MIRA
INFORM REPORT
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Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHTRONICS INDIA LIMITED |
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Registered Office : |
J – 5, Saket, New Delhi 110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1997 |
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Com. Reg. No.: |
55-85199 |
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CIN No.: [Company
Identification No.] |
U29130DL1997PLC085199 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT02830C |
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PAN No.: [Permanent
Account No.] |
AAACT4411D |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Importer and
Supplier of Machine Tools, Machines, Equipments and Accessories. |
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 27824 |
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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. This time the management was
found co-operative and parted with the required information in absence of
documents with the Government registry records. 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 : |
J – 5, Saket, New Delhi 110017, India |
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Administrative Office/Technical Center : |
138 A, Udyog Vihar, Phase – VI, Gurgaon – 122 001, Haryana, India |
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Tel. No.: |
91-124-2370555/ 2212000/ 2001 |
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Fax No.: |
91-124-2370666 |
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E-Mail : |
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Website |
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Location : |
Industrial |
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Branch: |
Located at Bangalore |
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Location: |
Rented |
DIRECTORS
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Name : |
Mr. Sudhanshu
Sharma |
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Designation : |
Managing Director
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Date of Birth/Age : |
16.06.1968 |
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Date of Appointment : |
17.02.1997 |
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Name : |
Ms. Karuna Sharma
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Designation : |
Director |
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Date of Birth/Age : |
05.02.1949 |
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Date of Appointment : |
17.02.1997 |
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Name : |
Mr. Ganapati
Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
15.01.1940 |
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Date of Appointment : |
17.02.1947 |
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Name : |
Ms. Shabnam
Sharma |
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Designation : |
Additional
Director |
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Mobile No.: |
91-9810670770 |
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E-mail: |
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Date of Appointment : |
08.12.2004 |
KEY EXECUTIVES
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Name : |
Mr. Arvinder Singh
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Designation : |
Chief Executive
Officer |
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Mobile No. : |
91-9811146865 |
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Email : |
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Name : |
Mr. Nitin Mehra |
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Designation : |
Chief Executive
Officer |
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Mobile No. : |
91-9811205216 |
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Email : |
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Name : |
Mr. Rahul Gupta |
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Designation : |
Chief Executive
Officer |
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Mobile No. : |
91-9818771175 |
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Email : |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Accounts Executive |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Sudhanshu
Sharma |
100 |
12.50 |
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Ms. Karuna Sharma
|
100 |
12.50 |
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Mr. Ganapati
Sharma |
100 |
12.50 |
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Ms. Apurva Kalia |
100 |
12.50 |
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Ms. Kirti Kalia |
100 |
12.50 |
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Ms. Ambica Sanger
|
100 |
12.50 |
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Mr. Sandeep
Agarwal |
200 |
25.00 |
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Total |
800 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and
Supplier of Machine Tools, Machines, Equipments and Accessories. |
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Products : |
Ř
Machine
Tools Ř
Machines Ř
Equipments
and Accessories |
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Imports : |
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Products : |
Machineries |
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Countries : |
Japan, Taiwan,
Switzerland, Korea |
GENERAL
INFORMATION
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Customers : |
Ř Manufacturers Ř OEM’s Ř Individual
Company Ř Subros Limited Ř IAL Agri Limited Ř Bajaj Motors |
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No. of Employees : |
Around 42 |
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Bankers : |
Ř
Canara Bank
, 74 Janpath, New Delhi – 110 001, India Ř
ANZ
Grindlays Bank |
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Facilities : |
Ř Vehicle Loan: Rs.0.675 Million from Canara Bank as per Hypothecation agreement dated March 1, 2006. It is secured against Hypothecation of Ford Fiesta 1.42 XI (Diesel) vehicle. The amount is repayable by monthly instalment (EMI) of Rs.0.011 Million per month commencing from April 2006 (Interest rate @ 9.50% per annum) Ř Vehicle Loan: Rs.0.152 Million from Canara Bank as per Hypothecation agreement dated March 16, 2006 towards purchase of Skoda Laura M/T (Car) to be purchased under Canmobile Agreement. The vehicle loan is repayable by monthly instalment (EMI) of Rs.0.025 Million per month commencing from April 2006. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Awatar and
Company Chartered
Accountants |
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Address : |
1203, Rohit
House, 3, Tolstay Marg, New Delhi – 110 001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
245400 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.454
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.454 |
2.454 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.502 |
3.547 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.956 |
6.001 |
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LOAN FUNDS |
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1] Secured Loans |
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2.565 |
2.937 |
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2] Unsecured Loans |
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9.620 |
2.420 |
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TOTAL BORROWING |
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12.185 |
5.357 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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19.141 |
11.358 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.579 |
9.616 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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10.763 |
3.800 |
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Loans & Advances |
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12.753 |
1.225 |
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Total
Current Assets |
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23.516 |
5.025 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.958 |
3.293 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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13.958 |
3.293 |
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Net Current Assets |
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9.558 |
1.732 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.010 |
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TOTAL |
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19.141 |
11.358 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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28.493 |
6.829 |
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Other Income |
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2.775 |
2.496 |
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Total Income |
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31.268 |
9.325 |
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Profit/(Loss) Before Tax |
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1.054 |
0.504 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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1.054 |
0.504 |
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Expenditures : |
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Opening Stock |
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0.921 |
0.533 |
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Purchases |
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11.275 |
0.393 |
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Administrative and other Expenses |
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14.816 |
5.904 |
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Depreciation |
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1.830 |
0.845 |
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Provision for tax |
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1.254 |
0.630 |
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Loss on sale of assets |
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0.007 |
0.004 |
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Provision for doubtful Debts |
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0.000 |
0.230 |
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Bad debts written off |
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0.106 |
0.000 |
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Amount written back |
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0.000 |
0.278 |
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Preliminary Expenses |
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0.005 |
0.004 |
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Total Expenditure |
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30.214 |
8.821 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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3.37 |
5.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.69 |
7.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.18 |
3.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.75 |
1.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.68 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Subject is a preferred supplier of quality machine tools,
machines and equipment for over 10 years. The name has become synonymous with
trust, quality and reliability. Subject has earned the confidence and trust of
countless customers across India.
Techtronics offers a wide range of products manufactured by leading global manufacturers such as Mori Seiki, Doosan-Daewoo, Wetori-Koshinova, Hosung Machinery, PWB-Swiss, Nexturn, Haller - Hawema, Northstar Equiptop and G.W. Smith and Sons Inc. These are some of the brands represented by us in India.
Authorised Distributors:
®
Mori Seiki,
Japan
®
Doosan –
Daewoo
®
Wetori –
Koshinova, Taiwan
®
Hosung
Machinery Industrial Company Limited
®
PWB – Swiss,
Switzerland
®
Nexturn
®
Haller –
Hawema
®
Northstar
Equiptop
®
G W Smith and
Sons Inc.
Subject does not
exports and sell in the domestic market.
Products range includes:
Mori Seiki Machine Tool Company
®
CNC Lathes
®
Vertical
Machining Centres
®
Horizontal
Machining Centres
®
Machines for
Wheel Machining
Wetori-Koshinova,
Taiwan
® Die Spotting Press
® Stainless Elbow Forming Machine
® Hydraulic Multi-Direction Forming Machine
® Hydraulic Deep Drawing Presses
PWB Swiss
® Tool Presetters
® Tool Mounting Device
® PWB-Touch Setter
Hawema CNC Tool and
Cutter Grinder
G W Smith and Sons
Inc.,
® Die Lubricants
® Tip Lubes
® Machining Fluids
® Cleaners
® Hydraulic Fluids
® Heat Transfer Fluids
® Machine Lubricants
Doosan Daewoo, Korea
® CNC Machine Tools
® Multi Function Tuning Center
® Compact Tuning Center
® Horizontal Turning Center
® Gantry Loaders
® Vertical Machining Center
® Line Center
Hosung Machinery
Industrial Company Limited
® Forging Equipment
® Knuckle Joint Press
® Shearing M/C
® C-type Single Crank Press
Nexturn
® CNC Swiss Type Automatic Lathe
Northstar Equiptop
® Surface Grinder
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. 40.53 |
|
UK Pound |
1 |
Rs. 81.54 |
|
Euro |
1 |
Rs. 62.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|