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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

484488

Report Date :

05.01.2018

 

IDENTIFICATION DETAILS

 

Name :

TRIGO QUALITY PRODUCTION SERVICES PRIVATE LIMITED

 

 

Registered Office :

101-103, Fortune Business Center, Baner Road, Aundh, Pune – 411007, Maharashtra

Tel. No.:

91-20-25668810/25708777

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

16.04.2007

 

 

Com. Reg. No.:

11-139880

 

 

Capital Investment / Paid-up Capital :

INR 11.557 Million

 

 

CIN No.:

[Company Identification No.]

U74999PN2007PTC139880

 

 

IEC No.:

Not Divulged

 

 

GSTIN/UIN:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCT6516H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Provides Services related to production, quality management, quality control, conformability requirements, logistic needs, methodology, and report on feasible of new project and/or improvements to and/or expansion of existing project. [Registered Activity]

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Trigo SAS” based in France and it was incorporated in the year 2007.

 

Management has failed to file its latest financials with Government Registry.

 

As per financials of March 2016, the company has registered a growth of 6.80% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 5.31% under review.

 

Rating takes into consideration the company’s satisfactory track record of business operations marked by sound net worth base along with zero debt balance sheet and decent liquidity position.

 

Rating takes into account the strong financial and managerial support received from its holding entity and well experienced management team.

 

Further, the company has reported a fair earnings per share of INR 9.19 against its face value of INR 10.

 

Payments are reported to be usually correct.

 

In view of aforesaid, the company can be considered 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.

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.01.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED BY

 

Name :

Mr. Gopal

Designation :

Purchase Department

Contact No.:

91-20-25668810/25708777

Date :

04.01.2018

 

 

LOCATIONS

 

Registered Office :

101-103, Fortune Business Center, Baner Road, Aundh, Pune – 411007, Maharashtra, India

Tel. No.:

91-20-25668810/25708777

Fax No.:

Not Available

E-Mail :

d.gieux@uggc.com

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Ajay Ramshankar Pande

Designation :

Managing Director

Address :

A-205, Capri, Hiranandani Estate, Ghodbunder Road, Thane (West) Mumbai -400607, Maharashtra, India

Date of Birth/Age :

31.01.1963

Date of Appointment :

01.10.2010

DIN No.:

02418487

 

 

Name :

Mathieu Emmanuel Rambaud

Designation :

Director

Address :

16 RUE DE Bullion, 78810 Davron NA France

Date of Birth/Age :

03.06.1976

Date of Appointment :

18.02.2013

DIN No.:

06555427

 

 

Name :

Daniel Jurgens Mestre

Designation :

Additional Director

Address :

18 Rue Marechal Joffre, 78110 Le Vesinet (France) Le Vesinet 78110 France

Date of Appointment :

16.01.2017

DIN No.:

07753924

 

 

KEY EXECUTIVES

 

Name :

Mr. Gopal

Designation :

Purchase Department

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2016

 

Names of Shareholders

 

No. of Shares

Trigo SAS, France

 

1155715

Mireille J Trolet 

 

1

Total

 

1155716

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 16.06.2016

 

Category

Percentage

Promoters- Individual/Hindu Undivided Family- Foreign national (other than NRI)

0.00008653

Promoters- Body corporate

99.99991347

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Provides Services related to production, quality management, quality control, conformability requirements, logistic needs, methodology, and report on feasible of new project and/or improvements to and/or expansion of existing project. [Registered Activity]

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

Not Divulged

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

706, 'B'Wing, 7th Floor, ICC Trade Tower International Convention Centre, Pune – 411016, Maharashtra, India

Tel. No.:

91-20-66244600

Fax No.:

91-20-66244605

PAN N Income-tax PAN of auditor or auditor's firm :

AADFD5357J

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

  • Trigo SAS, France

 

 

Fellow Subsidiaries:

  • Trigo Quality Services (Thailand) Co Limited
  • Trigo Aisa Pte Limited
  • Trigo Slovakia S.R.O
  • Trigo Morocco

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4250000

Equity Shares

INR 10/- each

INR 42.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1155716

Equity Shares

INR 10/- each

INR 11.557 Million

 

 

 

 

 


 

FINANCIAL DATA

[all figures are INR Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2016

31.03.2015

31.03.2014

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

11.557

11.557

11.557

(b) Reserves & Surplus

75.416

100.958

87.661

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

86.973

112.515

99.218

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

27.417

20.467

24.299

(c) Other current liabilities

2.095

2.467

1.893

(d) Short-term provisions

42.920

2.794

2.002

Total Current Liabilities (4)

72.432

25.728

28.194

 

 

 

 

TOTAL

159.405

138.243

127.412

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5.253

7.529

7.608

(ii) Intangible Assets

0.374

0.094

0.116

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.035

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

8.463

6.000

0.000

(d)  Long-term Loan and Advances

12.438

9.596

7.981

(e) Other Non-current assets

0.000

0.000

8.284

Total Non-Current Assets

26.528

23.254

23.989

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.242

0.290

0.237

(c) Trade receivables

68.423

65.654

69.725

(d) Cash and cash equivalents

60.667

46.450

29.309

(e) Short-term loans and advances

2.473

2.580

3.931

(f) Other current assets

1.072

0.015

0.221

Total Current Assets

132.877

114.989

103.423

 

 

 

 

TOTAL

159.405

138.243

127.412

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Income

200.170

187.426

137.152

 

Other Income

3.153

4.962

1.999

 

TOTAL

203.323

192.388

139.151

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

60.848

51.244

41.347

 

Other expenses

122.835

113.608

89.935

 

TOTAL

183.683

164.852

131.282

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

19.640

27.536

7.869

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

4.130

5.932

4.071

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

15.510

21.604

3.798

 

 

 

 

 

Less

TAX

4.886

8.307

0.694

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

10.624

13.297

3.104

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Others -Technical Services

38.441

28.133

21.628

 

TOTAL EARNINGS

38.441

28.133

21.628

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

9.19

11.51

2.69

 

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

124.77

127.86

185.56

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

2.93

2.85

1.97

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.45

0.19

0.22

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.83

0.23

0.28

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.06

0.07

0.08

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

((PAT / Sales) * 100)

%

5.31

7.09

2.26

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.66

9.62

2.44

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

12.22

11.82

3.13

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

1.83

4.47

3.67

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.83

4.46

3.66

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.55

0.81

0.78

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.83

4.47

3.67

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Share Capital

11.557

11.557

11.557

Reserves & Surplus

87.661

100.958

75.416

Share Application money pending allotment

0.000

0.000

0.000

Net worth

99.218

112.515

86.973

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Sales

137.152

187.426

200.170

 

 

36.656

6.799

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Sales

137.152

187.426

200.170

Profit

3.104

13.297

10.624

 

2.26%

7.09%

5.31%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGE: No Charges Exists for Company

 

COMPANY OVERVIEW

 

Subject was incorporated on April 16, 2007 and started its commercial operation from 1st April 2008. The company provides Services related to production, quality management, quality control, conformability requirements, logistic needs, methodology, and report on feasible of new project and/or improvements to and/or expansion of existing project

 

THE YEAR IN RETROSPECT:

 

During the year, Sales and other income increased from INR 187.426 Million to INR 200.170 Million registering a growth of 6.80%. Profit after tax for the year ended 31st March 2016 decreased from INR 13.297 Million to INR 10.624 Million. The performance was impacted on account of recessionary conditions prevailing in the Indian economy and more so in the user industries.

 

FIXED ASSETS:

 

  • Furniture and Fitting
  • Office Equipment’s
  • Electrical Appliances
  • Air Conditioner
  • Leasehold Improvements 
  • Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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

INR

US Dollar

1

INR 63.39

UK Pound

1

INR 85.74

Euro

1

INR 76.25

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KVT

 


 

SCORE FACTORS

 

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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.