MIRA INFORM REPORT
|
|
|
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TASHI TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
M-133, Greater Kailash II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.12.1989 |
|
|
|
|
Com. Reg. No.: |
55-38567 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1989PTC038567 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Auto Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
M-133, Greater Kailash II, |
|
Tel. No.: |
91-11-29213137 |
|
E-Mail : |
|
|
|
|
|
Factory : |
38-C, HSIDC Industrial Estate, Sector – 31, |
|
Tel. No. : |
91-129-2276116 / 2276274 |
|
Fax No. : |
91-129-2276297 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Navneet Sinhal |
|
Designation : |
Director |
|
Address : |
M-133, Greater Kailash II, |
|
Date of Birth/Age : |
30.03.1966 |
|
Date of Appointment : |
01.08.2005 |
|
|
|
|
Name : |
Mrs. Omwati Sinhal |
|
Designation : |
Director |
|
Address : |
M-133, Greater Kailash II, |
|
Date of Birth/Age : |
29.08.1947 |
|
Date of Appointment : |
07.12.1989 |
|
|
|
|
Name : |
Mr. Anand Sinhal |
|
Designation : |
Director |
|
Address : |
M-133, Greater Kailash II, |
|
Date of Birth/Age : |
08.12.1970 |
|
Date of Appointment : |
12.02.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Chandra Sinhal |
|
7680 |
|
Omwati Sinhal |
|
1940 |
|
Total |
|
9620 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Parts. |
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajeev Jain Chartered Accountant |
|
Address : |
1147, Sector – 16, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9620 |
Equity Shares |
Rs.100/- each |
Rs.0.962
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.962 |
0.962 |
0.962 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.498 |
4.579 |
4.476 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.460 |
5.541 |
5.438 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.869 |
7.330 |
10.475 |
|
|
2] Unsecured Loans |
7.173 |
6.811 |
6.449 |
|
|
TOTAL BORROWING |
11.042 |
14.140 |
16.924 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.502 |
19.682 |
22.362 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.827 |
15.528 |
17.954 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.048 |
0.048 |
0.048 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.873
|
4.376 |
3.475 |
|
|
Sundry Debtors |
1.962
|
6.435 |
6.958 |
|
|
Cash & Bank Balances |
6.284
|
0.897 |
1.114 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.494
|
2.851 |
2.523 |
|
Total
Current Assets |
13.613
|
14.559 |
14.070 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9.986
|
10.453 |
9.710 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
9.986
|
10.453 |
9.710 |
|
|
Net Current Assets |
3.627
|
4.106 |
4.360 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.502 |
19.682 |
22.362 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38.587 |
37.322 |
31.948 |
|
|
|
Machining Charges |
18.312 |
12.600 |
12.349 |
|
|
|
Other Income |
0.000 |
0.003 |
0.003 |
|
|
|
TOTAL (A) |
56.899 |
49.925 |
44.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
24.328 |
26.129 |
21.551 |
|
|
|
Tools, Jigs and Spares |
6.404 |
5.365 |
5.282 |
|
|
|
Advertising Expenses |
0.002 |
0.001 |
0.002 |
|
|
|
Salaries and Wages |
2.240 |
1.769 |
1.602 |
|
|
|
Staff Welfare |
0.010 |
0.003 |
0.001 |
|
|
|
Other Expenditure |
19.528 |
12.495 |
12.188 |
|
|
|
TOTAL (B) |
52.512 |
45.762 |
40.626 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.387 |
4.163 |
3.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.327 |
1.619 |
1.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.060 |
2.544 |
2.361 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.141 |
2.442 |
2.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.919 |
0.102 |
0.178 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.919 |
0.102 |
0.178 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
0.496 |
0.300 |
4.748 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.56 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.61
|
0.20 |
0.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.38
|
0.27 |
0.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.35
|
0.34 |
0.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.25
|
4.44 |
4.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.39 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
For the year ended on 31.3.2010, the
company was able to do Jobwork of Rs.18.312 Millions. and Sales of Rs. 38.586
Millions as compared to do Jobwork of Rs.12.600 Millions and Sales of
Rs.37.322039 Millions in the preceding year ended on 31.3.2010.
FORM 8 :
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1989PTC038567 |
|
Name of the
company |
TASHI TECHNOLOGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
M-133, Greater Kailash II, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Small Industries Development Bank of India, SIDBI Tower, 15, Ashok
Marg, Lucknow – 226001, Uttar Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Loan Agreement,
Deed of Hypothecation dated 14.09.2007 alongwith Letter of Intent. |
|
Date of
instrument Creating the charge |
14.09.2007 |
|
Amount secured by
the charge |
Rs.4.400 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 12.5% p.a. with
monthly rests on the principal amount of the loan outstanding from time to time
payable on first day of each month of calender year. Terms of
Repayment : The term loan
shall be repaid in 53 monthly installments comprising first 52 monthly
installments of Rs.0.082 Million and finally the last 53rd installment of
Rs.0.136 Million commencing after a moratorium of six months from the date of
first disbursement of the loan. Margin : The company shall
bring in Internal accruals to the tune of Rs.1.532 millions towards the
project. Extent and
Operation of the charge : First charge on assets
to secure term loan of Rs.4.400 millions. |
|
Short particulars
of the property charged |
All plant,
machinery, machinery spares, tools and accessories as proposed to be financed
by SIDBI more particularly Mitutoyo make Contour measuring machine and
Milling and Centering machine with standard accessories, etc. installed/ to
be installed at the factory premises of the company at 38C, HSIDC Industrial
Estate, Sector 31, Faridabad. |
FIXED ASSETS :
- Air Compressor
- Air Conditioners
- Air/Water Coolers
- Bench Grinders
- Building
- Chip Conveyors
- Computer
- Cycles
- Dies and Gauges
- Drill/Grindings
- Electric Capacitors
- Electric Goods/Fitting
- Electrostate Machine
- Factory Shed
- Fax Machine
- Furniture and Fixtures
- Generator
- Inspection Instrument
- Motor Vehicles
- Plant and Machinery
- Room Under Construction
- Voltage Transformer
- Weighing Machine
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.44.20 |
|
|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.