MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	DETRIV INSTRUMENTATION ELECTRONIC PRIVATE LIMITED
Registered Office :	320, T V Industrial Estate, Off Dr. A B Besent Road, Behind Glaxo Worli, Mumbai-400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.03.1978
Com. Reg. No.:	11-020167
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U33129MH1978PTC020167
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Temperature Sensing instruments and Components and accessories.
No. of Employees :	30 (In office – 10 and in factory – 20) (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 120000
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.

INFORMATION PARTED BY

Name :	Mr. Bhatt
Designation :	Accounts Department
Date :	31.05.2011

LOCATIONS

Registered Office :	320, T V Industrial Estate, Off Dr. A B Besent Road, Behind Glaxo Worli, Mumbai-400030, Maharashtra
Tel. No.:	91-22-24934125 / 24938403
Fax No.:	91-22-24930191
E-Mail :	trivtech@vsnl.com
Website :	www.detriv.com
Location :	Owned
Factory :	MIDC, Tarapur, Maharashtra, India

DIRECTORS

As on : 30.09.2010

Name :	Mr. Navnitray Ranchodlal Trivedi
Designation :	Managing Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	29.06.1930
Date of Appointment :	01.03.1978
Din No.:	00125265
Name :	Mr. Harit Navnitray Trivedi
Designation :	Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.08.1959
Date of Appointment :	02.08.1990
Din No.:	00125323
Name :	Mr. Sharad Navnitray Trivedi
Designation :	Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	13.09.1960
Date of Appointment :	20.03.1997
Din No.:	00125370

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On: 30.09.2010

Name of Shareholders	No. of Shares
Navnitray Ranchodlal Trivedi	690
Harit Navnitray Trivedi	1
Sharad Navnitray Trivedi HUF	80
Sharad N Trivedi and Mrs. Renu S Trivedi	115
Harit N Trivedi and Mrs, Dipti H Trivedi	114
Total	1000

As On: 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and dealers of Temperature Sensing instruments and Components and accessories of Temperature Sensing instruments
Products :	· Ceramic Encapsulated Platinum Resistance Elements (Wire Wound) · Mineral Insulated Cables (for Thermocouples and RTDs) · Resistance Temperature Detectors. · Bearing Temperature Detectors. · Slot (Flat) Resistance Temperature Detectors · Resistance Temperature Detector Assemblies · Mineral Insulated (M.I.) Thermocouple Assemblies · Mineral Insulated (M.I.) Thermocouples. · Skin Thermocouples. · Mineral Insulated (M.I.) Thermocouples for Metal Temperature Measurement (M T M) · Temperature Transmitters for RTDs and Thermocouples.
Terms :
Purchasing :	Cash, Credit (30 days)
Selling :	Cash, Credit (30 days)

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Resistance Element	Nos.	30000	30000	11062
Mineral Insulated Thermocouple	Mtrs.	40000	40000	77631.839
Copper Clad Wires	Kgs	25000	25000	NA

GENERAL INFORMATION

Customers :

• Manufacturer
• Others

No. Of Employees :

30 (In office – 10 and in factory – 20) (Approximately)

Bankers :

• Dena Bank
• ICICI Bank Limited
• Union Bank Of India, Worli Branch, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Corporation Bank A/c, AG. FDR	1.382	0.000
Dena Bank (New Marine Lines Branch)	0.869	0.000
Total	2.251	0.000
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Shareholders and Directors	0.450	0.450
Total	0.450	0.450

Banking Relations :

-----

Auditor :

Name :

Bharat Shroff and Company

Chartered Accountant

Address :

3/42, Tardeo A/c Market, Room No.42, Third Floor, Tardeo Main Road, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22-23513256

Fax No.:

91-22-23511683

E Mail :

bbs05@rediffmail.com

CAPITAL STRUCTURE

As on 31.03.2010:-

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.075	26.545	22.867
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.075	27.545	23.867
LOAN FUNDS
1] Secured Loans		2.251	0.000	0.678
2] Unsecured Loans		0.450	0.450	0.450
TOTAL BORROWING		2.701	0.450	1.128
DEFERRED TAX LIABILITIES		0.005	0.000	0.165
TOTAL		32.781	27.995	25.160
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.142	1.152	1.240
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.005	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.239	1.776	6.677
	Sundry Debtors	35.423	27.194	32.794
	Cash & Bank Balances	3.565	6.094	4.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.277	9.610	6.945
Total Current Assets		56.504	44.674	50.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.130	14.981	23.693
	Others Current Liabilities	0.002	0.000	0.000
	Provisions	1.734	2.856	2.905
Total Current Liabilities		24.866	17.837	26.598
Net Current Assets		31.638	26.837	23.918
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.781	27.995	25.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	45.600	55.500	61.500
		Other Income	1.925
		TOTAL (A)	47.525	55.500	61.500
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	43.735	49.973	54.971
		Interest
		Depreciation
		TOTAL	43.735	49.973	54.971
	PROFIT BEFORE TAX		3.790	5.527	6.529
Less	TAX		1.240	NA	NA
	PROFIT AFTER TAX		2.550	NA	NA
	IMPORTS
		CIF Value	6.544	0.917	13.157
	TOTAL IMPORTS		6.544	0.917	13.157
	Earnings Per Share (Rs.)		2.55	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.36	--	--
Net Profit Margin (PBT/Sales)	(%)	8.31	9.95	10.61
Return on Total Assets (PBT/Total Assets}	(%)	6.59	12.06	12.61
Return on Investment (ROI) (PBT/Networth)		0.12	0.20	0.27
Debt Equity Ratio (Total Liability/Networth)		0.91	0.66	1.16
Current Ratio (Current Asset/Current Liability)		2.27	2.50	1.89

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions )

Particulars	31.03.2010	31.03.2009	31.03.2008
For Goods	21.355	13.416	22.116
For Expenses	1.144	0.872	0.875
For others	0.631	0.692	0.701
Total	23.130	14.981	23.693

ACCOUNTS :

Due to recessionary trend prevailing in the new capital projects the sales were reduced to Rs. 45.600 millions from Rs. 55.500 millions, Net profit also reduced to Rs. 3.790 millions from Rs. 5.527 millions. The directors expect to perform better in the current year barring unforeseen circumstances.

Fixed Assets:

· Leasehold Land No. 1

· Leasehold Land No. 2

· Factory Building

· Plant and Machinery

· Air Conditioners

· Motor Cars

· Bicycles

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Sign Boards

· Display Panels

· Technical Know How

· Residential Colony

· Xerox Machine

Form 8:-

Name of the company	Detrive Instrumentation And Electronics Limited
Presented By	Dena Bank, New Marine Lines Branch, Mumbai
1) Date and description of instrument creating the change	Unattested Agreement of Hypothecation of current and fixed assets 1992, and made between Detrive Instrumentation and Electronics Limited, (Therein and hereinafter referred to as “the borrower”) of the one part and Dena Bank Therein and hereinafter referred to as “the Bank”) of the other part; hereinafter referred to as “ the principal Agreement”
2) Amount secured by the charge/amount owing on the securities of charge	Rs.3.900 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by the borrower, in favour of the bank, by way of first charge, and as an additional security of the present and future stocks of raw materials, Goods in process, finished goods, semi finished goods, such as precious metal wires, stainless steel, Nickel Alloy Tubes etc; and stores, Spares, etc; situate at the factory premises at MIDC, Tarapur, Maharashtra, or elsewhere and in Transit to Tarapur or wheresoever and of whatsoever nature; and all the present and future Book Debts, moneys, receivables, claims, bills, contracts, engagements etc; due and owing to the borrower or which may become due and owing to the borrower during the course of the borrower’s business and all the present and future plant and machinery and tools stores spares accessories equipments etc; relating to such plant and machinery and other movable fixed assets such as furniture, fixtures, typewriters, vehicles, etc; situate at the factory premises a Tarapur or elsewhere and in transit to Tarapur or wheresoever and of whatsoever nature
4) Gist of the terms and conditions and extent and operation of the charge.	a) Hypothecation by the borrower, in favour of the bank of all the present and future stock in trade, book debts, plant and machinery etc; stated in detail above to secure the payment of outstanding in rest of various credit arrangements namely, i)Guarantees (Perf. And Fin) Rs.2.500 Millions ii)Bills Purchase D/P Rs.1.000 Millions iii)Letters of Credit (I and F) Rs.0.400 Million being additional security no margin etc; with interest, commission, costs, charges, expenses etc; b) Power to inspect, to sell, to insure, to take possession, to appoint receiver, to compound debts etc;
5) Name and Address and description of the person entitled to the charge.	Dena Bank New Marine Lines Branch, Mumbai-400020
6) Date and brief description of instrument modifying the charge	a) Principal Agreement is modifies by an Unattested Memorandum of Modification of hypothecation dated 25.08.1994, and made between the borrower of the one part and the bank of the other part; hereinafter referred to as “the Memorandum of First Modification”; b) Under the First Modification : Further hypothecation by the borrower, in favour of the bank of all the present and future current assets and fixed assets including stock in trade, book debts etc; and plant and machinery etc; stated in detail above as security for payment by the borrower to the bank of all the amount due payable and outstanding in respect of various credit arrangements granted by the bank to the borrower to the extent of Rs.4.100 millions in aggregate, viz; i) Bills Purchase D/P (I) Rs.0.500 million ii) Bills Purchase D/A (I) Rs.0.700 Million iii) Letters of Credit (I and F) Rs.0.400 Million iv) Guarantees Rs.2.500 Millions with interest, costs, charges expenses etc; c) Under the second modification: i) Further hypothecation by the borrower, in favour of the bank by way of first charge of all the stock in trade consisting finished goods, finished goods store spares packing materials goods in process semi finished goods nickel alloy tubes copper clad wares as rods and temperature censor instrument like resistance elements thermometers like resistance elements, mineral insulated thermo couples etc situated at the factory premises or elsewhere and stored in any godown or elsewhere and all the present and future book debts outstanding moneys receivables claims contracts bills engagements etc; which are now due and owing or which may at any time hereafter during the continuance of or by the government of India and state government and government department or office or public sector undertakings or project body corporate, industrial concerns municipal loca, and civic authorities etc; and rights to and in other movable securities and assets etc; and cash on hand, cash at bank etc; and future movable fixed assets including plant and machinery ant tools stores spares accessories equipments etc; relating to such plant and machinery and furniture fixtures typewriters vehicles, computers calculating machines air conditioners office equipments etc; and situated at Tarapur MIDC factory premises of the borrower or elsewhere and whether such plant machinery installed or not lying loose or in cases and in transit to Tarapur MIDC; or in cases and in transit or wheresoever and of whatsoever nature; as security for payment by the borrower to the bank of all the amounts due, payables, and outstanding in respect of the revised credit arrangements granted to the extent Rs.4.400 millions in aggregate viz; i) Bills Purchase D/P (I) Rs.0.500 million ii) Bills Purchase D/A (I) Rs.0.500 Million iii) Letters of Credit (I and F) Rs.0.400 Million iv) Guarantees Rs.3.000 Millions with interest costs charges expenses etc; b) Save as modified under the second modification the principal agreement and the memorandum of first modification, to remain in full force and effect.

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. 44.89
UK Pound	1	Rs. 73.84
Euro	1	Rs. 64.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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.