MIRA
INFORM REPORT
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Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Ground Floor, Shree Apartments, J P Nagar, Road, No. 3, Goregaon
(East), Mumbai 400 063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.2000 |
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Com. Reg. No.: |
11-124321 |
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CIN No.: [Company
Identification No.] |
U28993MH2000PTC124321 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Hygiene Products
including Air Curtains, Hand Dryers, Fly Killers, Auto Taps and much more. |
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 40216 |
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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 meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Seema Shinde |
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Designation : |
Sales Co-Coordinator |
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Contact No.: |
91-9730209622 |
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Date : |
30.05.2008 |
LOCATIONS
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Registered Office : |
Ground Floor, Shree Apartments, J P Nagar, Road, No. 3, Goregaon (East),
Mumbai 400 063, Maharashtra, India |
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E-Mail : |
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Website : |
http://www.technocratsecurity.co.in
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Head Office : |
A – 212, Virwani Ind. Estate, Off. W.E. Highway,
Goregaon (E),Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-26484848/ 49/ 28744097 |
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Fax No.: |
91-22-28729941 |
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E-Mail : |
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Location : |
Owned |
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Factory 1 : |
Located at:
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DIRECTORS
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Name : |
Mr. Ajit Dattaram Khetle |
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Designation : |
Director |
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Address : |
A/ 12, 403, Sahyadri Cooperative Housing Society Limited, General A K
Vaidya Marg, Goregaon (East), Mumbai 400 063, Maharashtra, India |
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Date of Birth/Age : |
04.09.1964 |
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Qualification : |
B. E. |
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Date of Appointment : |
10.02.2000 |
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Name : |
Mr. Nitin Amrutlal Munot |
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Designation : |
Director |
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Address : |
603, Highway park, Thakur Complex, 6th Floor, Kandivali
(East), Mumbai 400 101, Maharashtra, India |
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Date of Birth/Age : |
23.06.1965 |
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Qualification : |
B. E. |
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Date of Appointment : |
10.02.2000 |
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Name : |
Mr. Devendra Rajmal Ranka |
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Designation : |
Director |
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Address : |
7, Laxmi Kunj, Mukta Baug, Station Road, Malad (East), Mumbai 400 064,
Maharashtra, India |
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Date of Birth/Age : |
19.01.1970 |
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Qualification : |
B. E. |
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Date of Appointment : |
10.02.2000 |
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Name : |
Mr. Meghdoot Arvind Thakkar |
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Designation : |
Director |
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Address : |
505, Purushottam Apartments, J P Road, Near Navarang Cinema, Andheri
(West), Mumbai 400 058, Maharashtra, India |
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Date of Birth/Age : |
15.05.1964 |
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Date of Appointment : |
10.02.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Seema Shinde |
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Designation : |
Sales Co-Coordinator |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Ajit Dattaram Khetle |
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2400 |
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Mr. Nitin Amrutlal Munot |
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1600 |
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Mr. Devendra Rajmal Ranka |
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500 |
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Mr. Meghdoot Arvind Thakkar |
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500 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Director or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Hygiene
Products including Air Curtains, Hand Dryers, Fly Killers, Auto Taps and much
more. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
USA, dubai, South Africa |
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Imports : |
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Products : |
Automatic Doors and Machinery |
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Countries : |
Italy, Japan and China |
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Terms : |
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Selling : |
On L/C upto 30 days basis |
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Purchasing : |
On L/C upto 30 days basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 210 [In Office – 150 and In Factory – 60] |
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Bankers : |
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Facilities : |
Company enjoys C/C facility from Citi Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haridas Bhat and Company Chartered Accountants |
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Address : |
B/ 4, Sai Road, Teligalli Cross Road, Andheri (East), Mumbai 400 069,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.554 |
6.753 |
3.788 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.054 |
7.253 |
4.288 |
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LOAN FUNDS |
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1] Secured Loans |
1.766 |
5.881 |
5.357 |
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2] Unsecured Loans |
22.519 |
15.488 |
14.973 |
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TOTAL BORROWING |
24.285 |
21.369 |
20.330 |
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DEFERRED TAX LIABILITIES |
0.289 |
0.090 |
0.216 |
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TOTAL |
34.628 |
28.712 |
24.834 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.052 |
4.831 |
5.691 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.813
|
5.359 |
6.227 |
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Sundry Debtors |
46.473
|
37.350 |
23.348 |
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Cash & Bank Balances |
2.465
|
1.425 |
1.878 |
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Other Current Assets |
8.497
|
5.156 |
2.509 |
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Loans & Advances |
6.413
|
4.182 |
1.996 |
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Total
Current Assets |
69.661
|
53.472 |
35.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.839
|
25.235 |
14.519 |
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Provisions |
6.251
|
4.362 |
2.304 |
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Total
Current Liabilities |
39.090
|
29.597 |
16.823 |
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Net Current Assets |
30.571
|
23.875 |
19.135 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.006 |
0.008 |
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TOTAL |
34.628 |
28.712 |
24.834 |
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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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135.893 |
101.971 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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135.893 |
101.971 |
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Profit/(Loss) Before Tax |
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2.335 |
1.932 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.335 |
1.932 |
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Expenditures : |
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Interest |
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2.171 |
1.977 |
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Depreciation & Amortization |
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0.769 |
1.001 |
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Other Expenditure |
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130.618 |
97.061 |
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Total Expenditure |
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133.558 |
100.039 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.72
|
1.89 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.72
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1.89 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.16
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3.31 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.26 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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7.33
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8.04 |
9.71 |
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Current Ratio (Current Asset/Current Liability) |
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1.78
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1.80 |
2.13 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U28993MH2000PTC124321 |
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Name of the company |
TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED |
|
Address |
Ground Floor, Shree Apartments, J P Nagar, Road, No. 3, Goregaon
(East), Mumbai 400 063, Maharashtra |
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Type of Charges |
Immovable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Citi Bank N A Citi Tower, Dr. S S Rao Road, Parel, Mumbai 400 051, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Loan Agreement and Memorandum of Entry recording past transaction of equitable mortgage by deposit of title deeds (collectively constitute a single charge for Rs. 6.000 millions) |
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Date of the instrument creating charge |
06.11.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 6.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 1.50% over / less than the applicable Citibank PLR which us currently 13.75% p.a. (applicable rate = 12.25% p.a.) Terms of repayment: Annual Renewal overdraft of Rs. 1.500 million shall be annually renewable and Letter of Credit of Rs. 4.500 millions will be repayable in 12 months. Margin: As may be stipulated by Bank from time to time Extent and operation of the charge: The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as described under item no. 14 as security for repayment, together with interest, liquidated damages, costs, charges and expenses and all other monies due and payable by borrower to the bank |
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Short particulars of the Property charged |
Equitable mortgage of commercial property situated at Gala No. 315 A, 2nd Flor, Virwani Industrial Estate, Goregaon (East), Mumbai 400 063, Maharashtra, India |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Name of the company |
TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. Ajit Khetle – Director |
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1) Date and description of instrument creating the change |
Memorandum of entry recording equitable mortgage by deposit of title deeds dated 30.05.2005 and loan agreement dated 30.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Facility 1 – Overdraft facility of Rs. 4.000 millions Facility 2 – Bank Guarantee of Rs. 1.500 million Facility 3 – Letter of Credit of Rs. 2.500 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 |
Equitable mortgage of commercial property situated at Gala No. 315 A, 2nd Flor, Virwani Industrial Estate, Goregaon (East), Mumbai 400 063, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility 1 – Overdraft facility – Interest @ 10.00% p.a. Facility 2 – Bank Guarantee – Tenor – Annually Renewable Facility 3 – Letter of Credit – Tenor – Annually Renewable |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N A Citi Tower, Dr. S S Rao Road, Parel, Mumbai 400 051, Maharashtra, India |
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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 |
Trade References:
- Oil and Natural Gas Corporation
- BMC
- Reliance Industries
- Tata
- HPCC
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 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.42.77 |
|
UK Pound |
1 |
Rs.84.33 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--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 |
NO |
|
--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. |
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 |
|