MIRA
INFORM REPORT
|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRIPCON ENGINEERING PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Shed No.C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda – 388 121, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.02.1991 |
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Com. Reg. No.: |
04-015008 |
|
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|
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Capital
Investment / Paid-up Capital : |
Rs.3.717 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199GJ1991PTC015008 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDT00929F |
|
|
|
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PAN No.: [Permanent Account No.] |
AACT7273P |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Conveyor Chains and Sprockets. |
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|
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No. of Employees
: |
7 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 42000 |
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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 an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hemal Rajendra Patel |
|
Designation : |
Director |
|
Contact No.: |
91-2692-236031 |
|
Date : |
07.03.2012 |
LOCATIONS
|
Registered Office : |
Shed No.C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda – 388 121, |
|
Tel. No.: |
91-2692-236031 |
|
Mobile No.: |
91-9825089070 (Mr. Hemal Rajendra Patel) |
|
Fax No.: |
91-2692-236380/ 388121 |
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E-Mail : |
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|
Website : |
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|
Locations : |
Owned |
|
|
|
|
Factory : |
Plot No.1115, Phase - 4, G.I.D.C. Estate, District Anand, V.U. Nagar,
Anand – 388 121, |
|
Locations : |
Owned |
DIRECTORS
As on 01.08.2011
|
Name : |
Mr. Rajendra Ishwarbhai Patel |
|
Designation : |
Director |
|
Address : |
Brijesh Vinukaka Marg, |
|
Date of Birth/Age : |
29.04.1953 |
|
Qualifications : |
B.E. Mechanical |
|
Date of Appointment : |
04.02.1991 |
|
DIN No.: |
01210515 |
|
|
|
|
Name : |
Mr. Hemal Rajendra Patel |
|
Designation : |
Director |
|
Address : |
Brijesh Vinukaka Marg, |
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Date of Birth/Age : |
25.05.1977 |
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Qualifications : |
B.E. Mechanical |
|
Date of Appointment : |
04.05.2004 |
|
DIN No.: |
01210561 |
|
|
|
|
Name : |
Mrs. Priyanka Hemal Patel |
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Designation : |
Director |
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Address : |
Brijesh Vinukaka Marg, |
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Date of Birth/Age : |
19.01.1979 |
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Qualifications : |
B E Computer |
|
Date of Appointment : |
01.10.2006 |
|
DIN No.: |
00922973 |
|
|
|
|
Name : |
Mr. Narendra Ambalal Patel |
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Designation : |
Director |
|
Address : |
16-A, Sarvoday Society, |
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Date of Birth/Age : |
20.04.1946 |
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Qualifications : |
M. Com |
|
Date of Appointment : |
28.02.1991 |
|
DIN No.: |
03018414 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
8910 |
|
Rajeshbhai C. Patel |
|
10 |
|
Narendra A Patel |
|
550 |
|
|
|
6250 |
|
Ishwarbhai M. Patel |
|
2050 |
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|
|
2600 |
|
Rameshbhai P. Shah |
|
3200 |
|
Amratlal P. Shah |
|
900 |
|
Maniben P. Shah |
|
1200 |
|
Hansaben A. Shah |
|
950 |
|
Hemlataben R. Shah |
|
1000 |
|
Niraj R. Shah |
|
1400 |
|
Harshit R. Shah |
|
900 |
|
Natubhai B. Patel |
|
5700 |
|
Yatin N. Patel |
|
500 |
|
Hardik N. Patel |
|
500 |
|
Ambalal S. Patel |
|
550 |
|
Total |
|
37170 |
As on 01.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Conveyor Chains and Sprockets. |
|
|
|
|
Products : |
v
Conveyor Elevator Chains: Bushed Roller Chains,
Bushed Chains, Driving Chains, Hollow Pin Type Chains v
Transmission Roller Chains v
Stacker Reclaimer Chains v
Apron Conveyor Chains v
Bucket Elevator Chains for all casing sizes
with variety of attachments v
Coal Conveyor Chains v
Heavy Duty Dry Chains (Crank Link Type) v
Lime Stone Scrapper Chains for different
load/size v
Drag Chains (Bulk Flow), Reddler Chains and
their v
Coal Scrapper Chain with variety of
attachments v
Lime Stone Paver Chains for various machines v
Steel Driving Chains |
|
|
|
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Exports : |
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|
Products : |
v
Conveyor Chains v
Sprockets |
|
Countries : |
v
v
v
v
|
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Imports : |
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Products : |
v
Raw Materials |
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Countries : |
v
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Terms : |
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Selling : |
L/C and Credit (30/60/90 Days) |
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Purchases : |
L/C and Credit (30/60/90 Days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
and Installed Capacity |
Actual
Production |
|
Chains |
Mtrs. |
Not Applicable |
7644.16 |
|
Chains |
Ft. |
Not Applicable |
-- |
|
Chain Parts and Spares |
Nos. |
Not Applicable |
27469 |
|
Sprockets (Resale) |
Nos. |
Not Applicable |
770 |
GENERAL INFORMATION
|
Customers : |
Retailers, End Users and OEM’s |
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No. of Employees : |
7 (Approximately) |
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Bankers : |
v
Union Bank of v
IDBI Bank Limited, Vallabh Vidhya Nagar Branch, |
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Facilities : |
Cash Credit of Rs.2.000 Millions (Union Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukund Patel and Company Chartered Accountants |
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Address : |
1, 2, 3 Thakkar Arcade, |
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Income-tax
PAN of auditor or auditor's firm : |
ADOPP7838E |
CAPITAL STRUCTURE
As on 01.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37170 |
Equity Shares |
Rs.100/- each |
Rs.3.717 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.717 |
3.717 |
3.717 |
|
|
2] Share Application Money |
0.884 |
0.885 |
0.885 |
|
|
3] Reserves & Surplus |
5.993 |
5.726 |
4.847 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.594 |
10.328 |
9.449 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.314 |
1.314 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.314 |
1.314 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.203 |
0.230 |
0.184 |
|
|
|
|
|
|
|
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TOTAL |
13.111 |
11.872 |
9.633 |
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|
|
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APPLICATION OF FUNDS |
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|
|
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|
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Intangible Assets |
0.044 |
0.058 |
0.000 |
|
|
FIXED ASSETS [Net Block] |
5.647 |
6.175 |
5.490 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
0.005 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.095
|
3.734
|
2.487
|
|
|
Sundry Debtors |
4.693
|
5.673
|
4.932
|
|
|
Cash & Bank Balances |
1.147
|
0.965
|
1.276
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1.729
|
1.412
|
2.033
|
|
Total
Current Assets |
13.664
|
11.784
|
10.728
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.288
|
5.645
|
6.287
|
|
|
Other Current Liabilities |
0.329
|
0.011
|
0.176
|
|
|
Provisions |
0.632
|
0.494
|
0.127
|
|
Total
Current Liabilities |
6.249
|
6.150
|
6.590
|
|
|
Net Current Assets |
7.415
|
5.634
|
4.138
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.111 |
11.872 |
9.633 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22.884 |
19.940 |
19.541 |
|
|
|
Other Income |
0.209 |
0.149 |
0.104 |
|
|
|
TOTAL (A) |
23.093 |
20.089 |
19.645 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
21.669 |
|
12.523 |
|
|
|
Manufacturing Expenses |
|
|
2.105 |
|
|
|
Employee’s Remuneration and Benefits |
|
|
0.931 |
|
|
|
Administrative and Selling Expenses |
|
|
1.081 |
|
|
|
TOTAL (B) |
21.669 |
17.804 |
16.640 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.424 |
2.285 |
3.005 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.141 |
0.071 |
0.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.283 |
2.214 |
2.885 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.886 |
0.916 |
0.879 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.397 |
1.298 |
2.006 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.130 |
0.419 |
0.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.267 |
0.879 |
1.360 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
US
$ 14087 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.17 |
23.65 |
36.60 |
|
Expected Sales (2011-2012): Rs.45.000 Millions
The above information has been parted by Mr. Hemal Rajendra Patel
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.16 |
4.38
|
6.92
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.73 |
6.51
|
10.27
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.06 |
7.23
|
12.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.13
|
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81 |
0.72
|
0.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19 |
1.92
|
1.63
|
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) Constitutions of
the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last two years |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
-- |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
PERFORMANCE REVIEW
The Company has achieved a good performance during the year with an
increase in turnover. The company has reported of Rs.22.884 millions as against
last year’s turnover of Rs.19.940 millions.
The Directors are very keen to work in the direction of managing costs
and improving profitability of the company. The company has set a new marketing
strategy, as a part of development process, for domestic as well as global
market. The expenditure incurred for the same are charged to Profit and Loss
Account. During the Current Year the Company recorded turnover of Rs.7.259
millions during the first quarter and has pending orders worth Rs.15.260
millions including Export orders of Rs.3.425 millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29199GJ1991PTC015008 |
|
Name of the
company |
TRIPON ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shed No.C/302, G.I.D.C. Estate, Vithal Udhyognagar, Kheda - 388 121, E-Mail: trikon_engg@yahoo.co.in
|
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10167327 |
|
Type of charge |
Book debts Movable property |
|
Particular of
charge holder |
Union Bank of K-103, Das Chambers, Rajendra Marg, P.B. No.17, Vallabh Vidya Nagar –
388120 , E-Mail: cbsvvnagar@unionbankofindia.com
|
|
Nature of
instrument creating charge |
Supplementary Agreement to SD-06 Hypothecation Agreement |
|
Date of
instrument Creating the charge |
09.12.2010 |
|
Amount secured by
the charge |
Rs.2.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 4.75% over UBI's Base Rate or such other rates as may be prescribed by
the Bank from time to time with a minimum of 13.25% p.a. with monthly rest. Terms of repayment On Demand Margin Stock - 25% Extent and operation of the charge Hypothecation of Entire Stock In Trade Lying at Plot No.1115, Phase-4,
Vithal Udyogmagar, District Anand. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of Entire Stock In Trade Lying At Plot No.1115, Phase-4,
Vithal Udyognagar, District Anand. |
|
Particulars of
the present modification |
By this execution the Charge extended to cover revised credit
facilities from Rs.1.000 Million to Rs.2.000 Millions. |
FIXED ASSETS
v Land
v
v Plant and Machinery
v Furniture and Fittings
v Dies and Tools
v Office Equipments
v Water Cooler
v Air Conditioner
v Mobile Phones
v Security System
v Hand Cart
v Cycle
v Vehicles
v Computers
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.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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.