MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	TRIMOORTY AUTODECO COMPONENTS PRIVATE LIMITED
Registered Office :	B – 7/9 Gururaj Housing Society, Padmavati, Pune-Satara Road, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.2001
Com. Reg. No.:	25-16589
Capital Investment / Paid-up Capital :	Rs.2.475 Millions
CIN No.: [Company Identification No.]	U34300PN2001PTC016589
TAN No.: [Tax Deduction & Collection Account No.]	PNET03652F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of foam parts, press parts and accessories for motor vehicle industries and parts of refrigerators, washing machines and other electronic and household appliances.
No. of Employees :	Information denied 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 170000
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 :	Mr. Sudhir Sadashiv Joshi
Designation :	Director
Contact No.:	91-9822393581
Date :	27.04.2012

LOCATIONS

Registered Office :	B – 7/9 Gururaj Housing Society, Padmavati, Pune-Satara Road, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24390094
Mobile No.:	91-9822393581 [Mr. Sudhir Sadashiv Joshi
Fax No.:	Not Available
E-Mail :	accounts@trimoorty.co.in
Factory :	S No. 44, Plot No. 23 and 25, Renuka Industrial Estate, Pune – 411041, Maharashtra, India
Tel. No.:	91-20-24394833 / 24699317 / 24699690

DIRECTORS

As on 28.09.2011

Name :	Mr. Sudhir Sadashiv Joshi
Designation :	Director
Address :	C 201, Bharatshree Co Op. Hsg Society, Bharatnagar, Eradwne Pune – 411038, Maharashtra, India
Date of Birth/Age :	08.03.1961
Date of Appointment :	11.12.2001
DIN No. :	00282075
Name :	Mr. Makarand Narayan Joshi
Designation :	Director
Address :	S No. 17/2/2, Kanchan Society Om Bungalow, Ganesh Nagar, Wadgaon, Dhayari, Pune – 411041, Maharashtra, India
Date of Birth/Age :	17.11.1968
Date of Appointment :	11.12.2001
DIN No. :	00282116
Name :	Mr. Suhas Suresh Pathak
Designation :	Director
Address :	1023, Budhwar Peth, Pune – 411002, Maharashtra, India
Date of Birth/Age :	28.02.1970
Date of Appointment :	01.10.2002
DIN No. :	00282155
Name :	Mr. Chantamani Gajanan Kale
Designation :	Director
Address :	578, Kasba Peth Flat NO. 5, Moreshwar Apartments, Pune – 411011, Maharashtra, India
Date of Birth/Age :	11.05.1972
Date of Appointment :	01.10.2002
DIN No. :	00282210
Name :	Mr. Milind Narayan Joshi
Designation :	Director
Address :	Gururaj Soceity, FLB/7/9, Dhankawadi, Pune – 411043, Maharashtra, India
Date of Birth/Age :	14.06.1966
Date of Appointment :	24.09.2007
DIN No. :	01852170
Name :	Mrs. Madhavi Makarand Joshi
Designation :	Additional Director
Address :	S No. 17/2/2, Kanchanmrug Society, No. 5, Om Bungalow, Ganesh Nagar, Dhayari, Pune – 411041, Maharashtra, India
Date of Birth/Age :	16.02.1977
Date of Appointment :	01.10.2009
DIN No. :	01298124
Name :	Mrs. Sneha Sudhir Joshi
Designation :	Additional Director
Address :	C 201, Bharatshree Co-operative Housing Society, Near New Karnataka High School, Pune – 411038, Maharashtra, India
Date of Birth/Age :	01.02.1968
Date of Appointment :	01.10.2009
DIN No. :	01298055
Name :	Mr. Jitendra Achut Kuray
Designation :	Director
Address :	A-7, Seema Garden Near Utsav Karyalaya Paud Road, Pune-411038, Maharashtra, India
Date of Birth/Age :	17.08.1965
Date of Appointment :	30.09.2010
DIN No. :	02666231
Name :	Mr. Shrikant Prabhakar Athavale
Designation :	Director
Address :	15, Shweta Park, Sutharpath Paud Road, Pune-411038, Maharashtra, India
Date of Birth/Age :	15.12.1953
Date of Appointment :	30.09.2010
DIN No. :	02666194

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Sudhir Sadashiv Joshi	6900
Makarand Narayan Joshi	7000
Sneha Sudhir Joshi	250
Shrikant Prabhakar Athavale	465
Madhavi Makarand Joshi	250
Sharad Shankar Deshpande	465
Madhav Sadashiv Joshi	815
Narayan Govind Joshi	1000
Sunita Narayan Joshi	1000
Sunanda Sudhakar Kulkarni	495
Ganesh Gajanan Kale	10
Sayli Makarand Oak	400
Purshottam Sadashiv Joshi	475
Prachi Purshottam Joshi	475
Total	20000

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of foam parts, press parts and accessories for motor vehicle industries and parts of refrigerators, washing machines and other electronic and household appliances.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Self Adhesive Foam Part	3919

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Bank of Baroda, Amit Crystals, Opposite Chaturshringi Temple, Pune – 411016, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank of Baroda (cash credit A/c) (Secured by hypothecation of stock, debtors)	13.971	10.225
Bank of Baroda (term loan no. 06910600000026) (Secured by pledge of machinery)	1.445	0.000
Bank of Baroda (term loan no. 06910600001066) (Secured by pledge of machinery and building)	4.495	5.851
Total	19.911	16.076
Unsecured Loan
Loan from director and shareholders	0.300	0.449
Total	0.300	0.449

Banking Relations :	--
Auditors :
Name :	Anil Dharap and Associates Chartered Accountant
Address :	770/5, Deccan Gymkhana, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25871172
Pan No.:	ABOPD7314H

CAPITAL STRUCTURE

As on 31.03.2011

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
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions
4750	Share Capital Suspense Account	Rs.100/- each	Rs.0.475 Million
	Total		Rs.2.475 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		2.475	2.475	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.078	25.762	16.245
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.553	28.237	18.245
LOAN FUNDS
1] Secured Loans		19.911	16.076	13.727
2] Unsecured Loans		0.300	0.449	0.249
TOTAL BORROWING		20.211	16.525	13.976
DEFERRED TAX LIABILITIES		0.251	0.121	0.109
TOTAL		63.015	44.883	32.330
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.713	24.412	9.060
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.110	1.147	0.686
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.073	13.716	9.399
	Sundry Debtors	42.996	30.399	20.387
	Cash & Bank Balances	3.761	2.660	4.333
	Other Current Assets	0.104	0.346	0.155
	Loans & Advances	10.455	6.115	8.303
Total Current Assets		67.389	53.236	42.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.453	22.496	11.018
	Other Current Liabilities	0.087	0.090	0.086
	Provisions	19.657	11.326	8.889
Total Current Liabilities		36.197	33.912	19.993
Net Current Assets		31.192	19.324	22.584
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.015	44.883	32.330

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	216.762	168.508	106.135
		Other Income	0.169	0.088	0.051
		TOTAL	216.931	168.596	106.186
Less	EXPENSES
		Office Expenses
		Administrative Expenses	195.473	158.628	100.618
		Advertising Expenses
		TOTAL	195.473	158.628	100.618
	PROFIT / (LOSS) BEFORE TAX		21.458	9.968	5.568
Less	TAX		7.000	2.974	1.986
	PROFIT / (LOSS) AFTER TAX		14.458	6.994	3.582
	Short Provision for income tax for earlier years		0.011	0.076	0.000
	Deferred Tax		0.129	(0.008)	(0.010)
	General Reserve		2.145	0.997	0.557
	Earnings / (Loss) Per Share (Rs.)		722.90	342.77	185.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.66	4.15	3.37
Net Profit Margin (PBT/Sales)	(%)	9.90	5.92	5.25
Return on Total Assets (PBT/Total Assets}	(%)	22.56	12.84	10.78
Return on Investment (ROI) (PBT/Networth)		0.50	0.35	0.31
Debt Equity Ratio (Total Liability/Networth)		1.33	1.79	1.86
Current Ratio (Current Asset/Current Liability)		1.86	1.57	2.13

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
On capital account	1.241	1.191	11.018
To others	15.212	21.305
Total	16.453	22.496	11.018

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
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%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
30) Major Shareholders, if available	Yes

OPERATION:

During the financial year the turnover was Rs.216.762 millions as compared to previous year Rs.168.508 millions and net profit Rs.21.458 millions as compared to previous year Rs.9.829 millions.

As member are aware that company had submitted shares of amalgamation in Bombay High Court for amalgamation of Triseal Products Private Limited with the company.

The same was approved by the Hon’ble Bombay High Court by its order dated 15^th April 2011.

Accordingly all assests an liabilities both movable and immovable, licenses, all other interest, rights and power of every kind and all debts, liabilities including contingent liabilities, dues and obligations of the above company have been transferred to and vested in the company with effect from 1^st September 2009, being the appointed date. The scheme has accordingly been given effect in the accounts.

The amalgamation has been accounted for under the purchase method as prescribed by accounting standard AS-14 issued by the Institute of Chartered Accountants of India.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U34300PN2001PTC016589

Name of the company

TRIMOORTY AUTODECO COMPONENTS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

B-7/9 Gururaj Hsg Socpadmavati, Pune-Satara Road, Pune – 411037, Maharashtra, India

This form is for

Modification of charge

Type of charge

Immovable Property

Any interest in immovable property

Book Debts

Movable Property

Floating Charge

Rubber, foams

Particular of charge holder

Name :	BANK OF BARODA
Address :	Amit Crystals Opposite Chaturshringi Temple, Pune – 411016, Maharashtra, India
Email :	bob3939@gmail.com

Nature of instrument creating charge

Composite hypothecation agreement and memorandum of record of deposit of title deed both constitung single charge.

Date of instrument Creating the charge

10.05.2010

Amount secured by the charge

Rs. 26.864 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - ROI @.50% below BPLR i.e. 11.50% p. a., at present. With monthly rests, as applicable, for CR-4, rated SME account under CRISIL Rating Model, subject to change as per RBI guidelines.

Terms of Repayment - 52 equal monthly installments each of Rs. 0.113 millions, and 53rd (last) installment of Rs. 8.800 millions.

Interest is to be serviced separately as and when charged on monthly basis

Margin - Term Loan : Overall margin :28.89%

Cash Credit : 25% for both stock and book debts

Extent and Operation of the charge –

By the present modification limits are increased from Rs.19.900 millions to Rs.26.864 millions by providing fresh term loan of Rs. 8.400 millions. the revised and restructured limits are as follows:

Term Loan I ( Existing ): 5.964 millions

Term Loan II ( Fresh): 8.400millions

Cash Credit :12.500 millions

( Stock and Book Debts

TOTAL: 26.864 millions charge operates as a security for the increased limits

Particulars of the property charged

Industrial units no. 1, 2, and 4 adms. about 2250 sq. ft. (209.10 sq. mtrs.) situated at ground floor of the building situate at plot no. 3 and S No. 44 Hiss no 23 + 25 of village Narhe, Tal and Dist Pune industrial units no. 5, 6, 7 and 8 adms. about 3000 sq. ft. (278.82 sq. mtrs.) situated at first floor of the building situate at plot no. 3 and S No. 44 Hiss no 23 + 25 of village Narhe, Tal and Dist Pune all piece and parcel of leasehold land adms. hectors 00=44 Aars from and out of property bearing Gat no. 61/1 situate at village Ahire, Tal Khandala, Dist. Satara all the present and future stocks including stocks of raw material, WIP, finished and semi finished goods, packaging materials, stores all the present and future book debts o/s monies, monies receivables, claims, bills, contracts, engagements and securities all the present and future tangible movable machinery, plant, cranes, boats, crafts, vehicles together with spares, tools and accessories; other movable assets including furniture, fixtures and fittings and also as stated in agreements Equitable Mortgage of existing factory land (area of plot of land is 4400sq.mtrs) and building ( built at a cost of Rs. 7.218 millions, situated at Gat No. 61/1, Vill. Ahire, Pargaon- Khandala District Satara

Date of instrument modifying the charge

29.06.2009

Particulars of the present modification

By the present modification limits are increased from Rs.19.900 millions to Rs.26.864 millions by providing fresh term loan of Rs. 8.400 millions the revised and restructured limits are as follows:

Term Loan I ( Existing ): 5.964 millions

Term Loan II ( Fresh): 8.400millions

Cash Credit :12.500 millions

( Stock and Book Debts

TOTAL: 26.864 millions charge operates as a security for the increased limits

FIXED ASSETS:

• Machinery
• Office equipments
• Vehicles
• Furniture
• Generator
• Electrical Installation

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

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.