MIRA INFORM REPORT

Report Date :

21.06.2011

IDENTIFICATION DETAILS

Name :	TRIMURTI INDUSTRIES LIMITED
Registered Office :	CF - 366, Salt Lake City, Sector -1, Kolkata – 700 064, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.06.1990
Com. Reg. No.:	21-049254
Capital Investment / Paid-up Capital :	Rs. 8.225 millions
CIN No.: [Company Identification No.]	U17298WB1990PLC049254
TAN No.: [Tax Deduction & Collection Account No.]	CALT01359B
PAN No.: [Permanent Account No.]	AABCT1430D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Protective Garments.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 47000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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. Pawan
Designation :	Assistant Manager of Marketing
Date :	20.06.2011

LOCATIONS

Registered Office :	CF - 366, Salt Lake City, Sector -1, Kolkata – 700 064, West Bengal, India
Tel. No.:	91-33-40046161/ 62/ 63/ 23216530
Mobile No.:	91-9831563781 (Mr. Sanjay Varma)
Fax No.:	91-33-40046164
E-Mail :	chanda@prithvienergy.com
Location :	Rented
Factory :	NH-2, Delhi Road Village Gamadanga, P O Bamunory District – Hooghly, West Bengal, India
Area :	13000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mrs. Urmila Sarawagi
Designation :	Director
Address :	CF - 366, Salt Lake City Sector -1, Kolkata – 700 064, West Bengal , India.
Date of Birth/Age :	04.08.1958
Qualification :	Graduate
Date of Appointment :	01.07.2006
DIN No :	00111173
Name :	Mrs. Bina Devi Garodia
Designation :	Director
Address :	CF - 366, Salt Lake City Sector -1, Kolkata – 700 064, West Bengal , India.
Date of Birth/Age :	25.09.1965
Qualification :	Graduate
Date of Appointment :	31.08.2006
DIN No :	00129588
Name :	Mrs. Chanda Devi Ajitsaria
Designation :	Director
Address :	CF - 366, Salt Lake City Sector -1, Kolkata – 700 064, West Bengal , India.
Date of Birth/Age :	25.07.1956
Qualification :	Graduate
Date of Appointment :	10.08.2004
DIN No :	00135484
Name :	Mr. Sanjay Varma
Designation :	Whole Time Director
Address :	1/ 1A, Hari Sarkar Lane, Kolkata – 700 007, West Bengal, India
Date of Birth/Age :	13.03.1970
Qualification :	Post – Graduate
Date of Appointment :	01.04.2009
DIN No :	01385850
Name :	Mr. Pankaj Sarawagi
Designation :	Additional Director
Address :	CF - 366, Salt Lake City Sector -1, Kolkata – 700 064, West Bengal , India.
Date of Birth/Age :	20.09.1984
Date of Appointment :	01.12.2009
DIN No :	02073389

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ramesh Kumar Sarawagi	5500
R. K. Agarwalla (HUF)	2500
Bina Devi Garodia	43000
Naman Ajitsaria	60000
R.G. Garodia and Sons HUF	80000
Mridula Sarawgi	22000
Pankaj Sarawgi	20000
Shankar Lall Ajitsaria	78500
Chanda Ajitsaria	64500
Sanjay Sarawgi	4000
B.K. Garodia and Sons (HUF)	75000
Nishant Garodia	76500
Hari Prasad Ramesh Kumar HUF	4000
Hari Prasad Sarwagi	55000
Nitin Sarawagi	77000
Urmila Sarawagi	40000
Sunit Kumar Sarawagi	44000
Shankar Lall and Sons HUF	52000
Pushpa Devi Bhartia	19000
Total	822500

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Protective Garments.
Products :	Rain Suit Rain Capes And Coats Boiler Suit Winter Jacket Ground Sheet Rubber Cloth / Sheet Mosquito Net Safety Footwear Industrial Coated Fabric Rubber Coated Fabric Protective Garments / Apparels Uniforms
Brand Names :	“REINER”
Exports :
Products :	· Protective Garment
Countries :	· Nigeria
Terms :
Purchasing :	Depend.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Pure Rubber Sheet	Mtrs.	144000	--
Rubberized Cloths	Mtrs.	180000	--
Air Pillows	Nos.	144000	28997
Rainwear	Nos.	98000	53900
School Bags	Nos.	60000
Ground Sheet	Pcs.	--	24931
Wind healer	Pcs.	--	1594
Mosquito Net	Pcs.	--	7774.00

GENERAL INFORMATION

Customers :

· Corporate

· Government Sectors

No. of Employees :

200 (Approximately)

Bankers :

· ICICI Bank Limited

· HDFC Bank Limited

· State Bank of India, Dakshineswar Branch, 13, T.N. Biswas Road, Kolkata – 700 035, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
a) Cash Credit (Stock and Book Debts)	6.534	3.321
b) Cash Credit (for Bill) (Cash Credit account with State Bank of India, Dakshineshwar Branch is secured against hypothecation of raw materials in process, finished goods and book debts of the company)	0.000	0.000
c) Car Loan from ICICI Bank Limited	0.000	0.102
d) Car loan from HDFC Bank Limited (Car loan is secured against Hypothecation of respective car)	0.351	0.000
Total	6.885	3.423
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Bodies Corporates	2.562	6.799
Total	2.562	6.799

Banking Relations :
Auditors :
Name :	D.E. and Bose Chartered Accountant
Address :	8/2, Kiran Shankar Road, 2^nd Floor, Room No.1 and 18, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22487424

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
822500	Equity Shares	Rs.10/- each	Rs. 8.225 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		8.225	8.225	8.225
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.548	2.651	1.454
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.773	10.876	9.679
LOAN FUNDS
1] Secured Loans		6.885	3.423	5.152
2] Unsecured Loans		2.562	6.799	4.385
TOTAL BORROWING		9.447	10.222	9.537
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.220	21.098	19.216
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.915	8.838	9.507
Capital work-in-progress		1.590	1.590	0.314
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.304	0.241	0.165
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.957	12.813	11.902
	Sundry Debtors	6.443	7.708	11.295
	Cash & Bank Balances	0.655	1.091	0.394
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.544	8.722	6.148
Total Current Assets		32.599	30.334	29.739
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.436	10.841	10.713
	Other Current Liabilities	5.414	5.278	7.132
	Provisions	4.338	3.786	2.664
Total Current Liabilities		22.188	19.905	20.509
Net Current Assets		10.411	10.429	9.230
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.220	21.098	19.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	30.392	46.172	33.446
		Other Income	0.045	0.250	0.425
		TOTAL (A)	30.437	46.422	33.871
Less	EXPENSES
		Raw material consumed	21.116	29.709	26.406
		Manufacturing & Maintenance Expenses	5.444	5.015	3.764
		Employee’s Remuneration & Benefit	5.451	4.570	3.988
		Administrative, Selling, Distribution & Other Expenses	2.729	4.221	2.512
		(Increase) or decrease in closing stock of finished & semi finished goods	(7.115)	(1.004)	(5.602)
		TOTAL (B)	27.625	42.511	31.068
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.812	3.911	2.803
Less	FINANCIAL EXPENSES (D)		0.823	1.218	0.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.989	2.693	2.172
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.746	0.775	0.834
	PROFIT BEFORE TAX (E-F) (G)		1.243	1.918	1.338
Less	TAX (I)		0.346	0.721	(0.215)
	PROFIT AFTER TAX (G-I) (J)		0.897	1.197	1.553
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.416	1.219	(0.334)
	BALANCE CARRIED TO THE B/S		3.313	2.416	1.219
	Earnings Per Share (Rs.)		1.09	1.46	5.30

Particulars	31.03.2011
Sales Turnover (Approximately)	45.000

The above information has been parted by Mr. Pawan.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.95	2.58	4.59
Net Profit Margin (PBT/Sales)	(%)	4.09	4.15	4.00
Return on Total Assets (PBT/Total Assets}	(%)	2.97	4.90	3.41
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.14
Debt Equity Ratio (Total Liability/Networth)		2.69	2.77	3.10
Current Ratio (Current Asset/Current Liability)		1.47	1.52	1.45

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The Company has achieved a turnover of Rs. 30.392 millions in companion to 46.172 million in the previous financial year and Net Profit of Rs. 1.243 millions in comparison to Rs. 1.918 million in the previous financial year. The earning per share of the Company is Rs. 1.09 per share in comparison to Rs. 1.46 per share in the previous financial year. The main reason of the reduced profitability of the company is the increase in the raw material cost and other administrative and operating expenses of the company.

FORM 8

Name of the company

TRIMURTI INDUSTRIES LIMITED

Presented By

Mr. J.P. Bajaj, Director

1) Date and description of instrument creating the change

13.8.93 Agreement for cash credit hypothecation of debts and assets.

Hypothecation of Goods.

(i) Deed of hypothecation of tangible movable property of hypothecation of tangible movable property dated 17.04.96 (ii) Deed of hypothecation of book debts dated 17.04.96.

(iii) Deed of Hypothecation of tangible movable plant and machinery dated 17.04.96.

2) Amount secured by the charge/amount owing on the securities of charge

Land and building amounting to Rs.4.790 millions plant and machinery amounting to Rs.1.925 millions

Raw materials stock in process, finished goods, etc. Amount Rs.3.825 millions. Amount owing on security of the charge of Rs.4.600 millions. Modified to land and building amount to Rs.4.790 millions, plant and machinery amounting to Rs.1.543 millions, Raw materials, stock in progress finished goods etc. Amounting to Rs.6.153 millions Amount owing on security of the charges of Rs.6.600 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

Land and building, plant and machinery

Location: Dankunj, Land Area 1-16 Acre.

1) Date of purchase: 16-10-90 18 Satak, Dag No.276, Khaitan No.56 (2) Date of purchase 03.11.90, 20 Satak, Dag No.277, Khaitan No.1058, Location: Dankunj year of purchase 1991 and 1992, Location: Dankunj

4) Gist of the terms and conditions and extent and operation of the charge.

Margin: 25% on raw materials and finished goods 30% on Bills Interest: 2.75% above A.B.A.R. minimum 19.75% p.a. with quarterly rests. Cash Credit (Stock): Rs.2.500 millions. Cash Credit Limit (Bills): Rs.2.100 millions, Submission of stock statement monthly. Insurance: Stock, Plant and Machinery, Furniture and Fittings.

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Dakshineswar Branch, 13, T.N. Biswas Road, Kolkata – 700 035, West Bengal, India

6) Date and brief description of instrument modifying the charge

(i) Deed of Hypothecation of tangible movable property dated 17-04-96

(ii) Deed of Hypothecation of book debts dated 17-04-96.

(iii) Deed of Hypothecation of tangible movable plant and machinery dated 17.04.96

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By the modification overall limit stands enhanced from Rs.4.600 millions to Rs.6.600 millions in the following manner existing:

Cash Credit (Stock)	Rs.2.500 millions
Cash Credit (Bill)	Rs.2.100 millions
	Rs.4.600 millions
Enhanced
Cash Credit (Stock) (Adhoc Rs.2.000 millions)	Rs.4.500 millions
Cash Credit Bill	Rs.2.100 millions
	Rs.6.600 millions

FIXED ASSETS:

• Freehold Land
• Buildings
• Plant and Machinery
• Moulds
• Furniture and Fixture
• Office Equipments
• Laboratory Equipments
• Vehicles
• Air Conditioner

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.44.99
UK Pound	1	Rs.72.59
Euro	1	Rs.64.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.