MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TEK COMPONENTS PRIVATE LIMITED |
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Registered Office : |
Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, ,
Pune – 412 207, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.04.1993 |
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Com. Reg. No.: |
11-71707 |
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CIN No.: [Company
Identification No.] |
U51909MH1993PTC071707 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET03813F /PNET01320E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Connections for Telecom Industries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 230000 |
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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. There
appears some losses incurred in the current year. However 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 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) |
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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 |
INFORMATION DECLINED BY
Management non Co- Operative
LOCATIONS
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Registered Office/Factory : |
Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, ,
Pune – 412 207, Maharashtra, India |
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Tel. No.: |
91-20-66405300 / 66405303 / 66509974 / 25410833 |
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Mobile No.: |
91-9890880358 (Mr. Samir Tembhurnikar) |
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Fax No.: |
91-20-66405302 / 66504305 / 25410529 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Prabhakaran Mundentavita |
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Designation : |
Managing Director |
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Address : |
B 102, Nitynand Complex, |
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Qualification : |
Diploma in Tools and Dyes |
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Date of Appointment : |
21.04.1993 |
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Name : |
Mr. Sasidharan Mundentavita |
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Designation : |
Director |
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Address : |
Flat No. 7, Building – B, |
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Qualification : |
BE |
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Date of Appointment : |
21.04.1993 |
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Name : |
Mr. Michel Andre Hibon |
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Designation : |
Chairman |
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Address : |
696, Chemin Du Pont De, Campagne, |
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Date of Birth/Age : |
24.05.1950 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Philippe Claude Rostain |
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Designation : |
Director |
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Address : |
53, Rue De Lechiquier, |
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Date of Birth/Age : |
01.06.1943 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Gregory Stephen Flynn |
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Designation : |
Director |
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Address : |
Bulglow No.3/8, |
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Date of Birth/Age : |
26.12.1970 |
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Date of Appointment : |
13.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Prabhakaran Mundentavita |
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41425 |
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Prabhakaran Rajeshwari |
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2062 |
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MAEC (SAS), France |
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45263 |
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Total |
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88750 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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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51.00 |
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Directors
or relatives of directors |
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49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Connections for Telecom Industries. |
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Products : |
·
Telecom Cable Splicing
Connectors ·
Automotive Connectors ·
Terminal Blocks and
Switches ·
Custom Built
Products |
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Terms : |
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Selling : |
L/C and Credit (45 to 60 days) |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
40 Approximately |
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Bankers : |
·
Bank of
·
Saraswat
Co-Operative Bank Limited, Somwar Peth Branch, Pune, |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
B S R and Company |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune – 411 001, Maharashtra, India |
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Tel. No.: |
91-20-30585764 / 30585765 |
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Fax No.: |
91-20-30585775 |
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Website : |
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Holding Company : |
Manufacture Appareillage Electrique Cahors (MAEC) |
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Associates/Subsidiaries : |
Tek Components |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88750 |
Equity Shares |
Rs.100/- each |
Rs.8.875
millions |
45263 equity shares of Rs.100 each are held by
the holding company Manufacture Appareillage Electrique Cahors (MAEC) and balance
43487 equity shares of Rs.100 each are held by Mr. M Prabhakar.
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 |
8.875 |
8.875 |
8.875 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.032 |
53.295 |
42.094 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.907 |
62.170 |
50.969 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
11.311 |
0.239 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
11.311 |
0.239 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.751 |
2.007 |
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TOTAL |
57.907 |
75.232 |
53.215 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.564 |
23.204 |
17.328 |
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Capital work-in-progress |
1.343 |
0.193 |
0.777 |
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INVESTMENT |
1.537 |
0.024 |
0.025 |
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DEFERREX TAX ASSETS |
3.075 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
31.669
|
17.946 |
15.920
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Sundry Debtors |
13.463
|
38.628 |
32.049
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Cash & Bank Balances |
6.070
|
0.574 |
0.385
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
15.339
|
16.070 |
23.322
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Total
Current Assets |
66.541
|
73.218 |
71.676
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.001
|
13.705 |
19.906 |
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Other Current Liabilities |
21.105
|
7.077 |
3.903
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Provisions |
0.047
|
0.625 |
12.782
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Total
Current Liabilities |
35.153
|
21.407 |
36.591
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Net Current Assets |
31.388
|
51.811 |
35.085
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
57.907 |
75.232 |
53.215 |
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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 |
48.980 |
114.882 |
95.329 |
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Other Income |
6.501 |
12.259 |
1.371 |
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TOTAL |
55.481 |
127.141 |
96.700 |
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Less |
EXPENSES |
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TOTAL |
59.100 |
104.566 |
58.344 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3.619) |
22.575 |
38.356 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
5.452 |
5.625 |
3.029 |
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PROFIT BEFORE
TAX |
(9.071) |
16.950 |
35.327 |
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Less |
TAX |
(4.808) |
5.749 |
13.676 |
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PROFIT AFTER TAX
|
(4.263) |
11.201 |
21.651 |
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EARNINGS IN
FOREIGN CURRENCY |
41.149 |
84.437 |
66.415 |
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IMPORTS |
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Raw Materials |
4.374 |
4.580 |
2.147 |
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Stores & Spares |
0.137 |
0.194 |
0.101 |
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Capital Goods |
0.000 |
1.649 |
0.000 |
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TOTAL IMPORTS |
4.511 |
6.423 |
2.248 |
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Earnings Per
Share (Rs.) |
(48.03) |
126.21 |
243.96 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(7.68)
|
8.81 |
37.06
|
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Net Profit Margin (PBT/Sales) |
(%) |
(18.52)
|
14.75 |
36.53
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Return on Total Assets (PBT/Total Assets} |
(%) |
(10.41)
|
27.26 |
39.69
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Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
0.27 |
0.69
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Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
0.53 |
0.72
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
3.42 |
1.96
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
14.001
|
13.705 |
19.906 |
Note
The Registered Office of the company has been shifted from EL 41/15 J
Block, MIDC, Bhosari, Pune – 411 001, Maharashtra, India to the present address
w.e.f. 03.01.2008
Form No. 8
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Name of the company |
TEK COMPONENTS PRIVATE LIMITED |
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Presented By |
- |
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1) Date and description of instrument creating the change |
Agreement (For
Bank Guarantee) dated 19th January, 1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.100 millions
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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 |
The company do
hypothecate all the stocks of raw materials, consumables, tools, packing
materials, electrical items. The company do hypothecate all the Book Debts
outstanding, monies, receivables, claims and bills which were then due and or
at any time thereafter become due and owing to the company in the course of business
and all the plant and machinery, furniture, fixtures and electrical
installations belonging to the company situated at company’s premises. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Bank has
given Bank Guarantee Limit of Rs.1.100 millions vide sanction letter no.
SCB/ZO-IV/19/SMS/2236 dated 8th September, 1998. ·
Bank
Guarantee one time ·
10%
cash margin ·
Further
charge on fixed assets. |
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5) Name and Address and description of the person entitled to the charge. |
Saraswat
Co-Operative Bank Limited Pune |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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. |
Not Available |
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Corporate
identity number of the company |
U51909MH1993PTC071707 |
|
Name of the
company |
TEK COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, ,
Pune – 412 207, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Bank of Industrial Finance Branch, Yashomangal, |
|
Nature of instrument
creating charge |
Composite Deed of
Hypothecation for all facilities. |
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Date of
instrument Creating the charge |
09.03.2009 |
|
Amount secured by
the charge |
Rs.40.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Fund Based Facilities CC-BPLR-0.50% presently 12.25% payable at monthly rests. PC/PSC-BPLR – 4.75% presently 8% ·
Terms
of repayment Fund Based Facilities Review within 12 months. ·
Margin CC – 25%, PC – 10% Bank Guarantee / Letter of credit – 20% in term deposits. ·
Extent
and operation of the charge Fund Based Facilities CC/PC/PSC – Rs.25.000 millions ·
Nom
Fund Based Facilities Bank Guarantee – Rs.5.000 millions Letter of credit - Rs.10.000 millions Total Rs.40.000 millions |
|
Particulars of
the property charged |
Fund Based
Facilities CC –
Hypothecation of inventory / receivables PC – Inventory
meant for export PSC FOBN/ FOBP –
charge on export bills. Non Fund Based
Facilities Bank Guarantee –
Further charge on current assets Letter of credit
– goods under L/C. Collateral
security – hypothecation of all moveable fixed assets Situated at
Company’s offices, factories, godowns or any where also. |
Fixed Assets
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Tools, Dies and Equipment
·
Office Equipment
·
Computer and Software
·
Air Conditioner
·
Furniture and Fittings
·
Motor Car
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.