MIRA INFORM REPORT

 

 

Report Date :

22.12.2007

 

IDENTIFICATION DETAILS

 

Name :

TRIO ELEVATORS COMPANY (INDIA) LIMITED

 

 

Registered Office :

404, Shivam Complex, Near Bhuyangdev Char Rasta, Sola Road, Ghatlodia, Ahmedabad – 380061, Gujarat

 

 

Country :

India

 

 

Date of Incorporation :

10.08.2006

 

 

Com. Reg. No.:

048885

 

 

CIN No.:

[Company Identification No.]

U31103GJ2006PLC048885

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMT02459C

 

 

PAN No.:

[Permanent Account No.]

AACCT4923E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

 

Status :

New Joint Venture Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between OTIS, India and TRIO Elevators, Ahmedabad.

 

OTIS is an important players in it’s industry while TRIO is busy in Gujarat who manufacturers elevators and provides maintanance services in Gujarat State.

 

Their trade relations are fair. Payments are usually correct and as per commitments.

 

LOCATIONS

 

Registered Office/Factory :

404, Shivam Complex, Near Bhuyangdev Char Rasta, Sola Road, Ghatlodia, Ahmedabad – 380061, Gujarat

Tel. No.:

91-79-27412154

Telefax No.:

91-79-27478697

E-Mail :

ravindra.inani@otis.com

trio@trioelevators.com

 

DIRECTORS

 

Name :

Mr. Shankarbhai Mohanlal Patel

Designation :

Director

Address :

25, Sarvodaya Society, Part – 1, Bhuyangdev, Sola Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

01.01.1946

Income-tax PAN:

ABEPP0292J

 

 

Name :

Mr. Kriyang S. Patel

Designation :

Director

Address :

25, Sarvodaya Society, Part – 1, Bhuyangdev, Sola Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

15.12.1978

Income-tax PAN:

AFUPP8523N

 

 

Name :

Mr. Paresh M. Kariya

Designation :

Director

Address :

Paresh, 5-Gokul Nagar, Off, Navdurga Road, Rajkot – 380061, Gujarat

Date of Birth/Age :

23.07.1966

 

 

Name :

Mr. Ashok Inderlal Malhotra

Designation :

Director

Address :

190, 2nd Floor, Sai Leela, opp.Madhu Park, 11th Roads, Khar, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

23.07.1948

Income-tax PAN:

AAHPM2338J

 

 

Name :

Mr. Bharat Sanjiva Nayak

Designation :

Director

Address :

B-303, Hemlata Appartment, Plot No.267 (B), Jairaj Nagar, Boriwali (W), Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

26.09.1963

Income-tax PAN:

AAAPN1078M

 

 

Name :

Mr. Prashant R. Kulkarni

Designation :

Director

Address :

603, A Wing, Omkar Building, Bal Govindas Road, Shivaji Park, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

30.07.1949

Income-tax PAN:

AANPK5016H

Email:

Prashant.kulkarni@otis.com

 

 

Name :

Mr. Atulbhai Juvle

Designation :

Director

Address :

14, Amita Play Ground Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

24.09.1963

Income-tax PAN:

AAAPJ5117A

 

 

Name :

Mr. Pareshbhai Dixit

Designation :

Director

Address :

C-603, Kaustiubhasha Colony, C.H.S.Limited Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

14.11.1952

Income-tax PAN:

AAHPD3119L

 

 

 

 

Directorship in other companies:

 

Name:

Trio Automation Private Limited

Designation:

Director

CIN of Company:

U51500GJ2005PTC047199

 

 

Name:

Trio Elevators Private Limited

Designation:

Chairman

CIN of Company:

U31100GJ1993PTC019153

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Shankarbhai Patel

 

5000

Mr. Kriyangbhai Patel

 

5000

Mr. Pareshbhai Kariya

 

8000

Mr. Bharatkumar Nayak

 

8000

Mr. Prashant Ramakant Kulkarni

 

8000

Mr. Atulbhai Juvle

 

8000

Mr. Pareshbhai Dixit

 

8000

Total

 

50000

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways.

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

 

Banking Relations :

-

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2500000

Equity shares

Rs.10/- each

Rs.25.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

No financials are available since incorporation of the company.

 

Managements declined business and financial details.

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website details:

 

Otis Establishes New Joint Venture with Trio Elevators Private Limited

 

Guj/MP/Raj, September 7, 2006. Otis Elevator Company today announced the formation of a joint venture company with Trio Elevators Private Limited. The new joint venture Trio Elevators Company (India) Limited. Will be haedquartered in Ahmedabad and serve the states of Gujarat, Madhya Pradesh and Rajasthan. Otis is a unit of united technologies (NYSE: UTX)

 

The new company will run as an independent entity retaining its well recognized brand identity and will continue to meet the needs of the residential and commercial markets.

 

Otis Elevator company is the world’s largest manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. With headquarters in famington, connecticut, USA, Otis employees 60000 people, Offers products and services in more than 200 countries and territories and maintains more than 1.5 million elevators and escalators worlwide.

 

Trio Elevators Private Limited has been a well established independent elevator company in Gujarat, for more than 25 years. The company offers a wide range of products including passenger, special application freight elevators and dumbwaiters and is in the sales, installation and commercial buildings.

 

 

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.39.57

UK Pound

1

Rs.78.93

Euro

1

Rs.56.85

 

 

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

 

 

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