MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	TEKSONS PRIVATE LIMITED
Formerly Known As :	TEKSONS LIMITED
Registered Office :	Modi Chambers, Opera House, Worli, Mumbai-400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	18.12.1953
Com. Reg. No.:	11-009186
Capital Investment / Paid-up Capital :	Rs. 13.400 Millions
CIN No.: [Company Identification No.]	U51900MH1953PTC009186
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09610G
PAN No.: [Permanent Account No.]	AABCT0522A
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturer of automobile components.
No. of Employees :	Information not given by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 820000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the financials of the company with the government departments after the year 2008. However, business is active. Payments are unknown. 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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office / Head Office :	Modi Chambers, Opera House, Worli, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-23859232
Fax No.:	91-22-23867769
E-Mail :	teksons@eth.net
Website :	www.tacksonstradiators.com
Factory :	Post Box No.20, Kapurbawadi Kolshet Road, Thane (East), Thane-400601, Maharashtra, India
Tel. No.:	91-22-25341352 / 25340351 / 25340353
Fax No.:	91-22-25340561

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Daulat T Dolwani
Designation :	Managing Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	12.09.1938
Date of Appointment :	18.02.1960
DIN No.:	00066490

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1953PTC009186	TEKSONS PRIVATE LIMITED	Director	18-02-60	18-02-60	Active	YES
2	U29190MH1992PTC065831	TEKSONS COOLING SYSTEMS PRIVATE LIMITED	Director	10-03-92	10-03-92	Active	YES
3	U34100MH2004PTC148340	TEKSONS AUTOCOMP PRIVATE LIMITED	Whole-time director	01-09-04	01-09-04	Active	NO

Name :	Mr. Vishnu Tekchand Dolwani
Designation :	Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	23.03.1942
Date of Appointment :	01.07.1971
DIN No.:	00064021

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1953PTC009186	TEKSONS PRIVATE LIMITED	Whole-time director	01-07-71	01-07-71	Active	YES
2	U29190MH1992PTC065831	TEKSONS COOLING SYSTEMS PRIVATE LIMITED	Director	10-03-92	10-03-92	Active	YES

Name :	Mr. Ramesh Jaidev Dolwani
Designation :	Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	24.03.1954
Date of Appointment :	12.09.1992
Name :	Mr. Niraj D Dolwani
Designation :	Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	20.09.1965
Date of Appointment :	12.09.1992
DIN No.:	00063885

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1982PTC028905	J D V AUTOMOTIVE ENGINEERING PVT LTD	Director	21-12-85	21-12-85	Active	NO
2	U51900MH1953PTC009186	TEKSONS PRIVATE LIMITED	Director	12-09-92	12-09-92	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
D. T. Dolwani	667
V. T. Dolwani	647
Vishni Daulat Dolwani	220
Ramesh Jaidev Dolwani	224
Niraj Daulat Dolwani	545
Renuka Shyam Kotak	152
Asha Harish Satiani	152
Bala Ajoomal	44
Shobha Motiani	44
Jyoti Jeshnani	40
Sita Jeshwani	40
Mohini Jaidev Dolwani	140
Janki Rupani	40
Sanjay Vishindas Dolwani	790

AS ON 30.09.2009

Equity Shares Break Up	Percentage
Bodies corporate	22.00
Directors or relatives of Directors	78.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of manufacturer of automobile components.

Products :

ITC CODE	PRODUCTS
870800	Radiators
840900	Oil Coolers

PRODUCTION STATUS (AS ON 31.03.2008)

Particulars	Unit	Installed Capacity	Actual Production
Radiators	Nos.	564800	51053
Oil Coolers / Air Water Hoses	Nos.	19000	37361
Fuel and Oil	Nos.	1200000	--
Miscellaneous	Nos.	384000	--

GENERAL INFORMATION

No. of Employees :

Information not given by management

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2008	Rs. In Millions 31.03.2007
Fixed Deposit – Shareholders (Includes fixed deposits from directors Rs. 6.226 Millions)	13.246	12.189
Short Term Loans	0	0
- Banks	4.530	4.584
- Others (Repayable within one year Rs. 27.554 Millions (Previous Year Rs. 24.584 Millions))	23.024	20.000
Interest Accrued and Due	0.266	0.405
*collaterally secured by pledge of term deposit with bankers lodged by subsidiary Teksons Cooling Systems Private Limited
Total	41.066	37.178

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountant
Address :	Kamanwala Chambers, 1^st Floor, Office No.6, P. M. Road, Fort-400001, Maharashtra, India
Tel. No.:	91-22-66372969 / 70
Fax No.:	91-22-66372949
E-Mail :	contact@dayalandlohia.com
PAN No.:	AAAFD1548C
Subsidiaries :	Teksons Cooling Systems Private Limited CIN No.: U29190MH1992PTC065831

CAPITAL STRUCTURE

AS ON 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
19200	Equity Shares	Rs.1000/- each	Rs. 19.200 Millions
800	11% Cumulative Redeemable Preference Shares	Rs.1000/- each	Rs. 0.800 Million
	Total		Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13400	Equity Shares	Rs.1000/- each	Rs. 13.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		13.400	13.400	13.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		192.557	174.667	174.751
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		205.957	188.067	188.151
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		41.066	37.178	22.263
TOTAL BORROWING		41.066	37.178	22.263
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		247.023	225.245	210.414
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.386	57.732	65.919
Capital work-in-progress		0.468	0.702	0.785
INVESTMENT		36.147	27.300	35.976
DEFERREX TAX ASSETS		10.213	4.034	5.512
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	91.764	97.986	72.991
	Sundry Debtors	84.084	63.380	38.889
	Cash & Bank Balances	14.718	9.384	6.848
	Other Current Assets	0.101	0.110	0.210
	Loans & Advances	20.153	18.737	22.761
Total Current Assets		210.820	189.597	141.699
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.342	32.010	16.323
	Other Current Liabilities	29.669	22.110	23.154
	Provisions	0.000	0.000	0.000
Total Current Liabilities		58.011	54.120	39.477
Net Current Assets		152.809	135.477	102.222
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		247.023	225.245	210.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Income	278.774	217.399	145.870
		Other Income
		TOTAL	278.774	217.399	145.870
Less	EXPENSES
		Office Expenses	266.704	216.989	188.025
		Administrative Expenses
		Advertising Expenses
		TOTAL	266.704	216.989	188.025
	PROFIT / (LOSS) BEFORE TAX		12.070	0.410	(42.155)
Less	TAX		(4.694)	0.493	(2.392)
	PROFIT / (LOSS) AFTER TAX		16.764	(0.083)	(39.763)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(63.491)	(63.408)	(23.645)
	BALANCE CARRIED TO THE B/S		(46.727)	(63.491)	(63.408)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	94.279	87.150	59.705
		Dividends	1.543	1.168	1.273
	TOTAL EARNINGS		95.822	88.318	60.978
	IMPORTS
		Raw Materials	75.737	61.661	48.875
		Stores & Spares	0.000	0.201	0.990
		Capital Goods	0.544	2.499	1.665
	TOTAL IMPORTS		76.281	64.361	51.530
	Earnings / (Loss) Per Share (Rs.)		1251.05	(6.19)	(2967.39)

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	6.01	(0.04)	(27.26)
Return on Total Assets (PBT/Total Assets}	(%)	4.50	0.16	(19.78)
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	(0.22)
Debt Equity Ratio (Total Liability/Networth)		0.48	0.49	0.33
Current Ratio (Current Asset/Current Liability)		3.63	3.50	3.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2008	31.03.2007	31.03.2006
Sundry Creditors
- Small Scale Industrial Undertaking	2.511	1.474	2.538
- Others	25.831	30.536	13.785
Total	28.342	32.010	16.323

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Computers

· Furniture and Furniture, Equipments

· Vehicles

· Software

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. 51.35
UK Pound	1	Rs. 80.50
Euro	1	Rs. 69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.