MIRA
INFORM REPORT
|
Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TRINITY DIE FORGERS LIMITED |
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Registered Office : |
Plot J/5 S Block MIDC Bhosari, Pune – 411 026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.12.1990 |
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Com. Reg. No.: |
11-59618 |
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CIN No.: [Company
Identification No.] |
U28910PN1990PLC059618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET00378A / PNET04594C |
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PAN No.: [Permanent
Account No.] |
AAACT4156H |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturers and Dealers of Automobile Parts, Accessories, Ancillaries,
Stores and Spares, All types of Tools and Plants, Equipment, Instruments,
Appliances and Hardware of All kinds, General fittings, Components,
Accessories and Appliances of all description |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot J/5 S Block MIDC Bhosari, Pune – 411 026, Maharashtra, India |
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Tel. No.: |
91-20-27120554 / 27120873 |
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Fax No.: |
91-20-27120554 |
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E-Mail : |
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Corporate Office : |
Gate No. 1425/3/21, Shikrapur Off. Pune Nagar Road, Talshirur, Pune –
411 026, Maharashtra, India |
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Tel. No.: |
91-2137-676121 |
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Fax No.: |
91-2137-676121 |
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Factory : |
J -7, MIDC Bhosari, Pune – 411 026, Maharashtra |
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Tel. No.: |
91-20-2790873 |
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Fax No.: |
91-20-2790554 |
DIRECTORS
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Name : |
Mr. Ranjan Banerjee |
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Designation : |
Managing Director |
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Address : |
A-1/2, Vrindavan Society, Range Hill Road, Pune – 411 020,
Maharashtra, India |
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Date of Birth/Age : |
03.06.1942 |
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Date of Appointment : |
31.12.1990 |
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Name : |
Mr. Deepankar Jagdish Chandra Basu |
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Designation : |
Director |
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Address : |
Flat No. 18, Kanchnajunga Co-Operative Housing Society, S.No. 137/138,
Plot J, Aundh, Pune – 411 0078, Maharashtra. |
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Date of Birth/Age : |
13.01.1962 |
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Date of Appointment : |
31.12.1990 |
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Email ID: |
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Name : |
Mr. Krishna Das Chatterjee |
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Designation : |
Director |
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Address : |
B-702, Kalpa –Taru Regency – 1, Kalyani Nagar, Pune 411 006,
Maharashtra, India |
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Date of Birth/Age : |
08.11.1994 |
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Date of Appointment : |
30.04.2006 |
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Directorship in other companies: |
CIN of the Company: L24110GJ1992TLC018355 Name of the Company: Narmada Chematur Petrochemicals Limited Designation: Director |
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Email ID: |
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Name : |
Mrs. Rashmi Gadre |
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Designation : |
Director |
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Address : |
1792, Sadashiv Peth, Pune – 411 030, Maharashtra, India |
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Date of Birth/Age : |
14.11.1963 |
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Date of Appointment : |
22.06.2000 |
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Name : |
Mrs. Moushumi Basu |
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Designation : |
Director |
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Address : |
Capriyana 45, Anand Park, Aundh, Pune – 411 007, Maharashtra |
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Date of Birth/Age : |
21.06.1964 |
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Date of Appointment : |
30.03.2007 |
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Email ID: |
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Name : |
Mr. Jagdishchandra Basu |
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Designation : |
Chairman |
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Address : |
Capriyana 45, Anand Park, Aundh, Pune – 411 007, Maharashtra |
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Date of Birth/Age : |
01.01.1931 |
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Date of Appointment : |
29.06.2005 |
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Email ID: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jagdish Chandra Basu |
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236800 |
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Mrs. Ranjan Banerjee |
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130043 |
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Mr. Deepankar Basu |
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75015 |
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Mrs. Gita Basu |
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7150 |
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Mrs. Sancharika Banerjee |
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32500 |
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Mr. Ratul Banerjee |
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52500 |
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Mr. Vikas Dil |
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128235 |
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Anukaran Commercial Enterprises Limited |
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50200 |
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Oregon Commercial Limited |
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50200 |
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Victor Impex Limited |
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62800 |
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Moneyline Investments Private Limited |
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128300 |
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Mr. Yeshwant Kurle |
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84028 |
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Mrs. Pratibha Kurle |
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70000 |
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Mr. Nitin Kurle |
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42014 |
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Mrs. Moushumi Basu |
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100 |
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Total |
1149885 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
44.69 |
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2 |
Directors or relative of directors |
40.46 |
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3 |
Other top fifty shareholders (Other than listed above) |
14.85 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Dealers of Automobile Parts, Accessories,
Ancillaries, Stores and Spares, All types of Tools and Plants, Equipment, Instruments,
Appliances and Hardware of All kinds, General fittings, Components,
Accessories and Appliances of all description |
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Products: |
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GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
The Saraswat Co-Operative Bank Limited Address: Pimpri
Chinchwad Branch, hotel Surya Kiran Building, Pune – Mumbai Road, Chinchwad,
Pune – 411 019, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S A Foujdar and Company Chartered Accountants |
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Address : |
37, Navketan Society, Kothrud, Pune – 411 029, Maharashtra, India |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5022108 |
Equity Shares |
Rs. 10/- each |
Rs. 50.221 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.221 |
13.202 |
13.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.404 |
68.125 |
57.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
120.625 |
81.327 |
70.800 |
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LOAN FUNDS |
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1] Secured Loans |
152.824 |
74.504 |
47.500 |
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2] Unsecured Loans |
8.473 |
5.773 |
3.500 |
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TOTAL BORROWING |
161.297 |
80.277 |
51.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
281.922 |
161.604 |
121.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
151.217 |
80.167 |
64.800 |
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Capital work-in-progress |
24.535 |
2.684 |
3.500 |
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INVESTMENT |
4.235 |
3.987 |
4.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
149.429
|
121.535 |
102.600 |
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Sundry Debtors |
74.944
|
34.203 |
26.600 |
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Cash & Bank Balances |
11.961
|
7.216 |
7.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
45.105
|
21.045 |
17.200 |
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Total
Current Assets |
281.439
|
183.999 |
153.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
166.910
|
104.390 |
96.800 |
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Provisions |
13.056
|
4.843 |
7.100 |
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Total
Current Liabilities |
179.966
|
109.233 |
103.900 |
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Net Current Assets |
101.473
|
74.766 |
49.500 |
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MISCELLANEOUS EXPENSES |
0.462 |
0.000 |
0.000 |
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TOTAL |
281.922 |
161.604 |
121.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
377.996 |
297.366 |
382.100 |
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Other Income |
2.794 |
1.064 |
16.900 |
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Stock adjustments |
0.000 |
0.000 |
23.500 |
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Total Income |
380.790 |
298.430 |
422.500 |
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Profit/(Loss) Before Tax |
35.932 |
15.250 |
15.600 |
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Provision for Taxation |
12.485 |
5.333 |
5.400 |
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Profit/(Loss) After Tax |
23.447 |
9.917 |
10.200 |
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Export Value |
168.024 |
93.345 |
NA |
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Expenditures : |
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Raw Material Consumed |
208.434 |
170.536 |
182.000 |
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Excise duty |
0.000 |
0.000 |
54.700 |
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Power and Fuel Cost |
0.000 |
0.000 |
14.300 |
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Other manufacturing expenses |
0.000 |
0.000 |
81.700 |
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Employee cost |
0.000 |
0.000 |
27.500 |
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Selling and Administrative expenses |
0.000 |
0.000 |
32.200 |
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Miscellaneous Expenses |
0.000 |
0.000 |
3.900 |
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Consumption of stores and spares parts |
34.033 |
20.905 |
0.000 |
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Increase/(Decrease) in Finished Goods |
11.297 |
[13.913] |
0.000 |
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Salaries, Wages, Bonus, etc. |
42.252 |
25.077 |
0.000 |
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Managerial Remuneration |
0.916 |
1.084 |
0.000 |
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Payment to Auditors |
0.114 |
0.070 |
0.000 |
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Interest and Financial Charge |
13.238 |
7.770 |
5.400 |
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Insurance Expenses |
0.415 |
0.371 |
0.000 |
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Power & Fuel |
37.881 |
14.120 |
0.000 |
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Depreciation & Amortization |
14.736 |
10.800 |
5.200 |
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Other Expenditure |
149.562 |
139.702 |
0.000 |
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Total Expenditure |
512.878 |
376.522 |
406.900 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.15
|
3.32 |
2.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
5.12 |
4.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.85
|
5.71 |
7.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.18 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.82
|
2.33 |
2.18 |
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Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.68 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges Report as per Registry
|
Corporate
identity number of the company |
U28910PN1990PTC059618 |
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Name of the
company |
TRINITY DIE FORGERS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot J/5 S Block MIDC Bhosari, Pune – 411 026, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
The Saraswat
Co-operative Bank Limited Address: Pimpri
Chinchwad Branch, hotel Surya Kiran Building, Pune – Mumbai Road, Chinchwad,
Pune – 411 019, Maharashtra, India Email ID: tgu@vsnl.com |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of movable property |
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Date of
instrument Creating the charge |
15.06.2006 |
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Amount secured by
the charge |
Rs. 2.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: 13 % p.a
or as fixed by the bank from time to time Repayable : on
Demand |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Mortgage by
deposit of title deeds in favour of the bank as security on : Office No. 401, 4th
Floor, Omega, Powai, Mumbai New Factory and
Building at Naroli |
|
Particulars of
the property charged |
Hypothecation of
tangible movable property at company premises at Pune 26 |
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.39.36 |
|
UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|