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MIRA INFORM REPORT

 

 

Report Date :

16.04.2011

 

IDENTIFICATION DETAILS

 

Name :

TECO INDUSTRIES

 

 

Registered Office :

101/102, Joshi Chambers, Mumbai-400009, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Year of Establishment :

2000

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT05400D

MUMT10162F

 

 

PAN No.:

[Permanent Account No.]

AAAFT4098B

AAAFT4098B

 

 

Legal Form :

Partnership Concern with an Unlimited liability of the partners

 

 

Line of Business :

Manufacturer of C. R. Sheet.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 120000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The concern 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Amar

Designation :

Accountant

Date :

14.04.2011

 

 

 

LOCATIONS

 

Registered Office :

101/102, Joshi Chambers, Mumbai-400009, Maharashtra, India

Tel. No.:

91-22-66368708 / 09

Fax No.:

91-22-23485197

Mobile No. :

91-9821039461 (Mr. Ambrish Shah)

E-Mail :

Amar0000@hotmail.com

tecoindustries@gmail.com

Area :

900 Sq ft

Location :

Owned

 

 

Warehouse :

Plot No. C-17/5, MIDC Industrial Area, Navi Mumbai-410208, Maharashtra, India

Tel. No.:

91-22-27402550/27402799

Fax No.:

91-22-27411063

Location :

Leased

 

 

PARTNERS

 

Name :

Mr. Amrish Shah

Designation :

Partner

Date of Birth/Age :

57 years

 

 

Name :

Mrs. Mita Shah

Designation :

Partner

Qualification :

52 years

 

 

KEY EXECUTIVES

 

Name :

Mr. Amar Shah

Designation :

Finance Head

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of C. R. Sheet

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :
  • OEM’s

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :
  • Punjab and Maharashtra Co-operative Bank Limited, Carnac Bunder, Mumbai-400009, Maharashtra, India
  • HDFC Bank Limited, Fort Branch, Mumbai, Maharashtra, India

 

 

Facilities :

Total facility enjoyed – Rs. 135.000 Millions 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. M. Jani and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

Tel. No.:

91-22-22016906

 

 

Associates/Subsidiaries :

Shah Steel Corporation

Address : 101, Joshi Chambers, Ahmedabad Street, Carnac Bunder [East], Mumbai – 400009, Maharashtra

Activities : Traders and Dealers of Steel and Iron, Ferrous and Non – Ferrous Metals.

 

Shah Enterprises

Address : 101, Joshi Chambers, Ahmedabad Street, Carnac Bunder [East], Mumbai – 400009, Maharashtra

Line of Business :  Traders of Hardware Tools

 

S R Co Steel Private Limited

Address : Borivali (W)

Line of Business : Traders and Dealers of Steel and Iron, Ferrous and Non – Ferrous Metals.

 

Anmol Steel Private Limited

 

 

CAPITAL STRUCTURE

 

As on : 31.03.2010

 

Capital Investment :

 

Owned :

Rs. 30.000 Millions (Approximately)

Borrowed :

--

Total :

Rs. 30.000 Millions (Approximately)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2010

31.03.2009

Sales Turnover (Approximately)

 

700.000

400.000

 

 

 

 

 

Expected Sales (2010-2011) : Rs. 850.000 millions

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

22.695

13.643

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

22.695

13.643

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.699

0.233

2] Unsecured Loans

 

80.615

76.796

TOTAL BORROWING

 

81.314

77.029

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

104.009

90.672

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

42.393

8.741

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

27.492

25.124

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

Sundry Debtors
 

 

 

 

Cash & Bank Balances
 

0.712

2.874

 

Other Current Assets
 

 

 

 

Loans & Advances
 

360.200

152.369

Total Current Assets
 

360.912

155.243

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities and Provisions
 

326.786

98.436

Total Current Liabilities
 

326.786

98.436

Net Current Assets
 

34.126

56.807

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

104.010

90.672

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

851.950

538.060

Other Income

 

0.025

0.064

Total Income

 

851.975

538.124

 

 

 

 

Net Profit for the year

 

3.976

0.925

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

823.922

520.461

 

Manufacturing Expenses

 

0.311

0.223

 

Managerial Remuneration

 

0.900

0.300

 

Payment to Auditors

 

0.034

0.034

 

Interest

 

3.775

0.774

 

Insurance Expenses

 

0.074

0.080

 

Depreciation & Amortization

 

0.372

0.928

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

31.03.2007

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

17.98

12.86

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.10

1.57

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Details:

 

Not Available

 

Trade References:

 

  • Jasmine Industries – New Delhi

 

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. 44.52

UK Pound

1

Rs. 72.72

Euro

1

Rs. 64.41

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.