MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	TEKSONS PRIVATE LIMITED
Registered Office :	Modi Chambers, Opera House, Worli, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	18.12.1953
Com. Reg. No.:	11-9186
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.]	AABCT0552A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Automobile Parts.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 old and established company having moderate track. The management of the company has not filed its financials of the company after the year 2008. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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

Name :	Mr. Bhatt
Designation :	Accounts Manager
Contact No.:	91-22-24930304
Date :	04.02.2012

LOCATIONS

Registered Office / Factory 1 :	Modi Chambers, Opera House, Worli, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-25346351 / 23859232 / 24930304
Fax No.:	91-22-25340561 / 23867769
E-Mail :	teksons@eth.net
Website :	http://www.teksonsradiators.com
Location :	Owned
Factory 2 :	P B No. 20, Majiwada, Kolshet Road, Kapurbawadi, Thane (West), Thane – 400 601, Maharashtra, India
Tel. No.:	91-22-25340351 / 25341352 / 25340353

DIRECTORS

As on 30.09.2011

Name :	Mr. Daulat Tekchand Dolwani
Designation :	Managing Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai – 400 018, 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 T. Dolwani
Designation :	Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	23.03.1941
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 – 400 018, Maharashtra, India
Date of Birth/Age :	13.06.1970
Date of Appointment :	12.09.1992
Name :	Mr. Niraj D Dolwani
Designation :	Director
Address :	Prassanna Kutir, Worli Seaface, Mumbai – 400 018, 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 Private Limited	Director	21-12-85	21-12-85	Active	NO
2	U51900MH1953PTC009186	Teksons Private Limited	Director	12-09-92	12-09-92	Active	YES

KEY EXECUTIVES

Name :	Mr. Bhatt
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
D. T. Dolwani	667
V. T. Dolwani	2288
Vishni Daulat Dolwani	220
Ramesh Jaidev Dolwani	224
Niraj Daulat Dolwani	388
Renuka Shyam Kotak	152
Asha Harish Satiani	152
Bala Ajoomal	44
Shobha Motiani	44
Jyoti Jeshnani	40
Sita Jeshnani	40
Mohini Jaidev Dolwani	140
Janki Rupani	40
Sanjay Vishnidas Dolwani	790
Pankaj Daulat Dolwani	645
Veena Vishnidas Dolwani	160
Nishoo Sethi	326
Preeti Vishnidas Dolwani	174
Ravi R. Dolwani	458
Neena R. Dolwani	25
JDV Automotive Engineering Private Limited, India	2952
N.R.I. Without Repatriation
Ramesh Jaidev Dolwani	635
Niraj Daulat Dolwani	828
N.R.I. With Repatriation
Ramesh Jaidev Dolwani	1288
Niraj Daulat Dolwani	340
Veena R. Dolwani	340
Total	13400

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	22.00
Directors or relatives of directors	78.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Automobile Parts.

Products :

Product Description	ITC Code
Radiators	870800
Oil Coolers	840900

PRODUCTION STATUS (AS ON 31.03.2008)

Particulars	Unit	Installed Capacity	Actual Production
Radiators including heavy duty Radiators	Numbers	564800	51053
Oil Coolers / Air water hoses	Numbers	19000	37361
Fuel and Oil	Numbers	1200000	--
Miscellaneous	Numbers	384000	--

Installed capacity being a technical matter, the auditors have not verified the same and have relied on certificate of the Director.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

Unsecured Loans	As on 31.03.2008 Rs. in millions	As on 31.03.2007 Rs. in millions
Fixed deposits – shareholders Includes fixed deposits from directors Rs.6.226 millions	13.246	12.190
Short term loans
- Banks *	4.530	4.584
- Others	23.024	20.000
Repayable within one year Rs.27.553 millions (Previous Year Rs.24.584 millions)
Interest accrued and due	0.266	0.405
Total	41.066	37.179

* Collaterally secured by pledge of term deposit with bankers lodged by subsidiary Teksons Cooling Systems Private Limited.

Banking Relations :	--
Auditors :
Name :	Dayal and Lohia Chartered Accountants
Address :	Kamanwala Chambers, 1^st Floor, Office No. 6, P. M. Road, Fort, Mumbai – 400 001, 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		192.558	174.667	174.751
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		205.958	188.067	188.151
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		41.066	37.179	22.263
TOTAL BORROWING		41.066	37.179	22.263
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		247.024	225.246	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		36.148	27.301	35.976
DEFERREX TAX ASSETS		10.213	4.035	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	39.477
	Other Current Liabilities	29.669	22.111
	Provisions	0.000	0.000	0.000
Total Current Liabilities		58.011	54.121	39.477
Net Current Assets		152.809	135.476	102.222
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		247.024	225.246	210.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Income	278.774	218.681	145.870
		Other Income
		TOTAL	278.774	218.681	145.870
Less	EXPENSES
		Office Expenses	266.704	218.271	188.025
		Administrative Expenses
		Advertising Expenses
		TOTAL	266.704	218.271	188.025
	PROFIT/(LOSS) BEFORE TAX		12.070	0.410	(42.155)
Less	TAX		(4.694)	0.494	(2.392)
	PROFIT/(LOSS) AFTER TAX		16.764	(0.084)	(39.763)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(63.492)	(63.408)	(23.645)
	BALANCE CARRIED TO THE B/S		(46.728)	(63.492)	(63.408)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	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
		Components and Spare parts	0.000	0.201	0.990
		Capital Goods	0.545	2.499	1.665
	TOTAL IMPORTS		76.282	64.361	51.530
	Earnings Per Share (Rs.)		1251.04	(6.27)	(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}	(%)	4.67	0.17	(20.30)
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

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2008 Rs. in millions	As on 31.03.2007 Rs. in millions	As on 31.03.2006 Rs. in millions
Small scale Industrial undertakings	2.511	1.474	39.477
Others	25.831	30.536
Total	28.342	32.010	39.477

OPERATIONS

The Operations of the company is on recovery path registering a marginal profit but due to huge accumulated losses the net results register a loss. The total revenue (including Gross sales and other income) for the year aggregated to Rs.278.774 millions as against a revenue of Rs.218.681 millions for the previous financial year registering an increase of 27.47%. The operating results registered a profit of Rs.12.070 millions as against a loss of Rs.0.410 millions in the previous year.

The company is trying all possible tasks to increase the domestic sales and exports. It is exploring all opportunities to get back to the status of profit making. The directors are hopeful that the result in the coming years could be encouraging.

SUBSIDIARY COMPANY

Teksons Cooling Systems Private Limited

During the year the performance of the Teksons Cooling Systems Private Limited, a Subsidiary of the Company resulted in a profit of Rs.9.713 millions before tax and profit of Rs.5.296 millions after tax.

FIXED ASSETS

Tangible

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Computers

· Furniture, Fixture and Equipments

· Vehicles

Intangible

· 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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.