Avinash Parab)
Fax No.:	Not Available
E-Mail :	latax.naik@rosenberger.in infor@resenberger.in narayan.sahu@rosenberger.in
Website :	http://rosenberger.com
Factory :	Plot No. 263, Sector 6, IMT Manesar, Gurgaon -122050, Haryana, India
Tel. No.:	91-124-4775500
Fax No.:	91-124-4775501

DIRECTORS

As on 30.09.2013

Name :

Hans Georg Rosenberger

Designation :

Director

Address :

Burg 9, Tittmoning, 84529, Germany

Date of Birth/Age :

01.10.1952

Date of Appointment :

31.05.2006

DIN No.:

00308062

Name :

Peter Michael Rosenberger

Designation :

Director

Address :

Adalbert Stifter Str.1, Burghausen, 84489, Germany

Date of Birth/Age :

02.12.1955

Date of Appointment :

31.05.2006

DIN No.:

00308102

Name :

Aili Liu

Designation :

Director

Address :

24 Continental Road, Morris Plains, 07950, United States Of America

Date of Birth/Age :

15.11.1951

Date of Appointment :

08.01.2013

DIN No.:

00505177

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109DL2006PTC146129	ROSENBERGER ELECTRONIC COMPANY (INDIA) PRIVATE LIMITED	Director	30/09/2013	31/05/2006	-	Active	NO
2	U74900HR2010FTC040019	NETOP TECHNOLOGY COMPANY (INDIA) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Jaideep Mohan Redkar

Designation :

Additional Director

Address :

H. No. 4 A/UG-2, Models Legacy, Taleigao, Panaji, 403002, Goa, India

Date of Birth/Age :

26.09.1966

Date of Appointment :

10.06.2013

DIN No.:

06628150

KEY EXECUTIVES

Name :	Mr. Avinash Parab
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Rosenberger (H.K.) Company Limited, Hong Kong	14646604
Netop Technology Company Limited, Hong Kong	1
Total	14646605

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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 :	Service Provider of Erection, Commissioning and Installation Services of Mobile Tower.
Products / Services :	Erection, Commissioning and Installation Services
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days, 60 Days and 90 Days)
Purchasing :	Cash and Credit (30 Days, 60 Days and 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

HDFC Bank Limited, Eros Corporate Park, Nehru Place, New Delhi, India

Facilities :

--

Auditors :
Name :	G M R And Company Chartered Accountants
Address :	25/39, Ground Floor, Patel Nagar West, Delhi – 110008, India
PAN No.:	AADFG5928Q
Memberships :	--
Collaborators :	--
Holding Company :	Rosenberger Hochfrequenztechnik GmbH and Company, Germany
Fellow Subsidiary :	Rosenberger Asia Pacific Electronic Company Limited, China Rosenberger Of North America, LLC Rosenberger GmbH and Company, OHG Rosenberger Shanghai Technology Company Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14646605	Equity Shares	Rs.10/- each	Rs.146.466 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	146.466	146.466	135.100
(b) Reserves & Surplus	(99.637)	(85.380)	(55.416)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	11.366
Total Shareholders’ Funds (1) + (2)	46.829	61.086	91.050
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	222.720	123.037	151.626
(c) Other current liabilities	11.233	7.280	7.076
(d) Short-term provisions	4.617	7.509	3.453
Total Current Liabilities (4)	238.570	137.826	162.155
TOTAL	285.399	198.912	253.205
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.826	49.279	44.983
(ii) Intangible Assets	0.064	0.218	0.397
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	42.363	36.089	23.280
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.253	85.586	68.660
(2) Current assets
(a) Current investments	0.000	0.000	0.020
(b) Inventories	51.750	48.857	59.725
(c) Trade receivables	88.454	34.176	93.495
(d) Cash and cash equivalents	34.643	12.144	10.328
(e) Short-term loans and advances	21.266	18.099	20.910
(f) Other current assets	0.033	0.050	0.067
Total Current Assets	196.146	113.326	184.545
TOTAL	285.399	198.912	253.205

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	GROSS RECEIPTS	174.037	129.724	195.749
	PROFIT/(LOSS) BEFORE TAX	(20.530)	(42.773)	(10.145)
Less	TAX	6.273	12.809	(3.396)
	PROFIT/(LOSS) AFTER TAX	(14.257)	(29.964)	(13.541)
	EARNINGS IN FOREIGN CURRENCY	0.369	7.117	NA
	Earnings / (Loss) Per Share (Rs.)	(0.97)	NA	NA

Expected Sales (2014-2015): Rs.250.000 Millions

The above information has been parted by Mr. Avinash Parab

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(8.45)	(26.27)	(4.41)
Return on Investment (ROI) (PBT/Networth)		(0.44)	(0.70)	(0.11)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.82	0.82	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	135.100	146.466	146.466
Reserves & Surplus	(55.416)	(85.380)	(99.637)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	11.366	0.000	0.000
Net worth	91.050	61.086	46.829
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW:

The Company incurred a net loss of Rs.14.256 Millions during the year as against a loss of Rs.29.964 Millions during the previous year. The Board of Directors of the company are hopeful that performance of the company will improve in the coming year.

No material changes have occurred from the date of the Balance Sheet till the date of this report which has any adverse effect on the affairs of the Company.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.