MIRA
INFORM REPORT
|
Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TIMEX GROUP PRECISION ENGINEERING LIMITED |
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Registered
Office : |
117, Ground Floor, World Trade Centre, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.05.2008 |
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Com. Reg. No.: |
55-178234 |
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CIN No.: [Company Identification
No.] |
U74210DL2008PLC178234 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT07970E |
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PAN No.: [Permanent Account No.] |
AACCT9314M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Tools, Moulds and Plastic Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
117, Ground Floor, World Trade Centre, |
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Tel. No.: |
91-11-23417081 |
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Fax No.: |
91-11-23417082 |
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E-Mail : |
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Website : |
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Factory : |
A-27, Sector – 68, Noida – 201307, |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kapil Kapoor |
|
Designation : |
Director |
|
Address : |
Apartment 1083, Tower – 15, H.K. Park View 88, Taitam Reservoir Road,
Hong Kong |
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Date of Birth/Age : |
06.08.1964 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Vass Dev Wadhwa |
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Designation : |
Director |
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Address : |
122, Third Floor, Jasola – 1, |
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Date of Birth/Age : |
20.08.1964 |
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Date of Appointment : |
06.09.2010 |
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Name : |
Mr. Kalyan Kumar Ghosh |
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Designation : |
Director |
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Address : |
A – 101, F – 2, Sector – 50, Noida – 201301, |
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Date of Birth/Age : |
31.05.1969 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Vikram Bhardwaj |
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Designation : |
Director |
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Address : |
#615, Block – E, |
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Date of Birth/Age : |
28.09.1977 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Manuel Lopes Henriques |
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Designation : |
Director |
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Address : |
167, |
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Date of Birth/Age : |
06.07.1948 |
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Date of Appointment : |
28.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Timex Nederland B.V. ( |
|
31336653 |
|
Vass Dev Wadhwa |
|
49994 |
|
Kapil Kapoor |
|
1 |
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|
1 |
|
Salil Sadanandan |
|
1 |
|
Ananda Mukherjee |
|
1 |
|
R. Chandrasekhar |
|
1 |
|
G. Lakshman Rao |
|
1 |
|
Total |
|
31386653 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.84 |
|
Directors or relatives of Directors |
0.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tools, Moulds and Plastic Components. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Plastic components |
Nos. |
NA |
NA |
56256 |
|
Tools and Moulds |
Nos. |
NA |
NA |
292 |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Company Chartered Accountant |
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Address : |
Building No. 10, 8th Floor, Tower – B, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Holding Company : |
Timex Nederland B.V. |
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Ultimate Holding Company : |
Timex Group B.V. |
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Associates/Subsidiaries : |
Timex Group India Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31386653 |
Equity Shares |
Rs.10/- each |
Rs.313.867
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
|
313.867 |
257.398 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(3.739) |
(4.301) |
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NETWORTH |
|
310.128 |
253.097 |
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LOAN FUNDS |
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|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
1.398 |
0.000 |
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|
|
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|
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TOTAL |
|
311.526 |
253.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
202.935 |
194.098 |
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Capital work-in-progress |
|
71.416 |
11.141 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
12.216
|
5.852 |
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Sundry Debtors |
|
43.558
|
31.879 |
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Cash & Bank Balances |
|
20.951
|
31.608 |
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Other Current Assets |
|
0.265
|
0.219 |
|
|
Loans & Advances |
|
8.050
|
10.855 |
|
Total
Current Assets |
|
85.040
|
80.413 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
41.652
|
27.855 |
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|
Provisions |
|
6.213
|
4.700 |
|
Total
Current Liabilities |
|
47.865
|
32.555 |
|
|
Net Current Assets |
|
37.175
|
47.858 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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|
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TOTAL |
|
311.526 |
253.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
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SALES |
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|
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|
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Income |
|
144.735 |
48.713 |
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Other Income |
|
2.363 |
2.036 |
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TOTAL
(A) |
|
147.098 |
50.749 |
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Less |
EXPENSES |
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|
|
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Materials consumed and movements in finished goods and
work-in-progress |
|
55.371 |
21.125 |
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Personnel Cost |
|
32.509 |
11.741 |
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Other expenses |
|
46.499 |
17.241 |
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Preliminary expenses |
|
0.000 |
0.234 |
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TOTAL (B) |
|
134.379 |
50.341 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
12.719 |
0.408 |
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
12.719 |
0.408 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
10.570 |
4.609 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
2.149 |
(4.201) |
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Less |
TAX (I) |
|
1.587 |
0.100 |
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PROFIT AFTER TAX
(G-I) (J) |
|
0.562 |
(4.301) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(4.301) |
0.000 |
|
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|
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|
|
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BALANCE CARRIED
TO THE B/S |
|
(3.739) |
(4.301) |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
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|
Raw Materials |
|
1.724 |
0.415 |
|
|
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Capital Goods |
|
1.706 |
0.000 |
|
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TOTAL IMPORTS |
|
3.430 |
0.415 |
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|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
0.02 |
(0.33) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.38 |
(8.47) |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.48 |
(8.62) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.75 |
(1.53) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.15 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.78 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND :
Timex
Group Precision Engineering Limited ("TGPEL" or the
"Company"), was incorporated on 16 May 2008 under the provisions of the
Companies Act, 1956 as a limited liability company, which is a wholly owned
subsidiary of Timex Netherland B.V. The ultimate holding company is Timex Group
B.V. The Company's business consists of manufacturing of tools, moulds and
plastic components.
OPERATIONS :
The company, Timex Group Precision Engineering Limited (TGPEL),
established in May 2008 moves its operations from leased premises to an owned
factory at A-27, Sector-58, Noida.
The new factory, set up in a strategically located Industrial sector of
Noida, is built on a land plot of 3200 sq. mtrs of area with a covered space of
43644 sq. ft. This state-of-the-art manufacturing unit houses a modern Tool
room and a Plastic Injection Moulding shop. Utmost care has been taken to
include adequate support functions like Quality, Material Storage, Finished
goods and facilities. The building has been architecturally designed to conform
to all laws of environment and safety. The factory was formerly inaugurated in
December 2010.
The company specializes in manufacturing of high Precision Injection
Moulds up to 300 ton capacity, using the latest technology machines installed
in a controlled environment. Plastic parts are produced on high efficiency
microprocessor controlled close loop Injection Moulding Machines (up to a
capacity of 300 tons) capable of handling of all types of engineering plastics.
The company has on its team, qualified and experienced staff from
reputed institutes across the country
backed up by a strong team of Designers supported by the latest Design
software.
FIXED ASSETS :
- Leasehold Improvements
- Plant and Machinery
- Office equipment
- Furniture and Fixture
- IT Equipment
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.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.