MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TECHNOCRAFT SWITCHGEARS LIMITED |
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Formerly Known As : |
TECHNOCRAFT SWITCHGEARS ( |
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Registered Office : |
11 – B – 1, Takshila, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1989 |
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CIN No.: [Company
Identification No.] |
U23198MH1991PLC060189 |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Importers of Medium Voltage Switchgear. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 53964 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
11 – B – 1, Takshila, |
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Tel. No.: |
91-22-28381935 |
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Fax No.: |
91-22-28377157 |
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E-Mail : |
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Area : |
500 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Domibivali, District Thane, |
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Area : |
1500 sq. fts. |
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Location : |
Rental |
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Branches : |
Ř
Ř
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DIRECTORS
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Name : |
Mr. Rammohan Gopal Shenoy |
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Designation : |
Director |
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Address : |
20 – B 33, Takshila, |
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Date of Birth/Age : |
08.03.1948 |
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Date of Appointment : |
11.04.2003 |
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Name : |
Mrs. Kalpana Rammohan Shenoy |
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Designation : |
Director |
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Address : |
20 – B 33, Takshila, |
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Date of Birth/Age : |
06.10.1951 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. Naveen Gopalkrishna Shenoy |
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Designation : |
Director |
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Address : |
RB – 2, 51 / 6, Central Railways Quarters, |
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Date of Birth/Age : |
27.11.1971 |
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Date of Appointment : |
11.04.2003 |
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Name : |
Mr. Anil Keshav Borkar |
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Designation : |
Director |
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Address : |
C /28, Kokan Nagar, Mahim, Mumbai 400 016, |
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Name : |
Mr. Madhav Vinayak Bhalwankar |
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Designation : |
Director |
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Address : |
4, Kulkarni Blocks, 40, |
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Name : |
Mr. Kamlakar Dattareya Date |
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Designation : |
Director |
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Address : |
Date Banglow, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rammohan Gopal Shenoy |
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7600 |
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Mr. Kalpana Rammohan Shenoy |
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600 |
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Mr. Naveen Gopalkrishna Shenoy |
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1800 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Importers of Medium Voltage Switchgear. |
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Imports : |
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Products : |
Medium Voltage Switchgear |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
16 (8 in office, 8 in factory) |
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Bankers : |
Syndicate Bank Marol, Andheri [East], Mumbai – 400093, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V I Bhatia and Company Chartered Accountants |
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Address : |
103, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.491 |
1.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.491 |
1.100 |
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LOAN FUNDS |
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1] Secured Loans |
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7.986 |
2.172 |
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2] Unsecured Loans |
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1.102 |
10.602 |
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TOTAL BORROWING |
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9.088 |
12.774 |
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DEFERRED TAX LIABILITIES |
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0.037 |
0.036 |
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TOTAL |
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22.616 |
13.910 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.166 |
4.254 |
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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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2.000 |
1.000 |
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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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8.697 |
16.451 |
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Sundry Debtors |
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26.729 |
9.912 |
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Cash & Bank Balances |
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23.695 |
7.271 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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19.542 |
6.345 |
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Total
Current Assets |
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78.663 |
39.979 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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60.816 |
30.768 |
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Provisions |
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1.397 |
0.555 |
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Total
Current Liabilities |
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62.213 |
31.323 |
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Net Current Assets |
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16.450 |
8.656 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.616 |
13.910 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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251.548 |
127.234 |
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Other Income |
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0.904 |
0.205 |
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Total Income |
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252.452 |
127.440 |
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Profit/(Loss) Before Tax |
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4.098 |
1.612 |
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Provision for Taxation |
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1.601 |
0.590 |
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Profit/(Loss) After Tax |
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2.497 |
1.022 |
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Expenditures : |
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Purchase made for re sale |
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216.881 |
119.951 |
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Increase or decrease in finished goods, work
in progress |
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7.754 |
(11.133) |
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Salaries, wages and bonus |
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3.302 |
2.157 |
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Managerial remuneration |
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2.160 |
1.435 |
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Payment to auditors |
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0.028 |
0.025 |
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Interest |
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0.234 |
0.240 |
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Insurance expenses |
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0.186 |
0.034 |
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Power and fuel |
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0.361 |
0.104 |
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Depreciation and amortization |
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0.891 |
0.745 |
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Other expenditure |
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16.577 |
12.269 |
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Total Expenditure |
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248.354 |
125.828 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.98 |
0.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.62 |
1.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.94 |
3.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
1.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.28 |
40.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was established in the year 1989 at Mumbai in
Note:
The registered office of the company is situated at 4, Kulkarni Blocks, 40,
D L Vaidya Road, Dadar, Mumbai 400 028, Maharashtra, India with effect from
Date Of Incorporation
BUSINESS
Subject is engaged in as Manufacturers and Importers of Medium Voltage Switchgear.
The concern is an Authorised system house for Asea Brown Boveri Limited [ABB Limited].
It is in trade terms with :
Ř Purchase Department
Century Textiles
Mumbai,
Ř Purchase Department
Mahindra and Mahindra Limited
Kandivali
[East], Mumbai – 400101,
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Corporation identity number or foreign company registrations number of the company |
U23198MH1991PLC060189 |
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Name of the company |
TECHNOCRAFT SWITCHGEARS LIMITED |
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Address |
11 – B – 1, Takshila, |
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This Form is for |
Creation of Charge |
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Type of Charges |
Book debts, Hypothecation of current assets, inventory and receivables |
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Particular of the charge holder |
Syndicate Bank Marol Branch, B / 59, Giriraj Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai, Maharashtra, India |
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Nature or description of the instrument creating charge |
Composite hypothecation agreement |
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Date of the instrument creating charge |
20.02.2007 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 1) For Financial bank guarantee, commission @3% p. a. in multiples of quarters with a minimum for six months 2) For performance Bank Guarantee, Commission @2% p. a. in multiples of quarters with a minimum for six months Terms of Repayments: The Bank guarantee facility to be operated to the extend of limit sanctioned Margin: 25 % cash margin 100% against disputed bank guarantee Extent and operation of the charge: The credit facility is extended for advance payment guarantee, performance guarantee and other business related guarantee. Others: Guarantors: All the directors of the company shall guarantee the facility in their individual capacity. 1) Mr. B Ram Mohan Shenoy 2) Mr. Madhav M Pai 3) Mr. navin Shenoy |
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Particulars of the Property charged |
Hypothecation of stock in trade inclusive of raw materials, work in progress and finished goods assignment of book debts and other receivables situated and lying at Location 1)
Factory at Lahu Budhaji Estate, 2)
Premises at 11 – B – 1, Thakshila, |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.12 |
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1 |
Rs.82.43 |
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Euro |
1 |
Rs.56.03 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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