MIRA
INFORM REPORT
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Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TREX TYRES INDIA PRIVATE LIMITED |
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Registered Office : |
21A, CSEZ, Kakkanad, Cochin – 682037, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.10.2004 |
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Com. Reg. No.: |
17506 |
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CIN No.: [Company
Identification No.] |
U25111KL2004PTC017506 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tyres Patches, Retreated Types, Brand Trex Tyres. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 2500 |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject has moderate track. It’s profit margin is under severe
pressure and has registered substantial losses. Financial position can be regarded
as moderate. Payments are reported as slow. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Thomas Philip |
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Designation : |
General Manager |
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Contact No.: |
91-98626908 |
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Date : |
13.08.2008 |
LOCATIONS
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Registered Office : |
21A, CSEZ, Kakkanad, Cochin – 682037, Kerala, India |
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Tel. No.: |
91-484-4058855 |
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Mobile No.: |
91-9895026908 |
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Fax No.: |
91-484-4058857 |
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E-Mail : |
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Area : |
14000 sq ft |
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Location : |
Leased |
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Head Office : |
6A, Monarch 6th Floor, P.T. Usha Road, Coachin |
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Tel. No.: |
91-484-2382060 |
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E-Mail : |
DIRECTORS
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Name : |
Dr. Syam Raj S. |
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Designation : |
Director |
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Address : |
Satya Vilas, Palamkonam, Alangode Perumkulam Po, Trivandrum – 682036,
Kerala, India |
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Date of Birth/Age : |
10.04.1976 |
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Qualification : |
MBBS |
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Experience : |
12 Years |
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Date of Appointment : |
11.10.2004 |
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Name : |
Mrs. Monisha Bhadran |
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Designation : |
Director |
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Address : |
15 B, Link Hights, Panampilly Nagar, Cochin, Ernakulam - 682036,
Kerala, India |
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Date of Birth/Age : |
12.04.1978 |
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Qualification : |
B. Tech |
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Experience : |
10 Years |
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Date of Appointment : |
11.10.2004 |
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Name : |
Mr. Ram Palamkonam |
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Designation : |
Director |
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Date of Birth/Age : |
21.02.1950 |
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Qualification : |
Post Graduate |
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Experience : |
30 Years |
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Date of Appointment : |
09.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.09.2007
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Names of Shareholders |
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No. of Shares |
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Dr. Syam Raj S. |
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49999 |
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Monisha Bhadran |
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1 |
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Total |
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50000 |
AS ON 28.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tyres Patches, Retreated Types, Brand Trex Tyres. |
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Products : |
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Exports : |
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Products : |
Tyres |
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Countries : |
UAE |
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Imports : |
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Products : |
Raw Material Used Tyres |
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Countries : |
Korea, UAE |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
8 |
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Bankers : |
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Facilities : |
Packing Credit – Rs.3.000 Millions (From Bank of India) |
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Auditors : |
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Name : |
Jai Kumar Rajesh and Company Chartered Accountant |
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Address : |
2nd Floor, The Monarch, P.T. Usha Road, Kochin – 682011,
Kerala, India |
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Associates/Subsidiaries : |
Shell Oasis Private Limited - UAE |
CAPITAL STRUCTURE
AS ON 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.500 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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9.000 |
ABRIDGED BALANCE
SHEET
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.355) |
(0.070) |
(0.011) |
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NETWORTH |
(2.855) |
0.430 |
0.489 |
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LOAN FUNDS |
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1] Secured Loans |
2.388 |
5.510 |
0.000 |
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2] Unsecured Loans |
5.008 |
2.169 |
0.145 |
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TOTAL BORROWING |
7.396 |
7.679 |
0.145 |
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DEFERRED TAX LIABILITIES |
0.038 |
0.053 |
0.000 |
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TOTAL |
4.579 |
8.162 |
0.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.142 |
4.564 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.953
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3.763 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.096
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0.080 |
0.033 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.076
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0.075 |
0.576 |
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Total
Current Assets |
2.125
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3.918 |
0.609 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.442
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0.216 |
0.000 |
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Provisions |
0.262
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0.124 |
0.002 |
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Total
Current Liabilities |
1.704
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0.340 |
0.002 |
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Net Current Assets |
0.421
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3.577 |
0.607 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.021 |
0.027 |
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TOTAL |
4.579 |
8.162 |
0.634 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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3.021 |
0.782 |
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Other Income |
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0.000 |
0.035 |
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Total Income |
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3.021 |
0.817 |
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Profit/(Loss) Before Tax |
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(3.293) |
(0.010) |
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Provision for Taxation |
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(0.007) |
60 |
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Profit/(Loss) After Tax |
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(3.286) |
(0.070) |
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Expenditures : |
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Administrative Expenses |
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0.000 |
0.284 |
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Depreciation & Amortization |
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0.000 |
0.379 |
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Other Expenditure |
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6.314 |
3.035 |
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Total Expenditure |
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6.314 |
3.698 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(1.08)
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(0.08) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.09)
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(01.27) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(52.54)
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(00.11) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(1.15)
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02.32 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.18)
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18.64 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.24
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11.52 |
304.5 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charge
Report as per registry
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Name of the company |
TREX TYRES INDIA PRIVATE LIMITED |
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Presented By |
Mr. Syam Raj,
Director |
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1) Date and description of instrument creating the change |
1. Hypothecation
Cum Loan Agreement dated 06.07.2005,
Under sanction letter no. MGR:ADV:VM;101 dated 06.07.2005 2. Equitable mortgage
of land by deposit of title deed vide letter 06.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.900 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Secured by way of
primary charge on the entire plant and machineries use for retarding Tyres,
Furniture, Vehicle etc. and all tangible movable assets of the borrower,
including interalia, Stock of tyres, patches, retarding material and further
all present and future book debts, out standings, money receivable, Claim
bills due and owning and collateral by way of equitable mortgage of the
company’s properties situated at plot no.21A, Coachin special economic zone
for the leasehold height. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% for
all facilities E.P.C. – 6.75% up
to 180 days and 11.25% over 180 days up to 270 days. FBP – 6.75% up to
90 days and 10.75% over 90 days to 6 months Term loan – 1%
over BPLR minimum 11.75% inland guarantee – commission Rs. 175/Plus 0.85% per quarter minimum
1.70% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
M.G. Road Branch, Cochin |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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