MIRA
INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRIUMPH INTERNATIONAL ( |
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Registered
Office : |
240-B, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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|
Date of
Incorporation : |
18.03.2002 |
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Com. Reg. No.: |
18-048626 |
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Capital
Investment / Paid-up Capital : |
Rs. 968.858 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U18101TN2002PTC048626 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET06053F |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Briefs and Panties of Cotton, Man Made Fibres and
Brassiers |
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|
No. of Employees
: |
Information not given by the
management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 420000 |
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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. Profitability
of the company appears is under severe pressure. There appears huge
accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. Company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Kishore |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9176640957 |
|
Date : |
23.04.2012 |
LOCATIONS
|
Registered Office/ Factory : |
240-B, |
|
Tel. No.: |
91-44-67414444 |
|
Mobile No.: |
91-9176640957 (Mr. Kishor Rout) |
|
Fax No.: |
91-44-67414799 |
|
E-Mail : |
lalgudi.subramanian@triumph.com |
|
Website : |
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Corporate Office : |
309, |
|
Tel. No.: |
91-22-66973682 |
DIRECTORS
AS ON 10.06.2011
|
Name : |
Mr. Stephan Habluetzel |
|
Designation : |
Director |
|
Address : |
Flat E2, Shouson, Garden 6A, |
|
Date of Birth/Age : |
31.03.1958 |
|
Date of Appointment : |
18.03.2002 |
|
DIN No.: |
00273507 |
|
|
|
|
Name : |
Mr. Oliver Spiesshofer |
|
Designation : |
Director |
|
Address : |
Flat 5 24/F Block C, Queen’s Garden, |
|
Date of Birth/Age : |
30.09.1957 |
|
Date of Appointment : |
22.10.2007 |
|
DIN No.: |
02089359 |
|
|
|
|
Name : |
Mr. Leonardo Innocenzi |
|
Designation : |
Director |
|
Address : |
Sonnenbergstrasse 84, Adliswil 8134 |
|
Date of Birth/Age : |
16.12.1962 |
|
Date of Appointment : |
21.10.2008 |
|
DIN No.: |
02232742 |
|
|
|
|
Name : |
Mr. Thorsten Allenstein |
|
Designation : |
Director |
|
Address : |
Flat No.3, Praneta Building, 1st Floor, Opposite Maneckji
Copper School, 23-B Juhu Tara Road, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1968 |
|
Date of Appointment : |
21.10.2008 |
|
DIN No.: |
02232799 |
KEY EXECUTIVES
|
Name : |
Mr. Eluppai Sugunan Sreshta |
|
Designation : |
Company Secretary |
|
Address : |
1st Floor, AD-82, 5th Avenue, Anna Nagar,
Chennai-600040, Tamilnadu, India |
|
Date of Birth/Age : |
06.08.1946 |
|
Date of Appointment : |
01.02.2011 |
|
Pan No.: |
AAUPS8159G |
|
|
|
|
Name : |
Mr. Kishore |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.06.2011
|
Names of Shareholders |
No. of Shares |
|
Stephan Habluetzel |
1 |
|
Triumph Universa AG, Switzerland |
1068856 |
|
Oliver Spiesshofer |
1 |
|
Total |
1068858 |
AS ON 22.11.2011
|
Names of Allottee |
No. of Shares |
|
Triumph Universa AG, Switzerland |
215335 |
|
Total |
215335 |
AS ON 23.07.2011
|
Names of Allottee |
No. of Shares |
|
Triumph Universa AG, Switzerland |
120000 |
|
Total |
120000 |
AS ON 10.06.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Briefs and Panties of Cotton, Briefs and Panties of
Man Made Fibres and Brassiers |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Briefs and Panties of Cotton |
35000000 |
425000 |
39476 |
|
Briefs and Panties of Man Made Fabrics |
35000000 |
425000 |
78951 |
|
Brassiers |
80000000 |
9700000 |
2293429 |
# As certified by Madras Export Processing Zone
(MEPZ)
* Installed capacity is as certified by the
management and relied upon by the auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the
management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
32, |
|
Pan No.: |
AAEFP5579P |
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|
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Holding Company : |
Triumph Universa AG |
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Ultimate Holding Company : |
Triumph International Spiesshofer and Braun KG. |
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Affiliated and Associates : |
·
Triumph International Overseas Limited ·
Triumph International Services AG ·
Inter Triumph Marketing GMBH. ·
Triumph International AG, Austria ·
Triumph International AG, Germany ·
Triumph International AG, Philippines ·
Triumph Inter Trade AG, Switzerland ·
Hainan High Fashion Lingerie Limited, China ·
Body Fashion (Thailand) Limited ·
Body Fashion (Malaysia) SDN, BHD ·
Triumph International Lanka Private Limited ·
Intimate Fashions (India) Private Limited |
CAPITAL STRUCTURE
AFTER 10.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.1000/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1404193 |
Equity Shares |
Rs.1000/-
each |
Rs. 1404.193
Millions |
|
|
|
|
|
AS ON 10.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.1000/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1068858 |
Equity Shares |
Rs.1000/-
each |
Rs. 1068.858
Millions |
|
|
|
|
|
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.1000/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
968858 |
Equity Shares |
Rs.1000/-
each |
Rs. 968.858
Millions |
|
|
|
|
|
Note:
The entire shares are held by Triumph Universa
AG, Switzerland, the Holding Company, and its nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
968.858 |
968.858 |
498.859 |
|
|
2] Share Application Money |
0.000 |
0.000 |
139.999 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(861.559) |
(719.960) |
(492.438) |
|
|
NETWORTH |
107.299 |
248.898 |
146.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
704.522 |
762.398 |
798.236 |
|
|
TOTAL BORROWING |
704.522 |
762.398 |
798.236 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
811.821 |
1011.296 |
944.656 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
732.096 |
751.394 |
750.757 |
|
|
Capital work-in-progress |
27.613 |
0.976 |
10.066 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
261.480
|
128.545
|
378.785 |
|
|
Sundry Debtors |
365.156
|
238.519
|
195.275 |
|
|
Cash & Bank Balances |
52.464
|
421.336
|
156.959 |
|
|
Other Current Assets |
0.116
|
0.043
|
0.043 |
|
|
Loans & Advances |
36.113
|
31.472
|
20.754 |
|
Total
Current Assets |
715.329
|
819.915 |
751.816 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
637.798
|
524.633
|
546.701 |
|
|
Other Current Liabilities |
17.872
|
31.152
|
17.472 |
|
|
Provisions |
7.547
|
5.204
|
3.810 |
|
Total
Current Liabilities |
663.217
|
560.989 |
567.983 |
|
|
Net Current Assets |
52.112
|
258.926
|
183.833 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
811.821 |
1011.296 |
944.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
566.606 |
560.712 |
311.579 |
|
|
|
Other Income |
3.268 |
16.564 |
6.035 |
|
|
|
Exchange Gain |
48.403 |
41.393 |
0.000 |
|
|
|
TOTAL |
618.277 |
618.669 |
317.614 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
759.876 |
845.659 |
734.284 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
759.876 |
845.659 |
734.284 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(141.599) |
(226.990) |
(416.670) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.533 |
1.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(141.599) |
(227.523) |
(417.832) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(719.961) |
(492.438) |
(74.606) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(861.560) |
(719.961) |
(492.438) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
349.941 |
314.276 |
131.561 |
|
|
|
Sale of Raw Materials |
7.773 |
84.421 |
0.000 |
|
|
TOTAL EARNINGS |
357.714 |
398.697 |
131.561 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
254.187 |
139.471 |
283.422 |
|
|
|
Stores & Spares |
6.671 |
1.488 |
13.682 |
|
|
|
Capital Goods |
2.828 |
6.204 |
77.284 |
|
|
TOTAL IMPORTS |
263.686 |
147.163 |
374.388 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(146) |
(339) |
(1244) |
|
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%20PRIVATE%20LIMITED%20-%20177654%2024-Apr-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(22.90)
|
(36.77)
|
(131.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.99)
|
(40.48)
|
(133.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.78)
|
(14.44)
|
(27.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.32)
|
(0.91)
|
2.84 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.75
|
5.31
|
9.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.46
|
1.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Sundry Creditors
|
|
|
|
|
Total outstanding dues of micro and small enterprises |
0.000 |
0.000 |
0.000 |
|
Total outstanding dues of creditors other than micro and small
enterprises |
637.798 |
524.633 |
546.701 |
|
Total |
637.798 |
524.633 |
546.701 |
NOTE:
The Registered Office of the company has been shifted from EM N’ Centre
No.244, Old No.713, Anna Salai, Chennai – 600006, Tamilnadu, India, to 240B
Sengundram Village, Maraimalai Nagar, Tamilnadu – 603204, India w.e.f 14.02.2008.
The Registered Office of the company has been shifted from 240B
REVIEW OF THE
YEAR'S OPERATIONS
During the year,
the Company registered a turnover of Rs
566.61 million, as
against Rs 560.71 million achieved in the previous year. Authorized Share Capital of the Company was increased
to Rs 1,500 million on 18th January 2010 so as to allot equity shares at par to
Triumph Universa AG, the Holding Company. Upon receipt of Rs 100 million by the
Company, 100,000 equity shares were allotted at par to Triumph Universa AG on 29th March 201 1 and
the Paid-up Share Capital of the Company was increased to Rs. 1069 millions.
Central Government
made an Inspection of the books of account and other books and papers of the
Company under Section 209A of
the Companies Act, 1956 during
November 2010 and the Office of
the Regional Director, Ministry of Corporate Affairs, Chennai, vide its letter
dated 2nd December 2010, called upon the Company and its four Directors to
furnish information or explanation to the observations made in the letter. The
Company, on its behalf and on behalf of its four Directors had, vide its letter
dated 21st December 2010, submitted a detailed reply on 22nd
December 2010. Show Cause Notices dated 27th May 2011 from the Office of the
Registrar of Companies, Chennai were received on 31st May 2011 and suitable
replies to the Show Cause Notices and necessary follow-up actions are being
taken.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.12.2010 |
31.12.2009 |
|
Claims against the Company not acknowledged as debt |
0.000 |
*4.582 |
|
Bank Guarantee given to Government Authorities |
35.300 |
21.450 |
|
Total |
66.621 |
21.450 |
* The amount is
towards demand notice sent by Central Excise authority to make the short
payment of tax on transfer of goods from production centre to local warehouse
during the financial year 2008 and 2009.
FIXED ASSETS:
·
·
Leasehold Improvement
·
Computers
·
Office Equipment
·
Furniture and Fixtures
·
Shop and Counter Store
·
Motor Vehicles
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. 52.22 |
|
|
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.