MIRA INFORM REPORT

UPDATED REPORT

Report Date :

08.02.2012

Tel. No.:

91 020 66405300

IDENTIFICATION DETAILS

Name :	TEK COMPONENTS PRIVATE LIMITED
Registered Office :	Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, , Pune – 412 207, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.1993
Com. Reg. No.:	11-71707
Capital Investment / Paid-up Capital :	Rs.8.875 Millions
CIN No.: [Company Identification No.]	U51909MH1993PTC071707
TAN No.: [Tax Deduction & Collection Account No.]	PNET03813F / PNET01320E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Connections for Telecom Industries.
No. of Employees :	40 [Approximately ]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 179000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 PARTED BY

Name :	Mr. Sameer
Designation :	Finance Manager
Date :	08.02.2012

LOCATIONS

Registered Office :	Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, Pune – 412 207, Maharashtra, India
Tel. No.:	91-20-30261701
Fax No.:	91-20-30261712
E-Mail :	info@tekcomponents.com samir-t@tekcomponents.com mangesh-n@tekcomponents.com prasannan-pv@tekcomponents.com clcdigisign@gmail.com
Website :	http://www.tekcomponents.com
Area :	15000 Sq. ft.
Location :	Rented
Factory :	Plot No. E 90, MIDC, Ranjangaon, Pune, Maharashtra, India
Administrative :	Viman Nagar, Pune, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Gregory Stephen Flynn

Designation :

Managing Director

Address :

Bulglow No.3/8, Kumar City, Kalyani Nagar, Maharashtra, India

Date of Birth/Age :

26.12.1970

Date of Appointment :

30.09.2010

DIN :

02860916

Name :

Mr. Michel Andre Hibon

Designation :

Chairman

Address :

696, Chemin Du Pont De, Campagne, Cahors, France 46000

Date of Birth/Age :

24.05.1950

Date of Appointment :

29.09.2007

DIN :

01403834

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	U51909MH1993PTC071707	Tek Components Private Limited	Director	29/09/2007	24/01/2007	Active	NO
2	U32109PN2007PTC130901	Transfix (India) Private Limited	Director	15/10/2009	15/10/2009	Active	NO

Name :

Mr. Philippe Claude Rostain

Designation :

Director

Address :

53, Rue De Lechiquier, Paris, France 75010

Date of Birth/Age :

01.06.1943

Date of Appointment :

29.09.2007

DIN :

01404663

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	U51909MH1993PTC071707	Tek Components Private Limited	Director	29/09/2007	24/01/2007	Active	NO
2	U32109PN2007PTC130901	Transfix (India) Private Limited	Director appointed in casual vacancy	15/10/2009	15/10/2009	Active	NO

Name :

Mr. Pierre Raymond Rene Willams

Designation :

Additional Director

Address :

Bungalow No. 3/11, Kumar City, Kalyani Nagar, Pune – 400014, Maharashtra, India

Qualification :

25.01.1970

Date of Appointment :

18.08.2011

DIN :

02810486

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	U32109PN2007PTC130901	Transfix (India) Private Limited	Director	30/11/2009	23/10/2009	Active	NO
2	U51909MH1993PTC071707	Tek Components Private Limited	Director	30/09/2011	18/08/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Groupe Cahors, France	1
MAEC (SAS), France	88749
Total	88750

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Connections for Telecom Industries.

Products :

Product Description	ITC Code
Wire Connector and Modular Connector	8536

· Telecom Cable Splicing Connectors 

· Automotive Connectors

· Terminal Blocks and Switches

· Custom Built Products

Terms :

Selling :

L/C and Credit (45 to 60 days)

Purchasing :

Cash and Credit (60 days)

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Actual Production
Modular Connector	Nos.	893665
Crimping Tools	Nos.	594
Wire Connector	Nos.	137259596
Tools, Molds and Others	Nos.	207670

GENERAL INFORMATION

Customers :

• Dealer
• Manufacturer

No. of Employees :

40 [Approximately ]

Bankers :

· Bank of Maharashtra

• Cam Branch, Camp, Pune – 411 001, Maharashtra, India
• Industrial Finance Branch, Yashomangal, F C Road, Pune – 411 005, Maharashtra, India

· Saraswat Co-Operative Bank Limited, Somwar Peth Branch, Pune, Maharashtra, India

Facilities :

Secured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Bank of Maharashtra- Cash Credit [secured against fixed assets, book debts]	21.468	0.000
Total	21.468	0.000

Banking Relations :	--
Auditors :
Name :	V P B and Associates Chartered Accountants
Address :	K-6/2, Laxmiprabha, Erandwana Society, Opposite Mangeskar Hospital, Erandwana, Pune – 411004, Maharashtra, India
PAN :	AABFB2219H
Holding Company :	Manufacture Appareillage Electrique Cahors (MAEC), SAS
Associates/Subsidiaries :	Tek Components LLC, USA
Fellow Subsidiaries :	TEK Electromechanical Private Limited Transfix India Private Limited Cahors Electrical (India) Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88,750	Equity Shares	Rs.100/- each	Rs.8.875 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.875	8.875	8.875
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.903	49.032	53.295
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.778	57.907	62.170
LOAN FUNDS
1] Secured Loans		21.468	0.000	11.311
2] Unsecured Loans		2.500	0.000	0.000
TOTAL BORROWING		23.968	0.000	11.311
DEFERRED TAX LIABILITIES		0.000	0.000	1.751
TOTAL		68.746	57.907	75.232
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.950	20.564	23.204
Capital work-in-progress		0.454	1.343	0.193
INVESTMENT		0.026	1.536	0.025
DEFERREX TAX ASSETS		3.273	3.075	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.908	31.669	17.946
	Sundry Debtors	26.721	13.463	38.628
	Cash & Bank Balances	2.168	6.070	0.574
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.518	15.340	16.069
Total Current Assets		70.315	66.542	73.217
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.918	13.887	13.705
	Other Current Liabilities	8.354	21.219	7.077
	Provisions	0.000	0.047	0.625
Total Current Liabilities		37.272	35.153	21.407
Net Current Assets		33.043	31.389	51.810
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.746	57.907	75.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	109.126	48.980	114.882
		Other Income	11.317	6.501	12.259
		TOTAL	120.443	55.481	127.141
Less	EXPENSES		133.818 [Including Depreciation Expenses]	59.100	104.566
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			(3.619)	22.575
Less/ Add	DEPRECIATION/ AMORTISATION			5.452	5.625
	PROFIT BEFORE TAX		(13.375)	(9.071)	16.950
Less	TAX		0.246	(4.808)	5.749
	PROFIT AFTER TAX		(13.129)	(4.263)	11.201
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.265	50.528	NA
	BALANCE CARRIED TO THE B/S		33.136	46.265	NA
	EARNINGS IN FOREIGN CURRENCY		81.786	41.149	84.437
	IMPORTS
		Raw Materials	2.340	4.374	4.580
		Stores & Spares	0.009	0.138	0.194
		Capital Goods	6.197	0.000	1.649
	TOTAL IMPORTS		8.546	4.512	6.423
	Earnings Per Share (Rs.)		(147.93)	(48.03)	126.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(10.90)	(7.68)	8.81
Net Profit Margin (PBT/Sales)	(%)	(12.26)	(18.52)	14.75
Return on Total Assets (PBT/Total Assets}	(%)	(13.08)	(10.41)	17.58
Return on Investment (ROI) (PBT/Networth)		(0.30)	(0.16)	0.27
Debt Equity Ratio (Total Liability/Networth)		1.37	0.61	0.53
Current Ratio (Current Asset/Current Liability)		1.89	1.89	3.42

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	28.918	13.887	13.705

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

Background: Subject was incorporated on 21.04.1993. The company is a subsidiary of Manufacture Appareillage Electrique Cahors [MAEC]. The company has its production facilities at Kesnand Village, Wagholi, Pune for manufacture of wire connectors for telecom industry.

Form No. 8

Name of the company	TEK COMPONENTS PRIVATE LIMITED
Presented By	-
1) Date and description of instrument creating the change	Agreement (For Bank Guarantee) dated 19^th January, 1999.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.100 millions
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 8^th September, 1998. · Bank Guarantee one time · 10% cash margin · Further charge on fixed assets.
5) Name and Address and description of the person entitled to the charge.	Saraswat Co-Operative Bank Limited Pune
6) Date and brief description of instrument modifying the charge	Not Available
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

This form is for	Creation of charge
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 India of the company	Survey No. 166/3, Gut No. 95, Kesnand Village, Wagholi - Rahu Road, Pune – 412 207, Maharashtra, India
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra Industrial Finance Branch, Yashomangal, F C Road, Pune – 411 005, Maharashtra, India
Nature of instrument creating charge	Composite Deed of Hypothecation for all facilities.
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

· Factory Land

· 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, 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.48.92
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.