MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	TRIUNE MARKETING INDIA PRIVATE LIMITED
Registered Office :	D-1, Udyog Sadan No.2, Near Gajalee Restaurant, Opposite ESIC Hospital, MIDC Road No.3, Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.06.2002
Com. Reg. No.:	11-136351
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U51909MH2002PTC136351
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07996C
PAN No.: [Permanent Account No.]	AABCT6085E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Distributors of Computer Peripherals.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 13000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the turnover and also profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some cautions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Mrudul Desai
Designation :	Director
Contact No.:	91-9223374871
Date :	10.12.2012

LOCATIONS

Registered Office :	D-1, Udyog Sadan No.2, Near Gajalee Restaurant, Opposite ESIC Hospital, MIDC Road No.3, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-42535000 to 42535029
Mobile No.:	91-9223374871 (Mr. Mrudul Desai)
Fax No.:	91-22-28324305
E-Mail :	triunedesai@gmail.com triune@vsnl.com ajay@triunemumbai.com triunesnehal@gmail.com triunemilind@gmail.com sskhule007@gmail.com
Area :	1000 sq. ft.
	Owned

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Bhavesh Mehta
Designation :	Director
Address :	1804, Wallace Apartment 1, Sleater Road, Grant Road, Mumbai 400007, Maharashtra, India
Date of Birth/Age :	27.03.1973
Date of Appointment :	01.04.2005
PAN No. :	AABPM7167P
Name :	Mr. Milind Thakur
Designation :	Additional Director
Address :	D-8, Daswani Apartment Chs. Opposite ST Louis School, 4 Bungalows, Andheri (East), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	03.05.1963
Date of Appointment :	22.03.2011
DIN No.:	03480280
Name :	Ms. Snehal Phule
Designation :	Additional Director
Address :	7-A, 12 Ushman Dongar, Surrounding Locality Pipeline, Mohali Village, V N Road, Sakinaka, Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	22.05.1970
Date of Appointment :	22.03.2011
DIN No.:	03480327
Name :	Mr. Ajay Mehta
Designation :	Director
Address :	1804, Wallace Apartment 1, Sleater Road, Grant Road, Mumbai 400007, Maharashtra, India
Date of Birth/Age :	10.05.1964
Date of Appointment :	01.04.2005
PAN No. :	AABPM6163F
Name :	Mr. Atul Mehta
Designation :	Director
Address :	1804, Wallace Apartment 1, Sleater Road, Grant Road, Mumbai 400007, Maharashtra, India
Date of Birth/Age :	29.11.1960
Date of Appointment :	28.06.2002
PAN No.:	AABPM6162E
Name :	Mr. Mrudul Ramesh Desai
Designation :	Director
Address :	C-104, Laxmi Ratan, Building No. 1, Ratan Nagar, 4 Bungalow, Andheri (West), Mumbai-400058, Maharashtra, India
Date of Birth/Age :	05.04.1963
Date of Appointment :	28.02.2006
DIN No.:	01872480

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Mrudul Desai	145000
Milind Waman Thakur	100
Snehal Khule	4900
Total	150000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Distributors of Computer Peripherals.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· HP

Customers :

Corporate

· ICICI Bank

No. of Employees :

20 (Approximately)

Bankers :

Ø Bombay Mercantile Co-operative Bank Limited

Andheri (West) Branch, OM Niketan, 314 Paliram Road, Andheri (West), Mumbai 400058, Maharashtra, India

Ø Union Bank

Branch Andheri (East), Mumbai, Maharashtra, India

Ø HDFC Bank

Ahura Centre, Andheri, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Overdraft from Bombay Mercantile co-operative Bank	25.083	15.271
Total	25.083	15.271
NOTE: Overdraft from Bombay Mercantile Co-operative Bank Limited is secured against stock and book debts. The overdraft facility is repayable on demand and carries interests @ 14.45%.

Banking Relations :	--
Auditors :
Name :	B. V. Dalal and Company Chartered Accountant
Address :	C/O. Bogilal C. Shah and Company, Shree Pant Bhavan, 1^st floor, Sandhurst Bridge, Mumbai 400007, Maharashtra, India
Tel. No.:	91-22-23677077/ 23610939
Fax No.:	91-22-23636472
PAN No.:	AAAFB1297W
E-Mail :	bvdco@vsnl.com

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- Each	Rs. 2.400 Millions
9000	Preference Shares	Rs.10/- Each	Rs.0.090 Million
1000	Unclassified shares	Rs.10/- Each	Rs.0.010 Million
	Total		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.10/- Each	Rs. 1.500 Millions

a. Reconciliation of the share outstanding at the beginning and at the end of the reporting period

Particulars	As on 31.03.2012
	Number	(Rs. In Millions)
At the beginning of the period	150000	1.500
Issued during the period	--	--
Outstanding at the end of the period	150000	1.500

b. Terms / Right attached to equity shares

The company has only one class of shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Details of shareholders holding more than 5% shares in the company

Particulars	As on 31.03.2012
	Number	% Holding
Mr. Mrudul Desai	145000	96.67%

As per records of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.709	1.503	1.314
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.209	3.003	2.814
LOAN FUNDS
1] Secured Loans		25.083	15.271	9.160
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		25.083	15.271	9.160
DEFERRED TAX LIABILITIES		0.087	0.074	0.072
Cash and Bank Balance		0.000	0.000	16.574
TOTAL		28.379	18.348	28.620
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.276	1.276	1.433
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.265	0.259	0.259
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.985	16.670	15.287
	Sundry Debtors	34.009	46.735	55.482
	Cash & Bank Balances	0.432	0.000	0.023
	Other Current Assets	4.712	1.646	0.000
	Loans & Advances	5.291	3.581	11.486
Total Current Assets		62.429	68.632	82.278
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.954	49.285	54.361
	Other Current Liabilities	1.637	2.534	0.989
	Provisions	0.000	0.000	0.000
Total Current Liabilities		35.591	51.819	55.350
Net Current Assets		26.838	16.813	26.928
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.379	18.348	28.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	226.683	390.849	923.515
		Other Income	0.000	0.159	0.000
		TOTAL (A)	226.683	391.008	923.515
Less	EXPENSES
		Purchases of traded goods	218.088	383.646
		Changes in inventories of stock-in-trade	(1.315)	(1.383)	922.423
		Employees benefits expenses	3.811	3.510
		Others Expenses	3.737	3.661
		TOTAL (B)	224.321	389.434	922.423
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.362	1.574	1.092
Less	FINANCIAL EXPENSES (D)		1.875	1.142	0.839
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.487	0.432	0.253
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.188	0.166	0.151
	PROFIT BEFORE TAX (E-F) (G)		0.299	0.266	0.102
Less	TAX (H)		0.093	0.077	0.040
	PROFIT AFTER TAX (G-H) (I)		0.206	0.189	0.062
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	1.314	1.252
	BALANCE CARRIED TO THE B/S		NA	1.503	1.314
	Earnings Per Share (Rs.)		1.37	1.26	--

Expected Sales (2012-13): Rs.400.000 Millions

The above information has been parted by Mr. Mrudul Desai.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.09	0.05	0.01
Net Profit Margin (PBT/Sales)	(%)	0.13	0.07	0.01
Return on Total Assets (PBT/Total Assets}	(%)	0.47	0.38	0.12
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.04
Debt Equity Ratio (Total Liability/Networth)		18.91	22.34	22.92
Current Ratio (Current Asset/Current Liability)		1.75	1.32	1.49

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- Due to Micro, small and Medium Enterprises	--	--	--
- Due to Others	33.954	49.285	54.361
Total	33.954	49.285	54.361

Sr. No.	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	Yes
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%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

As per Profit and Loss Account is Rs.0.299 Million (Last year profit was Rs.0.266 Million). Directors feel that management will review the business situation and will take the decision on business activities at appropriate time.

TRADE REFERENCE:

· ICICI Bank

· HP

FIXED ASSETS:

· Computer

· Motor Car

· Office Equipments

· Furniture and Fixtures

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.54.32
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.