%20PRIVATE%20LIMITED-68688%2030-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
TRIDEV RESINS ( |
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Registered Office : |
11, Peninsula Centre, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.2006 |
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Com. Reg. No.: |
11-160942 |
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CIN No.: [Company
Identification No.] |
U24224MH2006PTC160942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT13009D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Resins. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company and had incurred a loss in the first
year of its operations i.e. 2006-07. Trade relations are fair. Scale of
activity is limited. However no complaints have been heard. The concern can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Shaikh/ Mr. Amit Kothari |
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Designation : |
Accountant in Mumbai Office/ Accountant in Vapi Office |
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Contact No.: |
91-22-40586714 ( Mr. Shaikh) |
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Date : |
27.12.2008 |
LOCATIONS
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Registered Office : |
11, Peninsula Centre, |
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Tel. No.: |
91-22-40586777 |
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Fax No.: |
91-22-40586770 |
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E-Mail : |
surendra.menon@tridevresins.com |
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Website : |
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Area : |
1500 sq ft |
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Location : |
Owned |
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Factory : |
136/E-1, II Phase, G.I.D.C., Vapi - 396195, District - Valsad, |
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Tel. No.: |
91-260-6535410 / 6452157 |
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Fax No.: |
91-260-2401382 |
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Area : |
1200 sq mt. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Shwetal Sakaria |
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Designation : |
Director |
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Address : |
703, Saumitra CHS. Limited, Plot No.295 A, |
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Date of Birth/Age : |
06.06.1980 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Vinod Kumar Oza |
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Designation : |
Director |
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Address : |
B-102, Anukul Complex, |
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Date of Birth/Age : |
17.01.1962 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Atikurrehman Ansari |
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Designation : |
Director |
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Address : |
Flat No.104, |
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Date of Birth/Age : |
04.04.1978 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Vinay Kumar Oza |
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Designation : |
Director |
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Address : |
B-102, Anukul Complex, |
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Date of Birth/Age : |
19.02.1988 |
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Date of Appointment : |
03.04.2006 |
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Name : |
Mr. Bhupendra Sakaria |
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Designation : |
Director |
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Address : |
703, Saumitra CHS. Limited, Plot No.295 A, |
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Date of Birth/Age : |
24.08.1939 |
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Date of Appointment : |
31.12.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Vinay Kumar Oza |
50000 |
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Atikurrehman Ansari |
50000 |
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Shwetal Sakaria |
50000 |
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Total |
150000 |
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Names of Allottees |
No. of Shares |
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Vinay Kumar Oza |
115000 |
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Atikurrenhman Ansari |
300000 |
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Shwetal Sakaria |
165000 |
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Vinod Kumar Oza |
185000 |
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Bhupendra Sakaria |
135000 |
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Total |
900000 |
As on 29.09.2007
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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 Resins. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit Depends |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
40 |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Raichura Unadkat and Company Chartered Accountants |
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Address : |
501, Sharda Chambers, |
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Tel. No.: |
91-22-22003659/ 22005930 |
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Fax No.: |
91-22-22090916 |
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E-Mail: |
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Parent Company : |
Arihant Chemicals and Resins Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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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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135.600 |
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ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(2.701) |
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NETWORTH |
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(1.201) |
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LOAN FUNDS |
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1] Secured Loans |
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13.817 |
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2] Unsecured Loans |
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9.510 |
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TOTAL BORROWING |
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23.327 |
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DEFERRED TAX LIABILITIES |
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0.448 |
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TOTAL |
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22.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.061 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.984 |
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Sundry Debtors |
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15.698 |
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Cash & Bank Balances |
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0.058 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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6.445 |
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Total
Current Assets |
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28.185 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.711 |
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Provisions |
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0.009 |
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Total
Current Liabilities |
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22.720 |
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Net Current Assets |
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5.465 |
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MISCELLANEOUS EXPENSES |
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0.048 |
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TOTAL |
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22.574 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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53.721 |
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Other Income |
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1.773 |
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Total Income |
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55.494 |
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Profit/(Loss) Before Tax |
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(2.244) |
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Provision for Taxation |
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0.457 |
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Profit/(Loss) After Tax |
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(2.701) |
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Earnings in Foreign Currency : |
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Export Earnings |
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7.153 |
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Total Earnings |
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7.153 |
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Imports : |
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7.078 |
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Total Imports |
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7.078 |
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Expenditures : |
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Cost of Goods Sold |
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46.871 |
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Manufacturing Expenses |
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2.076 |
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Administrative Expenses |
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6.906 |
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Interest |
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1.299 |
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Depreciation & Amortization |
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0.586 |
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Total Expenditure |
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57.738 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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(4.87) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(4.18) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(4.96) |
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Return on Investment (ROI) (PBT/Networth) |
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1.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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(38.34) |
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Current Ratio (Current Asset/Current Liability) |
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1.24 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10112647 |
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Corporate
identity number of the company |
U24224MH2006PTC160942 |
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Name of the
company |
TRIDEV RESINS ( |
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Address of the
registered office or of the principal place of business in |
11, Peninsula Centre, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
West, Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum Relating to Hypothecation of Stocks, Book Debts and Machinery. |
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Date of
instrument Creating the charge |
21.10.2008 |
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Amount secured by
the charge |
Rs.74.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment: On demand Margin: Company
shall at all times during the continuance of this security maintain the said
debts of a sufficient amount to provide the margin of security as may from
time to time advised by the Bank. Extent and
Operation of the charge: Hypothecation by way of first charge on Stocks, Book
Debts and Machinery, to secure as a continuing security for repayment of
monies due and payable by the Company to the Bank. |
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Short particulars
of the property charged |
Hypothecation
first charge over the Stocks, Book Debts and Machinery. |
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Date of latest
modification prior to the present modification |
29.12.2006 |
TRADE REFRENCES:
- C.J. and Company – Mumbai
- Aroma Chemicals Private Limited – Mumbai
- Apra Enterprise – Mumbai
FIXED ASSETS:
- Computer
- Electric Fittings
- Equipments
- Furniture and Fixtures
- Lab Equipments
- Land
- Plant
- Vehicles
WEBSITE DETAILS:
Profile
Established in the year 2006 subject is an organization
situated in Vapi (Gujarat),
Subject is a Private Limited Company incorporated in
The factory building is designed in such a way that it can process approx. 3600
tonnes of Resins in a series of reactors, fully equipped with condensers,
receivers, filter machines, boilers to process all kinds of Resins and Acrylic
Emulsions.
The products are of international standards to multinational companies, large,
medium and small scale Indian industries. It is also engaged in exporting of
many products to various countries.
Subject is equipped with latest Quality Control facilities to test the raw
materials as well as finished products. It also has round the clock working
process control laboratory, so as to make the products of consistent quality.
Subject is very keen to update qualities of their products and to develop newer
products to keep pace with international range of products, used with added
advantage of better properties at a much competitive price. The efforts of
upgrading the quality of all the existing products is a continuous process of
the company, based on the growing need of the customers for the higher quality
of the products from time to time.
The management and administration of the Subject flourishes under the flagship
of young and dynamic Mr. Shwetal Sakaria (Marketing Management) and the
backbone of technical expert Mr. Vinod Oza (B.Sc.) who has tremendous
experience on the chemistry of polymers.
Total Quality
Management Principles
They are committed to continually improve in:
- Satisfying the customer.
- Having the minimum practical number of managerial layers management supporting, coaching, and empowering employees.
- Performing only value-added activities and rigorously eliminating those which are not.
- Becoming effective and efficient in the performance of these value-added activities.
- Maximizing effective teamwork, both multi-functional and within the natural work group.
- Measuring the performance, correcting the deficiencies, and applauding the successes.
- Above all, continuing to learn new techniques, new tools, and new methods to meet the challenges of the future.
Quality Policy
Subject is dedicated to providing products and services which consistently meet or exceed the requirements of the customers. They promote personal involvement, teamwork, continuous improvement, and proactive problem solving to drive this commitment to quality. In every facet of the operations they are dedicated to applying these principles while maintaining an equal commitment to the health and safety of the employees, plant neighbours, customers, and the environment.
Subject is concerned about the health and well-being of the customers, employees, and the community. They are committed to reviewing and improving upon the manufacturing processes and products to minimize any adverse safety, health and environmental impacts.
In accordance with this commitment, Subject will strive to:
- Design safe, energy-efficient, and environmentally sound products and processes.
- Transport products safely in packaging which conserves resources and meets customers’ needs.
- Bring value to the customers by continually improving the products and processes.
- Enhance partnerships with the customers, suppliers, and the community to fulfill these responsibilities.
Company Policy
- Remain committed to servicing the industry via a Distribution network.
- To build long lasting, profitable business relationships with the Distributors and Customers.
- Concentrate on growing globally.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.48.76 |
|
|
1 |
Rs.71.68 |
|
Euro |
1 |
Rs.69.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
21 |
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 |
|