MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRIDENT POWERCRAFT PRIVATE LIMITED |
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Registered
Office : |
No. 45, Nagarur, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.04.2000 |
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Com. Reg. No.: |
08-026953 |
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CIN No.: [Company Identification
No.] |
U31101KA2000PTC026953 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRT02188E / BLRT01405F |
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PAN No : |
AABCT2662D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and supplyer of electric equipments and machineries like alternators,
induction generators and DC motors. |
RATING & COMMENTS
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MIRA’s Rating : |
A (59) |
|
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 4600000 |
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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 an established company fine track. Financial position of
the company appears to be sound. Trade relations are fair. Business is
active. Payment are reported to be regular as per commitments. The company can be considered normal for good business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 45, Nagarur, |
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E-Mail : |
DIRECTORS
AS ON 05.10.2010
|
Name : |
Mr. Gururaj Agnihotri |
|
Designation : |
Director |
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Address : |
No. 48/A, 1st Block, Rajaji Nagar, Bangalore-560010, |
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Date of Birth/Age : |
03.02.1962 |
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Date of Appointment : |
20.04.2000 |
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DIN No : |
01133316 |
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Name : |
Mr. S Chandira Kumar |
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Designation : |
Director |
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Address : |
No. 596, 7th Block west, Jayanagar, Bangalore-560082, |
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Date of Birth/Age : |
20.11.1950 |
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Date of Appointment : |
29.08.2003 |
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DIN No : |
01133240 |
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Name : |
Mr. Gopalakrishna Hegde |
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Designation : |
Director |
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Address : |
No. 282, 6th Main, 18th Cross, 1st Phase,
Ideal Homes Township, Rajarajeshwari Nagar, Bangalore-560096, Karnataka,
India |
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Date of Birth/Age : |
21.04.1957 |
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Date of Appointment : |
28.09.2006 |
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DIN No : |
00706528 |
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Name : |
Mr. Xavier Guy Trenchent |
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Designation : |
Director |
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Address : |
35, Rue Dela Brande, Les, Mornats, Fleac, France-16730 |
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Date of Birth/Age : |
16.08.1951 |
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Date of Appointment : |
10.05.2009 |
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DIN No : |
01496105 |
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Name : |
Mr. Pradipta Sen |
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Designation : |
Director |
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Address : |
304, Tower-2, Palms, |
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Date of Birth/Age : |
07.10.1958 |
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Date of Appointment : |
10.05.2009 |
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DIN No : |
00051758 |
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Name : |
Mr. Ashok Brij |
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Designation : |
Managing Director |
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Address : |
a/3-108, Kailash Dham, Block 12, Sector 50, Noida-201301, |
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Date of Birth/Age : |
30.11.1954 |
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Date of Appointment : |
10.05.2009 |
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DIN No : |
02268872 |
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Name : |
Mr. Matthew Walton |
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Designation : |
Additional Director |
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Address : |
No. 401, Galaxy Serenity, 145, 14th Cross, 8th
Main, Malleshwaram, Bangalore-560003, |
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Date of Birth/Age : |
17.10.1966 |
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Date of Appointment : |
07.08.2009 |
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DIN No : |
02816164 |
KEY EXECUTIVES
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Name : |
Mr. Gopalakrishna Hegde |
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Designation : |
Company Secretary |
|
Address : |
No. 282, 6th Main, 18th Cross, 1st
Phase, Ideal Homes Township, Rajarajeshwari Nagar, Bangalore-560096,
Karnataka, India |
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Date of Birth/Age : |
21.04.1957 |
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Date of Appointment : |
17.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.10.2010
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Names of Shareholders |
|
No. of Shares |
|
EMR ( |
|
2999999 |
|
Pradipta Sen (Nominee of EMR ( |
|
1 |
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Total |
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3000000 |
AS ON 05.10.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplyer of electric equipments and machineries like alternators,
induction generators and DC motors. |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Alternators |
Nos. |
NA |
105000 |
57856 |
|
DC Motors |
Nos. |
NA |
1500 |
1500 |
|
Wind Generators |
Nos. |
NA |
200 |
200 |
Notes :
Installed capacities are as certified by the management
and relied on by the auditors being a technical matter.
Licensed capacity has not been disclosed as
the same is not applicable to the industry in which the company operaters.
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Notes : * Vehicle loans are secured by the
underlying vehicles. ** The working capital loan is secured by way of first charge on
inventories books debts and other current assets of the company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruthi Info-Tech Centre, 11-12/1, |
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Holding Company : |
EMR (Mauritius) Limited, Mauritius |
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Ultimate Holding Company : |
Emerson Electric Corporation, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000
millions |
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|
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|
Note : of the above 460000 equity shares were allotted
as fully paid bonus shares by capitalization of retained earnings in previous
years.
Of the above 2999999 (previous year 2999999)
equity shares of Rs. 10/- each are held by the holding company EMR (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
30.000 |
30.000 |
30.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1130.501 |
664.355 |
343.693 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1160.501 |
694.355 |
373.693 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
113.206 |
168.172 |
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2] Unsecured Loans |
0.000 |
0.000 |
15.500 |
|
|
TOTAL BORROWING |
0.000 |
113.206 |
183.672 |
|
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DEFERRED TAX LIABILITIES |
4.838 |
7.148 |
4.712 |
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TOTAL |
1165.339 |
814.709 |
562.077 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
286.005 |
297.719 |
190.107 |
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Capital work-in-progress |
4.718 |
0.302 |
58.160 |
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INVESTMENT |
0.000 |
0.000 |
68.027 |
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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 |
223.503
|
147.009 |
103.197 |
|
|
Sundry Debtors |
347.602
|
528.543 |
428.413 |
|
|
Cash & Bank Balances |
572.552
|
3.308 |
1.077 |
|
|
Other Current Assets |
2.447
|
0.000 |
0.000 |
|
|
Loans & Advances |
79.490
|
54.403 |
33.566 |
|
Total
Current Assets |
1225.594
|
733.263 |
566.253 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
286.979
|
165.309 |
233.408 |
|
|
Other Current Liabilities |
42.482
|
10.577 |
16.529 |
|
|
Provisions |
21.517
|
40.689 |
70.615 |
|
Total
Current Liabilities |
350.978
|
216.575 |
320.552 |
|
|
Net Current Assets |
874.616
|
516.688 |
245.701 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.082 |
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TOTAL |
1165.339 |
814.709 |
562.077 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2871.340 |
2734.140 |
2020.869 |
|
|
|
Other Income |
|
|
|
|
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TOTAL |
2871.340 |
2734.140 |
2020.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
2162.270 |
2237.810 |
1610.085 |
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|
Financial |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
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TOTAL |
2162.270 |
2237.810 |
1610.085 |
|
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PROFIT BEFORE
TAX |
709.070 |
496.330 |
410.784 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
242.920 |
175.670 |
145.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
466.150 |
320.660 |
265.293 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
0.637 |
2.940 |
0.331 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
36.927 |
108.339 |
4.925 |
|
|
|
Capital Goods |
3.021 |
0.000 |
4.596 |
|
|
TOTAL IMPORTS |
39.948 |
108.339 |
9.521 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
155.38 |
106.89 |
88.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.23
|
11.73 |
13.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
61.10
|
48.14 |
54.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.71 |
1.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.48 |
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
3.38 |
1.77 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from no.48 and 49, Byraveshwara Industrial
Estate, Heggana Halli,
MANAGEMENT
DISCUSSION AND ANALYSIS
The operation of
the company comprises of A. C. Generators, D. C. Motors and Induction
Generators. This business segmentation forms the basis for review of
operational performance.
INDUSTRY OVERVIEW
During the year,
global economy witnessed recession as a result the growth of the Indian economy
is also affected. Both, Central and State Governments continued to give
priority to infrastructure development. The effect of such investment was
noticeable in the economy.
This vibrant
economic scenario generated good demand for power. As supply of power was
inadequate and with frequent interruptions, users were required to rely on standby
power from generating sets. The rising living standard in semi-urban and rural
areas is also resulting in demand for generating sets. The telecom industry's
need for power increased and the industry will continue to require standby
generating sets.
FINANCE
The Company enjoys
the working capital finance facility with State Bank of
BACKGROUND
Trident Powercraft
Private Limited (the 'Company') was incorporated on 20 April 2000 as a Private Limited
Company under the Companies Act, 1956 ('the Act'). With effect from 12 February
2009, the Company is part of the
FORM 8
|
Corporate
identity number of the company |
U31101KA2000PTC026953 |
|
Name of the
company |
TRIDENT
POWERCRAFT PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 45, Nagarur, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Letter
regarding the grant of individual limits within the overall limit form c-5. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 50.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest LC
Limit - As Per Sanction. Terms of
repayment LC
Limit - As Per Sanction. Margin Inland
- 10%, Foreign - 10% Extent and
operation of the charge Exclusive
Hypothecation charge on entire stocks of raw materials, spares, SIP, FGs,
receivables, book debts and other current assets. First
charge on the unencumbered plant and machinery, electrical installations,
furniture and fixtures and other movable assets of the company. Other Letter
of credit Rs 50.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive
Hypothecation charge on entire stocks of raw materials, spares, SIP, FGs,
receivables, book debts and other current assets. First
charge on the unencumbered plant and machinery, electrical installations,
furniture and fixtures and other movable assets of the company. |
|
Charge
identification number of the charge to be modified |
10075745 |
|
Date of instrument
modifying the charge |
21.08.2008 |
|
Particulars of
the present modification |
The
amount secured by the charge stands REDUCED to Rs. 50.000 millions The
securities described and detailed in col no 15 herein above continue for the
reduced limit. All other terms and conditions remain unchanged. |
FIXED ASSETS
- Building
- Plant and Machinery
- Office Equipments
- Computers
- Vehicles
- Furniture
- Software
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 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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
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 |
|
-- |
NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.