MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	DETRIV INSTRUMENTATION AND ELECTRONICS PRIVATE LIMITED
Registered Office :	320, T V Industrial Estate, Off Dr. A B Besent Road, Behind Glaxo Worli, Mumbai-400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.03.1978
Com. Reg. No.:	11-020167
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U33129MH1978PTC020167
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Temperature Sensing instruments and Components and accessories.
No. of Employees :	30 (In office – 10 and in factory – 20) (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 130000
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 DECLINED BY

Name :	Mr. Bhatt
Designation :	Accounts Department
Contact No.:	91-22-24934125
Date :	10.04.2012
Email :	trivtech@vsnl.com

LOCATIONS

Registered/ Head Office :	320, T V Industrial Estate, Off Dr. A B Besent Road, Behind Glaxo Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24934125/ 24938403
Fax No.:	91-22-24930191
E-Mail :	trivtech@vsnl.com
Website :	www.detriv.com
Location :	Owned
Factory :	MIDC, Tarapur, Maharashtra, India

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Navnitray Ranchodlal Trivedi
Designation :	Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	29.06.1930
Date of Appointment :	01.03.1978
DIN No.:	00125265
Name :	Mr. Harit Navnitray Trivedi
Designation :	Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.08.1959
Date of Appointment :	02.08.1990
DIN No.:	00125323
Name :	Mr. Sharad Navnitray Trivedi
Designation :	Director
Address :	162, Pushpark Apartment, 31, Altamount Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	13.09.1960
Date of Appointment :	20.03.1997
DIN No.:	00125370

KEY EXECUTIVES

Name :	Mr. Bhatt
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Navnitray Ranchodlal Trivedi	690
Harit Navnitray Trivedi	1
Navnitray Ranchodlal Trivedi Karta of N R Trivedi HUF	80
Sharad N Trivedi Jointly with Renu S Trivedi	115
Harit N Trivedi Jointly with Dipti H Trivedi	114
Total	1000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and dealers of Temperature Sensing instruments and Components and accessories of Temperature Sensing instruments

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Resistance Element	Nos.	30000	30000	10641
Mineral Insulated Thermocouple	Mtrs.	40000	40000	117155.216
Copper Clad Wires	Kgs	25000	25000	NA

GENERAL INFORMATION

No. of Employees :

30 (In office – 10 and in factory – 20) (Approximately)

Bankers :

· Corporation Bank

· Dena Bank

· Union Bank of India

· The Saraswat Co-Operative Bank Limited

· HDFC Bank

· IDBI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Corporation Bank A/c, AG. FDR	0.350	1.382
Dena Bank (New Marine Lines Branch)	0.914	0.869
Total	1.264	2.251
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Directors	0.450	0.450
Total	0.450	0.450

Banking Relations :	--
Auditors :
Name :	Bharat Shroff and Company Chartered Accountant
Address :	3/42, Tardeo A/c Market, Room No.42, Third Floor, Tardeo Main Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23513256
Fax No.:	91-22-23511683
E Mail :	bbs05@rediffmail.com
PAN No.:	AAYPS4384B

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.950	29.075	26.545
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.950	30.075	27.545
LOAN FUNDS
1] Secured Loans		1.264	2.251	0.000
2] Unsecured Loans		0.450	0.450	0.450
TOTAL BORROWING		1.714	2.701	0.450
DEFERRED TAX LIABILITIES		0.000	0.005	0.000
TOTAL		34.664	32.781	27.995
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.728	1.142	1.152
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.036	0.000	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.074	7.239	1.776
	Sundry Debtors	35.666	35.423	27.194
	Cash & Bank Balances	3.537	3.565	6.094
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.499	10.277	9.610
Total Current Assets		58.776	56.504	44.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	28.965	23.132	14.981
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.912	1.734	2.856
Total Current Liabilities		29.877	24.866	17.837
Net Current Assets		28.899	31.638	26.837
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.664	32.781	27.995

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.100	45.600	55.500
		Other Income	NA	1.925	NA
		TOTAL	NA	47.525	NA
Less	EXPENSES
		TOTAL	NA	43.735	NA
	PROFIT BEFORE TAX		NA	3.790	5.527
Less	TAX		NA	1.240	NA
	PROFIT AFTER TAX		NA	2.550	NA
	IMPORTS
		CIF Value	0.809	6.544	0.917
	TOTAL IMPORTS		0.809	6.544	0.917
	Earnings Per Share (Rs.)		NA	2.55	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.36	NA
Net Profit Margin (PBT/Sales)	(%)	NA	8.31	9.96
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.57	12.06
Return on Investment (ROI) (PBT/Networth)		NA	0.13	0.20
Debt Equity Ratio (Total Liability/Networth)		0.96	0.91	0.66
Current Ratio (Current Asset/Current Liability)		1.97	2.27	2.50

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
For Goods	24.461	21.356	13.416
For Expenses	1.666	1.145	0.872
For others	2.838	0.631	0.692
Total	28.965	23.132	14.981

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

ACCOUNTS:

Due to recessionary market conditions, the company could increase turnover to Rs.58.100 Millions from Rs.45.600 Millions of earlier year.

Fixed Assets:

· Leasehold Land No. 1

· Leasehold Land No. 2

· Factory Building

· Plant and Machinery

· Air Conditioners

· Motor Cars

· Bicycles

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Sign Boards

· Display Panels

· Technical Know How

· Residential Colony

· Xerox Machine

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.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

SCORE & RATING EXPLANATIONS

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