MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	TRINITY INTERFACE SYSTEMS PRIVATE LIMITED
Registered Office :	Unit Nos.13 to 17, Arenja Plaza, Sector 15, Plot No.52, CBD Belapur, New Mumbai – 400 614, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.04.2003
Com. Reg. No.:	140141
Capital Investment / Paid-up Capital :	Rs.3.000 millions
CIN No.: [Company Identification No.]	U74999MH2003PTC140141
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10685D
PAN No.: [Permanent Account No.]	AABCT8177B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Automation Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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. Nithij A. Arenja
Designation :	Director
Date :	12.05.2011

LOCATIONS

Registered Office/ Factory :	Unit Nos.13 to 17, Arenja Plaza, Sector 15, Plot No.52, CBD Belapur, New Mumbai – 400 614, Maharashtra, India
Tel. No.:	91-22-27562782/ 83/ 41558800
Mobile No.:	91-9819164064 (Mr. Shailesh S. Pednekar)
Fax No.:	91-22-27562721
E-Mail :	accounts@arenja.com
Website :	www.arenja.com
Area :	5000 sq ft
Location :	Owned

DIRECTORS

As on 29.09.2010

Name :	Mr. Anuj Ajeet Arenja
Designation :	Director
Address :	13/A, Balmoral Hall, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	08.06.1978
Date of Appointment :	24.04.2003
DIN No.:	00177895
Name :	Mr. Nithij Ajeet Arenja
Designation :	Director
Address :	6/C, Balmoral Hall, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	25.08.1976
Date of Appointment :	18.05.2004
DIN No.:	00177776
Name :	Mrs. Angellina Nithij Arenja
Designation :	Director
Address :	6/C, Balmoral Hall, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	32 Years
Date of Appointment :	18.05.2004
DIN No.:	00508680
Name :	Ms. Ritika Anuj Arenja
Designation :	Director
Address :	13/A, Zephyer Co-Operative Housing Society Limited, Balmoral Hall, 7, Mount Mary Road, Bandra (West), Mumbai - 400 050, Maharashtra, India
Date of Birth/Age :	26.05.1982
Date of Appointment :	25.01.2011
DIN No.:	00507126
Name :	Mr. Sidharth Romesh Bhandari
Designation :	Director
Address :	91, Vijayalaxmi Apartment, Carmichel Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	02.01.1963
Date of Appointment :	15.10.2007
Date of Ceasing :	04.02.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

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

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Automation Products.
Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)
Purchasing :	Cash and Credit (30/ 60/ 90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

v Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi Seva, Mandi Trust Building, S.V. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

v Citi Bank

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Cash Credit – Rs.57.500 millions

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 (Accord)	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 :	--
Auditors :
Name :	B.H. Hansotia Chartered Accountants
Address :	T-11, Cusrow Baug, Shahid Bhagat Sing Road, Mumbai – 400 039, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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		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	29.743	20.476	19.533
	Cash & Bank Balances	0.121	2.625	5.554
	Other Current Assets	5.599	8.728	3.912
	Loans & Advances	11.097	10.988	7.741
Total Current Assets		119.185	114.499	70.069
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.071	8.505	1.463
	Other Current Liabilities	65.184	57.779	34.020
	Provisions	6.477	4.884	3.734
Total Current Liabilities		76.732	71.168	39.217
Net Current Assets		42.453	43.331	30.852
MISCELLANEOUS EXPENSES		1.341	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
		Sales	242.752	202.492	423.938
		Commission/ Price Difference	0.000	16.483	5.332
		Interest Received from Bank/ Others	0.743	0.944
		Other Income	18.051	10.248	6.254
		TOTAL	261.546	230.167	435.524
Less	EXPENSES
		Cost of Sales	188.925	166.628	378.513
		Employee’s Remunerations and Benefits	19.216	16.747	10.669
		Administrative and Other Expenses	34.837	33.739	33.332
		Commission Paid	7.312	1.511	2.224
		Amortisation Expenses	3.383	8.011	4.631
		TOTAL	253.673	226.636	429.369
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.873	3.531	6.155
Less/ Add	DEPRECIATION		2.719	1.895	1.636
	PROFIT BEFORE TAX		5.154	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	NA	NA

Particulars	31.03.2011 (Approximately)
Sales Turnover	300.000

Expected Sales (2011-2012): Rs.350.000 millions

The above information has been parted by Mr. Nithij A. Arenja (Director).

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:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for expenses	5.071	8.505	1.463

FORM 8:

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 Nos.13 to 17, Arenja Plaza, Sector 15, Plot No.52, CBD Belapur, New Mumbai – 400 614, Maharashtra, India
Type of charge	Book Debts Movable Property Others (Stocks)
Particular of charge holder	Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi Seva, Mandi Trust Building, S.V. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India E-Mail: emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement to secure Credit /Loan Facilities
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 monthly 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 the bank has enhanced the overall banking 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 modified from Rs.35.000 millions to Rs.57.500 millions.
Short particulars of the property charged	At the request of the Borrower Company the bank has enhanced the overall banking 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 modified 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 the bank has enhanced the overall banking 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 modified from Rs.35.000 millions to Rs.57.500 millions.

FIXED ASSETS:

v Computers

v Office Equipment

v Air Conditioner

v Furniture and Fixtures

v Motor Car

v Gym Equipment

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.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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.