MIRA
INFORM REPORT
|
Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TESTO |
|
|
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|
Registered
Office : |
Plot No.23, Sind Society, Near Mate House, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
14.06.2006 |
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|
Com. Reg. No.: |
11-129706 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U33130PN2006PTC129706 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET06500E MUMT13169C |
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PAN No.: [Permanent Account No.] |
AACCT4593L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The subject is engaged in
Trading and servicing of Hi-Tech electronic portable and online measuring
equipments and instruments |
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|
No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 52000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appear some accumulated losses. But financial company is improving. However,
trade relations are reported to be fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office/Factory : |
Plot No.23, Sind Society, Near Mate House, Baner Road, Aundh, Pune –
400022, Maharashtra, India |
|
Tel. No.: |
91-20-65600203 |
|
Fax No.: |
91-20-25850080 / 24082793 |
|
E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Kalidas Murlidhar Bhangare |
|
Designation : |
Managing Director |
|
Address : |
FL No.1, Shivalay Housing Society, Neha Apartments, |
|
Date of Birth/Age : |
01.06.1967 |
|
Date of Appointment : |
14.06.2006 |
|
DIN No.: |
01133068 |
|
|
|
|
Name : |
Mr. Stefan Joseph Denzler |
|
Designation : |
Director |
|
Address : |
FL No.9, Marigold – C, Kalyan Nagar, Pune – 411021, |
|
Date of Birth/Age : |
26.05.1970 |
|
Date of Appointment : |
01.03.2008 |
|
DIN No.: |
02070250 |
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|
|
|
Name : |
Mr. Burkart Knospe |
|
Designation : |
Director |
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Address : |
Spitzhalde 1, |
|
Date of Birth/Age : |
19.09.1961 |
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Date of Appointment : |
14.06.2006 |
|
DIN No.: |
02652603 |
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|
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|
Name : |
Mr. Martin Winkle |
|
Designation : |
Director |
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Address : |
Rudenbergerstr 48, Titisee, |
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Date of Birth/Age : |
03.09.1968 |
|
Date of Appointment : |
31.03.2009 |
|
DIN No.: |
02172278 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Testo Holdiong GmbH, Lenzkirch |
1499998 |
|
Knospe G. Burkartpaul franz JW Testo Holdiong
GmbH, Baden Wuerttemberg |
1 |
|
Testo Holdiong GmbH, Lenzkirch JW Stefan
Denzler |
1 |
|
TOTAL
|
1500000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject
is engaged in Trading and servicing of
Hi-Tech electronic portable and online measuring equipments and instruments |
GENERAL INFORMATION
|
Suppliers : |
·
Aashirwad Tours and Travels ·
Disha Enterprises ·
Bhairavee Exclusive Residency ·
Everest Air Systems Private Limited ·
First Flight Couriers Limited ·
Gramopadhye and Associates ·
Harishchandra Dhumal ·
Inecom Technology Private Limited ·
I Source Infosystems Private Limited ·
Ketki Exim ·
Nucon Products Private Limited ·
Orbit Printers Private Limited ·
Parsn Technologies Private Limited ·
Roshani Stationers and Printers ·
Safe Guard Marketing ·
Savvy Pure Aqua Private Limited ·
Teamwork Logistics Private Limited ·
The Professional Couriers ·
Thomas Cook India Limited ·
Universal Gifts and Promotions ·
UPS Jetair Express Private Limited ·
Vardhans Facility Services ·
Zaware Creative Enterprises Private Limited ·
3G Expovisions Private Limited |
|||||||||||||||
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Customers : |
·
Adity Birla Management Corporation Limited ·
Aakanksha Enterprises ·
ABB Limited ·
ACC Limited ·
B C Technomation Private Limited ·
Bharat Engineering ·
Blue Star Limited ·
Cipla Limited - Indore ·
Consumer Education and Research Centre ·
Cubix Automation Private Limited ·
Datalock Technical Services ·
D F Power Systems Private Limited ·
Elpro Energy Dimensions Private Limited ·
Envirotech Instruments Private Limited ·
Fresenius Kabi Oncology Limited Baddi ·
Generic Systems ·
Gujarat Industrial Power Company Limited ·
HBL Power Systems Limited ·
Hansen Drives Limited ·
Indian Institute of Technology ·
ITC Limited ·
Jain Irrigation Systems Limited ·
NTPC Limited - Kerala ·
Siemens Limited ·
Thermax Limited-Delhi ·
The KCP Cement Limited ·
VVF Limited ·
Zuari Cement Limited ·
TATA Motors Limited - Pune |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
·
Deutsche Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gramopadhye and Associates Chartered Accountant |
|
Address : |
9, Matru-Krupa Apartments, 2/14, Erandwane,
Off |
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PAN No.: |
ABMPG3586A |
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Holding Company : |
Testo Holdiong GmbH, Lenzkirch |
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Other Related Parties : |
·
Testo AG ·
Testo Industrial Services GMBH |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
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|
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|
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 |
15.000 |
15.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.830) |
(8.446) |
(7.884) |
|
|
NETWORTH |
13.170 |
6.554 |
(2.884) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.004 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
1.004 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
13.170 |
7.558 |
(2.884) |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
8.055 |
5.159 |
3.928 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.774 |
2.138 |
2.288 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.418
|
7.931
|
7.310 |
|
|
Sundry Debtors |
15.193
|
11.873
|
7.708 |
|
|
Cash & Bank Balances |
4.652
|
1.649
|
2.622 |
|
|
Other Current Assets |
4.399
|
4.126
|
2.420 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
35.662
|
25.579 |
20.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.432
|
0.991
|
1.006 |
|
|
Other Current Liabilities |
27.413
|
24.251
|
24.790 |
|
|
Provisions |
2.539
|
0.160
|
3.364 |
|
Total
Current Liabilities |
31.384
|
25.402 |
29.160 |
|
|
Net Current Assets |
4.278
|
0.177
|
(9.100) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.063 |
0.084 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.170 |
7.558 |
(2.884) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
132.335 |
75.192 |
49.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
118.075 |
71.170 |
47.164 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.260 |
4.022 |
1..986 |
|
|
|
|
1.220 |
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1.695 |
1.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.040 |
2.327 |
0.262 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2.449 |
2.105 |
1.531 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.591 |
0.222 |
[1.269] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.975 |
0.784 |
[1.958] |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.616 |
[0.562] |
0.689 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[8.446] |
[7.884] |
[8.573] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[1.830] |
[8.446] |
[7.884] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Re-imbursement From Testo AG |
1.446 |
3.809 |
6.767 |
|
|
|
Commission Earnings |
2.902 |
2.324 |
1.454 |
|
|
TOTAL EARNINGS |
4.348 |
6.133 |
8.221 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
61.717 |
37.750 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.41 |
(0.37) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.00
|
[0.75] |
1.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.80
|
0.67 |
[5.29] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.80
|
0.03 |
[0.44] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
4.03 |
[10.11] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.01 |
0.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
NOTE
Registered office address of the company has been shifted from Plot
No.9, Jeevan Vihar Housing Society, Off Senapati Bapat Road, Pune – 411016, Maharashtra,
India to the present address w.e.f 01.01.2010
RESULTS OF
OPERATIONS
The turnover of
the Company has been increased from Rs. 75.192 Millions to Rs. 132.335
Millions. The Company earned profit after tax of Rs. 6.616 Millions as compared
to loss after tax of Rs. 0.562 Million in the last year. During the year
company has appointed experienced Sales personnel and increased the strength
which has positive results on turnover. Necessary planning, market research and
other activities such as investment in infrastructure, additional manpower, etc
is taken care by the acting directors. The company is also trying to reduce
cost of operation and margins will be maintained. The company is also having
development plans and it expects to achieve better results in future.
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office 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,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 54.91 |
|
|
1 |
Rs. 85.46 |
|
Euro |
1 |
Rs. 67.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
|
30 |
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.