MIRA INFORM REPORT

Report Date :

23.07.2013

Tel. No.:

+912113304860

Note:

Correct name of the company is ‘TECHCELLENCY ENGINEERING (INDIA) PRIVATE LIMITED’.

IDENTIFICATION DETAILS

Name :	TECHCELLENCY ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Gat No. 736, Near Lata Engg. Private Limited, Shed No. 1, At Post Velu, Near Pune-Bangalore Highway, Taluka-Bhor, Pune – 412205, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.01.2010
Com. Reg. No.:	11-135272
Capital Investment / Paid-up Capital :	Rs. 0.860 Million
CIN No.: [Company Identification No.]	U29100PN2010PTC135272
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Jigs and Fixture and various types of Engineering Components.
No. of Employees :	36 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 28000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are slow but correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	Moderate financial strength and high financial strength.
Date	May 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sandip Shinde
Designation :	Accounts Department
Contact No.:	91-2113-304860
Date :	22.07.2013

LOCATIONS

Registered Office/ Factory :	Gat No. 736, Near Lata Engg. Private Limited, Shed No. 1, At Post Velu, Near Pune-Bangalore Highway, Taluka-Bhor, Pune – 412205, Maharashtra, India
Tel. No.:	91-20-24470280 91-2113-304860/ 304861/ 304864
Fax No.:	Not Available
E-Mail :	chartereds20@gmail.com techcellency@yahoo.co.in sandipshinde@techcellency.com
Website :	www.techcellency.com
Location :	Owned

DIRECTORS

AS ON 29.08.2012

Name :	Mr. Nimeshkumar Rameshchandra Desai
Designation :	Director
Address :	S/5, Flat No. 603, Sunparadaise, Phase II, Anand Nagar, Pune – 411051, Maharashtra, India
Date of Birth/Age :	19.03.1968
Date of Appointment :	06.01.2010
DIN No.:	02779330
Name :	Mrs. Kalpana Nimesh Desai
Designation :	Director
Address :	S/5, Flat No. 603, Sunparadaise, Phase II, Anand Nagar, Pune – 411051, Maharashtra, India
Date of Birth/Age :	26.06.1968
Date of Appointment :	06.01.2010
DIN No.:	02779365

KEY EXECUTIVES

Name :	Mr. Sandip Shinde
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.08.2012

Names of Shareholders	No. of Shares
Nimeshkumar Rameshchandra Desai	60000
Kalpana Nimesh Desai	26000
Total	86000

AS ON 15.04.2013

Names of Allottees	No. of Shares
Nimeshkumar Rameshchandra Desai	70000
Kalpana Nimesh Desai	40000
Total	110000

AS ON 05.06.2013

Names of Allottees	No. of Shares
Nimeshkumar Rameshchandra Desai	115000
Kalpana Nimesh Desai	10000
Total	125000

AS ON 29.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Jigs and Fixture and various types of Engineering Components.
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

36 (Approximately)

Bankers :

Syndicate Bank, Laxmi Road Branch, 712, Narayan Peth, Pune - 411030, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
Loan A/c NO.7330SLR101800001 (I)	4.782	6.139
Loan A/c NO.7330SLR101800001 (II)	2.220	2.850
Loan A/c NO.7330SLB110190002 (III)	0.468	0.662
SHORT-TERM BORROWINGS
Cash Credit from bank (Secured)
Syndicate Bank A/c No. 53201250000942	5.430	4.682
Bill Discounting Facility with Syndicate Bank	4.196	4.347
Total	17.096	18.680
Notes : LONG-TERM BORROWINGS Term Loan (I) is secured by primary security of hypothecation of existing plant and machinery, mortgage of land and building, collateral security of LIC policies of directors and personal guarantee by Directors and Nandkumar Khatavkar (Other Party). Term Loan (II) is secured by primary security of hypothecation of Machinery, Vehicle, Gen Set and other Furniture and Fixture purchased out of it, collateral security of hypothecation of existing plant and machinery, mortgage of land and building, LIC policies of directors and personal guarantee by Directors and Nandkumar Khatavkar (Other Party). Term Loan (III) is secured by primary security of hypothecation on Existing Furniture and Fixture, Enclosures, Office Interior, Mezzaine Store, collateral security by way of charge on all existing current and fixed assets of the company and personal guarantee by Directors and Nandkumar Khatavkar (Other Party). SHORT-TERM BORROWINGS 1) Cash Credit from bank is secured against primary security of stock and book debts and Bill discounting facility is secured by primary charge on supply bills discounted, and both having collateral security as hypothecation of existing plant and machinery, mortgage of land and building, LIC policies of directors and personal guarantee by Directors and Nandkumar Khatavkar (Other Party).

Banking Relations :	--
Auditors :
Name :	Khutwad Devkar and Company Chartered Accountants
Address :	14, Bilwakunj Society, 266, Shukrawar Peth, Near Chinchechi Talim, Pune – 411002, Maharashtra, India
Tel. No.:	91-20-24470280
E-Mail :	chartereds20@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAKFK3433D
Related Party :	Tech Tool Engineers

CAPITAL STRUCTURE

AFTER 29.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
321,000	Equity Shares	Rs. 10/- each	Rs. 3.210 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86,000	Equity Shares	Rs. 10/- each	Rs. 0.860 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.860	0.600
(b) Reserves & Surplus	6.238	4.387
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.098	4.987
(3) Non-Current Liabilities
(a) long-term borrowings	8.633	10.229
(b) Deferred tax liabilities (Net)	0.167	0.312
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.800	10.541
(4) Current Liabilities
(a) Short term borrowings	9.626	9.029
(b) Trade payables	5.912	5.819
(c) Other current liabilities	3.953	4.195
(d) Short-term provisions	3.475	1.481
Total Current Liabilities (4)	22.966	20.524
TOTAL	38.864	36.052
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.611	17.974
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.110	0.110
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.068	0.073
(e) Other Non-current assets	0.031	0.042
Total Non-Current Assets	17.820	18.199
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.752	8.086
(c) Trade receivables	11.200	8.222
(d) Cash and cash equivalents	0.386	0.955
(e) Short-term loans and advances	0.077	0.258
(f) Other current assets	0.629	0.332
Total Current Assets	21.044	17.853
TOTAL	38.864	36.052

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	33.281	10.718
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	24.467	7.579
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.814	3.139
Less	FINANCIAL EXPENSES (D)		3.327	1.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.487	1.988
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.759	1.239
	PROFIT BEFORE TAX (E-F) (G)		2.728	0.749
Less	TAX (H)		0.877	0.452
	PROFIT AFTER TAX (G-H) (I)		1.851	0.297
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.297	0.000
	BALANCE CARRIED TO THE B/S		2.148	0.297
	Earnings Per Share (Rs.)		26.93	4.95

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	5.56	2.77
Return on Total Assets (PBT/Total Assets}	(%)	7.04	2.08
Return on Investment (ROI) (PBT/Networth)		0.38	0.15
Debt Equity Ratio (Total Debt/Networth)		2.57	3.86
Current Ratio (Current Asset/Current Liability)		0.92	0.87

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Loan A/c No.7330SLR101800001 (1)	2.472	2.465
Loan A/c No.7330SLR101800001 (II)	1.147	1.144
Loan A/c No.7330SLB110190002 (III)	0.312	0.313
Total	3.931	3.922

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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 two years	Yes
12]	Profitability for last two 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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties
From Directors / Shareholders	1.163	0.465
From Relative Director	0.000	0.113
Total	1.163	0.578

CORPORATE INFORMATION:

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of manufacturing Jigs and Fixture and various types of engineering components. The company caters domestic as well as international market.

FINANCIAL RESULTS

This is the second year of commercial operation of the company. Even though the global economy was facing inflationary crisis on one side and political instability in country, we have achieved desired level of turnover growth. The efforts by the management and staff members have helped the company to sustain through this critical phase of recession. The company has tried to achieve its targeted profit. The Directors are hopeful about better turnover and profitability in the year to come on targeted lines.

BUSINESS

They have achieved the turnover of Rs. 40.234 Millions in the recessionary period which is satisfactory achievement. The company has targeted the higher amount of turnover during the next financial year. The company has entered into agreement with various new parties so as to expand its wings. The company is trying to maintain long relation with these new customers.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29100PN2010PTC135272
Name of the company	TECHCELLENCY ENGINEERING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 736, Shed No. 1, At Post Velu, Near Pune-Bangalore Highway, Taluka-Bhor, Pune – 412205, Maharashtra, India Email: chartereds20@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Syndicate Bank, Laxmi Road Branch, 712, Narayan Peth, Pune - 411030, Maharashtra, India Email: nvgopalcs@gmail.com
Nature of description of the instrument creating or modifying the charge	1.Charge and Hypothecation of Book Debts - Agreement 2.Composite Hypothecation Agreement
Date of instrument Creating the charge	26.03.2013
Amount secured by the charge	Rs. 12.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.75% p.a. being 2.50% over and above the Syndicate Bank's base rate Terms of Repayment Repayable on demand Margin 25% Extent and Operation of the charge First charge on Raw materials, Semi finished goods, Finished goods, Finished goods pertaining to Engineering products and Plant and Machinery installed and stored at Gat No. 736, Post- Velu, Taluka - Bhor, District - Pune and Book Debts of the company.
Short particulars of the property charged	Raw materials, Semi finished goods, Finished goods, Finished goods pertaining to Engineering products and Plant and Machinery installed and stored at Gat No. 736, Post- Velu, Taluka - Bhor, District - Pune Book Debts of the company.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Guarantees – Bank Guarantee to Debtors	0.265	0.000
Other money for which the company is contingently liable
- Sales Tax Declaration not received	0.104	0.000
Total	0.369	0.000

FIXED ASSETS:

Motor Vehicles

Computer

Plant and Machinery

Office Equipments

Tools and Equipments

Furniture and Fixture

Factory Building

Electrical Installation

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 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. 59.41
UK Pound	1	Rs. 90.74
Euro	1	Rs. 78.11

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.