MIRA
INFORM REPORT
|
Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
TEK ELECTROMECHANICALS PRIVATE LIMITED |
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Formerly Known As : |
TEKTRONIX AUTOMATION AND ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
49/2, Endurlok, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.04.1988 |
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Com. Reg. No.: |
11-46882 |
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CIN No.: [Company
Identification No.] |
U31909MH1988PTC046882 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET03814G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Producer, Exporter, Importer, Purchaser,
Seller, Repairer, Assembler and Designer of Electromechanical Components |
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 220000 |
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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 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 : |
49/2, Endurlok, |
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Tel. No.: |
91-20-26125769 / 26055131 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
EL-12, Electronic Zone, J-Block, MIDC, Bhosari, Pune -
411026, |
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Tel. No.: |
91-20-27121029 / 27122255 / 27121716 / 30680300 / 30680303 |
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Fax No.: |
91-20-27122234 / 27111134 / 30660302 |
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Email : |
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Area : |
1000 sq. mtr [Owned] |
DIRECTORS
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Name : |
Mr. Prabhakaran Mundentavita |
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Designation : |
Chairman and
Managing Director |
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Address : |
B102, Nityanand Complex, |
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Date of Appointment : |
05.04.1988 |
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Name : |
Mr. Sasidharan Mundentavita |
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Designation : |
Director |
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Address : |
Flat No. 7, Building-B, |
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Date of Appointment : |
05.04.1988 |
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Name : |
Mrs. Rajeshwari Mundentavita |
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Designation : |
Director |
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Address : |
B102, Nityanand Complex, |
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Date of Appointment : |
04.12.1991 |
KEY EXECUTIVES
|
Name : |
Mr. Devesh Tudekar |
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Designation : |
Company Secretary |
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Address : |
A -5, Snehal Classique, Shree Saraswati Housing Society, Shivajinagar,
Pune-411005, Maharashtra |
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Tel. No.: |
91-20-25537599/ 25810806 |
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Mobile No.: |
91-9822409986 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Prabhakaran Mundentavita |
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30870 |
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Sasidharan Mundentavita |
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13680 |
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Rajeshwari Mundentavita |
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8570 |
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Madhavi Amma |
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3970 |
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Krishnan Poduval |
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4500 |
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M Prabhakaran - HUF
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|
1260 |
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Ajay Prabhakaran |
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3690 |
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Total
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66540 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Producer, Exporter, Importer, Purchaser,
Seller, Repairer, Assembler and Designer of Electromechanical Components |
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Products : |
·
Connectors
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GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
Ř
Union Bank of Ř
Saraswat Co-operative Bank Limited Ř
Bank of Ř
Bank of Maharashtra, Ř
ICICI Bank Ř
Punjab National Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. P. Brahmankar and Associates Chartered Accountant |
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Address : |
K-6/2, Laxmiprabha, Erandwana Co-operative Housing
Society, Pune-411004, |
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Tel. No.: |
91-20-25411050 |
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Fax No.: |
91-20-25450848 |
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E-Mail : |
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Associates/Subsidiaries : |
Tek Components Private Limited Address : J-31/15, MIDC, Bhosari, Pune-411026, Tel No :- 91-20-27119476 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs.
100/- each |
Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65,540 |
Equity Shares |
Rs.
100/- each |
Rs.
6.554 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
6.554 |
6.554 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
49.943 |
30.762 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
56.497 |
37.316 |
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LOAN FUNDS |
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1] Secured Loans |
|
56.753 |
15.573 |
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2] Unsecured Loans |
|
5.468 |
0.000 |
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TOTAL BORROWING |
|
62.221 |
15.573 |
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DEFERRED TAX LIABILITIES |
|
4.037 |
2.142 |
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TOTAL |
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122.755 |
55.031 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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65.148 |
18.263 |
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Capital work-in-progress |
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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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13.830 |
13.343 |
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Sundry Debtors |
|
52.079 |
23.956 |
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Cash & Bank Balances |
|
0.030 |
0.002 |
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Other Current Assets |
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22.349 |
10.322 |
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Loans & Advances |
|
4.040 |
8.293 |
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Total
Current Assets |
|
92.328 |
55.916 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.142 |
12.469 |
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Provisions |
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12.579 |
6.679 |
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Total
Current Liabilities |
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34.721 |
19.148 |
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Net Current Assets |
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57.607 |
36.768 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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122.755 |
55.031 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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165.259 |
83.798 |
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Other Income |
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22.290 |
8.290 |
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Total Income |
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187.549 |
92.088 |
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Profit/(Loss) Before Tax |
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29.331 |
11.915 |
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Provision for Taxation |
|
10.164 |
4.605 |
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Profit/(Loss) After Tax |
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19.167 |
7.310 |
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Total Earnings |
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30.611 |
NA |
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Total Imports |
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39.998 |
3.827 |
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Expenditures : |
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Depreciation & Amortization |
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4.684 |
3.617 |
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Other Expenditure |
|
148.850 |
72.939 |
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Total Expenditure |
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153.534 |
76.556 |
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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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11.60 |
0.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.64 |
12.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.62 |
16.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.72 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
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2.66 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
Business
Subject is engaged in the business as Manufacturer,
Producer, Exporter, Importer, Purchaser, Seller, Repairer, Assembler and Designer
of Electromechanical Components including electrical switches, connectors,
tackles, plugs, interconnecting cables used in electronic equipments and
system, sockets for diodes, transistors, integrated circuits, cathode ray tube,
electronic valves, electronic crystals and liquid crystal displays, push button
telephone dialer without telephone. Plastic components and pressed sheet, metal
components used in and for electronic equipments, phenolic pressed components
for printed circuit boards, potentiometer, trimmers and other electronic
components.
Bankers Charges
Report as per Registry
|
Name of the company |
TEK
ELECTROMECHANICALS PRIVATE LIMITED |
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Presented
By |
TEK
ELECTROMECHANICALS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Deed of simple
mortgage to secure credit facilities dated 08.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working capital
facilities Rs in 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 |
All those pieces
and parcels of industrial land adm Hectare 01-71 Are or thereabouts and
situate, lying and being and bearing Gat No. 95 of Village Kesnand, Taluka
Haveli, Pune within he Registration Distract and within the Jurisdiction of
sub Registrar Haveli No. 7, Pune and bounded as follows : On or towards
East : By
gat No. 90 of On or towards
South : By On or towards
North : By gat No. 94 of Together with
factory and other buildings standing thereon and to be constructed thereon
hereafter and all the fixed Plant and Machinery installed and to be installed
hereafter thereon and all other movable Fixed Assets, Fixture and
fittings |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CASH CREDIT Interest : @ BPLR
presently 11.25 % p.a. Margin : 25 % on
stock and receivables PACKING CREDIT Interest :
Presently @ 8 % p.a. for regular limit and for overdue period as per the
Bank’s Rules Margin : 10 % in
Bank’s favour FOBN : Interest
as per C. O. guidelines Inland / import
letter of Credit Rate of Comm : as
per C. O. guidelines Margin : 20 % in
term deposits Bank Guarantee Rate of Comm : as
per Bank’s rules Margin : 20 % in
terms deposits Term Loan Interest : BPLR
minus 1.75 % presently 9.50 % p.a. Margin : 25 % in
Bank’s favour ONE TIME IMPORT
LC Rate of comm. :
as per C. O. guidelines Margin : 10 % Other terms and
conditions as stipulated in the sanction letter dated 26.08.2005 Terms and
conditions of the repayment are applicable as per the Part C : Repayment
schedule of the second schedule to the Instrument creating the charge |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U31909MH1988PTC046882 |
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Name of the
company |
TEK ELECTROMECHANICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
49/2, Endurlok, |
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This form is for |
Creation of Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
Composite deed of
hypothecation for all facilities |
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Date of
instrument Creating the charge |
02.09.2006 |
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Amount secured by
the charge |
Rs. 6.320
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest : 9 % p.a.
with monthly rests Margin : 15 % |
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Description of
the property charged indicating whether it is a charged on |
Vehicles |
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Particulars of
the property charged |
Thirteen Motor
Cars, Fifty Motorcycles |
As Per Website
Founded
Subject began the operation in
1985, as a small sized Tool Room. Recognizing immense opportunity in the
expanding telecom industry, TEK soon diversified in to electromechanical
components manufacturing business.
Business development
The
company has grown continuously since inception. While acquiring latest
technology for development and production, they have been steadily introducing
innovative products and providing customized solutions.
Today
TEK has been recognized as one of the leading component supplier, with
impressive list of customers. Their Telecom products have approval from several
countries across the globe.
They
invest sizeable amount in R&D every year. Up-gradation of technology,
equipment and training are continuous process at TEK.
The People
The dedication of their employees is
reflected in the success of their company. In pursuit of exceeding their
customer’s expectations their employees set high standard of performance. Their
skill, creativity, innovative approach and attention to details are the key
drivers to realize their Company Vision.
Management
They
at TEK practice process-oriented management practices in all areas of their
operations, based on the philosophy “Process produce results, Manage the process for
Results”. Measurement, analysis, improvement and control are effected to
ensure customer requirements are met continuously.
While
their existing system is adequate for the present day needs, they do recognize
the changing trends in the market and are competent to adapt quickly.
Future
plans
It is
their challenge to grow continuously, in the chosen area of electromechanical
component business, by identifying and satisfying the needs in the global
market.
In
pursuit of their Company Vision, they are vigorously implementing program to achieve
Six Sigma performance level.
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.39.79 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.56.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|