MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	TRIMOS METROLOGY (INDIA) PRIVATE LIMITED
Registered Office :	205/207, A Wing, Hamilton, Hiranandani Business Park, Godbunder Road, Patilpada, Thane (West), Mumbai – 4000607, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.04.1998
Com. Reg. No.:	11-114591
Capital Investment / Paid-up Capital :	Rs.2.400 Millions
CIN No.: [Company Identification No.]	U51900MH1998PTC114591
TAN No.: [Tax Deduction & Collection Account No.]	MUMT06120C
PAN No.: [Permanent Account No.]	AAACT5750F
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject offers the most complete line of Dimensional Metrology, Metallurgy, Leak Testing, NDT, products from across the world.
No. of Employees :	Not Divulged by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 65000
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 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 DECLINED BY

Name :	Ms. Sakshi
Designation :	Accounts Department
Tel No.:	91-22-40969555
Fax No.:	91-22-67999551
Email :	akshi_v@trimosmetrology.net
Date :	15.09.2011

LOCATIONS

Registered/ Corporate Office :	205/ 207, A Wing, Hamilton, Hiranandani Business Park, Godbunder Road, Patilpada, Thane (West), Mumbai – 4000607, Maharashtra, India
Tel. No.:	91-22-67999555 / 67999552 / 40969555/ 67999551
Fax No.:	91-22-67999551
E-Mail :	deepan_g@trimosmetrology.net info@trimosmetrology.net sangeeta_a@trimosmetrology.net
Website :	http://www.trimosmetrology.net
Technical and Demo Centre – Pune :	202, Faith Centre, 2^nd Floor, Plot No.82, Sakore Nagar Viman Nagar, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-66850500
Fax No.:	91-20-66850505
E-Mail :	rupesh_s@trimosmetrology.net
Branch Office :	Located at: · Pune · Noida, Delhi · Ludhiana, Punjab · Ahmedabad, Gujarat · Rajkot, Gujarat · Lucknow, Uttar Pradesh · Jamshedpur, Jharkhand · Hyderabad, Andhra Pradesh · Chennai, Tamilnadu · Bangalore, Karnataka · Coimbatore, Tamilnadu

DIRECTORS

(AS ON 29.09.2010)

Name :

Mr. Vivit Vikram Dalal

Designation :

Managing Director

Address :

Flat 10 – C, Maker Apt, 232 Walkeshwar, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

21.01.1976

Date of Appointment :

23.04.1998

DIN No.:

00423136

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1998PTC114591	Trimos Metrology (India) Private Limited	Managing director	23-04-98	23-04-98	Active	NO
2	U72200MH1997PTC148652	Cimworks Technologies (India) Private Limited	Managing director	16-09-04	16-09-04	Active	NO

Name :

Mr. Natrajan Ramaswamy Iyer

Designation :

Director

Address :

101, Magolia Annex, Opp. Joggers Park, Kalyani Nagar, Pune – 411006, Maharashtra, India

Date of Birth/Age :

04.12.1967

Date of Appointment :

23.04.1998

DIN No.:

00453827

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1998PTC114591	Trimos Metrology (India) Private Limited	Whole-time director	23-08-98	23-08-98	Active	NO
2	U72200MH1997PTC148652	Cimworks Technologies (India) Private Limited	Whole-time director	16-09-04	16-09-04	Active	NO

KEY EXECUTIVES

Name :	Ms. Sakshi
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Vivit Vikram Dalal	153600
Greha V Dalal	81600
Vikram Dalal	300
Natrajan Ramaswamy Iyer	4500
Total	240000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject offers the most complete line of Dimensional Metrology, Metallurgy, Leak Testing, NDT, products from across the world.

Products :

ITC Code No.	Product Description
9031.8	Measuring Instruments (ther Instruments, Appliances and Machine)

• Hand Tools
• Precision Measuring Instruments
• Fixtures and Accessories
• Metallurgy
• Leak Testing
• Software
• Resale

GENERAL INFORMATION

Customers :

Automotive

• Eicher
• Escorts
• New Holland
• Tafe
• Tata Motors
• L and T John Deere Limited
• Maruti Suzuki
• Hyundai
• Ashok Leyland Limited
• Toyota
• Hindustan Motors
• Suzuki Motorcycle
• Hero Honda
• Laxmi Machine Works
• Tvs
• Bajaj Auto
• Rico Auto
• Continetal Engines
• Bharat Forge
• Tata Cummins

Aerospace

• Hindustan Aeronautics Limited
• Godrej Nuclear Division
• Godrej

Nuclear

• Bhabha Atomic Research Centre
• L and T Aerospace Division
• Nuclear Fuel Complex

Navy

• Naval Dockyard
• Naval Science and Technological Laboratory

Engineering

• Tata Bearings
• Diesel Locomotive

Electronics

• Motorola
• Schneider

Defence

• Ordanance Factory
• Small Arms Factory
• Bharat Dynamics

Textile

• Laxmi Machine Works
• Sulzer India

Nabl-Calibration

• Lawkim
• Mikronix Calibration Centre
• Kudale Calibration Lab

No. of Employees :

Not Divulged by the Management.

Bankers :

· Bank of Maharashtra,

Ganesh Darshan Gokhale Road, Naupada, Thane West – 400602, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Banks
Cash Credit with Bank of Maharashtra (Secured by hypothecation of stocks and book debts)	12.549	9.813
Vehicle Loan (Secured against vehicles)	1.086	1.604
Equipment Loan (Secured against Equipments)	--	0.130
Total	13.635	11.548
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Directors – Vivit Dalal	2.165	0.001
From Others	1.883	3.347
Total	4.048	3.348

Banking Relations :	--
Auditors :
Name :	Kiran Mehta and Company Chartered Accountant
Address :	65, Mahatma Gandhi Road, Flora Fountain, Fort, Mumbai – 400001, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs.2.400 Millions

NOTE:

(Including 1,60,000 Equity shares issued as Bonus shares through capitalisation of Reserve)

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		2.400	2.400	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.761	11.549	10.860
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.161	13.949	11.660
LOAN FUNDS
1] Secured Loans		13.635	11.548	10.955
2] Unsecured Loans		4.048	3.348	2.110
TOTAL BORROWING		17.683	14.896	13.065
DEFERRED TAX LIABILITIES		0.621	0.584	0.718
TOTAL		34.465	29.429	25.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.619	10.551	8.863
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.416	15.213	14.276
	Sundry Debtors	16.624	12.521	15.360
	Cash & Bank Balances	7.101	5.941	0.178
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.829	4.500	6.691
Total Current Assets		49.970	38.175	36.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	18.486	13.037	12.864
	Other Current Liabilities	6.105	6.694	4.885
	Provisions	0.900	1.275	2.178
Total Current Liabilities		25.491	21.006	19.927
Net Current Assets		24.479	17.169	16.578
MISCELLANEOUS EXPENSES		1.365	1.707	0.000
TOTAL		34.465	29.429	24.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	72.927	68.001	72.298
		Other Income	0.453	0.948	0.194
		TOTAL (A)	73.380	68.949	72.492
Less	EXPENSES
		Operating Expenses	37.403	28.980	32.671
		Administrative Expenses	8.637	9.667	7.796
		Increase/(Decrease) in Finished Goods	(3.202)	(0.938)	(0.567)
		Salaries, Wages, Bonus, etc.	15.825	15.949	12.395
		Selling, Distribution and Marketing Expenses	6.563	7.161	9.597
		TOTAL (B)	65.226	60.819	61.892
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.154	8.130	10.600
Less	FINANCIAL EXPENSES (D)		3.778	3.554	2.664
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.376	4.576	7.936
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.137	1.097	0.867
	PROFIT BEFORE TAX (E-F) (G)		3.239	3.479	7.069
Less	TAX (H)		0.936	1.141	2.457
	PROFIT AFTER TAX (G-H) (I)		2.303	2.338	4.612
Less	Loss on Sale/ Discard of Fixed Assets		--	0.005	0.265
Less	Short Provision for Income Tax		0.095	0.081	0.692
Less/ Add	Provision for FBT		0.004	0.037	0.076
	BALANCE CARRIED TO THE B/S		2.212	2.289	3.579
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.649	16.270	NA
	TOTAL EARNINGS		9.649	16.270	NA
	IMPORTS VALUE		29.471	19.885	NA
	Earnings Per Share (Rs.)		9.60	9.74	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.14	3.39	6.36
Net Profit Margin (PBT/Sales)	(%)	4.44	5.12	9.75
Return on Total Assets (PBT/Total Assets}	(%)	5.53	7.14	15.58
Return on Investment (ROI) (PBT/Networth)		0.20	0.25	0.61
Debt Equity Ratio (Total Liability/Networth)		2.67	2.57	2.83
Current Ratio (Current Asset/Current Liability)		1.96	1.82	1.83

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	18.486	13.037	12.864
Total	18.486	13.037	12.864

MANAGEMENT DISCUSSION AND ANALYSIS

After the economic slowdown in the world and Indian Economy in the year 2008-09, the Financial Year 2009-2010 has been a year of consolidation. There was liquidity crisis and the world economy went through one of the worst economic slowdowns in recent times. In this backdrop your company has been able to maintain its Revenue and customers and the year was a satisfying year in terms of achievement of profit as compared to previous years.

They intend to sustain the long term growth of our businesses through technological innovation and a commitment to delivering high quality products and services to customers. The company expects to face new challenges of expected slow down by continuing to focus on technological advancement and core competency of the company. The directors have added new products and suppliers to the list in order to diversify and provide a complete range of products and services in its line of business.

FINANCIAL PERFORMANCE

During the year the Company has provided for Income Tax Rs.0.900 Millions and for Fringe Benefit Tax Nil.

NOTE:

The Registered office of the company has been shifted from, 1002, Raheja center, 214 Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 29.07.2003.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90142455
Corporate identity number of the company	U51900MH1998PTC114591
Name of the company	TRIMOS METROLOGY (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	205/207, A Wing, Hamilton, Hiranandani Business Park, Godbunder Road, Patilpada, Thane (West), Mumbai – 4000607, Maharashtra, India info@trimosmetrology.net
Type of charge	Immovable Property Book Debts Others : Inventory
Particular of charge holder	Bank of Maharashtra, Ganesh Darshan Gokhale Road, Naupada, Thane West – 400602, Maharashtra, India bom110@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Deed of Hypothecation for all Credit Facilities
Date of instrument Creating the charge	25.04.2011
Amount secured by the charge	Rs.30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per RBP: CRR AA as on 31.03.2010: Base rate +04.50% presently 12.75% p.a. with monthly rest. Terms of Repayment NA Margin 20% for all Facilities. Extent and Operation of the charge All the credit facilities are to be collaterally secured by Equitable Mortgage of the property situated at premises No. 208, Arcadia, Hiranandani Estate, Ghodbunder Road Thane. Worth Rs.12.000 Millions. Hypothecation of stock and receivables i) Hypothecation of goods under LC and receivables in respect of the same ii) Lien on margin money
Short particulars of the property charged	208, Arcadia Building Hiranandani Estate, Ghodbunder Road, Thane
Particulars of the present modification	The LC for Buyers Credit Limit has been enhanced from Rs.5.500 Millions to Rs.7.500 Millions and the Bank Guarantee Limit is reduced from Rs.3.500 Millions to 3.0 Millions and the LC Limit has been Increased from 5.500 Millions to 7.000 Millions. Further all the credit facilities aggregating to Rs.30.000 Millions are Collaterally secured by Equitable Mortgage of Property at 208, Arcadia, Hiranandani Estate, Thane belonging to Mr. Vivit Dalal Director. Hence the Revised Limits are as Cash Credit: 125 LC: 7.000 Millions BG: 3.000 Millions BG-ECB: 7.500 Millions.

FIXED ASSETS:

· Computer Systems

· Office Equipments

· Furniture and Fixtures

· Motor Car

· Electrical Fittings

· Service Kit

· Fixed Assets Under Installation – 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.47.81
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	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		45

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.