MIRA
INFORM REPORT
|
Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TRIVEDI CORP PRIVATE LIMITED |
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Formerly Known As : |
TRIVEDI CRAFTS PRIVATE LIMITED |
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Registered Office : |
68, Premanjali Society, Bodakdev, Ahmedabad – 380 015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.10.1991 |
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Com. Reg. No.: |
04-16391 |
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CIN No.: [Company
Identification No.] |
U14101GJ1991PTC016391 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT00667C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Marble Tiles and Marble Slabs |
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 270000 |
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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 company having satisfactory track. The company
has shown substantial loss in 2006-07. However trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
68, Premanjali Society, Bodakdev, Ahmedabad – 380 015, Gujarat, India |
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Tel. No.: |
91-79-26870522 / 26873666 |
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Fax No.: |
91-79-26870220 |
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E-Mail : |
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Factory : |
Changodar Industrial Area, Sarkhej-Bavla Highway, Ahmedabad – 382 213,
Gujarat, India |
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Tel. No.: |
91-2717-250230 |
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Fax No.: |
91-2717-250231 |
DIRECTORS
|
Name : |
Mr. Kiran Jitendra Trivedi |
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Designation : |
Director |
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Address : |
Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar,
Satellite Road, Ahmedabad – 380 015, Gujarat, India |
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Tel No.: |
91-79-26860666 |
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Date of Birth/Age : |
14.08.1955 |
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Date of Appointment : |
29.09.2003 |
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Name : |
Mrs. Heena Kiran Trivedi |
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Designation : |
Director |
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Address : |
Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar,
Satellite Road, Ahmedabad – 380 015, Gujarat, India |
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Tel No.: |
91-79-26860666 |
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Date of Birth/Age : |
15.12.1962 |
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Date of Appointment : |
20.09.2001 |
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Name : |
Mr. Sushil Kumar Pandey |
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Designation : |
Director |
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Address : |
C-206, Sumey Apartments, Near St. Xaviers School, Loyolla Hall,
Memnagar Road, Ahmedabad – 380 052, Gujarat, India |
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Tel No.: |
91-79-27911862 |
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Date of Birth/Age : |
11.08.1948 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Virendra K Trivedi |
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Designation : |
Director |
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Address : |
5/B, Het Prabha Society, Near Chanakyapuri, Ghatlodia, Ahmedabad,
Gujarat, India |
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Tel No.: |
91-79-27496953 |
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Date of Birth/Age : |
20.10.1959 |
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Date of Appointment : |
15.09.2000 |
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Name : |
Mr. Manan Kiran Trivedi |
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Designation : |
Director |
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Address : |
384, Sector – 4, Plot -14, Lane – 18, Satyagrah Society, Near Bhavnirjar,
Bodakdev, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
24.05.1988 |
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Date of Appointment : |
20.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
No. of Shares |
|
Kiran Jitendra Trivedi |
30010 |
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Heena Kiran Trivedi |
62440 |
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Trivedi Impex Private Limited |
52500 |
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Prachi K Trivedi |
1000 |
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Manan Kiran Trivedi |
4000 |
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Kiran Jitendra Trivedi, HUF |
25050 |
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Total |
175000 |
(As on 30.09.2006)
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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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Marble Tiles and Marble Slabs |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Bank of Baroda Gandhi Road, Ahmedabad – 380 001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Devendra Mehta – Ravi and Dev Chartered Accountants |
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Address 1 : |
377-B, First Floor, JSS Road, Chirra Bazar, Mumbai – 400 002,
Maharashtra, India |
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Address 2 : |
201 Arth, Mithakadi Six Road, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-26406963 |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000 |
Equity Shares |
Rs.100/- each |
Rs.17.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
17.500 |
17.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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37.319 |
43.289 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
54.819 |
60.789 |
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LOAN FUNDS |
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1] Secured Loans |
|
43.965 |
33.673 |
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2] Unsecured Loans |
|
0.076 |
0.076 |
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TOTAL BORROWING |
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44.041 |
33.749 |
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DEFERRED TAX LIABILITIES |
|
4.582 |
7.565 |
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TOTAL |
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103.442 |
102.103 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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64.061 |
74.183 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.250 |
0.250 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.699 |
19.597 |
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Sundry Debtors |
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11.771 |
14.481 |
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Cash & Bank Balances |
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4.244 |
0.753 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
30.795 |
33.831 |
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Total
Current Assets |
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58.509 |
68.662 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.883 |
38.309 |
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Provisions |
|
2.500 |
2.693 |
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Total
Current Liabilities |
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19.383 |
41.002 |
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Net Current Assets |
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39.126 |
27.660 |
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MISCELLANEOUS EXPENSES |
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0.005 |
0.010 |
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TOTAL |
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103.442 |
102.103 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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44.838 |
100.573 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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44.838 |
100.573 |
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Profit/(Loss) Before Tax |
|
(9.145) |
3.895 |
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Provision for Taxation |
|
(2.483) |
0.542 |
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Profit/(Loss) After Tax |
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(6.662) |
3.353 |
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Earnings in Foreign Currency : |
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FOB Value |
|
42.762 |
23.971 |
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Total Earnings |
|
42.762 |
23.971 |
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Imports : |
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Consumables |
|
0.625 |
5.242 |
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Marble Blocks |
|
0.000 |
0.783 |
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Capital Goods |
|
0.158 |
2.921 |
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Total Imports |
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0.783 |
8.946 |
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Total Expenditure |
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53.983 |
96.678 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(14.86) |
3.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(20.40) |
3.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(7.46) |
2.73 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.17) |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.16 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
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3.02 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
TRIVEDI CRAFTS PRIVATE LIMITED |
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Presented By |
Sushil Pandey Executive
Director |
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1) Date and description of instrument creating the change |
09.11.2004,
Composite Instrument of Hypothecation of Goods, Book-Debts, Movable Machinery
and Vehicles and Pledge of Govt. Securities, Shares, Documents of Title to
Goods, etc other than securities for Immovable Property executed by the
company in favour of Bank of Baroda (BOB). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Bank Facilities
of Rs.38.806 millions Agreed to lent
and advanced by BOB to the Company. |
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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 |
Hypothecation, on
first charge basis, of all the Company’s various type of Plant and Machinery granted
under term loans, indigenous and imported raw material and packing material
such as rough blocks, slabs of marble, granite sand stone and all kind of
dimensional stones, diamond tools, wooden boxes, wood, thermo coal boxes etc.
entire book-debts of the company, both present and future at factory at
Changodar, Tal : Sanad, Dist: Ahmedabad. And Pledge all
securities issued by the govt. and local authorities debentures and shares of
corporation and companies, all goods, documents of title to goods, and
securities documents of description, motor lorry receipt endorsed in favour
of the Bank or made out in name of the bank other than securities of
immovable properties (which goods, documents and securities are advantages
comprised in, cover or represented by and derivable under or by virtue of
such documents and securities which the company may from time to time deposit
with the Bank of Baroda. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
The Charge
operates as security, for the due repayment by the Company to BOB of its
various banking facilities of Rs.38.806 millions together with interest. ·
Margin Term Loan 50% on building construction, 34% on plant and machinery 40% on other
misc. fixed assets and 25% on plant and machinery. Working Capital 25% on CC Stock 50% on CC Book-Debts 20% on Packing Credit Nil FBD/FBP 25% performance and other general guarantee. 100% on Financial and Disputed Guarantee ·
Interest 11.75 p.a. on Term Loan 10.50 p.a. on C/C 6.5% on Packing Credit |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Gandhi Road, Ahmedabad, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
First
supplemental composite instrument of Hypothecation dated 28th
September, 2005 for increased reviewed credit facility by Bank of Baroda,
Gandhi Road, Ahmedabad |
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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. |
Modification
through supplemental composite instrument of Hypothecation dated 28th
September, 2005 to further secure the Working Capital Loan of Rs.10.000
millions sanctioned to Trivedi Corp Private Limited by Bank of Baroda, Gandhi
Road. |
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Corporate
identity number of the company |
U14101GJ1991PTC016391 |
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Name of the
company |
TRIVEDI CORP PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Bank of Baroda Gandhi Road, Ahmedabad – 380 001, Gujarat, India |
|
Nature of
instrument creating charge |
1.
Supplemental
composite Agreement of Hypothecation of Goods, Book-Debts, Moveable machinery
and vehicles. 2.
Extension of
mortgage by constructive deposit of title deeds (Both Constituting Single Charge) |
|
Date of
instrument Creating the charge |
26.11.2007 |
|
Amount secured by
the charge |
Rs.81.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 1.5% above of Benchmark PLR with minimum 14.75 p.a. ·
Terms of
repayment Working Capital renewable each year. ·
Margin 25% on Stock 50% on Book Debt ·
Extent and
operation of the charge First charge on whole of the Movable and Immovable properties of the
company till repayment of the credit facilities |
|
Particulars of
the property charged |
Borrower’s stock
of raw materials, stock-in-process, finished goods, consumable spares and
packing materials, all the book debts and other movable assets. Immovable
properties of the company situated at Block No. 350, 351 and 354 of Mouje
Changodar, Dist : Ahmedabad and other immovable properties of the Directors. |
|
Particulars of
the present modification |
There is revision
in various credit facilities and revised facilities are as under: (Rupees in
Millions) Funded Working
Capital Linee of Credit Stocks / PC / FBP
/ FBD : 30.500 (Sub Limit CC Book
Debts) (7.000) Non Fund Based Inland Bank
Guarantees
1.000 One time Bank
Guarantee 50.000 Total 81.500 |
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.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|