MIRA
INFORM REPORT
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Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECCON SERVICES PRIVATE LIMITED |
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Registered Office : |
17, Arya Gowder Road, Chennai – 600033, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.08.1980 |
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Com. Reg. No.: |
18-8387 |
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CIN No.: [Company
Identification No.] |
U27200TN1980PTC008387 |
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IEC No.: |
0400006049 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET02380A |
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PAN No.: [Permanent
Account No.] |
AAACT2293B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Heat transfer equipments, Heat transfer
systems, Heat recovery system, Chemical equipments design etc. |
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 9000 |
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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. Trade relations are fair. Business is active. Payments
are reported a usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sundaresan |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9884038503 |
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Date : |
11.10.2008 |
LOCATIONS
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Registered Office : |
17, Arya Gowder Road, Chennai – 600033, Tamilnadu, India |
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Tel. No.: |
91-44-22521553 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory1: |
2/398, Mount Poonamallee Road, Ayyappan Thangal, Chennai – 600056,
Tamilnadu, India |
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Tel. No.: |
91-44-65664007/ 65664008/ 24765926 |
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Mobile No.: |
91-9884038503 |
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Fax No.: |
91-44-24765926/ 27 |
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E-Mail : |
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Website : |
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Area : |
9000 sq. ft. |
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Location : |
Owned |
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Factory 2: |
B-21, GIDCO Industrial Estate, Marai Malai Nagar – 603209, Tamilnadu,
India |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. S. Jagannathan |
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Designation : |
Director |
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Address : |
24 Veerasamy Street, West Mambalam, Chennai – 600033, Tamilnadu, India
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Date of Birth/Age : |
03.11.1952 |
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Qualification : |
B. Tech Chemical Engineer |
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Date of Appointment : |
20.08.1982 |
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Name : |
Mrs. Radha Jagannathan |
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Designation : |
Director |
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Address : |
24 Veerasamy Street, West Mambalam, Chennai – 600033, Tamilnadu, India
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Date of Birth/Age : |
15.09.1958 |
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Qualification : |
MA |
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Date of Appointment : |
08.11.2004 |
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Name : |
Mr. Sridharan Jagannathan |
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Designation : |
Director |
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Address : |
24 Veerasamy Street, West Mambalam, Chennai – 600033, Tamilnadu, India
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Date of Birth/Age : |
03.11.1952 |
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Date of Appointment : |
20.08.1982 |
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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S. Jagannathan |
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6730 |
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Radha Jagannathan |
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120 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Heat transfer equipments, Heat transfer
systems, Heat recovery system, Chemical equipments design etc. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
31 (Office – 11 and Factory – 20) |
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Bankers : |
Dindi, Chennai – 600032, India |
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Facilities : |
Over Draft (Credit Limit Rs.5.000 Millions) from Indian Bank |
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Banking
Relations : |
Satisfactory |
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Financial
Institutions: |
21 Patullos Road,
Chennai – 6200002, Tamilnadu, India |
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Auditors : |
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Name : |
Padmanabhan Ramani and Ramanujam Chartered Accountant |
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Address : |
No.1Bootha Perumal Street, Mount Road, Chennai – 600004, Tamilnadu,
India |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.764 |
0.764 |
0.764 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.764 |
1.764 |
1.764 |
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LOAN FUNDS |
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1] Secured Loans |
5.127 |
3.825 |
1.953 |
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2] Unsecured Loans |
3.161 |
2.168 |
1.366 |
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TOTAL BORROWING |
8.288 |
5.993 |
3.319 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.052 |
7.757 |
5.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.206 |
6.533 |
3.458 |
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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 |
3.198
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7.273 |
2.838 |
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Sundry Debtors |
2.601
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2.492 |
1.979 |
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Cash & Bank Balances |
1.214
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0.252 |
0.032 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.733
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1.056 |
1.205 |
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Total
Current Assets |
7.746
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11.073 |
6.054 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.653
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10.149 |
4.760 |
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Provisions |
0.000
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0.000 |
0.00 |
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Total
Current Liabilities |
4.653
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10.149 |
4.760 |
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Net Current Assets |
3.093
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0.924 |
1.294 |
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MISCELLANEOUS EXPENSES |
(0.247) |
0.300 |
0.331 |
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TOTAL |
10.052 |
7.757 |
5.083 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
25.689 |
18.967 |
14.801 |
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Other Income |
2.737 |
1.279 |
0.000 |
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Total Income |
28.426 |
20.246 |
14.801 |
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Profit/(Loss) Before Tax |
0.547 |
0.030 |
NA |
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Provision for Taxation |
0.000 |
0.000 |
NA |
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Profit/(Loss) After Tax |
0.547 |
0.030 |
NA |
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Expenditures : |
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Manufacturing Expenses |
5.669 |
4.006 |
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Raw Material Consumed |
18.252 |
13.202 |
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Salaries, Wages, Bonus, etc. |
1.711 |
1.295 |
NA |
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Interest |
1.187 |
0.734 |
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Depreciation & Amortization |
1.059 |
0.978 |
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Total Expenditure |
27.879 |
20.215 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.92
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0.15 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.13
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0.15 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.66
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0.17 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.34
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9.15 |
4.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.66
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1.09 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: 051303-0245 |
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VAT / TIN : 33820840485 |
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IEC Code : 0400006049 |
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PAN / TAN : AAACT2293B |
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Bank Name : Indian
Bank |
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Bank Address : Dindi,
Chennai – 600032, India |
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Bank A/c. No.: 419417642 |
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Account Since : 25
years |
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In case of any affiliations / memberships / certifications
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Name : Export
Engineering Promotion Council (EEPC) |
Trade Reference:
- Ceramatic Milacron India Limited
- Lincoln Helious Industries Limited
- Carborandum Universal Limited
Form 8:
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Name of the company |
TECCON SERVICES PRIVATE LIMITED |
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Presented By |
TECCON SERVICES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement Dated 12th Day May 2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.374 Million |
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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 |
1 No.2003 Model
Maruti Wagon R LX Petrol AC Car Engine No.3065500 Chassis No.184531 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.0.374 Million is
repayable in 35 monthly installment as under first installment of Rs.0.011
Million and the balance in 34 monthly installment of Rs.0.011 Million each |
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5) Name and Address and description of the person entitled to the charge. |
Lakshmi General
Finance Limited 21 Patullos Road,
Chennai – 6200002, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
Website Details:
Profile:
Subject is an established engineering organization that has
proved its worth in the highly demanding national and international markets as a
distinguished manufacturer and exporter of Heat Exchangers, Heat Pumps, Chilled
Water System, Hydraulic Oil Coolers, Air Blast Coolers, Air Heaters etc. The
Company was incorporated in the year 1980 and has been serving the industry for
past 25 years.
The Company is engaged in the design and manufacture of Heat
transfer equipments, Heat transfer systems, Heat recovery system, Chemical
equipments design etc.
- Heat Transfer equipments:
The company is designing and manufacturing various types of
Heat exchangers like Shell and tube type, Fin tube type etc. The products are
Oil coolers, Inter/ After cooler, Air Heaters, Process Fluid Heat exchangers
etc.
- Heat Transfer Systems:
Company also designs and manufactures Refrigerated type oil
cooling. Compressor air cooler, DM water cooling system, Hot air generating
system etc.
- Heat recovery
systems:
The
products covered in this category are flue gas / Air recovery unit Waste heat
recovery for generating hot water, preheating of air, fuel oil heating etc.
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.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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