MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRIDENT TOOLS LIMITED (w.e.f. 06.10.2010) TRIDENT TOOLS PRIVATE LIMITED AMALGAMATED WITH TRIDENT TOOLS LIMITED |
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Formerly Known
As : |
MAGICUT TOOLS LIMITED |
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Registered
Office : |
Survey No.26, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
29.04.1982 |
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Com. Reg. No.: |
11-027046 |
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Capital
Investment / Paid-up Capital : |
Rs.44.161
millions |
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CIN No.: [Company Identification
No.] |
L29220MH1982PLC027046 |
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Legal Form : |
A Public Limited
Liability Company. Company’s shares are listed on Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of HSS Tool Bits, Hacksaws and Bandsaws. |
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No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 253000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the
government departments. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Sameer Bhosale |
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Designation : |
General Manager |
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Contact No.: |
91-9375152539 |
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Date : |
13.06.2011 |
LOCATIONS
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Registered Office/ Factory : |
Survey No.26, |
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Tel. No.: |
91-22-32539213 |
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Mobile No.: |
91-9375152539 (Mr. Sameer Bhosale) |
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Fax No.: |
91-22-28462388 |
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E-Mail : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Head Office : |
Hercules Industrial Estate, Bank of Baroda Compound, 2nd
Floor, A.C. Road, Ashok Nagar, Kandivli (East), Mumbai – 400 101,
Maharashtra, India |
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Tel. No.: |
91-22-28462427/ 28847191 |
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Fax No.: |
91-22-28462388/ 28871738 |
DIRECTORS
As on 29.09.2007
|
Name : |
Mr. Narendra Rameshchandra Gupta |
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Designation : |
Director |
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Address : |
Premesh, 6-B, Bandra, Mumbai – 400 050, |
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Date of Birth/Age : |
14.08.1948 |
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Date of Appointment : |
29.04.1982 |
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DIN No.: |
00535619 |
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Name : |
Mr. Mahavir Ramlal Agarwal |
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Designation : |
Director |
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Address : |
Neelkanth, Plot No.21, 6, |
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Date of Birth/Age : |
12.11.1937 |
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Date of Appointment : |
29.04.1982 |
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DIN No.: |
00064696 |
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Name : |
Mr. |
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Designation : |
Managing Director |
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Address : |
Premesh, 6-B, |
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Date of Birth/Age : |
05.08.1973 |
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Date of Appointment : |
01.06.2010 |
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DIN No.: |
00106681 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Bhosale |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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2,321,080 |
46.42 |
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2,321,080 |
46.42 |
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Total
shareholding of Promoter and Promoter Group (A) |
2,321,080 |
46.42 |
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(B) Public
Shareholding |
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1,283,613 |
25.67 |
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1,006,474 |
20.13 |
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388,533 |
7.77 |
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|
300 |
0.01 |
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|
300 |
0.01 |
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2,678,920 |
53.58 |
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Total Public shareholding
(B) |
2,678,920 |
53.58 |
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Total (A)+(B) |
5,000,000 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
5,000,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of HSS Tool Bits, Hacksaws and Bandsaws. |
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Products : |
Hacksaw Blades and
Frames v
Hand Hacksaw Blades v
Hand Hacksaw Frames Junior Hacksaw
Blades and Frames v
Junior Hacksaw Blades v
Junior Hacksaw Frames Power Hacksaw
Blades Hole Saw,
Accessories and Kits v
Bimetal Hole Saw v
Hole Saw Accessories v
Hole Saw Kits Jig Saw Blades and
Reciprocating Saw Blades v
Jig Saw Blade v
Portable Power Hacksaw Blades v
Reciprocating Saw Blades v
Air Saw Blades Single Point Braze
Carbide v
Carbide Tips, Application and Uses v
ISO/DIN Style v
Miscellaneous Style v
American Style Tool Bits, Holders
and Sets v
Tool Bits and Cut off Blades v
Tool Holders v
Boaring Bars v
Lathe Tool Sets |
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Exports : |
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Products : |
Hacksaw Blades |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
Unit |
Installed
Capacity |
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Tool Bits |
Nos. |
500000 |
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Bandsaw Blades |
Nos. |
300000 |
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Hacksaw Blades |
Nos. |
1200000 |
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Bearing and Bushes |
Nos. |
500000 |
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GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
v
Punjab National Bank, Goregaon (East) Branch, 8
Cama Industrial Estate, v
Bank of |
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Facilities : |
* Term Loan account secured by hypothecation of machinery and further secured by personal guarantee of some of directors and equitable mortgage of fixed assets situated at its factory (Palghar) ** Cash Credit account secured by hypothecation of raw materials, work in progress and finished goods and further by personal guarantees of some of directors and equitable mortgage of fixed assets situated at its factory (Palghar). *** Book debts account secured by hypothecation of Book Debts and further secured by personal guarantees of some of directors and equitable mortgage of fixed assets situated at its factory (Palghar). Note: Dues outstanding to Bank for various Credit facilities have been shown as ‘Secured’ pending ascertainment of realizable value of assets hypothecated to them.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Girish Patel and Company Chartered Accountants |
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Address : |
F-103/104, Patel Nagar, |
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Tel. No.: |
91-22-28075966 |
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Memberships : |
v FIEO v Chamber of Commerce |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital : Rs.65.000 millions
Issued, Subscribed & Paid-up Capital : Rs.58.966
millions
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
millions |
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Less: Allotment money in arrears |
|
Rs.5.839
millions |
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Total |
|
Rs.44.161 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
44.161 |
44.161 |
44.161 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.966 |
19.124 |
19.124 |
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4] (Accumulated Losses) |
0.000 |
(16.084) |
(24.628) |
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NETWORTH |
63.127 |
47.201 |
38.657 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
36.644 |
42.145 |
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2] Unsecured Loans |
0.521 |
1.494 |
4.392 |
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TOTAL BORROWING |
0.521 |
38.138 |
46.537 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.648 |
85.339 |
85.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.423 |
38.423 |
38.423 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.060 |
0.060 |
0.060 |
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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 |
3.489
|
20.448 |
20.416 |
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Sundry Debtors |
0.181
|
0.330 |
1.232 |
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Cash & Bank Balances |
1.779
|
0.277 |
0.074 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
19.726
|
24.051 |
32.354 |
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Total
Current Assets |
25.175
|
45.106 |
54.076 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
0.010
|
1.113 |
10.228 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.010
|
1.113 |
10.228 |
|
|
Net Current Assets |
25.165
|
43.993 |
43.848 |
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.863 |
2.863 |
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|
|
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|
|
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TOTAL |
63.648 |
85.339 |
85.194 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Trading Sales |
|
0.164 |
0.715 |
|
|
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Other Income |
|
0.000 |
0.000 |
|
|
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Sundry Credit Balances Written Back |
|
36.798 |
8.765 |
|
|
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TOTAL |
|
36.962 |
9.480 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Trading and Other Expenses |
|
21.036 |
0.964 |
|
|
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TOTAL |
|
21.036 |
0.964 |
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PROFIT BEFORE
TAX |
|
15.926 |
8.516 |
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|
|
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|
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Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
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|
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PROFIT AFTER TAX
|
|
15.926 |
8.516 |
|
|
|
|
|
|
|
|
|
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Add: Development rebate reserve written back |
|
0.026 |
0.000 |
|
|
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Add: Investment allow. Util. reserve |
|
0.890 |
0.000 |
|
|
|
Add: Taxes for earlier year |
|
0.000 |
0.028 |
|
|
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|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(16.084) |
(24.628) |
|
|
|
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|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
0.758 |
(16.084) |
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
3.19 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
62.790 |
27.420 |
49.610 |
78.480 |
|
Total Expenditure |
56.590 |
21.450 |
42.640 |
70.980 |
|
PBIDT (Excl OI) |
6.200 |
5.970 |
6.970 |
7.500 |
|
Other Income |
0.020 |
0.010 |
0.130 |
0.000 |
|
Operating Profit |
6.220 |
5.980 |
7.100 |
7.500 |
|
Interest |
3.280 |
3.930 |
4.690 |
5.040 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
2.940 |
2.050 |
2.410 |
2.460 |
|
Depreciation |
0.370 |
0.380 |
0.240 |
0.150 |
|
Profit Before Tax |
2.570 |
1.670 |
2.170 |
2.310 |
|
Tax |
0.500 |
0.200 |
0.200 |
0.670 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.070 |
1.470 |
1.970 |
1.640 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.070 |
1.470 |
1.970 |
1.640 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
43.09
|
89.83 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9710.98
|
1191.05 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.04
|
10.19 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.18 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01
|
0.83 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2517.50
|
40.53 |
5.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company has made application under section 391 to 394 of the Companies
Act 1956 to Bombay High Court Mumbai, for merger of Trident Tools Private
Limited with effect from 1.4.2008. The company is awaiting the order of Bombay
High Court in this regard. These accounts have been prepared without giving any
accounting impact of merger with Trident Tools Private Limited.
OPERATIONS AND
PERFORMANCE:
During the year
ended 31st March, 2009, the Company achieved a total income
aggregating to Rs.36.962 millions as compared to Rs.9.480 millions during the
previous year ended 31st March, 2008. After providing for
Depreciation, Finance Charges and Taxation, the Company has registered a profit
before tax of Rs.15.926 millions which has been carried to the Balance sheet.
Although the
Company maintains adequate internal control systems covering all its operation
areas. The Directors are putting in their efforts and are hopeful of improved
working during the years to come.
Barring unforeseen
circumstances, the Directors are confident of achieving better results in the
ensuing year.
FORM 8:
|
Corporate
identity number of the company |
L29220MH1982PLC027046 |
|
Name of the
company |
MAGICUT TOOLS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.26, E-Mail: info@magicut.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10096396 |
|
Type of charge |
Book Debts Movable Property Others (Plant and
machineries, stocks etc.) |
|
Particular of
charge holder |
Punjab National Bank, Goregaon (East) Branch, 8 Cama Industrial
Estate, E-Mail: emailroc@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
14.08.2010 |
|
Amount secured by
the charge |
Rs.162.033
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest rate and
Penal interest rate as agreed between the borrower company and the bank from
time to time. Terms of
Repayment: Repayment, as
agreed between the borrower company and the bank from time to time. Margin: Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge: At the request of
the borrower company, the bank has enhanced overall banking limits upto
Rs.162.033 millions against Hypothecation of Existing Plant and Machinery,
Plant and Machineries to be acquired, all the borrowers moveable assets like
stocks of raw materials, stocks in process, finished goods, consumables,
stores, spares and packing material etc. The Charge stands
modified upto Rs.162.033 millions. |
|
Short particulars
of the property charged |
Existing Plant
and Machinery Plant and
Machineries to be acquired All the borrower
moveable assets like stocks of raw materials, stocks in process, finished
goods, consumables, stores, spares and packing material etc. All the borrowers
present, future book debts etc. |
|
Particulars of the
present modification |
At the request of
the borrower company, the bank has enhanced overall banking limits upto
Rs.162.033 millions against Hypothecation of Existing Plant and Machinery,
Plant and Machineries to be acquired, all the borrowers moveable assets like
stocks of raw materials, stocks in process, finished goods, consumables,
stores, spares and packing material etc. The Charge stands
modified upto Rs.162.033 millions. |
FIXED ASSETS:
v
v Building
v Plant and Machinery
v Electrical Installation
v Laboratory Equipments
v Furniture and Fixtures
v Cutters and Accessories
v Factory Equipments
v Office Equipments
v Air Condition
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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.