MIRA
INFORM REPORT
|
Report Date : |
22.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TRINITY
ELECTRIC SYNDICATE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
154,
Shamaldas Gandhi Marg, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
21.11.1988 |
|
|
|
|
Com. Reg. No.: |
11-49698 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1988PTC049698 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11057E |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
The
subject is engaged in the business of manufacturing of control panels, motor
control centres, switch boards and other electrical spares and accessories of
all nature, sizes and description. Subject is engaged in the business as a
buyer, seller, stockist, importer, exporter, agent and dealer of electrical
goods, engineering goods and hardware articles. |
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/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an old and established company having moderate track. Directors are
reported as experienced and respectable businessmen. Company’s profitability
is under severe pressure. It has some accumulated losses. Payments are
reported as slow but correct. The
company can be considered for small business dealings at usual trade terns
and conditions. |
LOCATIONS
|
Registered
/ Sales Office : |
154,
Shamaldas Gandhi Marg, Mumbai – 400002, Maharashtra, India |
|
Tel.
No.: |
91-22-22010720
/ 22060022 |
|
Fax
No.: |
91-22-22061373 |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr
Nitin N Khambhati |
|
Designation : |
Managing
Director |
|
Address : |
9-AII-Great
Eastern Royale, 333, Bellasis Road, Tardeo, Mumbai – 400034, Maharashtra,
India |
|
Date of Birth/Age : |
12.10.1945 |
|
Date of Appointment : |
21.11.1988 |
|
|
|
|
Name : |
Mr
Nautamlal N Khambhayi |
|
Designation : |
Director |
|
Address : |
Ray
Mayur, 30 Babulnath Road, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1918 |
|
Date of Appointment : |
21.11.1988 |
|
|
|
|
Name : |
Mrs
Chandrika N Khambhati |
|
Designation : |
Director |
|
Address : |
9-AII-Great
Eastern Royale, 333, Bellasis Road, Tardeo, Mumbai – 400034, Maharashtra,
India |
|
Date of Birth/Age : |
26.04.1949 |
|
Date of Appointment : |
03.06.2003 |
KEY EXECUTIVES
|
Name
: |
Mr
Vikram P Gandhi |
|
Designation
: |
Company
Secretary |
|
Qualification
: |
B Com,
F. C. S. |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr
Nautamlal N Khambhati |
1200 |
12.00 |
|
Mr
Nitin N Khambhati |
1600 |
16.00 |
|
Mr
Deepak N Khambhati |
1600 |
16.00 |
|
Mr
Vijay N Khambhati |
1600 |
16.00 |
|
Mrs
Rekha H Sonawala |
2000 |
20.00 |
|
Mr
hemant S Sonawala |
2000 |
20.00 |
|
Total |
10000 |
100.00 |
|
|
|
|
|
Category of Shareholders |
|
Percentage of
Holding |
|
Directors
or relative of directors |
|
60.00 |
|
Other
top 50 shareholders |
|
40.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
subject is engaged in the business of manufacturing of control panels, motor
control centres, switch boards and other electrical spares and accessories of
all nature, sizes and description. Subject is engaged in the business as a
buyer, seller, stockist, importer, exporter, agent and dealer of electrical
goods, engineering goods and hardware articles. |
GENERAL
INFORMATION
|
Bankers : |
Central
Bank of India, Mumbai Mandvi
Co-Operative Bank Limited |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
J R Bhatt and Associates Chartered
Accountants |
|
Address: |
B-12-13,
Satyam Shopping Centre, M G Road, Ghatkopar (East), Mumbai – 400077,
Maharashtra, India |
|
Tel. No. / Fax: |
91-25130785
/ 25106120 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity
Shares |
Rs 100/- each |
Rs 2.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
RS 100/- each |
Rs 1.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
1.000 |
1.000 |
|
2] Share Application Money |
|
0.000 |
0.000 |
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
4] (Accumulated Losses) |
|
(0.136) |
(1.659) |
|
NETWORTH |
|
0.864 |
(0.659) |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
3.978 |
1.993 |
|
2] Unsecured Loans |
|
2.021 |
0.200 |
|
TOTAL BORROWING |
|
5.999 |
2.193 |
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
TOTAL |
|
6.863 |
1.534 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.651 |
3.976 |
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
|
0.020 |
0.020 |
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
3.661
|
4.189 |
|
Sundry Debtors |
|
42.221
|
34.679 |
|
Cash & Bank Balances |
|
2.536
|
2.418 |
|
Other Current Assets |
|
0.000
|
0.000 |
|
Loans & Advances |
|
3.881
|
3.807 |
|
Total Current Assets |
|
52.299
|
45.093 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
|
47.648
|
47.048 |
|
Provisions |
|
1.460
|
0.508 |
|
Total Current Liabilities |
|
49.108
|
47.556 |
|
Net Current Assets |
|
3.192
|
(2.462) |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
6.863 |
1.534 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
12.830 |
10.032 |
19.324 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
2.457 |
0.458 |
3.872 |
|
Provision
for Taxation |
2.603 |
2.140 |
5.664 |
|
Profit/(Loss)
After Tax |
(0.136) |
(1.659) |
(1.641) |
|
|
|
|
|
|
Export
Value |
1.092 |
5.215 |
N.A. |
|
|
|
|
|
|
Import
Value |
0.885 |
1.777 |
N.A. |
|
|
|
|
|
|
Total Expenditure |
10.373 |
9.574 |
15.452 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
|
(1.06)
|
(16.53) |
(8.49) |
|
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales) |
|
19.15
|
4.56 |
20.03 |
|
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets} |
|
19.15
|
0.93 |
N.A. |
|
|
|
|
|
|
|
Return
on Investment (ROI)(PBT/Networth) |
|
2.84 |
(0.69) |
N.A. |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
63.78
|
(75.49) |
N.A. |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
1.06
|
0.94 |
N.A. |
LOCAL AGENCY
FURTHER INFORMATION
Trinity
came into existence in 1917 has a group turnover of Rs 200 million. This
company has a diversified portfolio of manufacturing of fibre optic cable
assemblies with an annual capacity of 15,000 units per annum and represents
varied international companies for marketing of fibre optic equipments,
accessories and instruments related to safety, health and environment. The
company has a distinction of being honoured with the highest sales award from
its principals for two years in a row. For the in-depth understanding of the
fibre optic products, trinity has specialised itself into offering of training
courses and seminars from the worldwide reputed faculties.
The
company also markets H T and L T power cables. It also undertake contracts for
installation, maintenance and design of electrical equipments. The company is
also a marketing representative for complete range of L T switchgear
manufactured by Larsen and Toubro Limited, Mumbai. We also have authorised L
& T Limited services centre of L T switchgear.
Other
allied products are pressure switches, thermostats, solenoid valves, rotary
switches, wide ranges of electrical and electronic timers and host of other
products.
Distributor
and dealer for varied international for marketing of fibre optics, telecommunications,
electrical, safety, and environment related instruments and accessories.
Trinity is constantly on the look out for highly specialised products.
Trinity
has specialised itself in to offering of training courses and seminars from the
worldwide reputed faculties.
Trinity
also plans to establish a full fledge service centre and calibration
facility.
Fixed Assets
- Lease Hold Improvements
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Fax Machine
- Scooter
- Office Equipments
- Cars
- Laboratory Equipments
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.44.30 |
|
UK
Pound |
1 |
Rs.87.61 |
|
Euro |
1 |
Rs.57.61 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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/normal. |
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 |
|