MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TECNOVA INDIA PRIVATE LIMITED |
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Registered Office : |
A-10, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.06.1984 |
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Com. Reg. No.: |
55-18517 |
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CIN No.: [Company
Identification No.] |
U29299DL1984PLC018517 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04707D |
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PAN No.: [Permanent
Account No.] |
AAACT0831H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Consultancy Services. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
A-10, |
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Tel. No.: |
91-11-26863576 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Abhey Yograj |
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Designation : |
Managing Director |
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Address : |
N-94, |
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Date of Birth/Age : |
01.09.1943 |
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Date of Appointment : |
12.07.1998 |
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Name : |
Mr. Suresh Chandra Rajpal |
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Designation : |
Director |
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Address : |
F-100, |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Ajay Muttreja |
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Designation : |
Director |
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Address : |
I-52, Ashok Niketan, Naraina Vihar, |
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Date of Birth/Age : |
11.12.1956 |
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Date of Appointment : |
30.09.1992 |
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Name : |
Mr. Kewal |
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Designation : |
Director |
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Address : |
11, Arya Vart Narayan, |
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Date of Appointment : |
06.04.2002 |
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Name : |
Mr. James Douglas Thompson |
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Designation : |
Director |
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Address : |
B-4, |
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Date of Appointment : |
06.04.2002 |
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Name : |
Mr. Gurbrinder Singh Gill |
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Designation : |
Director |
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Address : |
Loxwood, The Heath Weybridge Surrey KT – 13, OLE |
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Date of Birth/Age : |
30.05.1947 |
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Date of Appointment : |
06.04.2002 |
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Director |
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Address : |
M-1, Breach Candy Apartments, |
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Date of Birth/Age : |
23.07.1944 |
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Date of Appointment : |
04.10.2006 |
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Name : |
Mr. Frank Albert Wilhelm Elbe |
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Designation : |
Director |
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Address : |
Ambassador Retd. Attorney of Law, Fritz – Schr. Ufer 38, |
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Date of Birth/Age : |
09.05.1941 |
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Date of Appointment : |
04.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Abhey Yograj |
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4897500 |
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Sakish Pandit |
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2500 |
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V. N. Kumar |
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100000 |
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Natalino Duo |
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278650 |
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SMR Investment Limited |
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4312409 |
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Thakur Family Trust |
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323789 |
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Khurana Family Trust |
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64758 |
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James Douglas Thompson |
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516497 |
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Gurbinder Singh Gill |
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63141 |
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Kewal |
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63141 |
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Suresh Chandra Rajpal |
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218600 |
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Anil Batra and Sonali Batra Trustee |
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221245 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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54.00 |
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Directors of relatives of directors |
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45.80 |
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Other top fifty shareholders |
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0.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Consultancy Services. |
GENERAL INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
ICICI Bank
Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. N. Dhawan and Company Chartered Accountants |
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Address : |
C-37, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,000,000 |
Equity Shares |
Rs. 1/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,062,230 |
Equity Shares |
Rs. 1/- each |
Rs. 11.062 Millions |
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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11.562 |
11.062 |
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2] Share Application Money |
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4.208 |
0.000 |
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3] Reserves & Surplus |
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60.320 |
58.570 |
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4] (Accumulated Losses) |
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[17.247] |
[17.485] |
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NETWORTH |
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58.843 |
52.147 |
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LOAN FUNDS |
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1] Secured Loans |
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3.894 |
2.978 |
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2] Unsecured Loans |
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18.119 |
31.536 |
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TOTAL BORROWING |
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22.013 |
34.514 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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80.856 |
86.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.538 |
10.449 |
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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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0.946 |
0.507 |
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DEFERREX TAX ASSETS |
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19.277 |
20.585 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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24.898 |
22.894 |
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Cash & Bank Balances |
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14.735 |
30.285 |
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Other Current Assets |
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0.005 |
0.271 |
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Loans & Advances |
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21.238 |
19.749 |
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Total
Current Assets |
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60.876 |
73.199 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.616 |
10.375 |
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Provisions |
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5.165 |
7.704 |
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Total
Current Liabilities |
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35.781 |
18.079 |
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Net Current Assets |
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25.095 |
55.120 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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80.856 |
86.661 |
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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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155.906 |
106.616 |
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Other Income |
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1.338 |
1.909 |
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Total Income |
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157.244 |
108.525 |
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Profit/(Loss) Before Tax |
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3.949 |
12.010 |
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Provision for Taxation |
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3.356 |
[2.150] |
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Profit/(Loss) After Tax |
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0.593 |
14.160 |
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Earnings in Foreign Currency : |
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Total Earnings |
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147.501 |
91.818 |
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Expenditures : |
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Personnel Expenses |
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58.981 |
37.015 |
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Loss on |
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0.269 |
0.000 |
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Administrative & Operations Expenses |
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88.873 |
55.911 |
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Depreciation & Amortization |
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5.172 |
3.589 |
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Total Expenditure |
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153.295 |
96.515 |
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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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0.38 |
13.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.53 |
11.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.10 |
14.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.98 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.70 |
4.05 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the company |
TECNOVA INDIA
PRIVATE LIMITED |
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Presented By |
MR. ABHEY YOGRAJ
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1) Date and description of instrument creating the change |
Equipment, Loan cum
Hypothecation Agreement dated 03.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.524
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 |
PC Hypothecation
18 pc Laptop 2 pc |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI – 7.38 % 12
EMI of Rs. 4.689 Million |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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DESCRIPTION
Tecnova is a Management Consultancy firm, which assists
foreign companies to leverage the
• Quality-India is the only Asian country having 2,750 companies
with ISO certifications. It also has 5 Deming award winning companies while
• Total product development solutions including engineering design capabilities.
• Cost of select processes such as value added precision
forgings, castings etc. is highly competitive even when compared to
• Options to source in low volume and high variety.
Since there has
been a shift of sourcing from
To quote Michael
Huber, CEO Daimler Chrysler
They believe that
Tecnova can assist the company seize this opportunity and in turn make a
significant impact on the organization’s bottom-line. Tecnova can assist the
company to identify/develop vendors to meet the objectives and can establish
the sourcing partnership in
• Identification & evaluation of vendors.
• Conduct trial and joint assessment analysis with target vendors.
• Assist in finalizing commercial production.
Over 125 Fortune
1000 companies have availed of Tecnova’s Consulting services worldwide. These
include: Polarcup(
SKILLS
Outsourcing Consulting Services include:
Vendor Identification
Vendor Evaluation
Vendor Selection (including trials with multi-vendors)
Assistance in Finalizing Commercial Sourcing Agreement
Their consulting
practices focus on market entry strategies customized for each foreign
investor, specifically these services involve:
• Providing regulatory and market information specially customized for the
products / services.
• Preparation of business plan on the study.
• Selection of the most suitable format for entry viz. acquisition, joint venture, subsidiary, branch office, sales and marketing organization, strategic alliance (with importers).
• Due diligence on potential Indian partners or distributors / importers.
Post entry
services include the following:
1. Location analysis for setting up a production unit.
2. Executive search for recruitment of senior executives of
the start up operations in
3. Advice on contracts with suppliers / vendors.
For companies
already represented in
• Market coverage - Benchmarking, mapping coverage, identification of specific areas to strengthen.
• Feedback from retailers.
• Market review and competition.
• Recommendations.
They continue to
provide advisory support to companies that have entered
TERMS
Exclusivity for 2 years for vendors and components.
Commission / retainer* paid as a percentage of sourced value, paid on quarterly basis.
* To be mutually finalized before starting commercial sourcing. However the fees paid to Tecnova for price investigation will be reduced from the quarterly commissions.
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.40.36 |
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|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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 |
|
34 |
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 |
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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 |
|
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 |
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