%20PRIVATE%20LIMITED%2024-Mar-2007_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
24th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TOOLTECH SOFTWARE (INDIA) PRIVATE LIMITED |
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Registered Office : |
1187/ 59 Jangli Maharaj Road, Motwani Chambers, Shivaji Nagar, Pune – 411 005, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.03.1999 |
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Com. Reg. No.: |
11-13375 |
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CIN No.: [Company
Identification No.] |
U72200PN1999PTC013375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET04003G |
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PAN No.: [Permanent
Account No.] |
AABCT0205A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To provide wide variety of software, hardware, digital technology
services, maintenances including custom application development, engineering
services, ecommerce, internet retailing and services, application set up,
modification, conversion and interface development and train and placement of
professionals to impart computer software and technology in India and abroad.
Subject is also engaged in development of CAD, CAM, Software Jobs. |
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 25000 |
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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 fair. Business is active. Payments are reported as
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 : |
1187/ 59 Jangli Maharaj Road, Motwani Chambers, Shivaji Nagar, Pune – 411 005, Maharashtra, India |
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Tel. No.: |
91-20-26054479 |
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Fax No.: |
91-20-26051365 |
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E-Mail : |
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Website : |
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Corporate Office : |
Beta 1, 401 GIGA Space, Viman Nagar, Pune – 411 014, Maharashtra,
India |
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Tel. No.: |
91-20-30511200 |
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Fax No.: |
91-20-30511201 |
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E-Mail : |
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Branch : |
Maa House, No. 6, Service Road, 1st Stage, Domlur Layout, Bangalore – 560 071,
Karnataka, India |
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Tel. No.: |
91-80-41256556 |
DIRECTORS
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Name : |
Mr. Prakash Chandur Gurbaxani |
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Designation : |
Managing Director |
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Address : |
4, Gokul, 23 Kalyani Nagar, Pune – 411 006, Maharashtra, India |
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Date of Birth/Age : |
03.08.1954 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mr. Jagdish N Khanna |
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Designation : |
Chairman |
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Address : |
11 Baghwan Apartment, Worli Seaface, Mumbai – 400 018, Maharashtra,
India |
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Date of Birth/Age : |
26.09.1935 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mr. Atul Jagdish Khanna |
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Designation : |
Director |
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Address : |
11 Floriana Estates, Boat Club Road, Pune – 411 001, Maharashtra,
India |
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Date of Birth/Age : |
05.11.1961 |
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Date of Appointment : |
01.03.1999 |
KEY EXECUTIVES
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Name : |
Kailas Prajot |
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Designation : |
Company Secretary |
SHAREHOLDING
PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mrs. Kiran Jagdish Khanna |
7219910 |
75.999 |
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Mrs. Mona Atul Khanna |
80 |
0.001 |
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Mr. Atul Jagdish Khanna |
2280010 |
24.000 |
BUSINESS DETAILS
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Line of Business : |
To provide wide variety of software, hardware, digital technology services,
maintenances including custom application development, engineering services,
ecommerce, internet retailing and services, application set up, modification,
conversion and interface development and train and placement of professionals
to impart computer software and technology in India and abroad. Subject is also engaged in development of CAD, CAM, Software Jobs. |
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Products : |
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Exports : |
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Products : |
Develops software projects |
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Countries : |
USA |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Þ Kotak Mahindra
Bank Limited
36-38 A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400 021,
Maharashtra, India Þ ABN Amro Bank Þ The Zoroastrian
Bank Þ Nordea Bank,
Helsinki Þ Hypo Gereins
Bank, Munich |
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Facilities : |
The Company enjoys mortgage facilities of Rs. 41.000 millions from
Kotak Mahindra Bank Limted dated 30.11.2006. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandrashekhar B Doshi and Associates Chartered Accountants |
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Address : |
4, Rachna Park, Atreya Co-Operative Housing Society, S B Road, Pune – 411 016, Maharashtra, India |
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Phone: |
91-20-26651269 |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9750000 |
Equity Shares |
Rs. 10/- |
Rs. 97.500 millions |
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250000 |
Preference Shares |
Rs. 10/- |
Rs. 2.500 millions |
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Total |
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Rs. 100.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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990050 |
Equity Shares |
Rs. 10/- |
Rs. 9.900 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 |
9.900 |
9.900 |
9.900 |
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2] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.652) |
(14.328) |
(7.768) |
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NETWORTH |
6.248 |
(4.428) |
2.132 |
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LOAN FUNDS |
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1] Secured Loans |
0.354 |
0.186 |
0.345 |
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2] Unsecured Loans |
73.429 |
50.040 |
18.267 |
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TOTAL BORROWING |
73.783 |
50.226 |
18.612 |
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TOTAL |
80.031 |
45.798 |
20.744 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.044 |
10.281 |
4.537 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.879 |
1.443 |
1.354 |
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Foreign Exchange Translation Reserve
|
0.507 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.928
|
1.841 |
1.292 |
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Sundry Debtors |
22.393
|
13.845 |
8.007 |
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Cash & Bank Balances |
4.949
|
4.498 |
2.596 |
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Other Current Assets |
5.525
|
0.751 |
0.804 |
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Loans & Advances |
34.264
|
17.016 |
8.209 |
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Total
Current Assets |
68.059
|
37.951 |
20.908 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.215
|
3.843 |
6.047 |
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Provisions |
1.243
|
0.060 |
0.060 |
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Total
Current Liabilities |
13.458
|
3.903 |
6.107 |
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Net Current Assets |
54.601
|
34.048 |
14.801 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.026 |
0.052 |
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TOTAL |
80.031 |
45.798 |
20.744 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Total Income |
|
75.761 |
37.419 |
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Profit/(Loss) Before Tax |
|
11.184 |
(4.046) |
|
Provision for Taxation |
|
0.508 |
(2.514) |
|
Profit/(Loss) After Tax |
|
10.676 |
(6.560) |
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Export Value |
|
73.665 |
22.259 |
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Total Expenditure |
|
57.700 |
38.113 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
14.09
|
(17.53) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
14.76
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(10.81) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.14
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(1.71) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
1.79
|
(0.91) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
14.96
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(11.22) |
12.59 |
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Current Ratio (Current Asset/Current Liability) |
|
5.05
|
9.72 |
3.42 |
Financials of TECODESIGN GMBH, Germany
ABRIDGED BALANCE
SHEET
(UNITS IN EUROS)
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
25.000 |
25000.000 |
|
|
2] Reserves & Surplus |
|
20476.000 |
33434.000 |
|
|
4] (Accumulated Losses) |
|
(229281.530) |
(40182.800) |
|
|
NETWORTH |
|
207741.580 |
130014.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
207741.580 |
130014.000 |
|
|
TOTAL BORROWING |
|
207741.580 |
130014.000 |
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|
|
|
|
|
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TOTAL |
|
23936.050 |
148265.200 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
6060.000 |
3302.000 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
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Foreign Exchange Translation Reserve
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
155077.580 |
205508.960 |
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
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Cash & Bank Balances |
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|
|
|
|
Other Current Assets |
|
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|
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|
Loans & Advances |
|
|
|
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Total
Current Assets |
|
155077.580 |
205508.960 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
137201.530 |
60545.760 |
|
|
|
Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
137201.530 |
60545.760 |
|
|
Net Current Assets |
|
17876.050 |
144963.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23936.050 |
148265.200 |
|
PROFIT & LOSS
ACCOUNT
(UNITS IN EUROS)
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
772108.600 |
806581.500 |
|
Other Income |
|
228.620 |
38157.520 |
|
Total Income |
|
772337.220 |
844739.020 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(199924.050) |
(37685.890) |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
(199924.050) |
(37685.890) |
|
|
|
|
|
|
Total Expenditure |
|
972261.270 |
882424.910 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Web:
Corporate Profile
Tooltech is a progressive international engineering group with a
presence in Europe, Asia and North America. The company specializes in concurrent
engineering solutions for a variety of industries, including automotive,
aerospace, tool design & general engineering. Tooltech's services range
from concept development to advanced analysis solutions. Our approach is
customer focused, flexible and highly pro-active with attention to every task
level.
Tooltech supports some of the world's leading OEMs and their Tier 1 suppliers
in Europe and North America.
Tooltech's secure capital base and growth philosophy enable it to invest in the
resources required to support new clients, be it through the addition of new
technologies, software or manpower.
Financial Overview
During the year 2005-2006 the subject achieved revenue (including other
income) of Rs. 75.761 millions which was higher by 102%. Efforts put in by
Directors during the year nd steps taken by the company as Net profit of Rs.
10.676 millions after providing depreciation and income tax / FBT as against
net loss of Rs. 6.560 millions in the year 2004-2005.
Future Prospects
Turnover growth during the year of the company was more by 102% over
last financial year. Majority of the revenue has come from export earnings from
CAD activity. The subject has 3 wholly owned foreign subsidiaries; Tooltech
Europe Oy, Finland, Teco Design GmbH, Germany and Tooltech Inc, USA.
The Company’s Fixed Assets of important value includes :
Þ
Air Conditioner
Þ
Fax
Þ
Hot and Cold Water Dispenser
Þ
EPBAX
Þ
Fire Extinguisher
Þ
Aqua Guard Filter
Þ
Exide FX Power Box
Þ
Access Control Systems
Þ
Fire Alarm Systems
Þ
Paper Shredding Machine
Þ
LCD Projector
Þ
Computer Software
Þ
Fiat Siena
Þ
Mitsubishi Lancer
Þ
Two Wheeler – M-80
Þ
Maruti Esteem
Þ
Electrical Fitting
Þ
Electronic Vacuum Cleaner
Þ
Furniture and Fixtures
Board of Directors
Mr. J.K. Khanna, Chairman
Mr. Khanna is a highly reputed Chartered Accountant and Financial Consultant based in Bombay, India.
Executive:
Mr. Prakash Gurbaxani, Managing Director
Mr. Gurbaxani has an MBA from the US, and 27 years of experience in Information Systems and Finance in the USA, West Asia and India, including 15 years of experience in IT-related outsourced services. Mr. Gurbaxani has also been a visiting professor for MBA students in Pune, India
Mr. Atul Khanna, Director
Mr. Khanna is a successful entrepreneur in the Indian engineering industry, having promoted various businesses involving international collaboration with Germany, the USA and Sweden. Mr. Khanna’s new initiative is in the area of systems biology to promoting a bioscience corridor between Finland and India.
Non Executive:
Mr. Gunter Dentler, Director
Mr. Dentler has been the former Director, International Operations & Technology Transfer with Hertel AG. He has been involved with training and building design know-how/transfer projects between Germany, India and Asia. He has supported several German/India/Asia know how projects. He is based in Nurnberg, Germany.
Dr. Klaus Faust, Director
Dr Faust is a former senior engineering management leader at BMW, who now manages a reputed family owned concern, Lodenfrey GmbH, the well known German clothing company. Dr Faust’s area of expertise is automotive engineering & general management. Dr Faust is based in Munich, Germany.
Mr. Jukka Kallio, Director, Tooltech Europe Oy.
Mr. Kallio is a senior corporate lawyer and senior partner of a leading law firm in Helsinki. Mr. Kallio’s area of expertise includes international law issues. Mr. Kallio is based in Helsinki, Finland.
Mr. Timo Törmälä, Director, Tooltech Europe Oy.
Mr. Törmälä is an authority on intellectual property rights and in the business of evaluating and exploiting patents and their applications. He is the Managing Director of Licentia Oy, the Finnish leader in the business. Mr. Törmälä is based in Helsinki, Finland.
Senior Advisors:
Mr. Gunter Albrecht
Mr. Albrecht is the former Vice President – Military Programmes of MTU Aero Engines. He was also previously involved with Rolls Royce Aero Engines. Mr. Albrecht is a well-known authority in the field of aero engines & simulation. He is based in Munich, Germany.
Mr. David Miles
Mr. Miles was the Chief Design Engineer for the Canadian Regional Jet CRJ100 and other aircraft. He retired as Director of Propulsion and Chief Engineer of Propulsion for all models of Bombardier aircraft, specializing in fuel systems, nacelles, thrust reversers, APU'S, hydraulics, environmental control systems, anti ice systems, cabin noise, and acoustics. Mr. Miles is based in Montreal, Canada.
Mr. Ravi Sonalkar
Mr. Sonalkar is an engineer and entrepreneur with over 25 years experience in Machine Tools and Accessory Manufacture. He was involved with the Indian Machine Tool Manufacturers' association in various capacities. Mr. Sonalkar has also been involved in the setting up of a technology center for Mazak (the World’s largest machine tools builder) in Pune. Mr. Sonalkar is based in Pune, India.
Product
Concept Design :
%20PRIVATE%20LIMITED%2024-Mar-2007_files/image003.gif){kind=small}
Product visualization
Product layout
Assembly design
Assembly analysis : Interference,
clearance and mass properties Detailing and Drafting :
Engineering production drawings
Assembly layout drawings
Dimensional tolerances &
surface finishes
Bill of Materials
Mechanism Design :
Kinematic study of assemblies
Definition of driver mechanisms,
linkages and joints
Interference and clearance checks
Reverse Engineering :
Creation of detailed and accurate
models and drawings using scanning techniques such as CMM.
Locations
India:
Pune – Head Office
Bangalore
Germany:
Munich - Teco Design GmbH
Finland:
Helsinki
Sweden:
Göteborg
USA:
Grand Rapids, Michigan
Contact
Head
Office:
Pune
Tooltech Software (India) Private Limited
401, Beta 1,GIGA Space, Viman Nagar, Pune - 411014, Maharashtra, India
Tel : 91-20-30511200
Fax: 91-20-30511201
Ms. Shobhana Joseph-Taneja:
Business Development Manager
shobhana.taneja@tooltechsoft.com
Bangalore
Tooltech Software (India) Private Limited
Maa House, No. 6, Service Road, 1st Stage, Domlur Layout, Bangalore - 560 071,
Karnataka, India
Tel.: 91-80-41256556
Munich,
Germany
Tecodesign GmbH
Schleißheimer Straße 375, D-80935 München,
Germany
Tel.: 49-89-35 71 91-0
Göteborg,
Sweden
Tooltechsoft Sweden
Filial till Tooltech Software (India)Private Limited
Box 184, Drakegatan 10, S-40123 Göteborg, Sweden
Tel: 46-(0)31-7737163
Helsinki,
Finland
Tooltech Europe OY
Bulevardi 2-4 A, FIN-00120 Helsinki, Finland
Tel: 358 9 6150 7560, +358 9 6150 7561
Fax: 358 9 6150 7562
Michigan,
USA
Tooltech Inc.
5351, Rusche Drive NW, Comstock Park, MI – 49321, USA
Tel: 1-616-780-5666
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.43.70 |
|
UK Pound |
1 |
Rs.85.90 |
|
Euro |
1 |
Rs.58.25 |
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 |
NO |
|
--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 |
|