MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	TRIMURTI POLYCHEM PRIVATE LIMITED
Registered Office :	418/35, Chetna, 33^rd Cross, 7^th ‘B' Main Road, Jayanagar, 4^th Block, Bangalore – 560 011, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.03.1994
Com. Reg. No.:	08-015301
Capital Investment / Paid-up Capital :	Rs.5.827 millions
CIN No.: [Company Identification No.]	U85110KA1994PTC015301
TAN No.: [Tax Deduction & Collection Account No.]	BLRT02962B BLRT00841B
PAN No.: [Permanent Account No.]	AAACT5410E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Eight Colour Rotogravure Printing Lamination Film and Flexible Packaging.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 378000
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.

S

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

INFORMATION PARTED BY

Name :	Mr. Aravazhi
Designation :	Finance Manager
Contact No.:	91-80-26654072
Date :	23.06.2012

LOCATIONS

Registered Office/ Corporate Office :	418/35, Chetna, 33^rd Cross, 7^th ‘B' Main Road, Jayanagar, 4^th Block, Bangalore – 560 011, Karnataka, India
Tel. No.:	91-80-26654072/ 26646924
Fax No.:	91-80-26632699/ 26632698
E-Mail :	mahesh@trimurti.com trskumar2@dataone.in trimurti@trimurti.com
Website :	http://www.trimurti.com
Location :	Owned
Factory :	No.216 and No.190B Bommasandra Industrial Area, 3^rd Phase, Hosur Main Road, Bangalore – 560 099, Karnataka, India
Location :	Owned
Branch Office :	Located at: v Tirupur v Delhi

DIRECTORS

As on 26.09.2011

Name :

Mr. Mahesh Ravji Chandan

Designation :

Director

Address :

418/35, 33^rd Cross, 7^th ‘B' Main Road, 4^th Block, Jayanagar, Bangalore – 560 011, Karnataka, India

Date of Birth/Age :

17.11.1957

Date of Appointment :

21.03.2007

DIN No.:

00388175

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	U28992MH1990PTC057497	Chetna Print-Pack Private Limited	Director	30-07-90	30-07-90	Active	NO
2	U14102KA1989PTC010096	Elegant Rocks Private Limited	Director	14-04-97	14-04-97	Active	NO
3	U85110KA1994PTC015301	Trimurti Polychem Private Limited	Director	21-03-07	21-03-07	Active	NO
4	U51909WB2004PTC100843	Access Vyapar Private Limited	Director	02-02-08	02-02-08	Active	NO

Name :

Mr. Naresh Ravji Chandan

Designation :

Director

Address :

102, Ramkrupa, 23/24, Shivshrushtri, Kurla (East), Mumbai – 400 024, Maharashtra, India

Date of Birth/Age :

06.08.1962

Date of Appointment :

02.03.1994

DIN No.:

01471495

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	U28992MH1990PTC057497	Chetna Print-Pack Private Limited	Director	30-07-90	30-07-90	Active	NO
2	U85110KA1994PTC015301	Trimurti Polychem Private Limited	Director	02-03-94	02-03-94	Active	NO
3	U51909WB2004PTC100843	Access Vyapar Private Limited	Director	02-02-08	02-02-08	Active	NO

Name :

Mr. Ravji Devji Chandan

Designation :

Director

Address :

Ramkrupa, Block No.102, 23/24, Shivshrushtri, Kurla (East), Mumbai – 400 024, Maharashtra, India

Date of Birth/Age :

10.05.1932

Date of Appointment :

02.03.1994

DIN No.:

02117754

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	U28992MH1990PTC057497	Chetna Print-Pack Private Limited	Director	30-07-90	30-07-90	Active	NO
2	U85110KA1994PTC015301	Trimurti Polychem Private Limited	Director	02-03-94	02-03-94	Active	NO

Name :

Mrs. Ekta Mahesh Chandan

Designation :

Director

Address :

418, Chetna, 7^th ‘B' Main Road, 33^rd Cross, 4^th Block, Jayanagar, Bangalore – 560 011, Karnataka, India

Date of Birth/Age :

13.09.1984

Date of Appointment :

08.07.2008

DIN No.:

02250138

Name :

Mr. Punit Naresh Chandan

Designation :

Director

Address :

103, Ramkrupa, 23/24, Shivshrushtri, Kurla (East), Mumbai – 400 024, Maharashtra, India

Date of Birth/Age :

27.02.1986

Date of Appointment :

01.01.2009

DIN No.:

02436891

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	U18101TZ2007PTC013525	Trims Accessories Company India Private Limited	Director	14-03-07	14-03-07	Active	NO
2	U85110KA1994PTC015301	Trimurti Polychem Private Limited	Director	01-01-09	01-01-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Aravazhi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Mahesh R. Chandan	5240
Ravji Devji Chandan	4740
Naresh Ravji Chandan	6740
Pooja Naresh Chandan	2300
Ratan R. Chandan	500
Jyothsna Mahesh Chandan	22350
Punit N. Chandan	5500
Hetal M. Chandan	100
Ravji Devji Chandan (HUF)	500
Naresh Ravji Chandan (HUF)	500
Bhakthi N. Chandan	100
Ekta M. Chandan	100
Manasai M. Chandan	100
Chetna Print Pack Private Limited, India	9500
Total	58270

As on 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.30
Directors or relatives of directors	83.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Eight Colour Rotogravure Printing Lamination Film and Flexible Packaging.

Products :

Item Code No. (ITC Code)	0000392329
Product Description	Polythene Bags
Item Code No. (ITC Code)	NA
Product Description	Plastic Packaging Materials

v Hangers

v Polybags

v Tags and Paper Products

v Corrugated Boxes

v PVC

v FMCG Packaging

Exports :

Products :

Packaging Machinery

Countries :

v Nepal

v Indonesia

v Sri Lanka

v Bangladesh

Imports :

Products :

Raw Materials

Countries :

v US

v Singapore

v South East Asia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-11
Licensed Capacity	Not Applicable
Installed Capacity	5400 Tons p.a.

GENERAL INFORMATION

Suppliers :

v Reliance Industries Limited

v Supreme Express Cargo

v CPC Parcel Service

v Lalit Express

v Delhi Rajasthan Transport

v Nagarajan and Company

v Ricoh India

v Newline transport

v Hansa Electrical

v Sri Krishna Roadlines

v Sri Guru Bhagvan Plastics

v Nirmala Enterprises

v Krishna Creations

v Convertech Equipment (Private) Limited

v Global Enterprises

v Nylo Films Private Limited

v RC Tech Industries

v Chetna Poly Prints

v Bhavik Enterprises Limited

Customers :

v American Power Conversion India Private Limited Unit 1

v American Power Conversion India Private Limited (BRC)

v American Power Conversion India Private Limited Utrn)

v American Power Conversion India Private Limited Ehtp 1

v Balaji Oil Industries (Private) Limited

v Cotton World

v Creative Garments Private Limited

v English Blazer

v Gokuldas Images Limited

v Creative International

v Diamond Pipes and Tubes (Private) Limited

v TESCO

v Hindustan Unilever Limited

v Aditya Birla Group

v ESPRIT

v FILA

v Nautica

v Modern Bakery

v Bull Rot Wear

v Urban Stone

v Parle

v Himalaya Herbal Healthcare

v Adidas

v OTTO-AGN

v United Colors of Benetton

v Old Navy

v ANN Taylor

v Ashworth

v Fullers

v GAP

v Britannia

No. of Employees :

150 (Approximately)

Bankers :

v State Bank of Mysore, Banashankari Branch, 305, 40^th Cross, 8^th Block, Jayanagar, Bangalore - 560 082, Karnataka, India

v IndusInd Bank

v Canara Bank

Facilities :

Term Loan / WC – Rs.174.500 millions (From State Bank of Mysore)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan – State Bank of Mysore	9.967	0.000
Buyers Credit	2.260	0.000
Term Loan 40.000 millions with State Bank of Mysore	11.610	20.899
Term Loan building with State Bank of Mysore	0.000	0.671
Term Loan 11.000 millions – 64045195263 State Bank of Mysore	5.064	7.024
State Bank of Mysore (Cash Credit)	64.091	61.562
Total	92.992	90.156

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Other Sources
Magma Car Loan	0.610	0.368
Kotak Mahindra	0.390	0.750
ICICI Car Loan a/c – Skoda	0.050	0.337
HDFC Car Loan	0.586	0.000
Loans from Directors and or Members
J.M. Chandan	0.400	0.000
Mahesh R. Chandan Loan A/c	1.250	0.000
From Other
Trims Accessories Company	9.778	9.112
Access Vyapar Private Limited	73.591	49.979
Total	86.655	60.546

Banking Relations :	--
Auditors :
Name :	Nagarajan and Company Chartered Accountants
Address :	No.10, Trust Complex, 3^rd Floor, D.V.G. Road, Basavangudi, Bangalore – 560 004, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFN5937F
Allied Concern :	v Trimurti Plastics v Elegant Rocks Private Limited v Chetna Polyprint v Viva Global v Chetna Print Pack Private Limited Address: # 208, Bussa Udyog Bhavan, Tokersi Jivraj Road, Sewree, Mumbai – 400 015, Maharashtra, India v Sri Balaji Enterprises

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58270	Equity Shares	Rs.100/- each	Rs.5.827 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		5.827	5.827	5.827
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.711	70.197	55.414
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		94.538	76.024	61.241
LOAN FUNDS
1] Secured Loans		92.992	90.156	94.373
2] Unsecured Loans		86.655	60.546	56.790
TOTAL BORROWING		179.647	150.702	151.163
DEFERRED TAX LIABILITIES		3.713	2.473	2.383
Subsidy		1.229	1.229	1.229
TOTAL		279.127	230.428	216.016
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.854	81.684	79.420
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.595	34.261	42.834
	Sundry Debtors	104.278	106.445	102.271
	Cash & Bank Balances	12.414	9.610	8.149
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.372	60.741	34.148
Total Current Assets		228.659	211.057	187.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.089	20.158	22.339
	Other Current Liabilities	5.160	18.277	3.829
	Provisions	33.137	23.878	24.638
Total Current Liabilities		84.386	62.313	50.806
Net Current Assets		144.273	148.744	136.596
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		279.127	230.428	216.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	619.673	520.576	436.323
		Other Income	2.483	2.205	4.150
		TOTAL (A)	622.156	522.781	440.473
Less	EXPENSES
		Office Expenses	556.490	468.319	394.409
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	556.490	468.319	394.409
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.666	54.462	46.064
Less	INTEREST (D)		21.817	17.387	16.927
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.849	37.075	29.137
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.792	14.394	13.141
	PROFIT BEFORE TAX (E-F) (G)		28.057	22.681	15.996
Less	TAX (H)		9.543	7.897	6.230
	PROFIT AFTER TAX (G-H) (I)		18.514	14.784	9.766
	EARNINGS IN FOREIGN CURRENCY		2.256	5.132	0.648
	IMPORTS
		Raw Material, components and spare parts	117.061	73.106	45.580
		Capital Goods	21.350	5.635	3.125
	TOTAL IMPORTS		138.411	78.741	48.705
	Earnings Per Share (Rs.)		317.73	253.71	167.59

Particulars	31.03.2012
Sales Turnover (Approximately)	630.000

The above information has been parted by Mr. Aravazhi (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.98	2.83	2.22
Net Profit Margin (PBT/Sales)	(%)	4.53	4.36	3.67
Return on Total Assets (PBT/Total Assets}	(%)	7.72	7.75	6.00
Return on Investment (ROI) (PBT/Networth)		0.30	0.30	0.26
Debt Equity Ratio (Total Liability/Networth)		2.79	2.80	3.30
Current Ratio (Current Asset/Current Liability)		2.71	3.39	3.69

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	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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

FINANCE:

During the year, the company met its obligation towards interest payments, repayment of term loan installments to the Banks.

CURRENT YEAR:

The Trend in market demand during the year (2010-2011) has shown improvement compared to the previous year.

CONTINGENT LIABILITIES: (As on 31.03.2011)

v Bank guarantee executed by State Bank of Mysore for a value of Rs.3.375 millions.

TRADE REFERENCES:

v Reliance Industries Limited

v American Power Conversion India Private Limited

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.57.22
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.