MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	TRIVEDI CORP PRIVATE LIMITED
Formerly Known As :	TRIVEDI CRAFTS PRIVATE LIMITED
Registered Office :	68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.10.1991
Com. Reg. No.:	04-016391
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U14101GJ1991PTC016391
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00667C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marble Tiles and Marble Slabs.
No. of Employees :	400 (320 on contract basis + 80 Permanent ) (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 560000
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. Harish
Designation :	Account Officer
Contact No.:	91-79-2687366
Date :	06.04.2012

LOCATIONS

Registered Office :	68, Premanjali Society, Bodakdev, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-26870939
Fax No.:	91-79-26870220
E-Mail :	info@trivedi-marble.com harish@kirantrivedi.com
Website :	www.trivedi-marble.com
Location :	Owned
Factory :	Changodar Industrial Area, Sarkhej-Bavla Highway, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-250230
Fax No.:	91-2717-250231

DIRECTORS

As on 30.09.2011

Name :	Mr. Kiran Jitendra Trivedi
Designation :	Director
Address :	18/384, Sector – 4, Satyagrah Society, Near Bhavnirjar Temple, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.08.1955
Date of Appointment :	12.10.1991
DIN No.:	00124498
Name :	Mrs. Heena Kiran Trivedi
Designation :	Director
Address :	18/384, Sector – 4, Satyagrah Society, Near Bhavnirjar Temple, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	12.10.1991
DIN No.:	00124634
Name :	Mr. Sushil Kumar Pandey
Designation :	Director
Address :	C-206, Sumey Apartments, Near St. Xaviers School, Loyolla Hall, Memnagar Road, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	11.08.1948
Date of Appointment :	31.10.1994
DIN No.:	00124723
Name :	Mr. Virendra Krishnachandra Trivedi
Designation :	Director
Address :	5/B, Hethprabha Society, Near Chanakyapuri, Ghatlodia, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	20.10.1959
Date of Appointment :	30.05.1997
DIN No.:	00124374

KEY EXECUTIVES

Name :	Mr. Harish
Designation :	Account Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kiran Jitendra Trivedi	69990
Heena Kiran Trivedi	17490
Prachi K Trivedi	17490
Manan Kiran Trivedi	42490
Kiran Jitendra Trivedi As Karta of HUF	17490
Dhwani K. Trivedi	17490
Evermore Impex Private Limited, India	16560
Sunshine Tradelink Private Limited, India	1000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	8.78
Directors or relatives of Directors	91.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marble Tiles and Marble Slabs.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Marble Slabs	25151220
Granite Blocks/ Slabs	25161200
Carved Marble Product	68022190
Sandstone Blocks/ Slabs	25162000

Exports :

Products :

· Marble Tiles and Marble Slabs

Countries :

· USA

· UK

Imports :

Products :

· Raw Materials

Countries :

· China

· Australia

Terms :

Selling :

Payment Against Document

Purchasing :

Payment Against Document

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Dressed Block	Cu.Mtr.	2529.197
Marble Slabs	Sq.Mtr.	111322.615
Granite Slabs	Sq.Mtr.	534.839
Stone Slabs	Sq.Mtr.	--
Carved Products	Cu.Mtr.	118.402
Granite Slabs	Cft.	15454.270
Stone Slabs	Cft.	--

GENERAL INFORMATION

Customers :

· Architecture

No. of Employees :

400 (320 on contract basis + 80 Permanent ) (Approximately)

Bankers :

· Bank of Baroda Ahmedabad, Gujarat, India

· HDFC Bank Limited

· ICICI Bank Limited

· State Bank of India, Industrial Finance Branch, Neptune Annex, 1^st Floor, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Term Loans
Bank of Baroda (Secured by way of hypothecation of plant and machinery and mortgage of company's immovable properties, immoveable properties of Directors and personal guarantee of Directors (except Technical / Professional Director)	0.882	8.159
Vehicles Loans ICICI Bank Limited	0.000	0.734
HDFC Bank Limited	0.265	0.679
Reliance Capital Limited	0.084	0.551
Religare Finvest Limited (secured by way of hypothecation of respective vehicles)	1.761	0.000
Working Capital Facilities Bank of Baroda (Secured by hypothecation of raw material, stock in process, finished goods, and stores and spares, book debts, personal guarantees of directors (except Technical / Professional Director) and mortgage of Company's Immovable properties and Director's	39.461	36.188
Total	42.453	46.311
Unsecured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Directors	8.900	8.111
Deferred Creditors	29.000	0.000
Total	37.900	8.111

Banking Relations :	--
Auditors :
Name :	A. Bafna and Company Chartered Accountants
Address :	K-2, Keshav Path, Near Ahinsa Circle, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2372572/2375212/2373873
Fax No.:	91-141-2363426
PAN.:	AAGFA3909A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		119.723	92.507	63.725
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		139.723	112.507	83.725
LOAN FUNDS
1] Secured Loans		42.453	46.311	39.318
2] Unsecured Loans		37.900	8.111	10.000
TOTAL BORROWING		80.353	54.422	49.318
DEFERRED TAX LIABILITIES		5.918	6.681	8.134
TOTAL		225.994	173.610	141.177
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.607	90.292	100.001
Capital work-in-progress		0.851	0.851	0.973
INVESTMENT		3.250	3.250	3.250
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.593	107.992	103.213
	Sundry Debtors	30.976	47.123	26.521
	Cash & Bank Balances	10.165	5.299	15.353
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.614	45.733	43.412
Total Current Assets		227.348	206.147	188.499
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.699	67.886	43.155
	Other Current Liabilities	21.863	42.544	98.741
	Provisions	14.500	16.500	9.650
Total Current Liabilities		87.062	126.930	151.546
Net Current Assets		140.286	79.217	36.953
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		225.994	173.610	141.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	Turnover and Other Income		356.638	389.613	308.918
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	314.626	343.686	277.556
	PROFIT BEFORE TAX		42.274	43.860	31.362
Less	TAX		15.058	15.078	9.531
	PROFIT AFTER TAX		27.216	28.782	21.831
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		91.007	62.225	40.394
	BALANCE CARRIED TO THE B/S		118.223	91.007	62.225
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.636	2.850	5.399
	TOTAL EARNINGS		5.636	2.850	5.399
	IMPORTS
		Consumables	4.948	4.200	3.360
		Capital Goods	0.081	1.179	28.060
		Marble Blocks	0.000	3.242	6.969
	TOTAL IMPORTS		5.029	8.621	38.389
	Earnings Per Share (Rs.)		136.08	143.91	124.41

Expected Sales (2011-12): Rs. 400.000 Millions

The above information has been parted by Mr. Harish – Account Officer

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.63	7.39	7.07
Return on Total Assets (PBT/Total Assets}	(%)	13.68	14.80	10.87
Return on Investment (ROI) (PBT/Networth)		0.30	0.39	0.37
Debt Equity Ratio (Total Liability/Networth)		1.20	1.61	2.40
Current Ratio (Current Asset/Current Liability)		2.61	1.62	1.24

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors (Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	50.699	67.886	43.155

Bankers Charges Report as per Registry

Corporate identity number of the company	U14101GJ1991PTC016391
Name of the company	TRIVEDI CORP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	68, Premamjali Society, Bodakdev, Ahmedabad – 380054, Gujarat, India Email : info@trivedi-marble.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Neptune Annex, 1^st Floor, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India Email : sbi.60327@sbi.co.in
Nature of instrument creating charge	Memorandum relating to deposit of title deeds for creation of charge for term loan/overall limit
Date of instrument Creating the charge	26.12.2011
Amount secured by the charge	Rs.509.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - 2.90% above BR (i.e. 12.90% p.a.); TL (New) - 3.40% above BR (i.e. 13.40% p.a.) ; SLC - 1% above the rate applicable to CC (Hypothecation) Limit Terms of repayment Working capital - Repayable on Demand. Repayment Schedule for TL of 310.000 Millions - The term loan of Rs. 310.000 Millions is payable in 46 monthly installments with a moratorium period of 12 months i.e. repayment to start from Oct 2012 and the last installment fall due in July 2016 Margin RM - 25% Stores & Spares - 25% Stock In process - 25% Finished Goods - 25% Receivables (Cover period upto 90 days) - 40% LC - 15% BG - 15% Extent and operation of the charge SBI is the First Charge holder of the immovable properties mentioned in the agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Non Agricultural Land-Ambaji- Taluka Danta, bearing revenue Survey No. 112+113+114 admeasuring 4661.16 sq mts., Non Agricultural Land-Ambaji, Taluka Danta,bearing revenue Survey No.120/p (east side)admeasuring 4000.00 sq.mts. Non Agricultural Land-Ambaji, Taluka Danta, bearing revenue Survey No.78/3p, admeasuring 2275.00 sq.mts. Non Agricultural Land-Ambaji, Taluka Danta, bearing revenue Survey No.120/p (west side), admeasuring 1664.41 sq. mts. Non Agricultural Land, situated at Moraiya, Taluka - Sanand, bearing revenue Survey No.415 Paiki admeasuring 12543 sq.mts. Non - Agricultural Land lying and being Paiki admeasuring 2529 sq. mts. in Banaskantha. Plot No. 229,230,231, Industrail Area, Growth Center, Phase II, Abu Road, Rajasthan

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Furniture and Fixture

· Vehicles

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	----------------------
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	----------------------
22) Litigations that the firm / promoter involved in	----------------------
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	----------------------
26) Buyer visit details	----------------------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	----------------------
30) Major Shareholders, if available	Yes

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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

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