MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	TRIMAX IT INFRASTRUCTURE AND SERVICES LIMITED

Formerly Known As :	TRIMAX COMPUTERS LIMITED

Registered Office :	2^nd Floor, Universal Mill Building, Asha Usha, Compound, Mehra Estate, L.B.S. Road, Vikhroli (West), Mumbai - 400079, Maharashtra

Country :	India

Financials (as on) :	31.12.2010

Date of Incorporation :	18.08.1995

Com. Reg. No.:	11-091944

CIN No.: [Company Identification No.]	U30000MH1995PLC091944

TAN No.: [Tax Deduction & Collection Account No.]	MUMT10155F

PAN No.: [Permanent Account No.]	AAACT3858L

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Service Provider of IT Services and Solutions Encompassing Integration, Data Centre.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as 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. It would be advisable to take adequate securities while dealing with the subject.

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)

India

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. Giridhari Mangal
Designation :	Senior Vice President and Accounts and Finance
Contact No. :	91-9987085520/ 91-22-40681053
Date:	26.03.2011

LOCATIONS

Registered Office :	2^nd Floor, Universal Mill Building, Asha Usha, Compound, Mehra Estate, L.B.S. Road, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-40681000
Mobile No.:	91-9987085520 (Mr. Giridhari Mangal – Sr. VP, Accounts and Finance)
Fax No.:	91-22-40681001/ 40681008
E-Mail :	adibh@trimax.in sales@tricomonline.com madan@trimax.in csd@trimax.in cpm@tricomponline.com sales@trimax.in mangal@trimax.in
Website :	http://www.trimax.in
Location :	Leased

Corporate Office 1 :	16, Dubhash Building, 2^nd Floor, Near Dreamland Cinema, Grant Road (East), Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23820248
Fax No.:	91-22-23823348

Corporate Office 2 :	Film Center Bldg, 1st Floor, 68 Tardeo Rd, Mumbai 400 034, Maharashtra, India
Tel. No.:	91 - 22 - 23526464, 23526151, 2352 61 51,2352 61 52

Branch Offices :	Located at: · Ahmedabad · Bangalore · Chandigarh · Chennai · Cochin · Coimbatore · Dehradun · Delhi · Gurgaon · Hyderabad · Jaipur · Kolkata · Ludhiana · Pune · Ghaziabad
Location :	Rented

DIRECTORS

(AS NON 29.09.2010)

Name :	Mr. Suryaprakash Sohanlal Madrecha
Designation :	Chairman and Managing Director
Address :	606, Model Residency, Bapurao Jagtap Marg, Saat Rasta Circle, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	26.02.1972
Qualification :	Bachelor of Science
Experience :	More than 15 years
Date of Appointment :	18.08.1995

Name :	Mr. Chandraprakash Sohanlal Madrecha
Designation :	Joint Managing Director
Address :	606, Model Residency, Bapurao Jagtap Marg, Saat Rasta Circle, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	20.06.1974
Qualification :	Bachelor of Commerce
Experience :	More than 15 years
Date of Appointment :	27.11.2006
Other Directorship :	CIN of Company: U30000MH2006PTC159087 Name of the company: Pratik Technologies Private Limited Designation: Director
Name of Sole Proprietorship Firm :	Tricomp Address: 11, Pandit Rammohan Rai Road, Off. Pawwala Strret, Mumbai – 400 004, Maharashtra, India

Name :	Mr. Sunil Sohanlal Madrecha
Designation :	Director
Address :	Flat No. 8, Rajhans – 2, Kalash Udyan, Sector – 11, Koperkhairne, Navi Mumbai – 400 709, Maharashtra, India
Date of Birth/Age :	10.12.1960
Qualification :	Bachelor of Engineering in Computer Science
Experience :	More than 10 years
Date of Appointment :	07.10.2003

Name :	Mr. Himanshu Surendra Tewari
Designation :	Director
Address :	Bunglow No.C-28, Enclave A, Neelkanth Woods, Mullabuag, Near Tikujiniwadi Road, Thane (West), Thane – 400610, India
Date of Birth/Age :	19.07.1969
Qualification :	IIT from Kanpur
Experience :	More than 15 years
Date of Appointment :	14.08.2009

Name :	Mr. Sanjiv Singhal
Designation :	Director
Address :	1-A, Firpos, 47-A, Bhulabhai Desai Road, Breach Candy, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	23.03.1967
Qualification :	M.A., MBA , BA
Experience :	More than 13 years
Date of Appointment :	04.04.2009

Name :	Mr. Om Prakash Gahrotra
Designation :	Director
Address :	12, Praneet Dr. J Palker Road, Worli, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	21.09.1946
Qualification :	Bachelor of Science, Master in Financial Management
Experience :	More than 30 years
Date of Appointment :	04.06.2010

Name :	Mrs. Meena Madrecha
Designation :	Director
Address :	22, Maniyar Buildings, B – Wing, 3^rd Floor, Tardeo, Mumbai – 400 034, Maharashtra, India
Date of Birth/Age :	28.03.1974
Date of Appointment :	27.02.1997

Name :	Mr. Mukul Gulati
Designation :	Nominee Director
Address :	#65/41, West Punjabi Bagh, New Delhi – 110026, India
Date of Birth/Age :	06.07.1973
Qualification :	BA, MBA
Experience :	More than 15 years
Date of Appointment :	01.10.2010
Nominee Company :	ZP II Trimax Limited and ZP II Trimax Co Investment Trust
Email :	mg@zmlp.com

KEY EXECUTIVES

Name :	Mr. Srabani Saha
Designation :	Company Secretary
Address :	C-38/S-13, M G Complex, Sector -14, Vashi, Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	30.11.1968
Date of Appointment :	01.09.2009

Name :	Mr. Giridhari Mangal
Designation :	Senior Vice President and Accounts and Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.12.2010)

Names of Shareholders		No. of Shares

Suryaprakash Madrecha		1184100
Meena Madrecha		114400
Chandraprakash Madrecha		1360000
Reena Madrecha		109800
Sunil Madrecha		500
Pratik Technologies Private Limited, India		3654600
Shrey Technologies Private Limited, India		3825900
Standard Fiscal Markets Private Limited, India		4750500
Surya Prakash Madrecha - HUF		100
Chandra Prakash Madrecha - HUF		100
Banyantree Growth Capital, L.L.C., India		100
ZP II Trimax Limited, , Mauritius		187
Mukul Gulati		186

Total		15000473

(AS ON 30.09.2010)

Category		Percentage

Directors or relatives of directors		18.46
Bodies Corporate		81.54

Total		100.00

BUSINESS DETAILS

Line of Business :	Service Provider of IT Services and Solutions Encompassing Integration, Data Centre.

Services :	· System Integration · Managed IT Services · Managed Network Services

Terms :
Selling :	Cash, Credit (30-60-120 days)

Purchasing :	L/C, Cash and Credit (30-60 days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

Corporate

· Goderej Hi Care

· Parle Agro

· Wella

· Kopran

· UTV

· DishTV

· Z – Network

· DNA

· Lipi – Data Systems Limited

· Datamatics

· Indusind Bank

· SPANCO

· Supreme

· Rico

· Bright Point

Government Bodies

· Bharat Sanchar Nigam Limited

· Ministry of Finance

· Indian Cast Guard

· Mhada

· Ministry of Tourism

· BEST

· Engineer Projects (India) Limited

Name of the Customers	Location

Central Bank of India	Mumbai

Axis Bank

Bank of Baroda

National Bank for Agriculture and Rural Development	Mumbai

State Bank of India

Kingfisher	Mumbai

West Bengal State Electricity Distribution Company Limited	Kolkata

National Thermal Power Corporation	Bhubaneswar

DISH TV	Mumbai

Hindustan Natural Glass	Haridwar

JP Associates	Delhi NCR

Kirloskar Brothers Limited	Pune

K. S. Pump	Pune

National Hydro Power Corporation	Chamba

Atomic Minerals Directorate	Hyderabad

National Textile Corporation Limited	Delhi

Virginia Sultan Tobacco	Hyderabad

No. of Employees :

2400 (Approximately)

Bankers :

· State Bank of India

Industrial Finance Branch, 2^nd Floor, The Arcade World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· State Bank of Hyderabad,

Overseas Branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai – 400039, Maharashtra, India

· Standard Chartered Bank

Credit Documentation Unit, 90, Mahatma Gandhi Road, Fort, Mumbai: - 400 001, Maharashtra, India

· Axis Bank

SME Business Group, 3rd Floor, RNA Corporate Park, Kalanagar, Bandra (E), Mumbai: - 400 051, Maharashtra, India

· Kotak Mahindra Bank

6th Floor, Dani Corporate Park, 158, C. S. T Road, Kalina, Santacruz (E), Mumbai: - 400 098, Maharashtra, India

· ICICI Bank

Mafatlal Chamber, SEG - Dept. 'B' Wing, 3rd Floor, N. M. Joshi Marg, Lower Parel (E), Mumbai: - 400 013, Maharashtra, India

· Canara Bank

Prime Corporate Branch – II, Varma Chambers, 2nd Floor, Homji Street, Mumbai: - 400 001, Maharashtra, India

· The Hong Kong and Shaghai Bank Corporation Limited,

52/ 60, Mahatma Gandhi Road, Mumbai – 400 001, Maharashtra, India

· Barclays Bank PLC,

Ceejay House, Shivsagar Estate, Dr. A Beasant Road, Wroli, Mumbai 400018, Maharashtra, India

· Corporation Bank

· ABN Amro Bank

· HDFC Bank

Facilities :

Secured Loans :	31.12.2010	31.03.2010
	Rs. In Millions

From Banks
Working Capital Loans from Bank	(147.065)	0.000
Axis Bank	53.140	83.900
Canara Bank	10.000	0.000
ICICI Bank	55.893	63.087
Standard Chartered Bank	9.883	47.061
Standard Chartered Bank (WCTL)	40.000	0.000
State Bank of Hyderabad	130.749	124.110
State Bank of India	202.110	204.210
HSBC Vendor Financing	0.000	27.085
HSBC Cash Credit Account	0.000	20.539
Standard Chartered Vendor Financing	0.000	0.000
Kotak Mahindra Bank	83.471	0.000

Term Loans
ICICI Bank	0.805	2.911
ECB Loan	0.000	117.250
Standard Chartered Bank	351.682	0.000

From Others
Hewlett Packard Financial Services (India) Private Limited	48.679	56.530
Cisco Systems Capital (India) Private Limited	14.907	13.132
Kotak Mahindra Prime Limited	1.792	0.098
IBM India Private Limited	8.603	0.000

Total	864.649	759.913

Unsecured Loans :	31.12.2010	31.03.2010
	Rs. In Millions

2523, 10% Compulsory Convertible debentures of Rs.100000/- each	252.300	252.300
Interests payable and Due on debentures	0.000	9.924
ABN Amro Bank	0.000	0.000
Barclays Bank	1.309	2.209
HDFC Bank	1.005	1.787
Standard Chartered Bank	0.000	0.162
ZP II Trimax Limited	449.900	0.000

Total	704.514	266.382

BANK FACILITIES

· State Bank of India

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock and Book Debts)	210.000
Total	210.000

Non-Fund Based
Letter of Credit	155.000
Bank Guarantee	560.000
Total	715.000

Total	925.000

· State Bank of Hyderabad

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock and Book Debts)	150.000
Total	150.000

Non-Fund Based
Letter of Credit	135.000
Bank Guarantee	200.000
Total	335.000

Total	485.000

· Standard Chartered Bank

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock & Book Debts)	30.000
Total	30.000

Non-Fund Based
Letter of Credit	0.000
Bank Guarantee	50.000
Total	50.000

Total	80.000

· Axis Bank

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock & Book Debts)	80.000
Total	80.000

Non-Fund Based
Letter of Credit	90.000
Bank Guarantee	80.000
Total	170.000

Total	250.000

· Kotak Mahindra Bank

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock & Book Debts)	100.000
Total	100.000

Non-Fund Based
Letter of Credit	100.000
Bank Guarantee	100.000
Total	200.000

Total	300.000

· ICICI Bank Limited

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock & Book Debts)	60.000
Total	60.000

Non-Fund Based
Letter of Credit	0.000
Bank Guarantee	40.000
Total	40.000

Total	100.000

· Canara Bank

Particulars	(Rs. In millions)

Fund Based
Cash Credit (Stock & Book Debts)	160.000
Total	160.000

Non-Fund Based
Letter of Credit	180.000
Bank Guarantee	60.000
Total	240.000

Total	400.000


Banking Relations :	--

Auditors :
Name :	Haribhakti and Company Chartered Accountant
Address :	701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-66729999
Fax No.:	91-22-66729777
Email:	hbhakti@vsnl.com ashish.ruparelia@bdoindia.co.in
Web Site:	www.haribhaktigroup.com

Associates/ Subsidiary :	· Trimax Datacenter Services Limited, Bangalore CIN No.: U72200MH2008PLC184708 Line of Business: Trimax Datacenter Services Limited (TDSL) a Special Purpose Vehicle (SPV) company incorporated on 16^th July, 2008 is a subsidiary of Trimax IT Infrastructure and Services Limited (Trimax IT). TDSL has successfully bid for the Setup, Operation and Management of 1,20,000 sq. ft. of Data Centre Facility at ITI, Bangalore. TDSL is managing the Data Centre on a revenue Sharing Basis with ITI for a period of 10 years. The Project involved the setting up of a 40,000 sq. ft. Data Center which has been partly funded by a Term Loan of Rs.250.000 Millions from Bank of India and Term Loan of Rs.260.000 Millions from State Bank of Hyderabad. As on date the outstanding balance of term loan from Bank of India is Rs.191.200 Millions and from State Bank of Hyderabad is Rs.171.900 Millions. The company has achieved a sales turnover of Rs.106.800 Millions and incurred a net loss of Rs.10.600 Millions for the year ended March’2010. The net loss is on account of high depreciation charged. However, the company has made cash profits of Rs.43.400 Millions. · Pratik Technologies Private Limited Line of Business: Pratik Technologies is a company promoted by Mr. Chandraprakash Madrecha and Mrs. Reena Madrecha. The Company is holding 24.36 % of shares in Trimax. The company is involved in implementation of small system integration projects where Trimax cannot be involved on account of strategic reasons. The company is holding its current account with ICICI Bank and State Bank of Hyderabad and does not enjoy any credit facilities. The company has achieved a sales turnover of Rs.97.300 Millions and earned a net profit of Rs.0.800 Million for the year ended March’2010. · Shrey Technologies Private Limited Line of Business: Shrey Technologies is a company promoted by Mr. Suryaprakash Madrecha and Mrs. Meena Madrecha. The Company is holding 25.51 % of shares in Trimax. The company is involved in implementation of small system integration projects where Trimax cannot be involved on account of strategic reasons. The company is holding its current account with ICICI Bank and State Bank of Hyderabad and does not enjoy any credit facilities. The company has achieved a sales turnover of Rs.72.800 Millions and earned a net profit of Rs.0.800 Million for the year ended March’2010. · Standard Fiscal Markets Private Limited Line of Business: Standard Fiscal Markets is a company promoted by Mr. Suryaprakash Madrecha and Mr. Chandraprakash Madrecha. This Investment Company is holding 31.67 % of shares in Trimax. The company is holding its current account with Axis bank, ICICI Bank and State Bank of Hyderabad and does not enjoy any credit facilities. The company has achieved a sales turnover of Rs.0.900 Million and earned a net profit of Rs.0.600 Million for the year ended March’2010. · Trimax IT Infrastructure and Service PTE Limited

CAPITAL STRUCTURE

(AS ON 31.12.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15000473	Equity Shares	Rs.10/- each	Rs.150.005 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (9 Months)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		150.005	150.001	150.001	50.000
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		1312.705	794.901	343.002	97.142
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		1462.710	944.902	493.003	147.142
LOAN FUNDS
1] Secured Loans		864.649	759.913	140.393	144.022
2] Unsecured Loans		704.514	266.382	262.344	0.885
TOTAL BORROWING		1569.163	1026.295	402.737	144.907
DEFERRED TAX LIABILITIES		69.384	53.793	14.529	4.571

TOTAL		3101.257	2024.990	910.269	296.620

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		549.821	423.756	93.085	88.578
Capital work-in-progress		164.255	0.000	97.065	3.480

INVESTMENT		199.987	198.974	187.654	4.565
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	237.529	213.091	3.803	10.456
	Sundry Debtors	2136.938	1118.606	759.876	281.700
	Cash & Bank Balances	38.095	96.631	33.779	8.555
	Other Current Assets	1066.940	1.436	2.794	0.510
	Loans & Advances	1.316	675.233	208.064	97.674
Total Current Assets		3480.818	2104.997	1008.316	398.895
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	999.674	487.238	302.486	135.041
	Other Current Liabilities	94.792	74.061	58.509	18.191
	Provisions	199.158	141.438	114.856	45.666
Total Current Liabilities		1293.624	702.737	475.851	198.898
Net Current Assets		2187.194	1402.260	532.465	199.997

MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000

TOTAL		3101.257	2024.990	910.269	296.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (9 Months)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3862.135	3515.931	2178.679	1086.825
		Other Income	40.213	21.519	4.583	1.366
		TOTAL (A)	3902.348	3537.450	2183.262	1088.191

Less	EXPENSES
		Purchases & Direct Expenses	2751.791	2718.603	1535.007	846.193
		Employee Compensation	181.672	167.619	132.224	76.583
		General, Administrative & Selling Expenses	84.072	85.270	68.952	27.165
		Increase/(Decrease) in Finished Goods	(24.438)	(209.287)	6.653	(5.518)
		Prior Period Items	0.000	0.000	0.000	(0.120)
		TOTAL (B)	2993.097	2762.205	1742.836	944.303

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		909.251	755.245	440.426	143.888

Less	FINANCIAL EXPENSES (D)		125.881	105.073	61.539	10.722

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		783.370	650.172	378.887	133.166

Less/ Add	DEPRECIATION/ AMORTISATION (F)		81.662	41.533	17.150	6.382

	PROFIT BEFORE TAX (E-F) (G)		701.708	628.639	361.737	126.784

Less	TAX (H)		184.001	167.964	111.499	44.380

	PROFIT AFTER TAX (G-H) (I)		517.707	460.675	250.238	82.404

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		791.973	340.073	94.218	11.814

Less	APPROPRIATIONS
		Dividend	0.000	7.500	3.747	0.000
		Tax on Dividend	0.000	1.275	0.636	0.000
	BALANCE CARRIED TO THE B/S		1309.680	791.973	340.073	94.218

	EARNINGS IN FOREIGN CURRENCY
		Sale of Software	NA	189.566	77.614	0.000
		Consultancy Charger	NA	0.000	0.000	4.735
	TOTAL EARNINGS		NA	189.566	77.614	4.735

	Earnings Per Share (Rs.)
	- Basic		34.51	30.71	33.40	27.25
	- Diluted		--	27.45	33.29	27.25

KEY RATIOS

PARTICULARS		31.12.2010 (9 Months)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.27	13.02	11.46	7.57

Net Profit Margin (PBT/Sales)	(%)	18.17	17.88	16.60	11.67

Return on Total Assets (PBT/Total Assets}	(%)	17.41	24.86	32.84	26.01

Return on Investment (ROI) (PBT/Networth)		0.48	0.67	0.73	0.86

Debt Equity Ratio (Total Liability/Networth)		1.96	1.83	1.78	2.34

Current Ratio (Current Asset/Current Liability)		2.69	3.00	2.12	2.01

LOCAL AGENCY FURTHER INFORMATION

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011 (Estimated)	31.03.2012 (Projected)


Gross Sales	5000.000	7000.000
- Domestic	4750.000	6650.000
- Export	250.000	350.000

- Domestic (SI)	3700.000	5180.000
- Domestic (Services)	1300.000	1820.000

Less Excise Duty	0.000	0.000

Net Sales	5000.000	7000.000

% age rise or fall in net sales as compared to previous year	42.21	40.00


Cost of Sales
Raw material consumption	3441.000	4817.400
- Imported	0.000	0.000
- Indigenous	3441.000	4817.400

Power & Fuel	6.100	8.600
Salary & wages	250.000	350.000
Stores	0.000	0.000
Other Manufacturing Expenses	26.500	37.100
Depreciation	74.800	81.900

Sub – Total	3798.400	5294.900

Add:
Work in Progress	0.000	0.000
Finished Goods	0.000	0.000

Sub Total-Opening Stock	0.000	0.000


Sub Total	3798.400	5294.900

Less:
Work in Progress	0.000	0.000
Finished Goods	0.000	0.000

Sub Total-Closing Stock	0.000	0.000

Sub-Total Cost of Sales	3798.400	5294.900

Gross Profit	1201.600	1705.100
Gross Profit (%)	24.03	24.36

RM (Net)/Net Sales (%)	68.82	68.82

Selling, General and Admin. Expenses	110.000	150.000

Operating Profit (Before Interest)	1091.600	1555.100

Interest	177.700	246.100
Interest on W.C.	121.400	185.400
Interest on Term Loan	56.000	60.500
Interest on Unsecured Loan	0.300	0.300

Operating Profit After Interest and Depreciation	913.900	1308.900

Other Non-Operating Income/Expenses

Add: Other Non-Operating Income
Rent Income	0.000	0.000
Interest Income	0.000	0.000
Others	25.800	31.000

Sub-Total	25.800	31.000

Less: Other Non-Operating Expenses
Loss on sale of long term Investment	0.000	0.000
Loss on sale of assets	0.000	0.000
Amort. Deferred Revenue Exp.
- Brand Promotion and Others	0.000	0.000
- VRS Expenses	0.000	0.000
Others	0.000	0.000

Sub-Total	0.000	0.000

Net of Other Non-Operating Income / Expenses	25.800	31.000

Profit Before Tax/Loss	939.700	1339.900

Provision for Taxes	251.100	358.000

Net Profit/(Loss)	688.600	981.900

Dividend	28.500	47.500

Dividend Tax	4.400	7.300

General Reserves	0.000	0.000

Net profit after dividend	655.700	927.000

Net Cash Accruals	763.400	1063.700

Net Profit/ Net Sales (%)	13.77	14.03

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011 (Estimated)	31.03.2012 (Projected)
LIABILITIES

CURRENT LIABILITIES

Short term borrowings from banks (Incld bills purchased and discounted and the excess borrowings placed on repayment basis)
i) From applicant bank Incldg. FCNR	790.000	1200.000
ii) From other banks	0.000	0.000
iii) (of which BP & BD )	0.000	0.000

Sub Total (A)	790.000	1200.000

Short term borrowings from Other	0.000	0.000

Sundry Creditors
- Imported	0.000	0.000
- Indigenous	573.500	802.900

Advance payments from customers /deposits from dealers & Lease Deposits	22.500	25.000

Provision for taxes	130.000	135.000

Dividend payable	0.000	0.000

Other statutory liabilities (Due within one year)	0.000	0.000

Deposits/ Installments of term loans/ DPGs/debentures etc (due within one year)
- Term Loan (H. P.)	0.000	0.000
- Term Loan (Ext. - 1)	20.000	20.000
- Term Loan (Ext. - 2)	0.000	0.000
- Term Loan New - 1	78.000	107.500
- Term Loan New - 2	20.000	40.000

Other current liabilities and provisions (Due within one year) specify major items
a. Creditors For Exp.	0.000	0.000
b. Interest Accd & Due	0.000	0.000
b. Others	84.200	88.500

SUB TOTAL (B)	928.200	1218.900

TOTAL CURRENT LIABILITIES	1718.200	2418.900

TERM LIABILITIES

Debentures (not maturing within 1 year)	0.000	0.000

Preference shares (redeemable after one year)	0.000	0.000

Term loans (exclusive of installment payable within one year	402.100	234.600
- Term Loan (H. P.)	0.000	0.000
- Term Loan (Ext. - 1)	32.600	12.600
- Term Loan (Ext. - 2)	0.000	0.000
- Term Loan New - 1	229.500	122.000
- Term Loan New - 2	140.000	100.000

Deferred payments credits (exclusive of installments payable within one year)	0.000	0.000

Term deposits (repayable after 1 year)	4.200	4.200

Other term liabilities (Creditors for Capital Goods for MSRTC)	0.000	0.000

TOTAL TERM LIABILITIES	406.300	238.800

TOTAL OUTSIDE LIABILITIES	2124.500	2657.700

NETWORTH

Share Capital	190.000	190.000

Share Application Money	0.000	0.000

Share Premium	615.200	615.200

Deferred Tax Liability	53.800	53.800

10 % Convertible Debentures	0.000	0.000

Surplus/Deficit in Profit and Loss A/c	1447.700	2374.800

Unsecured Loans from Directors and Associates	0.000	0.000

TOTAL NET WORTH	2306.700	3233.800

TOTAL LIABILITIES	4431.200	5891.500

ASSETS

CURRENT ASSETS

Cash and Bank Balances
i) Cash on Hand	52.300	9.000
ii) In Current Account	0.000	0.000

Investments (other than long term investments)
i) Government and other trustee securities	0.000	0.000
ii) Fixed deposits with Bank	20.000	20.000
iii) Margin Money with Bank	82.500	140.000

Receivables (including bills purchased and discounted by banks)
- Domestic	1721.900	2410.600
- Export	114.600	160.400

Installments of deferred receivables (due within one year)	0.000	0.000

Inventory
Raw Material
- Imported	0.000	0.000
- Indigenous	57.400	200.700

Work in Progress	0.000	0.000
Finished Goods	0.000	0.000
Stores	0.000	0.000

Sub-Total : Stock in Trade	57.400	200.700

Advances to suppliers of merchandise	400.000	550.000

Interest accrued/ appreciation in value of debt mutual funds	0.000	0.000

Other current assets	80.000	130.000
I. Tax Paid in Advance	60.000	80.000
II. Prepaid Expenses	0.000	0.000
III. Advances to Staff	0.000	0.000
IV. Security Deposits (Utilities)	0.000	0.000
V. Security Deposit (Leasehold Premise)	0.000	0.000
VI. Other Trade Deposits	20.000	50.000

TOTAL CURRENT ASSETS	2528.700	3620.800

FIXED ASSETS

Gross Block	1190.500	1340.500
Depreciation	141.500	223.300

Net Block	1049.100	1117.200

OTHER NON-CURRENT ASSETS
Investments/book debts/ advances/ deposits, which are not current assets
a. Investments in Shares in other companies	841.000	1141.000
b. Investment in mutual funds	0.000	0.000

Advances to suppliers of cap. goods	0.000	0.000
Deferred receivables	0.000	0.000
Others	0.000	0.000

Non consumable stores	0.000	0.000

Other non-current assets including advances to Subsidiaries	12.500	12.500

Total Other Non-Current Assets	85.350	1153.500

Intangible Assets/ Deferred Revenue Expenditure	0.000	0.000

TOTAL ASSETS	4431.300	5891.500

Tangible Net Worth (TNW)	2306.700	3233.800

Net Working Capital	810.500	1201.900

Current Ratio	1.47	1.50

Total Outside Liabilities/ TNW	0.92	0.82

Total Outside Liabilities - QE / TNW + QE	0.92	0.82

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2011 (Estimated)	31.03.2012 (Projected)

A CURRENT ASSETS
Raw Materials
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	574.000	200.700
Months Consumption	0.20	0.50

Other consumable spares
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	0.000	0.000
Months Consumption	0.000	0.000

Stock in process	0.000	0.000
Months cost of production	0.000	0.000

Finished Goods	0.000	0.000
Months cost of sales	0.000	0.000

Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	1721.900	2410.600
Months Domestic Sales	4.35	4.35

Export receivables [including bills purchased and discounted by bankers months export sales]	114.600	160.400
Months Exports Sales	5.50	5.50

Advances to suppliers of raw materials and stores/ spares consumable	400.000	550.000

Advance Payments of Taxes	60.000	80.000

Other current Assets including cash and bank balances and deferred receivable due within one year	174.800	219.000

TOTAL CURRENT ASSETS	2528.700	3620.800

B CURRENT LIABILITIES
[Other than bank borrowing for working capital]

Creditors for purchases of raw materials and stores and consumable spares
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	573.500	802.900
Months Consumption	2.00	2.00

Advances from customers	22.500	25.000

Statutory liabilities	0.000	0.000

Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	332.200	391.000

TOTAL CURRENT LIABILITIES	928.200	1218.900

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FUNDS FLOW STATEMENT

(RS IN MILLIONS)

Particulars	31.03.2011 (Estimated)	31.03.2012 (Projected)

SOURCES

Profit Before Tax	939.700	1339.900

Add: Depreciation	74.800	81.900
Add: Preli. and Preop. Exp. Written Off	0.000	0.000
Add: Other Reserves	0.000	0.000

Gross Funds Generated	1014.500	1421.800

Less: Taxes Paid / Payable (Relating to the year)	251.100	358.000

Less: Dividend Paid / Payable (Relating to the year)	32.900	54.800

Sub-Total Net Funds Generated (A)	730.500	1008.900

Increase / (Decrease) in A:-Capital	40.000	0.000
Increase / (Decrease) in B:-Unsecured Loans	0.000	0.000

Increase in Term Loans/Debentures Deferred Payment Liabilities	232.300	0.000

Increase in Other Term Liabilities	0.000	0.000

Decrease in Fixed Assets	0.000	0.000

Increase in Other Reserve	360.000	0.000
Decrease in Intangible Assets	0.000	0.000

Decrease in Other Non-Current Assets	0.000	0.000

Sub-Total (B)	632.300	0.000

Increase in Other Short Term/Bank Borrowings	219.900	410.000

Increase in Sundry Creditors	167.700	229.400

Increase in Other Current Liabilities	109.300	61.300

Decrease in Inventory	155.700	0.000

Decrease in Receivables (Including Bills purchased and discounted by Bankers)	0.000	0.000

Decrease in Other Current Assets (Including cash and Bank balances)	0.000	0.000

Sub-Total (C)	652.600	700.700

TOTAL FUNDS AVAILABLE ( A + B + C)	2015.400	1709.600

USES

Increase in Fixed Assets	700.000	150.000

Decrease in Term Loans/Debentures/ Deferred Payment Liabilities	0.000	167.500

Decrease in Other Term Liabilities	81.400	0.000

Decrease in Unsecured Loans	0.000	0.000

Increase in Intangible Assets	0.000	0.000

Decrease in Other Reserve	0.000	0.000

Increase in Other Non-Current Assets	350.000	300.000

Sub-Total (D)	1131.400	617.500

Decrease in Short Term Bank Borrowing	0.000	0.000

Increase in Other Current Assets (including cash and bank balance)	166.100	214.200

Decrease in Other Current Liabilities	0.000	0.000

Increase in Inventory	0.000	143.300

Increase in Receivables (Including Bills purchased and discounted by Bankers)	717.900	734.500

Decrease in Sundry Creditors	0.000	0.000

Sub-Total (E)	884.000	1092.100

Less: Depreciation	0.000	0.000

Balance i.e Gross Funds Lost (-) or Gross Funds Generated (+)	0.000	0.000

Add: Taxes Paid / Payable (Relating to the year)	0.000	0.000

Add: Dividends Paid / Payable (Relating to the year)	0.000	0.000

Sub-Total Net Funds Lost (-) or Net Funds Generated (+) (F)	0.000	0.000

Total Funds Used (D+E+F)	2015.400	1709.600

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TO WHOMSOEVER IT MAY CONCERN

THIS IS TO CERTIFY THAT THE FOLLOWING IS THE NET WORTH OF

MR. CHANDRAPRAKASH MADRECHA

(RS. IN MILLIONS)

PARTICULARS	AS ON 31.03.2010

Assets
Investment in Fixed Assets	0.118
Investments – Fixed Deposits, PF PPF etc.	1.906
Investment in Mutual fund and Others	1.598
Other Current Assets	2.253
Investment in Shares	6.104

TOTAL ASSETS	11.979

Less: Liabilities

Loan Liabilities	0.880

TOTAL LIABILITIES	0.880

NET WORTH	11.099

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TO WHOMSOEVER IT MAY CONCERN

THIS IS TO CERTIFY THAT THE FOLLOWING IS THE NET WORTH OF

MR. SURYAPRAKASH MADRECHA

(RS. IN MILLIONS)

PARTICULARS	AS ON 31.03.2010

Assets
Investment in Fixed Assets	1.005
Investments – Fixed Deposits, PF PPF etc.	2.108
Investment in Mutual fund and Others	1.502
Other Current Assets	2.293
Investment in Shares	2.961

TOTAL ASSETS	9.869

Less: Liabilities

Loan Liabilities	0.794

TOTAL LIABILITIES	0.794

NET WORTH	9.075

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VALUATION REPORT

Introduction	They have carried out valuation of Flat # 606, 6 Floor, Model Residency in Bhagwa Mahal Complex, Building # C. situated at Bapurao Jagtap Marg, Saath Rashta, Mahalaxmi (East), Mumbai 400011. They have visited the premises on January 22, 2011.

Purpose date of valuation	The valuation has been carried out to determine the fair market value as on January 22, 2011,

Definitions: Fair Market Value:	Fair Market value is the price at which the property could be sold as the prevailing market rate in an arms length transaction without forced sale between a willing buyer and a willing seller, both having reasonable knowledge of the property and the existence of the free market conditions thereof.

Carpet Area	According to IS: 3861-1975 of Bureau of Indian Standards, carpet area s full area of all the walls. Carpet area for the purpose of stamp duty IS taken as the rentable area which is in exclusive possession of the owner and is measured from finished wall to finished wall above the skirting level.

Built Up Area	Built up area is the floor area plus the area of all the walls around it but without the areas of the common passage, staircase, lift and common amenities.

Super Guilt Up Area	Super Built Up Area is built up area plus the areas of the common passage, staircase, lift and common amenities. Sometimes it is also referred to as the Chargeable Area or the Sales Area

ABBREVIATIONS
BU CLU CRZ FMV Ft. Km M Rs. SBU Sq. ft. Sq. m. Sq. yd.	Built-up Area Change of Land Use Coastal Regulation Zone Fair Market Value Feet Kilometer Meter Indian National Rupees Super Built Up Square Feet Square meter Square yard

METRIC CONVERSIONS
1 Acre 1 Acre 1 sq. m 1 km 1 sq. ft. 1 sq. yd. 1 sq. yd. 1 are	4.047 sq. m. 43,559 sq. Ft. 10,7634 sq. ft. 1,000 m 0.1111 sq. yd. 9 sq. ft. 0.836 sq. m. 100 sq. m.

LOCATION The subject property is located at Bapurao Jagtap Marg, Saath Rashta Near Mahalaxmi (East side) Railway Station in Mumbai
Name of the Road	Bapurao Jagtap Marg

Junction of	Saath Rashta

Cadastral Survey No.	# 1970 (Part) of Byculla Division

Type of Locality	Residential Area

On or towards north	Bhagwa Building

On or towards south	Bapurao Jagtap Marg

On or towards east	Residential Building

On or towards west	Shrin Building

Nearest station	Mahalaxmi on Western line

Distance from station	0.5 km

Landmark	Saath Rashta

DESCRIPTION
Name of the Building	Mdel Residency

Name of Complex	Bhagwa Mahal Complex

Type of structure	RCC

Roof	RCC

Height of each floor	9 feet

Number of floors	Ground + 7 upper floor

No of Lift	Two Lift

Compound wall	Yes

Year of construction	2003

Age of property	8 years

Flat #	606

Situated	6^th Floor

Description of flat	2 BHK

Carpet area	601 sq. ft as measured and deed

Super built up area	841 sq. ft (40% loading over carpet)

Flooring	Spartek type

Windows	Aluminum sliding window

Wiring and Plumbing	Concealed

Compound wall	Yes

Parking	Available
REPRESENTATIONS It has been represented to them That the Carpet area of the Flat # 606 as 601 sq. ft as per Agreement for sale dated August 25, 2003 corresponding to 841 sq, ft. of super built up area considering 40 % loading over carpet area as per prevailing market practices. That all the statutory certificates, permissions and sanctions have been obtained and that there have been no violations of the laws and regulations It has been further represented to them that the construction is as per approved plans. They have not been given copies of the above certificates, permissions, sanctions and plans That the land is riot reserved for educational or any other special purpose and have a free and marketable title.

ASSUMPTIONS That vacant possession is provided: That planning permission and statutory approvals for the buildings and for their use, including any extension or alterations, have been obtained That no deleterious or hazardous material or techniques have been used That the property is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings and that good title can be shown That the property and its value are unaffected by any matters which would be revealed by inspection of property records or by statutory notice and that neither the property nor its condition, nor its use, nor its intended use, is or will be unlawful That the property is connected to main services which are available on normal terms: That sewers, main services arid the roads giving access to the property have been adopted That we have not carried out structural survey and are unable to report that the property is free of any structural fault, rot, infestation or defect of any other nature including inherent weakness due to use in construction of deleterious material. That no allowance is made for any expense of realization or for taxation, which may arise in the event of a disposal The property is considered as If free and clears of all mortgages or other charges that may be secured thereon. That they have not checked or considered for their valuation encumbrances, if any, due to mortgage or hypothecation of the assets to a bank or a financial institution nor have they undertaken legal due diligence of the title or the legality of the development, construction or sale.

VALUATION METHODOLOGY The purpose of this report is to arrive at an estimate of fair market value of the subject property. This is achieved by a systematic gathering, classification and analysis of data, which is required in the development of the five basic approaches to valuation The cost approach the comparative sales approach, the income capitalization method, residual method and the hypothetical development method. Cost Approach: This approach consists of estimating the replacement cost of all improvements, deducting accrued deprecation from all sources and adding the value of the underlying land. The value derived from this approach is a summation of the various property components contributing to the total property value and it is applicable when each component is believed to reflect market value. Land and Building Method is a special example of this method where the value of land and the depreciated replacement cost of construction on it is added to give the value of the property. Comparative Sales Approach: The direct comparison approach involves a comparison of the subject property to similar properties that have actually sold in arms - length transactions or are offered for sale. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and competitive market and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. Statute and case laws define a market value standard for assessment, In assessment litigation, under the rules of evidence” a bona fide sale of the subject property is usually considered the best evidence of market value Iii the absence of a sale of the subject, sales prices of comparable properties are usually considered the best evidence of market value. Consequently, the comparative sale approach is the preferred approach when sales data are available. The comparative sale approach models the behavior of the market by comparing the properties being appraised with similar properties that have recently sold (comparable properties) or for which offers to purchase have been made. Comparable properties are selected for similarity to the subject property by way of attributes, such things as the age, size, quality of construction, building features, condition, design, gentry etc, Their sale prices are then adjusted for their difference from the subject. Finally a market value for the subject is estimated from the adjusted sales price of the comparable properties. The economic principles of supply and demand provide a framework for understanding how the market works. The interaction of supply and demand factors determines property value, Income Approach: The income approach is based on the idea that value of an income producing asset is a function of future benefits and income derived from asset. There are two commonly used methods of the income approach in real estate valuation. Direct Capitalization and Discounted Cash Flow (DCF). Direct Capitalization Method: Direct capitalization involves capitalizing (dividing) a “normalized’ single year net income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there is little volatility in the net income. A variation of this method consists of using a three year average. Discounted Cash Flow Method: Using this valuation method, future cash flaw from the proposed usage of the property is forecast using precisely stated assumptions This method allows for the explicit modeling of income associated with the property. This future financial benefit then is discounted to a present day value at an appropriate discount rate, This is generally accepted method of valuing income producing properties and properties with income potential like Cinema Houses, Hotels, motels etc. The income in such cases consists of tangible and intangible assets. Intangible assets include goodwill and value of hence, whereas the tangible assets would normally be the physical assets If such premises are sold, normally the value of the business as a whole is more than just the tangible assets. In short, valuation can be determined by knowing the profits because any prospective purchaser will consider the profit of the enterprise before venturing to purchase it, Many institutional investors and large property companies around the world are suing this method. Residual Method: This method is based on the assumption that the income derivable from a property consists of two components viz, land and building each playing this on part. The method is applicable to properties, which may be under the process of development or demolition or redevelopment. Hypothecation Development Method: This method is generally used to determine the value of large parcels of undeveloped land or land not developed to its highest potential value. A hypothetical scheme is normally formed subdividing the parcel of land into small lots for the most beneficial use, A hypothetical sale figure is estimated on the developed property. From this is then deducted the building value and the value of improved land can be determined, they have followed the comparative sales method for the purpose of this valuation, The valuation undertaken by them is based on these terms of reference, methodology, assumptions, sale of premises in the vicinity, depending on the size, demand for such premises, quality of construction, amenities offered, location advantages, and value addition carried out to the premises, etc.

VALUATION Saat Rasta area also known as Jacob Circle is fast developing as a sought after residential area with the erstwhile mills giving to way to high rise residential towers with modern amenities. The subject property is however about 9 years old building. They have made detailed inquiries with the real estate agents and also referred to the various publications such as Accommodation Times and others dealing with property news and information and their own data bank. The range of prices for residential properties is Rs.15,000 to Rs.18,000 per sq ft, of super built up area. They consider Rs.17,500 per sq. ft. of super built up area as a fair market rate far subject property and accordingly the value of flat admeasuring 841 sq ft of sbu is worked out at Rs.1,47,17,500. They estimated Rs.8,00,000 for the furnishing, interiors and fixtures of the flat, Thus the total value including furnishing of the flat is Rs.15.518 Millions rounded of Rs.15.518 Millions The distress value is estimated at Rs.12.414 Millions and the current replacement cost of civil works for insurance purpose at Rs.0.631 Million.

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BACKGROUND INFORMATION

Year of Establishment

18^th August 1995

Any Awards won

· Accredited with the prestigious ISO 9001:2000 quality certification

· Security operations centre certified on ISO 27001

· Empanelled System Integrator for Bharat Sanchar Nigam Limited

· Recognized by international call centres and BPO, as their trusted IT vendor for products and services.

· Leading integrator to provide WAN solution over BSNL MPLS-VPN network

SWOT ANALYSIS OF THE UNIT

STRENGTHS

· One of the major strength of the company is the strong background of the management team with high experience, which enables them to adapt to any changes in the IT industry.

· The excellent client base. Company enjoys the clientele of Corporates in all sectors of economy i.e. Indian Defence, Government Companies, Call Centres, Software, Telecommunications, etc. Top multinationals and BPO’s and many other listed companies are prominent corporate clients of the company.

· Trimax possesses in-house facilities to address almost every IT need of the client. A single vendor therefore can take care of all the IT requirements, ranging from hardware, maintenance, peripherals, Web presence or customized software development. Trimax, today, remains a one-stop shop, at the most competitive rates and has carved out a niche for itself in this rapidly changing field of Information Technology.

· Knowledge of global and Indian IT markets & thorough understanding of technology: Trimax has carried out projects in almost all fields related to Telecom, BPO, Information Technology and Computers. These projects have been done for a varied clientele and for different types of applications thus exposing the company to the different needs of the market. Products have been procured from India as well as different European countries and the USA for these projects. The company therefore is aware of the international standards and technologies and international suppliers for different products.

· Quality human resources – in-house training and development. Regular training programs are conducted for the personnel. The Company currently employs 1800 persons and has a presence in most of the major cities in the country.

WEAKNESS

· The company has been promoted by First Generation Entrepreneurs.

· The other weakness in this industry is that the constant Changes in technology can lead to obsolescence.

OPPORTUNITIES

· The telecom and Information Technology sectors are booming. Thus, creating huge business opportunities for all market players.

· The company can make entry into newer markets in India as well as abroad.

· The company can get into Strategic tie-up with large international players

THREATS

· Customer expectations from any service provider are increasing and customers expect the service provider to keep pace with the changing technology, the world over and provide error free services. There is a massive competition in the market which company will have to face in order to survive in the market.

· Unpleasant political developments, policy changes and regulatory restrictions in our markets could affect the business.

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COMPANY PROFILE:

Subject is an ISO 9001:2000 Mumbai based System Integration Company which undertakes turnkey projects in the area of IT Facilities Management, IT Infrastructure Creation and Management, Connectivity Solutions, Remote Infrastructure Management and Training.

Company provides Service Offerings like:

· Installation / Configuration of Servers, Operating System

· Installation / Configuration of Networking, Routers, Switches

· Network and Bandwidth Management

· Internet, Proxy and Firewall

· Cluster Solution with Application / Database fail over

· Storage Area Network (SAN) / Network Attached Storage (NAS)

· Linux, NT, Unix configuration / performance tuning

· Facility Management with SLA

· Enterprises System Management

· Enterprises Networking Solutions

· Security Solutions

· Disaster Recovery Plan and Business Continuity Plan

· Messaging Solutions

· Site Preparation

· System Administration

· IT System Integration

The company has successfully implemented MSRTC Project for Electronic Ticket Issue Mechanism (ETIM) together with Online Reservation System (ORS) solution. Company has set up the entire hardware and software platform for implementing these solutions. ETIM based Ticketing Solution brings the current seat utilization online and removes the practice of paper tickets in use, ORS facilitates in increasing customer convenience and information being available at the time and place of convenience of customer.

On account of the successful implementation of the MSRTC Project, the company has been selected by BEST for implementation of their ETIM project. It is a matter of great pride that Company has been selected without issue of public tender.

LIC has awarded company the contract for setting up 31 Data Center facilities in different cities of North and North Central Zone. The total raised floor area of facilities is close to 18,000 sq ft.

Company has been classified as a Silver Partner by BSNL. Company in partnership with BSNL and CISCO has been providing Managed Network Services for connectivity which is being supported by the company’s ISO 27001 certified state-of-the-art NOC (Network Operation Center). The details of customers are stated below:

· Central Bank of India, Mumbai

· Axis Bank

· Bank of Baroda

· National Bank for Agriculture and Rural Development, Mumbai

· State Bank of India,

· Kingfisher, Mumbai

· West Bengal State Electricity Distribution Company Limited, Kolkata

· National Thermal Power Corporation, Bhubaneswar

· DISH TV, Mumbai

· Hindustan Natural Glass, Haridwar

· JP Associates, Delhi NCR

· Kirloskar Brothers Limited, Pune

· K. S. Pump, Pune

· National Hydro Power Corporation, Chamba

· Atomic Minerals Directorate, Hyderabad,

· National Textile Corporation Limited, Delhi,

· Virginia Sultan Tobacco, Hyderabad

Few of the clients for whom company has implemented system integrations projects and provided solutions during the year have been stated below :

Life Insurance Corporation of India

Company is building 31 Data Center facilities in different cities of North and North Central Zone for Life Insurance Corporation of India. The total raised floor area of facilities is close to 18,000 sq ft.

Maharashtra State Road Transport Corporation

Company has designed and implemented the Electronic Ticket Issuing Solution along with Online and Mobile Reservation for Maharashtra State Road Transport Corporation. At present, it has been operating and improvising on both the solutions followed by providing them connectivity at all their locations and at a DR site at Pune. Company is also training 20,000 conductors to adopt the new system.

Oil and Natural Gas Corporation

Company is providing Managed Services for connectivity for 22 locations across India on a guaranteed SLA model. It is also providing them with Connectivity, Router, Switches and NOC /SOC support.

Controller General of Defense Account

Company is providing Managed Services for connectivity for 100 locations across India on a guaranteed SLA model. It is also providing them with Connectivity, Router, Switches, Video Conferencing, IP Phones and NOC /SOC support.

North Western Railway

Company was awarded with an order by North Western Railway to provide them with high-performance servers for their central Data Center facility.

Pune District Co-Op Bank

Company is providing Managed Services for connectivity for 246 locations across India in a fast implementation, cost effective manner with guaranteed SLAs. Furthermore, it is helping Pune District Co-Op Bank to migrate to Core Banking Software while providing them with Connectivity, Router and Firewall, and Bandwidth-on-demand along with DC DR equipment and other hardware.

Amravati District Co-Op Bank

Company is providing Managed Services for connectivity for 6 locations in a cost effective manner with guaranteed SLAs. It is also providing Amravati District Co-Op Bank with Core Banking Software, Connectivity, Server and Database licensing, Router and Firewall, Bandwidth-on-demand, Thin Client, Desktops, along with DC DR Equipment and other hardware.

Jaipur Vidyut Vitran Nigam Limited, Rajasthan

Company is building a Data Center facility at Jaipur and a DR site for Jodhpur for Jaipur Vidyut Vitran Nigam Limited. Total area of these facilities is close to 4,500 sq ft. company has been awarded this order to implement the Data Center and Data Recovery as part of the R-APDRP initiative of Government of India for Rajasthan. As part of the contract, company would be setting up the entire Non IT and part of IT Infrastructure required by the establishment.

Rajasthan State Beverages Corporation Limited

Company is providing software development and support to RSBCL, Rajasthan. In this project, company has to integrate the online portals of 3 departments (Rajasthan State Excise Department, Rajasthan State Beverages Corporation Limited and Rajasthan State Ganganagar Sugar Mills), develop several crucial functionalities and operate the same for 5 years along with Facility Management support. Trimax is also building a Data Center facility in Udaipur and DR site at Jaipur.

Karnataka State Police

Karnataka State Police has awarded company an order to connect all their locations across Karnataka state and also to provide them with the necessary Data Center services.

Maharashtra State Coop Cotton Growers Marketing Federation Limited

Company is providing a mobile based Procurement Solution to Maharashtra State Coop Cotton Growers Marketing Federation Limited which is an automation facility for collecting cotton from farmers. It helps the department in digitization of farmers and collection data and upload it to the server on real time basis for further information processing.

On account of the high profile Projects handled over the years, company is now a well known name in the ITES Industry. The company is now receiving enquiries for the similar Projects from other states. The company will be having steady revenue throughout the year and will not be subject to cyclicity.

PRODUCTS DETAILS:

Company provides the following services

· System Integration

· Managed IT Services

· Managed Network Services

Company provides services to the following sectors

· Government and Public Sector

· Manufacturing

· Banking and Finance

· Defence

· Telecom

· Call Centre and BPO

· Media a Education

System Integration

The services offering under the System Integration are as follows

· Turnkey Computerization

· ERP Implementation

· Data Centre Infrastructure Building Management

· Wide Area Networking

· Facility Management Services

· Training, Quality and Improvement Process

· Third- party Application Deployment

· Portal Designing, Deployment and Maintenance

· Supply Installation and Maintenance of IT Products

Delivery Approach

· Authorized reseller for world’s renowned IT products companies.

· Product offering includes desktops, server, printers, scanners, UTM and firewall appliances, structured cabling systems etc.

· Specialized team for deployment of Microsoft products

· Expertise in deployment of Linux, Novell and SCO Unix.

· Turnkey solutions on any hardware and software platform

· Own team for remote Network, Desktop and Server Management.

· State of art software tools to monitor the deliverables such as delivery, implementation and post sale support.

· Accept challenges of Build, Own and Run concepts of IT infrastructure solutions and services.

Managed IT Services

· Involves an effective combination of people, process and tools to ensure that client IT infrastructure is in top operational condition

· The FMS clients receive IT infrastructure services in a prompt and organized manner to support uninterrupted business as usual

· They cater to the 365x24x7 service demands, both onsite and remotely, and undertake complete responsibility of ensuring availability and performance of the IT Infrastructure as per SLA.

· The services are backed by over a decade’s domain experience in providing products and services to clients across industry.

The services offering under the Managed IT Services are as follows

· IT Helpdesk Services

- Call management

- Asset and inventory management

- Client recovery services

- Vendor management

· Server / Systems Management

· Desktop Management

· Network (WAN & LAN) Management

· Database Management

· Back-up Management

· Application Support

· Data-Center Management

· Mail Management Services

Key Strengths in Managed IT Services

The technical knowledge to offer direct support to large installation across diverse platform comes from the long standing association with Global leaders like Intel, Microsoft, HP, Cisco, Lucent, Novell, Oracle, SAP etc.
They have committed and highly qualified professionals to support the IT requirements in the remotest possible region of India.
State-of-the-art fully functional NOC/SOC delivering services remotely.
They have years of experience in managing complete IT infrastructure for large and diverse client base from telecom, BFSI, Government and IT/ITES sectors.

Networking Services

The services offering under the Networking Services are as follows

End to end WAN solutions
Data Network Infrastructure
Point to Point leased circuits
Managed Lease Line Network (MLLN)
Multi-Protocol Label Switching (MPLS) VPN
Internet Leased Circuit, IP VPN
VSAT C Ext, Ku band

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NOTE:

The Registered Office of the company has been shifted from 16, Dubhash Building, 2^nd Floor, Off Lamintong Road, Mumbai – 400004, Maharashtra, India, to the present address w.e.f. 02.03.2008.

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BUSINESS PERFORMANCE/ FINANCIAL OVERVIEW (AS ON 31.03.2010)

HIGHLIGHTS

The fiscal year 2009-10 began as a difficult one. There was a significant slowdown in the growth rate in the second half of 2008-09, following the financial crisis that began in the industrialized nations in 2007 and spread to the real economy across the world. The growth rate of gross domestic products (GDP) in 2008-09 was 6.07 percent, with growth in last two quarters hovering around 6%. There was apprehension that this trend would persist for sometime, as the full impact of economic slowdown in the developed world worked through the systems. It was also a year of reckoning for the policy makers, who had taken a calculated risk in providing substantial fiscal expansion to counter the negative fallout of the global slowdown.

The economic development of a country is directly linked with the Infrastructural development status of the country. Infrastructure not only acts as on enabler to raise the growth but also generates employment and serves the social needs of the people of the country. if the economy I an emerging one like India which is a laggard on the infrastructural front, the growth In the Infrastructure industry gains all the more Importance. High transaction costs arising from Inadequate and Inefficient enabling infrastructure can go a long way in stunting the growth rate of the economy.

The Company is a End-to- End IT Services and Solutions Provider offering Data Center set-up, Management and Operational Services, System Integration and Managed Infrastructure Services. The Company is a Silver Channel partner of BSNL for providing Managed Services and Empanelled System Integrator for both the telecom giants BSNL and MTNL It also offers Managed Network Services from’ its ISO 9001 and ISO 27001 Certified Network Operations Centre (NOC).

The business model is based on enduring relationships with their clients. They have clients with whom thy have worked for several years. The company continues to provide best solutions to its customers, thereby delivering value while maintaining the highest quality standards.

The Company is Initiatives towards improving customer focus have progressed well in the previous year. The Company continued to delight its customers with its domain expertise as well as its ability to deliver and mange end to end IT Solutions.

SUBSIDIARY COMPANIES:

· Trimax IT Infrastructure and Services PTE Limited, Singapore

Incorporated on March 31, 2008 in Singapore, the subsidiary Company was formed mainly to consolidate the Company’s position in the International market and the company is puffing its efforts towards that goal.

As there was no fruitful prospective business opportunities envisaged in the future, management has decided to close the China branch office of Trimax IT Infrastructure and Services Pte. Limited.

· Trimax Datacenter Services Limited, Mumbai

Trimax Datacenter Services limited was incorporated on July 16, 2008. It has bagged the prestigious order to create a world-class Tier - III Plus Green energy 1,20,000 sq. ft. Data Center for India’s telecom public sector undertaking ITI Limited, Bangalore.

The Company was able to complete the construction of phase I of the Data Center. The phase I became commercially operational during the year and the Company started providing Data Center Services. The Company was able to bag prestigious orders for the Data Center services from Canara Bank, GE Capital, L and T Infotech, etc. The Company also entered into marketing arrangement with Tata Tele Services Limited (TTSL).

CONTINGENT LIABILITIES

Contingent Liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts in respect of those contingencies which are likely to materialize into liabilities after the year end till the approval of the accounts by the Board of Directors and which have material effect on the position stated in the Balance Sheet.

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FORM 8

Corporate identity number of the company	U30000MH1995PLC091944
Name of the company	TRIMAX IT INFRASTRUCTURE AND SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Universal Mill Building, Asha Usha, Compound, Mehra Estate, L.B.S. Road, Vikhroli (West), Mumbai - 400079, Maharashtra, India csd@trimax.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (Not being pledge)
Particular of charge holder	State Bank of India Address: Industrial Finance Branch, 2nd Floor, The Arcade World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India ebenezer.raj@sbi.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Goods and Assets dt. 11.01.2011
Date of instrument Creating the charge	11.01.2011
Amount secured by the charge	Rs.160.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanctioned terms and conditions. Terms of repayment As per sanctioned terms and conditions. Margin As per sanctioned terms and conditions. Extent and operation of the charge As per sanctioned terms and conditions. Others As per sanctioned terms and conditions.
Short particulars of the property charged (Including location of the property)	All present and future goods, book-debts and all other movable assets of the Borrower including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims including claims by way of refund of customs/excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights etc. as per agreement of hypothecation of goods and assets.

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FIXED ASSETS:

· Office Equipment

· Computers

· Plant and Machinery

· Furniture and Fixture

· Motor Vehicles

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WEBSITE DETAILS:

PROFILE:

Subject is an End-to-End IT Services and Solutions Provider offering Data Center set-up, Management and Operational Services, System Integration and Managed Infrastructure Services. Trimax is a partner to Bharat Sanchar Nigam Limited (BSNL) and offers Managed Network Services from its ISO 9001 and ISO 27001 Certified Network Operations Centre (NOC) running in Mumbai and Bangalore.

With over 2,200 qualified technical professionals, and a well-qualified and ITIL-certified technical team, Trimax services its customers through its reach at more than 600 locations across India including Talluka level, and its headquarters in Mumbai. The company aims to be the preferred technology integration, management and solution company for its global customers.

GLIMPSE OF PROJECTS

§ Implemented an ‘Anytime Anywhere Cash Collection System’ for Jaipur Vidyut Vitran Nigam Limited and operating it at more than 64 counters in Jaipur

§ Serves Managed Services to Central Bank of India, Axis Bank, Bank of Baroda and Electricity Boards all over India with 10,000 network links

§ Established a 75,000 sq. ft. Tier-III plus Data Center for ITI Limited on Public Private Partnership (PPP) model and will operate it for the next 10 years. The Data Center facility is being used by clients from sectors such as Government, PSU, Nationalized Banks and top body corporates.

§ Provided Road Transport Solution to Maharashtra State Road Transport Corporation (MSRTC) and The Brihan Mumbai Electric Supply and Transport (BEST) facilitating Electronic Ticket Issuing Solution and Online Reservation System for 5 years on BOT model

§ Designed and built Data Center for Rajasthan State Beverages Corporation Limited (RSBCL) provided Integrated Web-based Application and Software, and providing services to operate and maintain it for 5 years

§ Set up, Design, Build, Manage and Operate more than 40 Tier II and Tier III Data Centers for clients such as Life Insurance Corporation of India (LIC), JVVNL, and others

BOARD OF DIRECTORS

Mr. Surya Prakash Madrecha

Chairman and Managing Director

Surya Prakash serves Trimax as Chairman and holds a bachelor's degree in Science. He is a technocrat and has been involved with the company since its inception. He carries comprehensive experience of more than 15 years, and took his first lessons while setting up the business in IT Hardware Industry. Surya Prakash is a successful IT service business strategist growing Trimax by leaps and bounds.

Mr. Chandra Prakash Madrecha

Joint Managing Director

Chandra Prakash, a Commerce graduate, is Joint Managing Director. He is a diploma holder in Computer Management from Mumbai University. He has experience of more than 15 years in the field of finance especially IT domain, operations and he is associated with Trimax since its inception.

Mr. Sunil Madrecha

Director

Sunil, having accomplished a bachelor degree in Computer Science Engineering, is associated with Trimax for more than a decade and leads Project Development and Process Implementation for all the clients. He has honed his skill sets in the areas of Marketing, IT and Business Development.

Mr. Sanjiv Singhal

Director

Sanjiv has worked with Standard Chartered Bank and SE Asia out of Singapore. When he headed the Indian business, he was involved in a number of complex financings for companies in a special situation with total deal value of more than USD 500 million. Sanjiv carries 13 years's of experience in banking and brings a good credit judgment apart from an extensive network of client contacts. He spent the first three years of his working life as an entrepreneur wherein he took over an ailing automobile components manufacturing company and turned it around.

He holds a MBA from the Wharton Business School (USA), a MA with distinction from the University of Essex, UK and a BA with honours from Delhi University. In 2001, Sanjiv was selected by the British Council for a Chevening Scholarship to spend 10 weeks at the London School of Economics, during which time he authored a book, “Internet Banking: The second wave”. This book was published by McGraw-Hill and is in its second reprint.

Mr. Om Prakesh Gahrotra

Mr. Om Prakesh Gohrotra is a Science Graduate (B.Sc.) and has done his Masters in Financial Management. He has an experience of more than 30 years in this field. He has worked with reputed companies such as Synergy Li Power Resources India Private Limited, Rewas Port Limited, Government of Maharashtra (Finance Department), SEBI, Government of India (Ministry of Commerce).

Mr. Mukul Gulati

Mr. Mukul Gulati is a Arts Graduate (B.A.) and has done his MBA. He has an experience of more than 15 years in this field. He is a Nominee Directors of Zephyr Peacock. He has worked with Reuters Group, London and Multex /Market Guide, New York.

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.52
UK Pound	1	Rs.72.72
Euro	1	Rs.64.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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	-

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.