MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	TRIMURTI ENGINEERING TOOLS PRIVATE LIMITED
Formerly Known As :	KULKARNI INVESTMENTS PRIVATE LIMITED
Registered Office :	C S No.8795, Sangli – Miraj Road, Vishrambaug, Sangli-416415, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.08.1982
Com. Reg. No.:	11-027951
Capital Investment / Paid-up Capital :	Rs.1.782 Millions
CIN No.: [Company Identification No.]	U65993PN1982PTC027951
TAN No.: [Tax Deduction & Collection Account No.]	PNET04566C
PAN No.: [Permanent Account No.]	AABCT9937D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Goods, Automotive, Constructional Components.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 52000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred some loss during the year 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	C S No.8795, Sangli – Miraj Road, Vishrambaug, Sangli-416415, Maharashtra, India
Tel. No.:	91-233-2645074
Fax No.:	91-233-2644371
E-Mail :	san_trimurti@sancharnet.in
Factory:	Plot No. 195/6, Foundry Division, Vasantdada Industrial Estate, Sangli-416416, Maharashtra, India
Tel No.:	91-233-2310672
Fax No.:	91-233-2311427

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Prakash Arvind Kulkarni
Designation :	Director
Address :	41, Shivaji Nagar, Sangli-416416, Maharashtra, India
Date of Birth/Age :	16.07.1942
Date of Appointment :	07.08.1982
Din No.:	00052342

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L29130MH1976PLC019147	KULKARNI POWER TOOLS LIMITED	Managing director	01/04/2011	30/07/1976	Active	NO
2	U65993PN1982PTC027951	TRIMURTI ENGINEERING TOOLS PRIVATE LIMITED	Director	07/08/1982	07/08/1982	Active	NO
3	U29299PN1992PTC018949	SUVINA ENGINEERS PRIVATE LIMITED	Director	15/07/2003	15/07/2003	Active	NO
4	U15323PN2004PTC019008	KRISHNA VALLEY GLUCOSE MANUFACTURING PRIVATE LIMITED	Director	12/03/2004	12/03/2004	Active	NO
5	U27109PN2004PTC019768	SKIL FOUNDERS PRIVATE LIMITED	Director	14/02/2012	14/02/2012	Active	NO

Name :	Mr. Vijay Vyankatesh Ghatge
Designation :	Director
Address :	380/2 E, Mali Colony, Near Durga Apartments, Takala, Kolhapur-416000, Maharashtra, India
Date of Birth/Age :	09.10.1976
Date of Appointment :	04.03.2004
Din No.:	00184826

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Prakash Arvind Kulkarni	650
Malati Kulkarni	5
Ahok Kulkarni	5
Ajit Kulkarni	5
Sunanda Kulkarni	1440
Malati Kulkarni	1000
Ashok Kulkarni	12400
Ajay Kulkarni	2395
Ketan Pai	70000
Nitin Pai	30000
Skil Founders Private Limited, India	60180
Vasant Khadilkar	100
TOTAL	178180

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.77
Directors or relatives of directors	10.05
Other top fifty shareholders	56.18
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Engineering Goods, Automotive, Constructional Components.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Machine Shop Division:
Rings*	Nos.	1200000	21627
Hand Press	Nos.	3000	1692
Foundry Division:
Castings	MT	3000	1681

NOTE:

1. Installed capacity and actual production figures represent machining and assembly of the product.

2. (*) The Division is not manufacturing rings. Rings are produced and sold after the process of machining.

GENERAL INFORMATION

No. of Employees :

150 [Approximately]

Bankers :

• Kallappana Awade Ichalkaranji Janata Sahakari Bank Limited, Janta Bank Bhavan, Main Road, Ichalkaranji, Taluka Hatkanangale, Kolhapur-416115, Maharashtra, India
• Shree Warana Sahakari Bank Limited, MIDC Kupwad, Warananagar, Kolhapur-416113, Maharashtra, India
• IDBI Limited
• HSBC Limited
• Axis Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Kallappana Awade Ichalkaranji Janata Sahakari Bank Limited
Term Loan Account No. LH 14	9.233	9.730
Term Loan Account No. LH 13	1.090	1.337
Term Loan Account No. LH 17	3.998	4.905
Cash Credit Account No. 114 [Against hypothecation of raw material, finished goods, receivables, and plant and machinery and mortgage of land / building and personal guarantee of directors and president]	20.982	20.711
Car Loan Axis Bank Limited, Sangli Branch	0.438	0.000
Total	35.741	36.683
Unsecured Loan
Deposit From Shareholders [Without Interest]	5.077	5.852
Total	5.077	5.852

Banking Relations :	--
Auditors :
Name :	P. D. Ghanekar and Company Chartered Accountant
Address :	1089, Khadilkar Wada, Revani Road, Sangli–416416, Maharashtra, India
Pan No.:	AADFP3588P
Associates/Subsidiaries :	· Suvina Engineers Private Limited [U29299PN1992PTC018949]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
178180	Equity Shares	Rs.10/- each	Rs.1.782 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		1.782	1.782	1.782
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.405	14.779	14.010
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.187	16.561	15.792
LOAN FUNDS
1] Secured Loans		35.741	36.683	14.550
2] Unsecured Loans		5.077	5.852	11.940
TOTAL BORROWING		40.818	42.535	26.490
DEFERRED TAX LIABILITIES		0.515	0.043	0.139
TOTAL		54.520	59.139	42.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.827	30.035	17.925
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.123	4.123	4.037
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.370	10.281	9.025
	Sundry Debtors	33.875	23.140	19.570
	Cash & Bank Balances	0.695	0.724	2.472
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.950	6.469	5.112
Total Current Assets		52.890	40.614	36.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.611	7.966	7.926
	Other Current Liabilities	6.444	3.392	3.546
	Provisions	6.265	4.275	4.248
Total Current Liabilities		33.320	15.633	15.720
Net Current Assets		19.570	24.981	20.459
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.520	59.139	42.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		112.988	71.148	85.679
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.581	6.102	8.632
Less	FINANCIAL EXPENSES		4.327	3.526	2.978
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.254	2.576	5.654
Less/ Add	DEPRECIATION/ AMORTISATION		3.156	1.527	1.559
	PROFIT / (LOSS) BEFORE TAX		(2.902)	1.049	4.095
Less	TAX		0.472	0.279	0.925
	PROFIT / (LOSS) AFTER TAX		(3.374)	0.770	3.170
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.830	11.928	8.758
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	10.868	0.000
	BALANCE CARRIED TO THE B/S		(1.544)	1.830	11.928
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	23.038	22.147	29.292
	Earnings / (Loss) Per Share (Rs.)		(18.94)	4.32	17.79

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	(2.57)	1.47	4.77
Return on Total Assets (PBT/Total Assets}	(%)	(3.47)	1.48	7.57
Return on Investment (ROI) (PBT/Networth)		(0.22)	0.06	0.25
Debt Equity Ratio (Total Liability/Networth)		5.62	3.51	2.68
Current Ratio (Current Asset/Current Liability)		1.59	2.60	2.30

LOCAL AGENCY FURTHER INFORMATION

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 one year	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	-----
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
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	Yes
30) Major Shareholders, if available	Yes

OPERATIONS AND FUTURE PROSPECTUS:

The company has achieved the turnover of Rs.112.900 millions as compared to Rs.71.100 millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10306565
Corporate identity number of the company	U65993PN1982PTC027951
Name of the company	TRIMURTI ENGINEERING TOOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C S No.8795, Sangli – Miraj Road, Vishrambaug, Sangli-416415, Maharashtra, India
Type of charge	Immovable Property Movable Property [not being pledge]
Particular of charge holder	Kallappana Awade Ichalkaranji Janata Sahakari Bank Limited, Janta Bank Bhavan, Main Road, Ichalkaranji, Taluka Hatkanangale, Kolhapur-416115, Maharashtra, India
Email	ijsbho@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Simple Mortgage Deed dated 8th September 2011
Date of instrument Creating the charge	08.09.2011
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16% p.a. Terms of Repayment Within 84 months in 26 Quarterly Installments Margin 20% Extent and Operation of the charge This mortgage shall be a continuing security for the ultimate sum of money not exceeding Additional Cash Credit of Rs. 3.500 Millions and Term Loan Long Period of Rs. 10.000 Millions at any one time and interest thereon.
Particulars of the present modification	There is no change in the charge amount, only additional security has been provided by this modification.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

· Moulding Boxes

· Patters

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. 55.15
UK Pound	1	Rs. 86.57
Euro	1	Rs. 67.60

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.