MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
TRIMEX MINERALS PRIVATE LIMITED |
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Registered Office : |
New No. 66 [Old No. 35], Josier Street, 2nd Floor,
Nungambakkam, Chennai – 600 034, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
18-20831 |
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CIN No.: [Company
Identification No.] |
U14299TN1991PTC020831 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET0109E |
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PAN No.: [Permanent
Account No.] |
AABCT2111M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing and Exporting of Granites, Kerb Stones and Slates. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. General financial position is satisfactory.
Payments are reported as usually correct and as per commitments. Nothing
adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/ Administrative
Office/ Factory : |
New No. 66 [Old No. 35], Josier Street, 2nd Floor, Nungambakkam,
Chennai – 600 034, Tamilnadu, India |
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Tel. No.: |
91-44-52016666 |
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Fax No.: |
91-44-52012222/ 28202212 |
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E-Mail : |
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Website : |
http://www.trimexindia.com (under construction) |
DIRECTORS
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Name : |
Mrs. Settipalli Lakshmi Sumani |
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Designation : |
Chairman and Managing Director |
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Address : |
No. 9, Parthasarathy Puram, T Nagar, Chennai – 600 017, Tamilnadu,
India |
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Date of Birth/Age : |
28.12.1945 |
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Date of Appointment : |
19.11.2002 |
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Name : |
Mr. Settipalli Suresh |
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Designation : |
Director |
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Address : |
No. 9, Parthasarathy Puram, T Nagar, Chennai – 600 017, Tamilnadu,
India |
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Date of Birth/Age : |
22.07.1969 |
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Date of Appointment : |
30.10.1996 |
KEY EXECUTIVES
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Name : |
Mr. K R Subramanian |
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Designation : |
Company Secretary |
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Address : |
9, Lake View, 2nd Street, Ayappa Nagar, Madipakkam, Chennai
– 600 091, Tamilnadu, India |
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Tel. No.: |
91-44-22476465 |
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Mobile No.: |
91-9841347998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 11.07.2005
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Names of Shareholders |
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No. of Shares |
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S Ramdas |
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188200 |
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S. Ramdas - HUF |
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10000 |
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Mrs. S. Lakshmi Sumani |
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231200 |
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Mr. S Suresh |
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60000 |
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Mrs. K Lalitha |
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79000 |
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Mr. S N V R Sekhar |
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123600 |
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Mrs. S Vaishnavi |
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33000 |
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Mr. K Meher Srinivas |
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95000 |
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Mr. S Adinarayana Rao |
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20000 |
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Mrs. S Dhanalakshmi |
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20000 |
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Esviel Enterprises |
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70000 |
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Esviel Exports |
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50000 |
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Total |
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980000 |
AS ON 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of Granites, Kerb Stones and Slates. |
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Products : |
v Granite v Kerb Stones v Slates |
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Exports : |
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Products : |
Granites, Kerb Stones and Slates |
GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
State Bank of India Overseas Branch, 86, Rajaji Salai, Chennai – 600 001, Tamilnadu, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. Purushottam & Company Chartered Accountants |
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Address : |
30-23/A, North Baug Road, 3D Pioneer Homes, T. Nagar, Chennai – 600
017, Tamilnadu, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1280000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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 |
12.800 |
9.800 |
9.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.955 |
42.395 |
35.334 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.755 |
52.195 |
45.134 |
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LOAN FUNDS |
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1] Secured Loans |
160.100 |
153.112 |
89.741 |
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2] Unsecured Loans |
0.000 |
3.700 |
6.824 |
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TOTAL BORROWING |
160.100 |
156.812 |
96.565 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.033 |
0.395 |
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TOTAL |
224.855 |
209.040 |
142.094 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.391 |
15.033 |
7.942 |
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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 |
0.701 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
190.268
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73.593 |
83.528 |
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Sundry Debtors |
8.822
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133.796 |
94.024 |
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Cash & Bank Balances |
43.792
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20.945 |
42.095 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
50.609
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42.213 |
21.125 |
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Total
Current Assets |
293.491
|
270.547 |
240.772 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
71.871
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71.372 |
101.508 |
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Provisions |
5.857
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5.168 |
5.112 |
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Total
Current Liabilities |
77.728
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76.540 |
106.620 |
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Net Current Assets |
215.763
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194.007 |
134.152 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
224.855 |
209.040 |
142.094 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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654.544 |
762.487 |
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Other Income |
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3.240 |
0.792 |
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Total Income |
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657.784 |
763.279 |
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Profit/(Loss) Before Tax |
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12.321 |
NA |
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Provision for Taxation |
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5.260 |
NA |
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Profit/(Loss) After Tax |
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7.061 |
NA |
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Earnings in Foreign Currency : |
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Export Earnings |
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576.839 |
757.803 |
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Total Earnings |
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576.839 |
757.803 |
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Total Expenditure |
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629.367 |
NA |
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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 |
(%) |
NA |
1.07 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
1.88 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
4.31 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.23 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.67
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5.47 |
5.51 |
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Current Ratio (Current Asset/Current Liability) |
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3.78
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3.53 |
2.25 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90282611 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U14299TN1991PTC020831 |
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Name of the company |
TRIMEX MINERALS PRIVATE LIMITED |
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Address |
Old No. 35, New No. 66, Josier Street, 2nd Floor, Nungambakkam, Chennai – 600 034, Tamilnadu, India |
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Type of Charges |
Immovable property, book debts, movable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
State Bank of India Overseas Branch, No. 86, Rajaji Salai, Chennai – 600 001, Tamilnadu, India |
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Nature or description of the instrument creating or modifying the charge |
Supplemental agreement of Loan for increase in the overall limit form C.1-A Supplemental agreement of hypothecation of goods and assets for increase in the overall limit C.2-A Letter regarding the grant of individuals limit within the overall limit form – C5 Letter confirming the deposit of title deeds for extension of equitable mortgage. |
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Date of the instrument creating charge |
18.01.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 315.000 millions |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
05.09.2005 |
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Particulars of the present modification |
By the present modification the overall limit has been enhanced from Rs. 300.000 millions to Rs. 315.000 millions and the existing charge on the current assets and the immovable properties belonging to the company have been extended to cover the enhanced limit and the details of which are given by way “attachment to this form” |
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.40.46 |
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UK Pound |
1 |
Rs.79.50 |
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Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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 |
|
46 |
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 |
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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 |
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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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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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<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 |
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