MIRA
INFORM REPORT
|
Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
TEKNIKA ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
88 / 90, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.05.1994 |
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Com. Reg. No.: |
11-78260 |
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CIN No.: [Company
Identification No.] |
U28920MH1994PTC078260 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT05728C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, exporter and importer of Copper
and Copper Alloy Tubings & Cable Lugs. |
RATING & COMMENTS
|
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 17000 |
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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 records. Directors are reported as experienced 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 : |
88 / 90, |
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E-Mail : |
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Factory 1 : |
17A/31,
Brindaban Society, Thane - 400601, |
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Tel. No.: |
91-22-25335823
/ 25335825 / 32509130 |
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Mobile No.: |
91-9819519331
, 9870034959 |
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Fax No.: |
91-22-25335825 |
DIRECTORS
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Name : |
Mr. Pradeep B. Joshi |
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Designation : |
Director |
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Address : |
401-A, Brahma Niwas, Mahda Colony, Mulund East, Mumbai – 400081, |
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Date of Birth/Age : |
28.01.1964 |
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Date of Appointment : |
09.05.1994 |
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Name : |
Mr. Sandeep B. Joshi |
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Designation : |
Director |
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Address : |
401-A, Brahma Niwas, Mahda Colony, Mulund East, Mumbai – 400081, |
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Date of Birth/Age : |
29.08.1969 |
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Date of Appointment : |
09.05.1994 |
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Name : |
Ms. Anita P Joshi |
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Designation : |
Director |
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Address : |
401-A, Brahma Niwas, Mahda Colony, Mulund East, Mumbai – 400081, |
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Date of Birth/Age : |
07.08.1968 |
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Date of Appointment : |
23.09.2004 |
KEY EXECUTIVES
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Name : |
Mr. Shiv Hari jalan |
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Designation : |
Company Secretary |
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Address : |
104, Mahavir Building, 44/46, Popatwadi Lane, Kalbadevi, Mumbai –
400002, |
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Tel. No.: |
91-22-22075834 / 28845111 [Res.] |
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Fax No.: |
91-22-075835 |
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Mobile No. : |
91-9869035834 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Joshi Pradeep Bhanwaial |
|
43900 |
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Joshi Sandeep Bhanwarial |
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28500 |
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Joshi Anita Pradeep |
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23200 |
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Joshi Draupadi Bhanwarial |
|
14100 |
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Joshi Bhanwarlal Chiranjilla – HUF |
|
30100 |
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Joshi Preeti Sandeep |
|
28600 |
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Mishra Sharda Sitaram |
|
1500 |
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Joshi Urmila Mohanlal |
|
2000 |
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Shukla Yogesh Mahabir Prasad |
|
18000 |
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Shukla Kanchan Yogesh |
|
3000 |
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Mishra Ratanlal Sitaram |
|
2500 |
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Trupti Sharma |
|
1000 |
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Anita Sharma |
|
1000 |
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Sharma Shalini Anil |
|
1000 |
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Sharma Gaurishankar Gajanand |
|
1000 |
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Sharma Sarita Gaurishankar |
|
1000 |
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Joshi Govind Prasad |
|
1000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
20.93 % |
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Directors of relatives of directors |
|
66.67 % |
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Other top fifty shareholders |
|
12.40 % |
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Total |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter and importer of Copper
and Copper Alloy Tubings & Cable Lugs. |
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Products : |
·
Copper Tube ·
Copper Coil ·
Copper Alloy Tubes ·
Copper Terminal Ends ·
Connectors ·
Cable Lugs |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Bankers : |
Kapurbavdi Branch, Dhanlaxmi Industrial Estate, Gokul Nagar, Old Agra Road,
Thane – 400601, Maharashtra, India
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. K. Dakh and Company Chartered Accountants |
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Address : |
26, kakkad Corner, Below Hotel Sun-N-Sheel, |
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Memberships : |
EEPC, BME and MMR |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
293400 |
Equity Shares |
Rs. 10/- each |
Rs. 2.934
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.934 |
2.934 |
2.934 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.440 |
1.000 |
1.000 |
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4] (Accumulated Losses) |
0.000 |
[0.049] |
[0.480] |
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NETWORTH |
4.374 |
3.885 |
3.454 |
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LOAN FUNDS |
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1] Secured Loans |
5.190 |
4.959 |
3.898 |
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2] Unsecured Loans |
2.247 |
2.221 |
2.224 |
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TOTAL BORROWING |
7.437 |
7.180 |
6.122 |
|
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DEFERRED TAX LIABILITIES |
0.438 |
0.400 |
0.056 |
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Sales Tax Deferral |
6.012 |
5.996 |
5.479 |
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TOTAL |
18.261 |
17.461 |
15.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.342 |
3.735 |
4.028 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.031 |
0.009 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.800
|
6.927 |
5.995 |
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Sundry Debtors |
7.934
|
8.801 |
7.237 |
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Cash & Bank Balances |
0.794
|
0.225 |
0.254 |
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Other Current Assets |
0.030
|
0.005 |
0.000 |
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Loans & Advances |
3.377
|
1.969 |
0.845 |
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Total
Current Assets |
17.935
|
17.927 |
14.331 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.047
|
4.211 |
3.233 |
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Provisions |
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|
0.027 |
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Total
Current Liabilities |
3.047
|
4.211 |
3.260 |
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Net Current Assets |
14.888
|
13.716 |
11.071 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
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TOTAL |
18.261 |
17.461 |
15.111 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
27.210 |
26.282 |
18.393 |
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Other Income |
|
|
[0.283] |
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Total Income |
27.210 |
26.282 |
18.110 |
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Profit/(Loss) Before Tax |
0.651 |
0.839 |
1.088 |
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Provision for Taxation |
0.000 |
0.000 |
0.414 |
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Profit/(Loss) After Tax |
0.651 |
0.839 |
0.674 |
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Total Earnings : |
0.998 |
NA |
NA |
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Imports : |
NA |
NA |
1.533 |
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Expenditures : |
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Raw Material Consumed |
NA |
NA |
15.478 |
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Manufacturing Expenses |
NA |
NA |
2.077 |
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Administrative Expenses |
NA |
NA |
1.249 |
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Financial Charges |
0.718 |
0.726 |
0.765 |
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Depreciation & Amortization |
0.443 |
0.496 |
0.513 |
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Other Expenditure |
25.398 |
24.221 |
0.001 |
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Total Expenditure |
26.559 |
25.443 |
20.083 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.39 |
3.19 |
3.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.39 |
3.19 |
5.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.06 |
3.87 |
5.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.21 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.40
|
2.93 |
2.72 |
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Current Ratio (Current Asset/Current Liability) |
|
5.89
|
4.26 |
4.40 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Plant and Machinery
- Furniture and Fixture
- Motor Vehicles
- Office Equipments
- Dies and Tools
- Computer
- Testing Equipment
- Motor Car
Bankers Charges
Report as per Registry
|
Name of the company |
TEKNIKA
ENGINEERING COMPANY PRIVATE LIMITED |
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Presented By |
Union Bank of Kapurbavdi
Branch, Thane [West] |
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1) Date and description of instrument creating the change |
Hypothecation
[Goods] agreement dated 22.01.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of Raw
Materials, Semi Finished and Finished Goods Covered under Letter of Credit
opened from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.50 % p.a. with monthly rests. Margin 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Kapurbavdi Branch, Thane [West] |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28920MH1994PTC078260 |
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Name of the
company |
TEKNIKA ENGINEERING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
88 / 90, |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Union Bank of Kapurbavdi Branch, Dhanlaxmi Industrial Estate, Gokul Nagar, Old Agra
Road, Thane – 400601, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum |
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Date of
instrument Creating the charge |
24.05.2007 |
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Amount secured by
the charge |
Rs. 14.175
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge Equitable
mortgage by way of deposit of title deeds situated S. No. 166A, Hissa No. 1 At
Village Asangaon, Thane, adm. 1120 sq. mtrs. subject to maximum limit of Rs.
14.175 Millions for following break up :
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Short particulars
of the property charged |
All the piece or
parcel of vacant land of ground bearing no. 22 situated at Village Shahapur,
Thane in the Registered Sub-Registered of Kalyan District Tahne adm. 13339
sq. yrds. Equivalent to 1120 sq. mtrs. or there about and bearing S. No. 166
A, Hissa No. 1 together with fixed plant and machinery or the building and
structures which may hereafter be erected / constructed thereon. |
AS PER
WEBSTIE
Subject is an ISO 9001:2000 certified manufacturer,
exporter and importer of Copper and
Copper Alloy Tubings & Cable Lugs. After having studied the
finer point of specification of End-User industries, they have installed latest
generation tube drawing mills with controlled atmosphere electric annealing
furnaces. This ensures dimensional accuracy, uniform grain structure and bright
ID totally free from scaling and oxidation. They are committed to use superior
technology to give their customers the best products available in the market.
They strive for continuous improvement for the benefit of all customers, team
members and suppliers.
Products
Chief tube applications for copper in the
transportation industry are for automotive and truck radiators,
air-conditioning systems and hydraulic lines. In marine service, copper and
copper alloy tubes and pipes are used to carry potable water, sea water and
other fluids, but the chief application is foam alloy tube bundles for
condensers and auxiliary heat exchangers. The food and beverage industries also
use copper to carry process fluids for beer, spirits, cane sugar refining and
other food processing operations.
The Application
They use modern technology to draw on the unique
combination of properties of copper and copper alloys in the form of tube and
pipe products. Copper tube is used extensively to convey potable water in
buildings and homes. Copper alloys are selected to convey many diverse fluids
for the oil, chemical, process and marine industries. Copper tube’s second
largest application is in air-conditioning and refrigeration systems, fire
sprinkler systems and fuel gas distribution systems in residential and office
buildings. Copper is used for plumbing tube principally because of its
corrosion resistance and high level of heat transfer.
Quality
Their Quality Control Department procedures,
performed by trained inspection personnel, maintain complete control of each
order. This begins with the receipt of material, continues during set ups,
secondary operations and final inspection. Their quality policy is to
provide on-time delivery, to resolve customer complaints, maintain customer
satisfaction and adopt latest technology. All operations are carried out as per the product flow
chart and the quality plans are displayed for the relevant stage at the work
area. Required work instructions are prepared and displayed near the working
area. Before the start of production or while changing over, first piece
approval is carried out. During the production, product parameters are
monitored as per the quality plan at defined frequency. In case of any
discrepancy observed during the production, corrective action is taken. Daily
production and non-conformity is monitored.
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.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
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
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|