MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TECHNICO INDUSTRIES LIMITED |
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Registered
Office : |
103, Partap Bhawan, Near |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.01.1985 |
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Com. Reg. No.: |
55-019823 |
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CIN No.: [Company Identification
No.] |
U74210DL1985PLC019823 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04224D/ DELT04473A |
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PAN No.: [Permanent Account No.] |
AAACT4445P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Components, Window Regulators (Power and
Manual), Door Hinges, Gear Shift Lever Assembly Guide Rail Assy, and other
Mounting Brackets. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1536000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office : |
103, Partap Bhawan, Near Indian Express Building, Bahadur, Shah Zafar Marg, New Delhi – 110
002, India |
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E-Mail : |
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Website : |
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Corporate Office 1/ Factory 1: |
Plot No. 17, Sector – 3, IMT, Manesar, Gurgaon – 122 050, |
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Tel. No.: |
91-124-4369350/ 4369354/ 3094214/ 4341100 |
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Fax No.: |
91-124-2291536 |
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E-Mail : |
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Corporate Office 2 : |
407-409, 4th Floor, |
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Tel. No.: |
91-124-3075399 |
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Fax No.: |
91-124-3075390 |
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Factory 2: |
Plot No.19-21, 36-38, Sector – 6, Industrial Estate, Bawal, Rewari –
123 501, |
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Tel No.: |
91-1284-264034 |
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Plot No.26, 1st
Phase, Kombalgodu Industrial Area, Bengaluru-560 074, |
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Tel. No.: |
91-80-32467709 |
DIRECTORS
As on 27.07.2010
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Name : |
Mr. Arun Gupta |
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Designation : |
Managing Director |
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Address : |
B-7/2, DLF Phase – I, Gurgaon-122 002, |
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Date of Birth/Age : |
19.11.1951 |
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Date of Appointment : |
11.01.1985 |
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Name : |
Mr. Amit Gupta |
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Designation : |
Whole Time Director |
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Address : |
B-7/2, DLF Phase – I, Gurgaon-122 002, |
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Date of Birth/Age : |
10.12.1977 |
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Date of Appointment : |
01.02.2004 |
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Name : |
Mr. Naresh Kumar Sethi |
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Designation : |
Director |
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Address : |
B-9/11, |
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Date of Birth/Age : |
28.10.1947 |
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Date of Appointment : |
31.03.2008 |
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Name : |
Mr. Deepak Mohla |
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Designation : |
Director |
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Address : |
E-12, Saket, New Delhi-110 017, |
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Date of Birth/Age : |
07.10.1950 |
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Date of Appointment : |
05.03.2008 |
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Name : |
Mr. Deepak Sood |
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Designation : |
Director |
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Address : |
3, Argyle, The Mall, Shimla-171 001, |
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Date of Birth/Age : |
09.02.1952 |
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Date of Appointment : |
01.07.2008 |
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Name : |
Mr. Ashok Kumar Goyal |
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Designation : |
Director |
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Address : |
C – 19, Sector 33, Gautam Budh Nagar, Noida – 201 301, |
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Date of Birth/Age : |
22.06.1957 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Yasuhisa Tsutsumi |
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Designation : |
Director |
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Address : |
1-21, Kuriana, Hirao cho, Totokawa, Aichi – 4420863, Japan |
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Date of Birth/Age : |
03.03.1957 |
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Date of Appointment : |
29.09.2009 |
KEY EXECUTIVES
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Name : |
Mr. Ranbir Das |
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Designation : |
Secretary |
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Address : |
C-461, |
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Date of Birth/Age : |
10.02.1967 |
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Date of Appointment : |
11.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Arun Gupta |
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1239162 |
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Arun Gupta HUF |
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80300 |
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Amit Gupta |
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687611 |
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Rekha Gupta |
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575984 |
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Navita Gupta |
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575983 |
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ARG Udyog Private Limited, |
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719150 |
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Aditi Garg |
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110 |
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Achin Garg |
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110 |
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Shiroki Corporation, |
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1098000 |
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ARG Auto Components Private Limited, |
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220000 |
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ARG Autosystems Limited, |
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32000 |
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Total |
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5228410 |
As on 27.07.2010
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Category |
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Percentage of holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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21.00 |
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Bodies corporate |
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18.57 |
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Directors or relatives of directors |
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60.43 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Components, Window Regulators (Power and Manual),
Door Hinges, Gear Shift Lever Assembly Guide Rail Assy, and other Mounting
Brackets. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
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Automobiles Parts |
MT |
NA |
36000 |
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Note: Installed Capacity being a technical matter, therefore,
the certificate of the management is relied upon.
GENERAL INFORMATION
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Customers : |
· CHRYSLER · · Renault · Maruti Suzuki · Hundai · Mahindra Renault · TATa Daewoo · Sonalika · Indian · GM · Swaraj Mazda |
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No. of Employees : |
600 (Group) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Sharma and Associates Chartered Accountants |
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Address : |
Opposite Old D.M.C., Civil Lines, |
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Associates: |
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Joint Venture : |
Technico Konsberg Automotive India Limited |
CAPITAL STRUCTURE
AS ON 27.07.2010
Authorised Capital : Rs. 250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 167.510
Millions
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5228410 |
Equity Shares |
Rs.10/- each |
Rs.52.284 Millions |
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Of the above shares:
1)
96600 Equity Shares allotted
as fully paid up by way of bonus shares during the year 1991-92
2)
193200 Equity Shares
allotted as fully paid up by way of bonus shares during the year 1992-93
3)
386400 Equity Shares
allotted as fully paid up by way of bonus shares during the year 1993-94
4)
772800 Equity Shares
allotted as fully paid up by way of bonus shares during the year 1994-95
5)
1159200 Equity Shares
allotted as fully paid up by way of bonus shares during the year 1998-99
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
52.284 |
37.172 |
37.172 |
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2] Share Application Money |
0.250 |
135.800 |
12.500 |
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3] Reserves & Surplus |
331.356 |
138.005 |
98.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
383.890 |
310.977 |
147.717 |
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LOAN FUNDS |
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1] Secured Loans |
708.630 |
569.123 |
188.845 |
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2] Unsecured Loans |
211.065 |
54.796 |
12.255 |
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TOTAL BORROWING |
919.695 |
623.919 |
201.100 |
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DEFERRED TAX LIABILITIES |
88.703 |
47.373 |
26.473 |
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TOTAL |
1392.288 |
982.269 |
375.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1371.359 |
843.985 |
264.204 |
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Capital work-in-progress |
105.646 |
81.724 |
0.000 |
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INVESTMENT |
0.020 |
0.020 |
2.020 |
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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 |
122.374
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113.923
|
54.229 |
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Sundry Debtors |
118.046
|
99.217
|
58.976 |
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Cash & Bank Balances |
12.255
|
41.218
|
29.593 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
69.433
|
51.462
|
98.007 |
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Total
Current Assets |
322.108
|
305.820
|
240.805 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
347.072
|
159.939
|
88.336 |
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Other Current Liabilities |
53.926
|
78.071
|
26.824 |
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Provisions |
5.847
|
11.270
|
16.579 |
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Total
Current Liabilities |
406.845
|
249.280
|
131.739 |
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Net Current Assets |
(84.737)
|
56.540
|
109.066 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1392.288 |
982.269 |
375.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
915.907 |
861.581 |
813.262 |
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Other Income |
13.817 |
5.744 |
3.133 |
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TOTAL (A) |
929.724 |
867.325 |
816.395 |
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Less |
EXPENSES |
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Raw Material Consumed |
611.648 |
552.981 |
542.731 |
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Labour Charges |
76.057 |
68.722 |
47.075 |
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Conversion Charges |
29.280 |
20.570 |
16.108 |
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Service Tax |
9.614 |
4.206 |
0.857 |
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Excise Duty paid |
3.317 |
24.368 |
31.804 |
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Vat Paid |
17.316 |
27.095 |
27.509 |
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Establishment Expenses |
51.555 |
34.738 |
22.533 |
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Office and Administrative Expenses |
19.068 |
20.832 |
21.658 |
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Repair and Maintenance Expenses |
5.160 |
3.568 |
2.885 |
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Selling and Distribution Expenses |
14.240 |
12.412 |
17.164 |
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|
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Loss on sale of fixed assets |
0.139 |
0.838 |
0.000 |
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|
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Increase/Decrease in Stock |
(42.143) |
(38.510) |
1.332 |
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TOTAL (B) |
795.251 |
731.820 |
731.656 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
134.473 |
135.505 |
84.739 |
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Less |
FINANCIAL
EXPENSES (D) |
30.273 |
34.061 |
17.373 |
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.200 |
101.444 |
67.366 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.805 |
29.074 |
15.728 |
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PROFIT BEFORE
TAX (E-F) (G) |
57.395 |
72.370 |
51.638 |
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Less |
TAX (H) |
41.899 |
32.171 |
20.493 |
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PROFIT AFTER TAX
(G-H) (I) |
15.496 |
40.199 |
31.145 |
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Dividend and
Dividend Tax |
0.000 |
|
(14.209) |
|
|
|
Excess (Short)
Provision of Earlier Year w/o |
(0.077) |
(0.239) |
|
|
|
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MAT Credit
entitlement of financial year 2008-09 |
4.143 |
0.000 |
|
|
|
|
|
|
|
|
|
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Net Profit
Transferred to General Reserve |
19.562 |
39.960 |
16.936 |
|
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EXPORT VALUE |
1.410 |
2.930 |
NA |
|
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IMPORTS VALUE |
NA |
79.915 |
NA |
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Earnings Per
Share (Rs.) |
|
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|
|
|
|
Basic and Diluted EPS Before Deferred Tax |
12.04 |
16.37 |
NA |
|
|
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Basic and Diluted EPS After Deferred Tax |
3.88 |
10.75 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.67
|
4.63
|
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.27
|
8.40
|
6.33 |
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
6.29
|
10.23 |
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.23
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.46
|
2.81
|
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
1.23
|
1.83 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During the year 2009-10 the Company performed well and managed to record
a turnover of Rs.915.900 millions as compared to Rs.861.580 millions of the
last year thereby resulting in an increase of approximately 6.30%. Due to
increase in operational expenditure EBIDTA of the Company has marginally
reduced to Rs.134.470 millions from previous year’s EBIDTA of Rs.135.500
millions. PAT has also decreased to Rs.15.500 millions from Rs.40.200 millions
of previous year thereby resulting in decrease of approx. 61.44% over the
previous year. The Directors are of the opinion that the capital expenditure
made in this financial year are bound to earn profit in the coming financial
years and thereby profitability of the Company will increase significantly.
OPERATIONS
AND FUTURE PROSPECTS:
During the year 2009-10 Maruti Suzuki India Limited, major
customer of the Company, contributed approx. 76.36% to the turnover of the
Company. Maruti Suzuki recorded a 30% increase in the number of vehicles
manufactured by it during the year. As a result, operations of the Company
remained smooth despite reduction in sales to other customers of the Company.
During the year, Company completed the development of Seat Slider and Seat
Recliner for new Wagon R of Maruti Suzuki and started supplies from the month
of March, 2010. The Company is expecting to achieve an additional turnover of
Rs.300.000 millions from the business of Seat Slider and Seat Recliner in the
financial year 20 10-2011. The Company is expecting an aggregate turnover of Rs.1180.000
millions from sales to Maruti Suzuki for the financial year 2010-11, a 70%
increase over the last year. This increase will be mainly on account of
increase in overall turnover of Maruti Suzuki and start of new business of seat
slider by the Company.
During the year, the company held discussion with Maruti
Suzuki for getting new business of supplying Hinges and Window Lifters for its
New Alto (Model-T) and Window Lifters and Hingess for New Swift (Model YP-8).
With the launch of these new products the Company is estimating additional
revenue of Rs.300 million by the financial year 2011-12.
During the year the Company was engaged in development of
the auto components for Toyota Kirloskar Motors Limited for its small size cars
segment in
During the year the Company has been engaged in development
of Hinges for Nissan for its small size cars segment in
The Company is also focusing on Tata Motors as its prospective
customer for Hinges from the financial year 2010-11. Tata Motors has huge
potential in the passenger segment and commercial vehicle segment in
INDUSTRY
SCENARIO
Indian auto component industry has seen major growth with
the arrival of world vehicle manufacturers from
Considering the growth of the market in future the Company
has endeavored to maximize the expansion of the operations of the Company.
Indian auto component industry has been continuously growing
due to increase in industrial and agricultural output and per capital income of
INSTALLATION
OF PLATING, ETP AND SEWAGE TREATMENT PLANT:
During the year, the Company has installed an Automatic
Trivalent Zinc Plating Plant along with Effluent Treatment Plant at its
manufacturing unit situated at Bawal. Prior to this plating plant the Company
was getting the plating work done through outside source which was a costly
exercise. The Company is now able to do the same in house which shall reduce
the cost of plating significantly during the year. With the increase in
production as projected for the year 2011-2012, the capacity of plating plant
will be optimally utilized which will result in more cost savings to the
Company and improvement in its bottom line. With the installation of Effluent
Treatment Plant the Company shall be able to recycle the discharged water for
further use within the plant.
For better protection of environment and as a pollution
control measure, the Company has also installed a Sewage Treatment Plant at
Bawal for removing contaminants from wastewater and domestic sewage. It
includes physical, chemical, and biological processes to remove physical,
chemical and biological contaminants. its objective is to produce a waste
stream (or treated effluent) and a solid waste or sludge suitable for discharge
or reuse back into the environment.
INSTALLATION
OF FINE BLANKING PRESS:
During the year the Company has installed a Fine Blanking
Press. Prior to this the Company was getting fine blanking done from outside
sources. Fine Blanking in- house installation will result in saving of over
10.000 Millions per year. In addition to this the Company can utilize around
40% of the capacity of the machine for other customers resulting in addition to
bottom-line.
INCREASE
IN LIMIT OF CREDIT FACILITIES BY INDIAN BANK:
During the year, the Company had submitted a proposal for
increase in limits of various credit facilities availed from Indian Bank and
grant of a fresh term loan. The said proposal was considered and approved by
the Indian Bank. The Bank has increased the limits of WCDL/ OCC/ LC and other
credit facilities and sanctioned a fresh term loan of Rs.227.500 millions. The
said term loan is yet to be disbursed by the Bank.
NEW
ASSEMBLING UNIT AT
The Company has taken on lease a property in l3angalore and
has set up a unit for assembly of Window Lifters and Door Hinges for selling
them to Toyota Kirloskar Motors Limited These products will be supplied to
Toyota Kirloskar at its plant situated at
ALLOTMENT
OF LAND AT
During the year, the Company was allotted three acres of
land at Harohalli 2nd Phase Industrial Area,
FORM 8:
|
Corporate
identity number of the company |
U74210DL1985PLC019823 |
|
Name of the
company |
TECHNICO INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
103, Partap Bhawan, Near Indian Express Building, Bahadur Shah Zafar Marg,
New Delhi – 110 002, India E-Mail: legal@technicoindustries.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of charge
holder |
Indian Bank, 1601, Kalsi Nagar, Ludhiana-141 003, E-Mail: kalsinagar@indianbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Sanction letter
dated 25.10.2010, Board resolution
dated 27.10.2010, Single/Joint
Promissory Note dated 28.10.2010, Agreement of
Guarantee dated 28.10.2010, Agreement for
open cash credit dated 28.10.2010, Letter for
extension of equitable mortgage, Agreement for Hypothecation
of movables 28.10.2010 |
|
Date of
instrument Creating the charge |
28/10/2010 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: BR + 7.25 + 0.50%
(Presently 16.25% p.a.) Terms of
Repayment: Within 90 days
from the date of disbursements of amount. Margin: 25% Extent and
Operation of the charge: On all the existing
securities specified in sanction letter no. MC Sanction No 867/18.10.10 dated
25.10.2010 |
|
Short particulars
of the property charged |
EM on immovable
properties , 1st Mortgage over entire fixed assets and Goods,
produce, Merchandise, stock stored or to be stored from time to time in
premises at 19-21 and 36 - 38, Sector 6, Bawal (Haryana) |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74210DL1985PLC019823 |
|
Name of the
company |
TECHNICO INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
103, Partap Bhawan Bahadur, Shah Zafar Marg, |
|
Type of charge |
Movable Property Book Debts Immovable
Property |
|
Particular of
charge holder |
Indian Bank, 1601, Kalsi Nagar, Ludhiana-141003, |
|
Nature of
description of the instrument creating or modifying the charge |
Single/ Joint
Demand Promissory Note Dated 03.04.2010 Medium term Loan
Agreement dated 03.04.2010 Agreement of
hypothecation of Moveable dated 03.04.2010 Agreement for
Hypothecation of goods received under advance
payment guarantee dated 03.04.2010 |
|
Date of
instrument Creating the charge |
03.04.2010 |
|
Amount secured by
the charge |
Rs.227.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR+ TP - 1.5%
(Presently 11%) Commission at 50%
of applicable rates on SL for Imp. LC/ DP/ DA- 90 days included under the MTL
XII Terms of
Repayment Repayment in 84
equal monthly installments starting from April 2011 Margin 25% Extent and
Operation of the charge On all the
existing securities as per sanction letter no. HO/MC/1629/30.03.2010 dated
31.03.2010 Other Amount of Term
Loan XII secured by this charge includes a sub limit of Rs.5.000 Millions for
Import LC/DP/DA - 90 Days |
|
Short particulars
of the property charged |
Hypothecation of
stocks and receivables Hypothecation of existing
Plant and Machinery and other fixed assets already acquired/ to be acquired
EM on factory land and building at Plot Nos. 19, 20, 21, 36, 37 and 38 (all
adjoining) at Sector-6, Industrial Estate, Bawal, Rewari District (Haryana),
EM on factory land allotted by HSIDC
at Plot No. 192 -C, Industrial Growth Centre, Bawal, Rewari District
(Haryana), EM on factory land and building at Plot No 17, Sector 3, IMT,
Manesar, Gurgaon District (Haryana) Hypothecation of
Plant and Machinery to be purchased under the proposed Fresh Term Loan |
|
Name of the company |
Technico Industries Limited |
|
Presented By |
Mr. Ajay Gupta,
Director |
|
1) Date and description of instrument creating the change |
Agreement for Term
Loans, Common Deed of Hypothecation of movable / Assets/ debts and Unattested
deed of hypothecation of Movables and Agreement fro Term Loans under IDBI/
NABARD/ SIDBI Loans Refinance Scheme all dated 29.03.2004 registered on
26.04.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.18.666
Millions |
|
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 |
Secured by first
and exclusive charge on entire Current and Fixed Assets of the company both
existing and future and installed/to be installed and on all immovable
properties of the Company including Land and Building situated At E133-137,
Phase IV Focal Point Ludhiana measuring 5000 sq. ft yards and Land and
Building Situated at Plot No. 17-D Sector 3 IMT. Manesar admeasuring 4075 sq.
ft Mtrs. Personal Guarantee of all the Promoter Directors of the Company
namely Mr. Avinash Gupta, Mr. Anil Gupta and Mr. Amit Gupta and Mr. Ajay Gupta |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– 1% p.a. over CBMTLR and monthly interest. To be paid as and when debited Margin: 28.50% Period – 1 and ˝
Years Mode of Repayment
– 9 Quarterly installments of Rs.2.074 Millions each will no holiday period. Extent of
Operation – 100% |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank
– Feroze Gandhi Market, |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Deposit of Title deeds dated 14.03.2005 |
|
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. |
1. Equitable
Mortgage of Plot and building situated at 17 Sector 3, IMT Manster, Haryana
measuring 4050 sq. mtrs 2. Equitable
Mortgage of Property situated at E133-E137 phase IV Focal Point Ludhiana
measuring 1000 sq. yards each |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
1. L/C opened not matured |
38.042 |
|
2. Bank Guarantee |
16.450 |
|
3. Sales Tax |
1.840 |
|
4. EPCG Obligation |
86.233 |
|
|
|
FIXED ASSETS:
·
Air
Conditioner
·
Building
·
Car
·
Computers
·
Cycle
·
Delivery
Van
·
Electric
Fittings
·
·
Land
at Bawal
·
Furniture
and Fixture
·
Material
Handling Equipment
·
Office
Equipment
·
Plant
and Machinery
·
Power
Equipment
·
Scooter
·
Standard
Room Equipment
·
Technical
Know How
·
Effluent
Treatment Plant
·
Tools
and Dies
·
Truck
·
Land
at
·
Design
Drawing and Development
WEBSITE DETAILS:
HISTORY
Since 1972, subject has been supplying high quality components to the
global automotive industry. For all these years company has lived up to
its principle of exemplary leadership, outstanding commitment and
impeccable services.
Three decades of experience and cutting edge global technology, the
never-say-die attitude and the will to surpass excellence have all come
together to make them bigger, better and ready to take on new challenges. By
consistently anticipating market requirements, they have established themselves
as a class leading partner to many of the world's leading auto makers.
Company supporting the Indian automotive Industry through its global
technology, manufacturing excellence and commitments.
MILESTONES:
1972
Subject established as a manufacturer of special and
hardware parts for exports and automotive applications.
1982
Diversified into sheet metal parts and sub-assemblies for automotive
applications as original equipment.
1983
Business for special hardware components hived off and
further discontinued
1985
Establish itself as a supplier to Maruti-Suzuki for Gear
Shift Lever Assembly, Door Hinges and Shackle Assembly.
1988
Subject becomes a Public Limited Company.
2002
Subject becomes a QS 9000 certified company.
2004
• Technical Assistance Agreement signed with Shiroki
Corporation,
• On January 2nd, manufacturing facility at Manesar becomes
operational.
2005
• Subject certified as an ISO/TS-16949 company
• Joint Venture Agreement signed with Kwang Jin Sang Gong
Company Limited South Korea for Kwang Jin Technico Autosystems Limited (Design Company) and
Technico Kwang Jin Autosystems Limited (Manufacturing Company for Window
Regulator) with focus customer as HMI, GMI and FORD.
• Press Shop established in Gurgaon.
• Technical Assistance Agreement signed with Shiroki
Corporation,
2006
• Commencement of Window regulator supplies for Model Verna
to Hyundai Motor India Limited, through their Joint venture Company, Technico Kwang
Jin Autosystems Limited, Chennai.
• Manufacturing facility of Technico Kwang Jin Autosystems
Limited becomes operational in Chennai.
2007
• Technical Assistance Agreement signed with Teleflex Automotive
SAS, France (Now Kongsberg Automotive), for supplying of Gear Shift Lever
Assembly to Mahindra-Renault India Limited for Model Logan.
• Shiroki Corporation,
• Joint Venture Agreement signed with
2009
• The new Green field plant has been launched at Bawal.
• Shiroki Corporation,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.