MIRA INFORM REPORT

Report Date :

10.03.2011

IDENTIFICATION DETAILS

Name :	TRIPCON ENGINEERING PRIVATE LIMITED
Registered Office :	Shed No. C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda - 388121, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.02.1991
Com. Reg. No.:	04-015008
CIN No.: [Company Identification No.]	U29199GJ1991PTC015008
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00929F
PAN No.: [Permanent Account No.]	AACT7273P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Conveyor Chains and Sprockets

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 41000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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 – 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. Hemal Patel
Designation :	Director
Contact No.:	91-9825089070
Date :	04.03.2011

LOCATIONS

Registered Office :	Shed No. C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda - 388121, Gujarat, India
Tel. No.:	91-2692-236031
Mobile No.:	91-9825089070 (Mr. Hemal Patel)
Fax No.:	91-2692-236380 / 388121
E-Mail :	tripkon_engg@yahoo.co.in
Locations :	Owned
Factory :	Plot No. 1115, Phase – 4, GIDC Estate, District Anand, V.U. Nagar, Anand – 388121, Gujarat, India
Locations :	Owned

DIRECTORS

AS ON 20.09.2010 

Name :	Mr. Rajendrabhai I. Patel
Designation :	Director
Address :	Bina, Station Road, Vallabh Vidyanagar, Gujarat, India
Date of Birth/Age :	29.04.1953
Qualifications :	B.E. Mechanical
Date of Appointment :	04.02.1991
DIN No.:	01210515
Name :	Mr. Hemal R. Patel
Designation :	Chairman and Managing Director
Address :	Brijesh Vinukaka Marg, Bakrol – Labhivel Road, Bakrol, Gujarat, India
Date of Birth/Age :	25.05.1977
Qualifications :	B.E. Mechanical
Date of Appointment :	04.05.2004
DIN No.:	01210561
Name :	Mrs. Priyanka H. Patel
Designation :	Director
Address :	Brijeshm, Vinukaka Marg, Bakrol – 388315, Gujarat, India
Date of Birth/Age :	19.01.1979
Qualifications :	B E Computer
Date of Appointment :	01.10.2006
DIN No.:	00922973
Name :	Mr. Narendra A Patel
Designation :	Director
Address :	16-A, Sarvoday Society, Dairy Road, Anand, Gujarat, India
Date of Birth/Age :	20.04.1946
Qualifications :	M. Com
Date of Appointment :	28.02.1991
DIN No.:	03018414

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2010 

Names of Shareholders	No. of Shares
Mr. Rajendra I. Patel	8910
Mr. Rajeshbhai C. Patel	10
Mr. Narendra A Patel	550
Mr. Bhupendra I. Patel	6250
Mr. Ishuarbhai M. Patel	2050
Mrs. Dinaben I. Patel	2600
Mr. Rajeshbhai P. Shah	3200
Mr. Aritlal P. Shah	900
Mrs. Maniben P Shah	1200
Mrs. Hansaben A. Shah	950
Mrs. Hemlata R. Shah	1000
Mr. Niraj R. Shah	1400
Mr. Harshit R. Shah	900
Mr. Natubhai B. Patel	5700
Mr. Yatin M. Patel	500
Mr. Hardik M. Patel	500
Ambalal S. Patel	550
Total	37170

(As on 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Conveyor Chains and Sprockets
Products :	ROLLER CHAINS · Conveyor Elevator Chains: Bushed Roller Chains, Bushed Chains, Driving Chains, Hollow Pin Type Chains · Transmission Roller Chains · Stacker Reclaimer Chains · Apron Feeder Conveyor Chains · Bucket Elevator Chains for all casing sizes with variety of attachments · Coal Conveyor Chains · Heavy Duty Driving Chains · Lime Stone Scrapper Reclaimer Chains for different load/size · Drag Chains (Bulk Flow), Reddler Chains and their Sandwich Type Sprockets · Coal Scrapper Chains with Variety of Attachments · Lime Stone  Paver Chains for various machines (e.g. Apollo, Unipave, Bitelli, Blawknox, Titan, Vogele) · Steel Driving Chains
Terms :
Selling :	Cash and Credit (30-60-90 Days)
Purchases :	Cash and Credit (30-60-90 Days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Chains	Mtrs.	8711.247
Chains	Ft.	380
Chain Parts and Spares	Nos	38148
Sprockets (Resale)	Nos	147

GENERAL INFORMATION

Customers :	Wholesalers, Retailers, End Users and OEM’s · Shriram Inds · Essar Steel · SESA Goa · TELCO · Prestige Alpine · Vippy · Premier · Ishar · Ruchi · J.K. Cement Limited · Appolo Group of Industries · Anjali Cement
No. of Employees :	25 (Approximately)
Bankers :	· Union Bank of India, K-103, Das Chambers, Rajendra Marg, P. B. 17, Vallabh Vidya Nagar - 388120, Kheda, Gujarat, India · IDBI Bank, Vallabh Vidhya Nagar Branch, Gujarat, India
Facilities :	CC Of Rs. 2.000 Millions from Union Bank of India.

Banking Relations :	----
Auditors :
Name :	Mukund Patel and Company Chartered Accountant
Address :	1,2,3 Thakkar Arcade, Sardar Gunj Road, Anand – 388001, Gujarat, India
Associates/Subsidiaries :	Western Engineering Works Address: 132- GIDC, Vittihal Udyognagar, Gujarat, India Activity : Manufacturer of Conveyor Chains and Sprockets

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37170	Equity Shares	Rs.100/- each	Rs.3.717 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		3.717	3.717	3.717
2] Share Application Money		0.885	0.885	0.885
3] Reserves & Surplus		5.726	4.847	3.487
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.328	9.449	8.089
LOAN FUNDS
1] Secured Loans		0.932	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.932	0.000	0.000
DEFERRED TAX LIABILITIES		0.230	0.184	0.232
TOTAL		11.490	9.633	8.321
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.175	5.490	5.703
Capital work-in-progress		0.000	0.000	0.608
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.734	2.487	1.898
	Sundry Debtors	5.673	4.932	3.543
	Cash & Bank Balances	0.583	1.276	0.818
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.040	2.033	0.887
Total Current Assets		11.030	10.728	7.146
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.645	6.287	4.961
	Current Liabilities	0.011	0.176	0.151
	Provisions	0.122	0.127	0.029
Total Current Liabilities		5.778	6.590	5.141
Net Current Assets		5.252	4.138	2.005
MISCELLANEOUS EXPENSES		0.058	0.000	0.000
TOTAL		11.490	9.633	8.321

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	19.940	19.541	16.629
		Other Income	0.149	0.103	0.100
		TOTAL (A)	20.089	19.644	16.729
Less	EXPENSES
		Material Consumed		12.523	9.999
		Manufacturing Expenses		2.105	2.440
		Employee’s Remuneration and Benefits		0.931	0.705
		Administrative and Selling Expenses		1.080	0.706
		TOTAL (B)	17.804	16.639	13.850
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.285	3.005	2.879
Less	FINANCIAL EXPENSES (D)		0.071	0.120	0.038
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.214	2.885	2.841
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.916	0.879	0.810
	PROFIT BEFORE TAX (E-F) (G)		1.298	2.006	2.031
Less	TAX (I)		0.419	0.646	0.645
	PROFIT AFTER TAX (G-I) (J)		0.879	1.360	1.386
	Earnings Per Share (Rs.)		23.65	36.60	--

Expected Sales (2010-2011) : Rs. 25.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.38	6.92	8.29
Net Profit Margin (PBT/Sales)	(%)	6.51	10.27	12.21
Return on Total Assets (PBT/Total Assets}	(%)	7.54	12.37	15.81
Return on Investment (ROI) (PBT/Networth)		0.13	0.21	0.25
Debt Equity Ratio (Total Liability/Networth)		0.65	0.70	0.64
Current Ratio (Current Asset/Current Liability)		1.91	1.63	1.39

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

The Company has achieved a good performance during the year with an increase in turnover.

The Directors are very keen to work in the direction of managing costs and improving profitability of the company. The company has set a new marketing strategy as a part of development process and the expenditure incurred for the same are charged to Profit and Loss Account. More benefits are expected to arise because of the new marketing policy.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29199GJ1991PTC015008
Name of the company	TRIPON ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shed No C/302 G I D C Estatevithal Udhyognagar Kheda -388121, Gujarat, India trikon_engg@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10167327
Type of charge	Book debts Movable property
Particular of charge holder	Union Bank of India K-103, Das Chambers, Rajendra Marg, P. B. No.17, Vallabh Vidya Nagar – 388120 , Gujarat cbsvvnagar@unionbankofindia.com
Nature of instrument creating charge	Supplementary Agreement to SD-06 Hypothecation Agreement
Date of instrument Creating the charge	09.12.2010
Amount secured by the charge	Rs. 2.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 4.75% over UBI's Base Rate or such other rates as may be prescribed by the Bank from time to time with a minimum of 13.25% p.a. with monthly rest. Terms of repayment On Demand Margin STOCK - 25% Extent and operation of the charge Hypothecation Of Entire Stock In Trade Lying At Plot No.1115, Phase-4, Vithal Udyogmagar, District Anand.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation Of Entire Stock In Trade Lying At Plot No.1115, Phase-4, Vithal Udyognagar, District Anand.
Particulars of the present modification	By this execution the Charge extended to cover revised credit facilities from Rs.1.000 Millions to Rs.2.000 Millions.

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Dies and Tools
• Office Equipments
• Water Cooler
• Air Conditioner
• Mobile Phone
• Security Systems
• Hand Cart
• Cycle
• Motor Car – Indica
• Motor Car – Accent
• Motor Car – Zen
• Computers

TRADE REFERENCE:

· J K Cement Limited, Rajasthan

· Essar Steel

· Anjali Cement

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. 45.02
UK Pound	1	Rs. 72.70
Euro	1	Rs. 62.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.