MIRA INFORM REPORT

Report Date :

20.08.2011

IDENTIFICATION DETAILS

Name :	TRIVEDI CORP PRIVATE LIMITED
Formerly Known As :	TRIVEDI CRAFTS PRIVATE LIMITED
Registered Office :	68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.10.1991
Com. Reg. No.:	04-16391
Paid-Up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U14101GJ1991PTC016391
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00667C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Marble Tiles and Marble Slabs
No. of Employees :	100 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-26870522 / 26873666
Fax No.:	91-79-26870220
E-Mail :	info@trivedi-marble.com
Factory :	Changodar Industrial Area, Sarkhej-Bavla Highway, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-250230
Fax No.:	91-2717-250231

DIRECTORS

As On 30.09.2010

Name :	Mr. Kiran Jitendra Trivedi
Designation :	Director
Address :	Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	14.08.1955
Date of Appointment :	12.10.1991
DIN No.:	00124498
Name :	Mrs. Heena Kiran Trivedi
Designation :	Director
Address :	Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	12.10.1991
DIN No.:	00124634
Name :	Mr. Sushil Kumar Pandey
Designation :	Director
Address :	C-206, Sumey Apartments, Near St. Xaviers School, Loyolla Hall, Memnagar Road, Ahmedabad – 380 052, Gujarat, India
Date of Birth/Age :	11.08.1948
Date of Appointment :	31.10.1994
DIN No.:	00124723
Name :	Mr. Virendra Krishnachandra Trivedi
Designation :	Director
Address :	5/B, Hethprabha Society, Near Chanakyapuri, Ghatlodia, Ahmedabad, Gujarat, India
Date of Birth/Age :	20.10.1959
Date of Appointment :	30.05.1997
DIN No.:	00124374
Name :	Mr. Manan Kiran Trivedi
Designation :	Director
Address :	384, Sector – 4, Plot -14, Lane – 18, Satyagrah Society, Near Bhavnirjar, Bodakdev, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	24.05.1988
Date of Appointment :	20.06.2006
Date of Ceasing :	21.11.2007
DIN No.:	00396283

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Kiran Jitendra Trivedi	69990
Heena Kiran Trivedi	17490
Prachi K Trivedi	17490
Manan Kiran Trivedi	42490
Kiran Jitendra Trivedi As Karta of HUF	17490
Dhwani K. Trivedi	17490
Evermore Impex Private Limited – India	16560
Sunshine Tradelink Private Limited – India	1000
Total	200000

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	8.78
Other top fifty shareholders	91.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Marble Tiles and Marble Slabs

Products :

Item Code No. (ITC Code)	25151220
Product Description	Marble Tiles
Item Code No. (ITC Code)	25161200
Product Description	Granite Blocks/Slabs
Item Code No. (ITC Code)	68022190
Product Description	Carved Marble Product
Item Code No. (ITC Code)	25162000
Product Description	Sandstone Blocks/Slabs

GENERAL INFORMATION

No. of Employees :

100 (approximately)

Bankers :

• Bank of Baroda, Gandhi Road, Ahmedabad – 380 001, Gujarat, India
• ICICI Bank Limited
• Citi Bank NA
• HDFC Bank Limited

Facilities :

Secured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loans
Bank of Baroda (Secured by way of hypothecation of plant & machinery and mortgage of company's immovable properties, immoveable properties of Directors and personal guarantee of Directors (except Technical / Professional Director)	8.159	15.078
Car Loans
ICICI Bank Limited	0.734	2.377
HDFC Bank Limited	0.679	3.275
Reliance Capital Limited (secured by way of hypothecation of respective vehicles)	0.551	0.963
Working Capital Facilities Bank of Baroda (Secured by hypothecation of raw material, stock in process, finished goods, and stores and spares, book debts, personal guarantees of directors (except Technical / Professional Director) and mortgage of Company's Immovable properties and Director's	36.188	17.625
Total	46.311	39.318

Unsecured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors	8.111	10.000
Total	8.111	10.000

Banking Relations :	--
Auditors :
Name :	A. Bafna and Company Chartered Accountant
Address :	K-2, Keshav Path, Near Ahinsa Circle, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2372572/2375212/2373873
Fax No.:	91-141-2363426
Pan No.:	AAGFA3909A

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	17.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.507	63.725	41.894
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.507	83.725	59.394
LOAN FUNDS
1] Secured Loans		46.311	39.318	40.092
2] Unsecured Loans		8.111	10.000	0.076
TOTAL BORROWING		54.422	49.318	40.168
DEFERRED TAX LIABILITIES		6.681	8.134	7.530
TOTAL		173.610	141.177	107.092
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.292	100.001	66.178
Capital work-in-progress		0.851	0.973	2.918
INVESTMENT		3.250	3.250	0.250
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	107.992	103.213	44.469
	Sundry Debtors	47.123	26.521	30.714
	Cash & Bank Balances	5.299	15.353	4.146
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.733	43.412	30.790
Total Current Assets		206.147	188.499	110.119
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.886	43.155	31.801
	Other Current Liabilities	42.544	98.741	38.147
	Provisions	16.500	9.650	2.425
Total Current Liabilities		126.930	151.546	72.373
Net Current Assets		79.217	36.953	37.746
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		173.610	141.177	107.092

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Turnover and Other Income		389.613	308.918	125.957
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	343.686	277.556	116.247
	PROFIT BEFORE TAX		43.860	31.362	9.710
Less	TAX		15.078	9.531	7.113
	PROFIT AFTER TAX		28.782	21.831	2.597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.225	40.394	37.797
	BALANCE CARRIED TO THE B/S		91.007	62.225	40.394
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.850	5.399	0.076
	TOTAL EARNINGS		2.850	5.399	0.076
	IMPORTS
		Consumables	4.200	3.360	6.574
		Capital Goods	1.179	28.060	3.452
		Marble Blocks	3.242	6.969	0.000
	TOTAL IMPORTS		8.621	38.389	10.026
	Earnings Per Share (Rs.)		143.91	124.41	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.39	7.07	2.06
Return on Total Assets (PBT/Total Assets}	(%)	14.80	10.87	5.41
Return on Investment (ROI) (PBT/Networth)		0.39	0.37	0.16
Debt Equity Ratio (Total Liability/Networth)		1.61	2.40	1.89
Current Ratio (Current Asset/Current Liability)		1.62	1.24	1.52

LOCAL AGENCY FURTHER INFORMATION

Form No. 8

This form is for	Modification of charge
Charge identification number of the modified	90102629
Corporate identity number of the company	U14101GJ1991PTC016391
Name of the company	TRIVEDI CORP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat, India
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda Gandhi Road, Ahmedabad – 380 001, Gujarat, India
Nature of instrument creating charge	Memorandum of entry for extension of equitable mortgage
Date of instrument Creating the charge	20.06.2008
Amount secured by the charge	Rs. 170.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest 1.5% above of Benchmark PLR · Terms of repayment Working Capital renewable each year. Term Loan as per agreement · Margin 25% on Stock 50% on Book Debt · Extent and operation of the charge First charge till repayment of full amount of various facilities
Particulars of the property charged	Immovable properties of the company situated at Block No. 350, 351 and 354 of mouje changodar, district ahmedabad and other immovable properties of the directors mentioned in the agreement
Date of latest modification prior to the present modification	26.11.2007
Particulars of the present modification	Charge is modified to cover enhanced financial assistance to – Trivedi Corp Private Limited of Rs. 99.400 millions and to Trivedi Tectonics of Rs. 71.400 millions aggregating to Rs. 170.800 millions

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Computer
• Furniture and Fixture
• Vehicles
  

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.
UK Pound	1	Rs.
Euro	1	Rs.

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.