MIRA INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRIDENT PNEUMATICS PRIVATE LIMITED |
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Registered Office : |
5/232,KNG, Pudur Road,
Somayampalayam(PO),Coimbatore-641108, Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1999 |
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Com. Reg. No.: |
181-9014 |
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CIN No.: [Company
Identification No.] |
U29120TZ1999PTC009014 |
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IEC No.: |
3291003071 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBT03052A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Auto Drain Valves, Air Dryer, Refrigeration Dryer,etc |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 75730 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
Trade relations are fair Financial position is good. Payments are correct and
as per commitments. The company can be considered good for normal business
dealings. It can be regarded as a promising business partner in a medium to
long run. |
INFORMATION PARTED
BY
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Name : |
Ms Pramila |
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Designation : |
Sales Coordinator |
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Date : |
19.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
5/232,KNG, Pudur Road,
Somayampalayam(PO),Coimbatore-641108, Tamilnadu. |
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Tel. No.: |
91-422-2400492 |
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Mobile No.: |
91-9944018154, 91-9865502161,
91-9739976947, 91-9962596440. |
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E-Mail : |
sales@tridentpneumatics.com,
natarajan_ks@tridemtpneumatics.com |
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Website : |
http://www.indiamart.com/tridentpneumatics,
http://www.trustseal.org/members/tridentpneumatics, http://www.tridentpneumatics.com |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr.Kadayam Seshan Maharajas |
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Designation : |
Managing Director |
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Address : |
3/57/A, Nalvar Nagar, Bharathiar University Post, Coimbatore-641 046,
Tamilnadu, India. |
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Date of Birth/Age : |
47 Years |
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Qualification : |
M.S |
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Date of Appointment : |
22.09.1999 |
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Name : |
Ms.Saraswathy Natarajan |
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Designation : |
Director |
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Address : |
3/57/A, Nalvar Nagar, Bharathiar University Post, Coimbatore-641 046,
Tamilnadu, India. |
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Date of Birth/Age : |
43 Years |
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Date of Appointment : |
22.09.1999 |
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Name : |
Mr.K.Chandrashekhar |
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Designation : |
Director |
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Address : |
48-A, 3rd Floor, Meenakshi Manor K...K.Pudur,Coimbatore-641
038,Tamilnadu,India |
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Date of Appointment : |
25.03.2002 |
KEY EXECUTIVES
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Name : |
Mr.K.S.Natarajan |
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Designation : |
Managing Director |
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E-Mail : |
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Tel No: |
91-422-2400492 |
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Name : |
Mr.. A Suresh |
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Designation : |
Marketing Manager-All India |
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E-Mail : |
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Tel No: |
91-9994978925 |
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Name : |
Ms.N.Prameelakumari |
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Designation : |
Sales Co-coordinator – Exports, North and East India |
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E-Mail : |
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Tel No: |
91-422-2400492 |
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Name : |
Mr. Mahesh Kumar |
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Designation : |
Manager Exports |
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E-Mail : |
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Tel No: |
91-9789480563 |
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Name : |
Mr.T.Dhansekar |
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Designation : |
Manager Operations |
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E-Mail : |
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Tel No: |
91-9789480563 |
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Name : |
Mr. A Anil Kumar |
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Designation : |
Territory Manager- Karnataka |
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E-Mail : |
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Tel No: |
91-9845093322 |
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Name : |
Mr. A Dubai |
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Designation : |
Territory Manager |
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E-Mail : |
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Tel No: |
91-9867367726 |
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Name : |
Mr.Ramesh Kumar |
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Designation : |
Territory Manager |
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E-Mail : |
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Tel No: |
91-9811310726 |
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Name : |
Mr.S.Gunasekaran |
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Designation : |
Executive-Materials |
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E-Mail : |
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Tel No: |
91-422-2403401 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 29.07.2005) |
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No. of Shares |
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Mr.K.S.Natarajan |
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15300 |
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Ms.Saraswathy Natarajan |
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540 |
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Mr.K.N.Seshan |
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540 |
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Ms.Janaki Seshan |
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540 |
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Mr. Annaram |
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540 |
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Mr. Margat M |
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540 |
Equity Share Capital breakup (percentage of total equity)
(As on 08.08.2007)
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Category |
Percentage |
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Directors or Relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Drain Valves, Air Dryer, Refrigeration Dryer,etc |
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Products : |
Auto Drain Valves, Air Dryer, Refrigeration (Manufacturing of
compressed products) |
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Exports : |
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Products : |
Auto Drain |
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Countries : |
USA,Indonesia |
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Imports : |
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Products : |
Raw Materials components |
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Countries : |
USA,Italy |
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Terms : |
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Selling : |
L/C, Against Proforma |
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Purchasing : |
L/C, Against Proforma |
GENERAL INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
100 |
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Bankers : |
· State Bank of
India, main branch- DB Division; State Bank Road, State Bank Road-641 018,
Tamilnadu, India. · HDFC Bank · ICICI Bank. · Indian Bank,31,Rajaji
Salai,Chennai-600 001 Branch Office: Lawly
Road,R.S. Puram,Coimbatore-641 002 |
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Facilities : |
CC Limit |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
NR Doraiswamy and Company Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100 Each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000 |
Equity Shares |
Rs.100 Each |
Rs.1.800
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 |
1.800 |
1.800 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.346 |
10.298 |
5.944 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.146 |
12.098 |
7.744 |
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LOAN FUNDS |
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1] Secured Loans |
28.557 |
15.463 |
18.256 |
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2] Unsecured Loans |
1.512 |
5.702 |
5.915 |
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TOTAL BORROWING |
30.069 |
21.165 |
24.171 |
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DEFERRED TAX LIABILITIES |
1.676 |
1.814 |
0.241 |
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TOTAL |
46.891 |
35.077 |
32.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.743 |
21.101 |
7.506 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.522 |
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 |
18.211
|
11.266 |
6.767 |
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Sundry Debtors |
31.375
|
19.576 |
17.282 |
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Cash & Bank Balances |
1.136
|
1.133 |
1.428 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.884
|
6.482 |
14.530 |
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Total
Current Assets |
60.606
|
38.457 |
40.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.661
|
14.881 |
12.007 |
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Provisions |
5.320
|
3.735 |
3.350 |
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Total
Current Liabilities |
34.981
|
18.616 |
15.357 |
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Net Current Assets |
25.625
|
19.841 |
24.650 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.891 |
35.077 |
32.156 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover and Other Income |
|
144.252 |
92.231 |
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Total Income |
|
144.252 |
92.231 |
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Profit/(Loss) Before Tax |
|
5.393 |
7.301 |
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Provision for Taxation |
|
1.638 |
2.948 |
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Profit/(Loss) After Tax |
|
3.755 |
4.353 |
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Total Expenses |
|
138.859 |
84.930 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.60
|
4.72 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.74
|
7.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.59
|
12.25 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.60 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.29
|
3.29 |
5.10 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
2.07 |
2.61 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Name |
Trident Pneumatics Private Limited |
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Statutory Approvals |
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Income Tax Registration |
AABCT1828R |
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Central Sales Tax Registration |
684825 |
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VAT / TIN Registration |
133126201866-V |
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Excise Registration |
AABCT1828R
XVOLM |
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Import Export Code |
3291003071 |
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Name of Bank |
State Bank of India |
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Current account Number |
10869398815 |
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Creditability Factors |
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Years of Establishment |
1999 |
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Trade Affiliations |
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SSI Registration |
180417075 |
Trade References:-
·
North Drill Tech Engineers ,New
Delhi
·
Airjet International ,Tamilnadu
·
Syndicate Service,Lucknow
FORM 8:-
|
Name of the
company |
Trident Pneumatics
Private Limited |
|
Presented By |
Trident
Pneumatics Private Limited and Indian Bank, Lawly Road, Coimbatore. |
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1) Date and description of instrument creating the charge |
31.01.2005; Agreement of
Hypothecation of Movables (D-101) dated the 31st day of January,
2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.125
millions by way of a Medium Term Loan. |
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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 |
·
First charge
on NEPC 225/40 KW Wind Mill 1 No. situate at SF No.254/4, Pethampatti Road,
Naranapuram Village, Dharpuram Taluk valued at Rs. 9.50 millions ·
Second Charge
on all goods and items of plant and Machinery of the company. First charge
whereof is held by State Bank of India, Commercial Branch, Coimbatore. |
|
4) List of the terms and conditions and extent and operation of the charge. |
Rate of Interest
is at 11% p.a.(BPLR + TP)with monthly rests. The Medium Term
Loan is repayable in 60 monthly equal instalments. Margin – 25%. The Company shall
during the continuance of this agreement, keep the Bank fully informed of the
place or places where the properties are installed from time to time, which
have been hypothecated to the Bank. The Company shall
maintain in good and workable
condition and keep insured the
security against all risks to the full market value the hypothecated
properties. The Bank shall be
entitled without notice and at the expenses and of the company enter at any
time into or upon the premises where the hypothecated properties is installed
for the purpose of inspection and checking the said properties. The Company shall
not remove or dismantle the said properties without the consent in writing of
the Bank. The Company
declares that the hypothecated securities
shall be at all time the absolute property of the company and free
from any other trust, pledge, lien or claim or encumbrance and shall not
create a further mortgage or lien or
any charge over the hypothecated securities during the currency of the loan. The Bank shall be
entitled to take possession of the properties without any previous notice to the
company, appoint receivers or remove and/ or
shall have the power to sell either by public auction or by private
contract subject to such conditions as the Bank shall think fit or otherwise
dispose of or deal with any of the hypothecated properties or any part or
parts thereof and to enforce, realize, settle, compromise and deal with any
rights or compromise and deal with any rights or claims, if the company fails
to maintain such margin as aforesaid or if the company fails or neglects to
repay the bank on demand the balance due to the bank or fails to carry out
and perform any obligations, etc. The charge
operates as security for the due repayment of all liabilities in respect of
the aforesaid loan including costs, charges and expenses and all other monies
due to the Bank under the said agreement.
|
|
5) Name and Address and description of the person entitled to the charge. |
INDIAN BANK ·
Head
Office: 31,Rajaji Salai,
Chennai- 600 001 ·
Branch
Office: Lawly Road,R.S.
Puram,Coimbatore- 641 002 |
|
6) Date and brief description of instrument modifying the charge |
NIL |
|
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. |
NIL |
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Corporate
identity number of the company |
U29120TZ1999PTC009014 |
|
Name of the
company |
Trident
Pneumatics Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
5/232,KNG Tudor Road,Somayampalayam(PO),Coimbatore-641 108,Tamilnadu-
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book Debts ·
Immovable
property ·
Movable
property(not being pledge) ·
Floating
charge ·
Others-
Stocks, Goods and Machinery |
|
Particular of
charge holder |
Name and
Address: State Bank of
India, State Bank Road, Coimbatore- 641 018,Tamilnadu-TN Email: sbibcbe@md4.vsnl.net.in |
|
Nature of
instrument creating charge |
Supplemental Agreement
of Loan cum Hypothecation – SME 4 Letter evidencing
extension of mortgage by deposit of title deeds –Form B- 2Nos |
|
Date of
instrument Creating the charge |
26.02.2008 |
|
Amount secured by
the charge |
Rs, 41.400
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest: Working
Capital – 1.50% above
(SBAR 12.50%), Present Effective Rate: 14%p.a. Term Loan= 2% above SBAR (SBAR = 12.50%).Present
Effective Rate: 14.50%p.a. The Bank reserves
the right to change the rate of interest depending on the changes in Bank’s
PLR or otherwise. ·
Terms of
Repayment: TL of Rs. 5.310 millions is repayable in 57
monthly installments of Rs. 0.118000 millions for first 6 installments; Rs.
0.088500 millions for next 48 installment and Rs..0.118000 millions for last
3 installments .The first installment commences on Oct, 2008 and the last
installment fall due on June 2013. OTL of Rs. 3.690
Millions is repayable in 57 monthly installments of Rs. 0.082 millions for
first 6 installments; Rs.0.062 millions for next 48 installments and Rs.
0.082 millions for last 3 insta0llments. ·
Margin: Raw Materials – Imported and Indigenous,
semi finished goods, finished goods Domestic Receivables (90 days), letter of
Credit and Bank Guarantees- 25% ·
Extent: The charge
operates as security for the due prepayment of all liabilities in respect of
the loan/ limit including costs, charges and expenses and all other monies
due to the Bank. |
|
Particulars of the
property charged |
Stocks, goods,
book debts, receivables, movable assets, machinery, windmill and immovable
properties at Somayampalayam Village to the extent of 81 cents and 1308sq.ft
and Vellakinar Village to the extent of 3.55 acres morefully described in the
attachment. |
|
Date of
instrument modifying the charge |
26.02.2008 |
WEBSITE DETAILS:
Company Profile
For almost two decades now, they at the company, have devoted their expertise
to innovating critical compressed air solutions. Their pioneering effort from
inception has resulted in several industry standard Patented products like
timer drain valves, Condensate sensing drain valves, Modular dryers, Dryers for
locomotives etc
With their proficient design and development team and up-to-date facilities,
they have successfully faced up to challenging tasks in their area of
expertise. Today, as the largest exporter of compressed air treatment products
in India, their products encompass air compressor components, water separators,
drain Valves, dryers, filters and breathing systems that work together to
achieve optimum purity levels.
Their infrastructure is specially designed to meet diverse
client needs and deliver tailor-made solutions. Research plays a pivotal role
in the entire development process, from product ideation to defining the
manufacturing process. At Trident Pneumatics, they understand the critical role
their products and components play in air purification. That is why they employ
the most exhaustive testing mechanisms to ensure peak product performance.
They are also
equipped with:
A simulation chamber for testing under adverse climatic and
temperature conditions
· Large air compressors, airflow and dew point measuring equipment to check air flow up to 500 cfm and pressures up to 100 kg/cm 2
· A hi-tech testing laboratory
· CNC machining facility
· Advanced welding facility
Industry served
They serve a variety of industries, some of which include:
General Industry
Trident range of products are exclusively designed for various industries like:
· Textile
· Auto mobile
· Foundry
· Engineering
· Metallurgy
· Power
· Medical
· Aviation
Petroleum, Power, Metallurgy and Custom solutions
Trident manufactures air dryers meeting the exacting standards of the petroleum industry for both onshore and offshore use. They are approved by almost all Project Consultants. They manufacture products and plants to the specification of the customer and consultants. Their products include large, automated heated desiccant dryers to very small very high pressure refrigeration dryers.
Rail Road Products
Trident manufactures a range of rail road products to improve the quality of compressed air in braking systems. Trident has bagged various contracts for manufacturing the Rail Road Air dryers from world leaders.
Off Road Vehicle Dryers
Trident is the OEM supplier of Off Road vehicle Brake dryers to BEML (Komatsu) and Caterpillar India. These dryers are used for the compressed air line of dumpers and other off road vehicles in order to protect the braking system which works completely on compressed air.
People
Fueling their passion for excellence is their vibrant team of people who bring with them varied exposure to the technical nuances of product development. Their collaborative six sigma methodology to product development enables them to pool in inputs from different departments, vis-à-vis production, marketing, research and manufacturing.
Their people also undergo regular training and are kept abreast of the latest technological happenings in the fraternity. This allows them to constantly update processes and thereby offer world-class solutions to their clientèle.
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 |
|
UK Pound |
1 |
Rs.63.80 |
|
Euro |
1 |
Rs.80.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
9 |
|
--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 |
|
56 |
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 |
|
