MIRA
INFORM REPORT
|
Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TECHNO ELECTRONICS LIMITED |
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Registered
Office : |
Auto Cars Compound, |
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Country : |
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Financials (as
on) : |
31.07.2010 |
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Date of
Incorporation : |
29.05.2007 |
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Com. Reg. No.: |
11 - 171196 |
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CIN No.: [Company Identification
No.] |
U11204MH2007PLC171196 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Consumer Electronics and Home Appliances |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8698000 |
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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 a Videocon Group Company. It is an established company having satisfactory track records. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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
|
Registered Office : |
Auto Cars Compound, |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. PradipKumar Nandlal Dhoot |
|
Designation : |
Director |
|
Address : |
99, 1st floor, Videocon House, Manav Mandir Road, Nepeansea
Road, Mumbai 400006, Maharasahtra, India |
|
Date of Birth/Age : |
22.03.1960 |
|
Date of Appointment : |
29.05.2007 |
|
DIN No.: |
01635315 |
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|
|
|
Name : |
Mr. Anirudh Venugopal Dhoot |
|
Designation : |
Director |
|
Address : |
101, 1st floor,Videocon House, Opposite J.M. Mehta Bus
Stop, 99 Manav Mandir Road, Nepeansea Road, Mumbai 400006, Maharasahtra,
India |
|
Date of Birth/Age : |
31.03.1978 |
|
Date of Appointment : |
29.05.2007 |
|
DIN No.: |
01620906 |
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|
|
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Name : |
Mr. Suresh Madhav Hegde |
|
Designation : |
Director |
|
Address : |
51, Plot No. C-1, C-2, Dream Queen, |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
05.06.2007 |
|
DIN No.: |
01321882 |
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|
|
|
Name : |
Mr. Subramanian Lakshminarayanan |
|
Designation : |
Director |
|
Address : |
C-II/97, Moti Bagh, Shanti Peth, |
|
Date of Birth/Age : |
10.07.1946 |
|
Date of Appointment : |
04.02.2008 |
|
DIN No.: |
02455660 |
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|
|
|
Name : |
Mr. Deepak Tehlan |
|
Designation : |
Director |
|
Address : |
137, |
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Date of Birth/Age : |
05.08.1970 |
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Date of Appointment : |
04.11.2010 |
|
DIN No.: |
02790501 |
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Name : |
Mr. Siddharth Vilas Kshirsagar |
|
Designation : |
Director |
|
Address : |
16, Nadbramha, Warje Jakat Naka, Warje, Pune -411052, |
|
Date of Birth/Age : |
02.12.1982 |
|
Date of Appointment : |
04.10.2010 |
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PAN.: |
BAWPK 8035 Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
PradipKumar Nandlal Dhoot |
|
10 |
|
Anirudh Venugopal Dhoot |
|
10 |
|
Suresh Madhav Hegde |
|
10 |
|
Videocon Industries Limited, |
|
20117647 |
|
Value Industries Limited, |
|
6352941 |
|
KAIL Limited, |
|
27529382 |
|
Tusker Overseas Inc., |
|
52000000 |
|
Total |
|
106000000 |
As on 31.12.2010
Equity Share Break up (Percentage of total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
49.06 |
|
Bodies corporate |
50.94 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Consumer Electronics and Home Appliances |
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Products : |
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GENERAL INFORMATION
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Bankers : |
ICICI Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kadam and Company Chartered Accountant |
|
Address : |
Vedant 8/9, Viraj Estate, Opposite Tarakpur Bus stand, Ahmednagar –
414003, |
|
PAN.: |
AAIFK3708R |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs. 1100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106000000 |
Equity Shares |
Rs.10/- each |
Rs. 1060.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.07.2010 |
31.07.2009 |
31.07.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1060.000 |
1060.000 |
1060.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1114.613 |
790.542 |
522.574 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2174.613 |
1850.542 |
1582.574 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4080.144 |
3288.934 |
1816.754 |
|
|
2] Unsecured Loans |
1500.000 |
750.000 |
1500.000 |
|
|
TOTAL BORROWING |
5580.144 |
4038.934 |
3316.754 |
|
|
DEFERRED TAX LIABILITIES |
101.734 |
15.357 |
2.585 |
|
|
|
|
|
|
|
|
TOTAL |
7856.491 |
5904.833 |
4901.913 |
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|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
3417.988 |
3032.062 |
2997.949 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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|
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INVESTMENT |
0.005 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2822.066
|
1975.564 |
1049.660 |
|
|
Sundry Debtors |
2443.558
|
1622.781 |
967.047 |
|
|
Cash & Bank Balances |
123.192
|
56.065 |
48.829 |
|
|
Other Current Assets |
12.130
|
5.438 |
0.400 |
|
|
Loans & Advances |
136.339
|
44.525 |
60.268 |
|
Total
Current Assets |
5537.285
|
3704.373 |
2126.204 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
901.894
|
666.051 |
175.814 |
|
|
Other Current Liabilities |
89.340
|
126.480 |
39.042 |
|
|
Provisions |
107.553
|
39.071 |
7.384 |
|
Total
Current Liabilities |
1098.787
|
831.602 |
222.240 |
|
|
Net Current Assets |
4438.498
|
2872.771 |
1903.964 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7856.491 |
5904.833 |
4901.913 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.07.2010 |
31.07.2009 |
31.07.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13053.374 |
9724.979 |
1117.028 |
|
|
|
Other Income |
18.360 |
3.208 |
11.690 |
|
|
|
TOTAL (A) |
13071.734 |
9728.187 |
1128.718 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods Consumed/ Sold |
11307.778 |
8370.691 |
949.992 |
|
|
|
Salary, Wages and Employees’ Benefits |
146.366 |
142.862 |
30.789 |
|
|
|
Manufacturing and other Expenses |
555.538 |
421.765 |
71.263 |
|
|
|
TOTAL (B) |
12009.682 |
8935.318 |
1052.044 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1062.052 |
792.869 |
76.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
504.201 |
359.986 |
34.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
557.851 |
432.883 |
42.584 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
158.102 |
141.838 |
35.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
399.749 |
291.045 |
6.789 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
86.378 |
23.076 |
4.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
313.371 |
267.969 |
2.573 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
270.542 |
2.573 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
MAT
credit entitlement of earlier years |
10.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
594.613 |
270.542 |
2.573 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports (on receipt basis) |
0.000 |
202.102 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
202.102 |
0.000 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
350.596 |
200.694 |
57.938 |
|
|
|
Capital Goods |
5.337 |
1.849 |
9.418 |
|
|
TOTAL IMPORTS |
355.933 |
202.543 |
67.356 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.06 |
2.53 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.07.2010 |
31.07.2009 |
31.07.2008 |
|
PAT / Total Income |
(%) |
2.39
|
2.75 |
0.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.06
|
2.99 |
0.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.46
|
4.32 |
0.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.16 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.07
|
2.63 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.04
|
4.45 |
9.57 |
LOCAL AGENCY FURTHER INFORMATION
Operations and
Financial Results:
During the year , the company earned a total income of Rs. 13071.700
Millions as against Rs. 9728.200 Millions for the previous year representing an
increase of 34.4% in total income. Total Expenditure amounted to Rs. 12672.00
Millions as against Rs. 9737.200 Millions thereby representing a rise of 34.03%
in total expenditure. Net Profit after tax amounted to Rs. 313.400 Millions as
against Rs. 268.000 Millions for the previous year representing an increase of
16.9% in the Net Profit. An amount of Rs. 594.600 Millions has been transfeered
to Balance Sheet.
Form 8:
|
Corporate
identity number of the company |
U11204MH2007PLC171196 |
|
Name of the company
|
TECHNO ELECTRONICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Auto Cars Compound, |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank Limited, |
|
Nature of
instrument creating charge |
|
|
Date of instrument
Creating the charge |
22.11.2010 |
|
Amount secured by
the charge |
Rs. 1100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the interest
rate prescribed in the Facility Agreement dated 18.11.2010 and as may be
agreed to between the Company and the Bank Terms of
Repayment As per the
repayment schedule prescribed in the Facility Agreement dated 18.11.2010 and
as may be agreed to between the Company and the Bank. Margin NIL Extent and
Operation of the charge First Exclusive
Charge on the DSRA of the Company
pursuant to the Deed of Hypothecation of DSRA and Subservient charge (to all
the existing charge as on the date of Deed of Hypothecation and all future
charges to be created on movable assets for securing the borrowing for
working capital requirement in the ordinary course of business of the
Company) on all the movable assets as defined in the Deed of Hypothecation. Others As may be agreed
to between the Company and the Bank from time to time. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets:
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and fixtures
- Office Equipments
- Computers
- Vehicles
- Computer Software
|
Contingent Liability |
As on 31.07.2010 (Rs. In Millions) |
As on 31.07.2009 (Rs. In Millions) |
|
Letters of Guarantees |
2.248 |
1.748 |
|
Letters of Credit opened |
114.064 |
53.334 |
|
Total |
116.312 |
55.082 |
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.