MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	TRINITY INTERFACE SYSTEMS PRIVATE LIMITED TRINITY HEALTH TECH DIVISION OF TRINITY INTERFACE SYSTEMS PRIVATE LIMITED
Registered Office :	Unit No. 13 to 17, Arenja Plaza, Plot 52, Sector 15, CBD Belapur, Navi Mumbai - 400 614, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.04.2003
Com. Reg. No.:	11-140141
Capital Investment/ Paid-up Capital:	Rs. 3.000 Million
CIN No.: [Company Identification No.]	U74999MH2003PTC140141
IEC No.:	0304001678
PAN No.: [Permanent Account No.]	AABCT8177B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Automation Products and Fitness Products.
No. of Employees:	Approximately 96 (Office 55, Branch 41)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 42000
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Their trade relations are reported as fair. Payments are reported as 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.

INFORMATION PARTED BY

Name :	Mr. Pramod T Jadhav
Designation :	Head Finance and Account Manager
Contact No.:	91-9819233323
Date :	09.07.2011

LOCATIONS

Registered Office :	Unit No. 13 to 17, Arenja Plaza, Plot 52, Sector 15, CBD Belapur, Navi Mumbai - 4000614, Maharashtra, India
Tel. No.:	91-22-27652782 /83/ 27562721/ 41558800
Mobile No.:	91-9819233323 (Mr. Pramod T Jadhav)
Fax No.:	91-22- 26054032 / 27652782 / 27562721
E-Mail :	sudhir@trinityht.com krishnan@arenja.com accounts@arenja.com
Website :	http://www.trinityht.com
Area :	Medium sized
Location :	Owned
Branch Office 1:	Office No. 33, 1^st Floor, Chowdiah Road, Lower Palace Orchards, Bangalore-560003, Karnataka, India
Branch office 2:	303, Swapnalok Complex, Reliance Business Centre, 92, S.D. Road, Secunderabad-500003, Andhra Pradesh, India
Representative at :	Delhi Jaipur Chandigarh Mumbai Pune Bangalore Hyderabad Chennai Kolkata Cochin Trivandrum

DIRECTORS

As on 28.09.2010

Name :	Ms. Ritika Anuj Arenja
Designation :	Director
Address :	13/A, Sephyer Co-Operative Housing Society Limited, Balmoral Hall, 7, Mount Mary Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	26.05.1982
Qualification :	Management Graduate
Experience :	8 Years
Date of Appointment :	25.01.2011
DIN No.:	00507126
Name :	Mr. Anuj Ajeet Arenja
Designation :	Chief Executive Officer and Managing Director
Address :	13-A, Nalmoral Hall, Mount Mary Road, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.06.1978
Qualification :	Management Graduate
Date of Appointment :	24.04.2004
Experience:	10 Years
DIN No.:	00177895
Name :	Mr. Nithiij Ajeet Arenja
Designation :	Director
Address :	6-C, Balmoral, Mount Mary Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	25.08.1976
Qualification :	Management Graduate
Experience:	12 Years
Date of Appointment :	18.05.2004
DIN No.:	00177776
Name :	Ms. Angellina Nithij Arenja
Designation :	Director
Address :	13-A, Nalmoral Hall, Mount Mary Road, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	26.08.1980
Qualification :	Management Graduate
Experience :	8 Years
Date of Appointment :	18.05.2004
DIN No.:	00508680
Name :	Ms. Nikita Ajeet Arenja
Designation :	Director
Address :	13-A, Nalmoral Hall, Mount Mary Road, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	20.02.1957
Date of Appointment :	24.04.2003
Date of Ceasing :	18.05.2004
Name :	Mr. Sidharth Romesh Bhandari
Designation :	Director
Address :	91, Vijaylaxmi Apartment, Carmichel Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	02.01.1963
Date of Appointment :	15.10.2007
Date of Ceasing:	04.02.2009

KEY EXECUTIVES

Name :	Mr. Pramod T Jadhav
Designation :	Head Finance and Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Nithiij Arenja	17990
Nikita Arenja	500
Anuj Arenja	10510
Angellina Arenja	1000
Total	30000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Automation Products and Fitness Products.
Products :	· Cardiovascular Equipment · Vibration Technology · Strength Equipment · Rehabilitation Equipment Fitness Testing Equipment & Evaluation Equipment
Agencies Held :	STARTRAC BAUMER BURKERT PENTAIR
Imports :
Products :	Trademill and Fitness Equipments
Countries :	USA
Terms :
Selling :	L/C and Cash
Purchasing :	Credit (30-60 Days)

GENERAL INFORMATION

Suppliers :

Startrac

Customers :

Retailers, End Users, Third Party Manufacturer

No. of Employees :

Approximately 96 (Office 55, Branch 41)

Bankers :

· ICICI Bank, Vashi, Navi Mumbai

· Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi Seva, Mandi Trust Building, S. V. Road, Bandra [West], Mumbai – 400050, Maharashtra, India

· Citi Bank

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
ICICI Car Loan (Optra)	0.072	0.343
ICICI Car Loan (Adcord)	0.000	0.169
HDFC Car Loan (Omini)	0.020	0.093
Citi Bank Term Loan (A/C No. 223247)	36.171	41.090
Citi Bank Term Loan (A/C No. 223248)	5.033	6.180
Total	41.296	47.875
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Due to Directors	4.906	7.240
Deposit from client	1.000	1.000
Luxmi Khandari	1.100	0.000
Total	7.006	8.240

Banking Relations :	Satisfactory
Auditors :
Name :	B. H. Hansotia Chartered Accountants
Address :	T-11, Cusrow Baug, SBS Road, Mumbai – 400039, Maharashtra, India
Tel No.:	91-22-22830690/ 22842843/ 22870976/ 22828079
Associates/Subsidiaries :	Qi Life Care Private Limited Address: 635 Mistry Building, 1^st Floorl, JSS Marg, Mumbai-400002 Activity: Lifecare and Wellness

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs. 100/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
30000	Equity Shares	Rs. 100/- each	Rs. 3.000 Million

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		3.000	3.000	0.998
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.549	3.987	3.501
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.549	6.987	4.499
LOAN FUNDS
1] Secured Loans		41.296	47.875	1.377
2] Unsecured Loans		7.006	8.240	38.548
TOTAL BORROWING		48.302	56.115	39.925
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		58.851	63.102	44.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.057	15.048	8.944
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.625	71.682	33.329
	Sundry Debtors	29.742	20.476	19.533
	Cash & Bank Balances	5.721	11.354	9.466
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.097	10.988	7.741
Total Current Assets		119.185	114.500	70.069
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.071	8.505	1.463
	Other Current Liabilities	65.184	57.780	34.020
	Provisions	6.476	4.884	3.734
Total Current Liabilities		76.731	71.169	39.217
Net Current Assets		42.454	43.331	30.852
MISCELLANEOUS EXPENSES		1.340	4.723	4.628
TOTAL		58.851	63.102	44.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	242.752	202.492	423.938
		Commission/ Price Difference	0.000	16.483	5.331
		Interest Received From Bank/ Others	0.743	0.944	0.000
		Other Income	18.050	10.248	6.253
		TOTAL	261.545	230.167	435.522
Less	EXPENSES
		Cost of Sales	188.924	166.628	378.514
		Employee’ s Remuneration and benefits	19.215	16.747	10.668
		Administrative and other Expenses	34.838	33.739	33.331
		Commission paid	7.312	1.511	2.223
		Amortisation Expenses	3.382	8.011	4.631
		TOTAL	253.671	226.636	429.367
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.874	3.531	6.155
Less/ Add	DEPRECIATION/ AMORTISATION		2.719	1.895	1.636
	PROFIT BEFORE TAX		5.155	1.636	4.519
Less	TAX		1.593	1.150	2.370
	PROFIT AFTER TAX		3.562	0.486	2.149
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.000	0.166
		Other Earnings	NA	0.050	5.132
	TOTAL EARNINGS		NA	0.050	5.298
	Earnings Per Share (Rs.)		118.73	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.36	0.21	0.49
Net Profit Margin (PBT/Sales)	(%)	2.12	0.81	1.07
Return on Total Assets (PBT/Total Assets}	(%)	3.84	1.26	5.72
Return on Investment (ROI) (PBT/Networth)		0.49	0.23	1.00
Debt Equity Ratio (Total Liability/Networth)		11.85	18.22	17.59
Current Ratio (Current Asset/Current Liability)		1.55	1.61	1.79

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Expenses	6.071	8.505	1.463

Trade References:

1. Star Trac

Address: 14410 Myford Road, Irvine, CA 92606 USA

2. Phoenix Contact (India) OPrivate Limited

Address: A-58/2, Okhla Industrial Area, Phase-II, New Delhi-110020, India

Contact No.: 91-11-30262800

3. Pentair Technical Products India Private Limited

Address: Sai Lakshmi Industrial Campus, Bidarahalli Hobli, Whitefield- Hoskote Road, Bangalore-560067, Karnataka, India

Contact No.: 91-80-28454640/ 41

4. Parker Hannifin Privaste Limited

Address: SSD Drives Division 151 and 157, Developed Plots, Perungudi Chennai-600096, India

Contact No.: 91-44-43910799

Fax No.: 91-44-43910700

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10009023
Corporate identity number of the company	U74999MH2003PTC140141
Name of the company	TRINITY INTERFACE SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 13 to 17, Arenja Plaza, Plot 52, Sector 15, CBD Belapur, Navi Mumbai - 4000614, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi Seva, Mandi Trust Building, S. V. Road, Bandra [West], Mumbai – 400050, Maharashtra, India emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement to secure Credit/ Loan Facilites
Date of instrument Creating the charge	28.07.2008
Amount secured by the charge	Rs. 57.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate at PLR with mly rest or such other rate as may be agreed by the Borrower company with the bank. Terms of Repayment As agreed by the Borrower company with the bank. Margin As agreed by the Borrower company with the Bank Extent and Operation of the charge At the request of the borrower company to the bank has enhanced the overall baking limits from Rs. 35.000 Millions to Rs. 57.500 Millions against the continuation of the existing first charge and hypothecation of stocks, book debts and movable assets of the company. The charge stands from Rs. 35.000 Millions to Rs. 57.500 Millions
Short particulars of the property charged	At the request of the borrower company to the bank has enhanced the overall baking limits from Rs. 35.000 Millions to Rs. 57.500 Millions against the continuation of the existing first charge and hypothecation of stocks, book debts and movable assets of the company. The charge stands from Rs. 35.000 Millions to Rs. 57.500 Millions
Date of latest modification prior to the present modification	23.03.2007
Particulars of the present modification	At the request of the borrower company to the bank has enhanced the overall baking limits from Rs. 35.000 Millions to Rs. 57.500 Millions against the continuation of the existing first charge and hypothecation of stocks, book debts and movable assets of the company. The charge stands from Rs. 35.000 Millions to Rs. 57.500 Millions

This form is for	Modification of charge
Charge identification number of the modified	10009023
Corporate identity number of the company	U74999MH2003PTC140141
Name of the company	TRINITY INTERFACE SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 13 to 17, Arenja Plaza, Plot 52, Sector 15, CBD Belapur, Navi Mumbai - 4000614, Maharashtra, India
Type of charge	Book Debts Others
Particular of charge holder	Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi Seva, Mandi Trust Building, S. V. Road, Bandra [West], Mumbai – 400050, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	1. Supplemental deed of hypothecation dated 23^rd March 2007 for cash credit Rs. 10.000 Millions and Letter of credit Rs. 25.000 Millions
Date of instrument Creating the charge	23.03.2007
Amount secured by the charge	Rs. 35.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR + 3.00% (Present PLR of bank is 12.50% i.e. 15.50% p.a. Subject to change in PLR form time to time Terms of Repayment Cash Credit Repayable on demand Letter of Credit on due date Import L/C 180 to 365 days and Inland L/C 45 to 90 days Margin 25% of stocks and 40% of the book debts 25% in the shape of FDR and duly pledged to the bank Extent and Operation of the charge Hypothecation of unencumbered stock of raw material, work in progress finished stocks of good and receivables and other current assets stocks of automation components such as connection cables, relays surge arrestors PLC, variable frequency drives health equipments stock under L/C and receivables. Others Equitable mortgage of land and property of the associates companies. ANA commercial Services Private Limited Aquarious Shipping and chartering Private Limited
Short particulars of the property charged	Equitable mortgage of land and property of the associates companies. · ANA commercial Services Private Limited · Aquarious Shipping and chartering Private Limited

Fixed Assets:

· Computer

· Office Equipments

· Air Conditioners

· Furniture and Fixtures

· Motor Car

· Gym Equipments

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.44.37
UK Pound	1	Rs.70.84
Euro	1	Rs.62.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	4
--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		41

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.