MIRA INFORM REPORT

Report Date :

23.02.2013

IDENTIFICATION DETAILS

Name :	TRIVEDI CORP PRIVATE LIMITED
Formerly Known As :	TRIVEDI CRAFTS PRIVATE LIMITED
Registered Office :	68, Premamjali Society, Bodakdev, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.10.1991
Com. Reg. No.:	04-016391
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U14101GJ1991PTC016391
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00667C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marble Tiles and Marble Slabs.
No. of Employees :	Not Available

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 640000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowings recorded by the company. There also appears some dip in the turnover during 2012 and it has incurred loss from its operations. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	C (Long Term Bank Facilities)
Rating Explanation	Very high risk of default.
Date	December 6, 2012

Rating Agency Name	CARE
Rating	A4 (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 6, 2012

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.

LOCATIONS

Registered Office :	68, Premamjali Society, Bodakdev, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26870939/ 26870389/ 26873666
Fax No.:	91-79-26870220
E-Mail :	info@trivedi-marble.com ho@kirantrivedigroup.com
Website :	www.trivedi-marble.com
Factory :	Changodar Industrial Area, Sarkhej-Bavla Highway, Ahmedabad – 382 213, Gujarat, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Virendra Krishnachandra Trivedi
Designation :	Director
Address :	5/B, Hethprabha Society, Near Chanakyapuri, Ghatlodia, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	20.10.1959
Date of Appointment :	30.05.1997
DIN No.:	00124374
Name :	Mr. Kiran Jitendra Trivedi
Designation :	Director
Address :	18/384, Sector – 4, Satyagrah Society, Near Bhavnirjar Temple, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.08.1955
Date of Appointment :	12.10.1991
DIN No.:	00124498
Name :	Mrs. Heena Kiran Trivedi
Designation :	Director
Address :	18/384, Sector – 4, Satyagrah Society, Near Bhavnirjar Temple, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	12.10.1991
DIN No.:	00124634
Name :	Mr. Sushil Kumar Pandey
Designation :	Director
Address :	C-206, Sumey Apartments, Near St. Xaviers School, Loyolla Hall, Memnagar Road, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	11.08.1948
Date of Appointment :	31.10.1994
DIN No.:	00124723

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Kiran J. Trivedi	69990
Heena K. Trivedi	17490
Prachi K. Trivedi	17490
Manan K. Trivedi	42490
Kiran J. Trivedi As Karta of HUF	17490
Dhwani K Trivedi	17490
Evermore Impex Private Limited, India	16560
Sunshine Tradelink Private Limited, India	1000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marble Tiles and Marble Slabs.

Products :

Product Description	Item Code No.
Marble Slabs	25151220
Granite Blocks/ Slabs	25161200
Carved Marble Product	68022190
Sandstone Blocks/ Slabs	25162000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Dressed Block	Cu.Mtr.	2529.197
Marble Slabs	Sq.Mtr.	111322.615
Granite Slabs	Sq.Mtr.	534.839
Stone Slabs	Sq.Mtr.	--
Carved Products	Cu.Mtr.	118.402
Granite Slabs	Cft.	15454.270
Stone Slabs	Cft.	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Ahmedabad, Gujarat, India
• HDFC Bank Limited
• ICICI Bank Limited
• State Bank of India, Industrial Finance Branch, Neptune Annex, 1^st Floor, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan for Plant and Machinery	81.972
Vehicle Loan from Financial Institution	1.231
Foreign Currency Loan - Buyers	86.412
L.C Payable (Capital Goods)	8.584
Working Capital Loan	65.361
Total	243.560	42.453

Banking Relations :	--
Auditors :
Name :	A. Bafna and Company Chartered Accountants
Address :	K-2, Keshav Path, Near Ahinsa Circle, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2372572/ 2375212/ 2373873
Fax No.:	91-141-2363426
PAN.:	AAGFA3909A

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

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		20.000	20.000	20.000
2] Share Application Money		31.502	0.000	0.000
3] Reserves & Surplus		110.149	119.723	92.507
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		161.651	139.723	112.507
LOAN FUNDS
1] Secured Loans		243.560	42.453	46.311
2] Unsecured Loans		84.169	37.900	8.111
TOTAL BORROWING		327.729	80.353	54.422
DEFERRED TAX LIABILITIES		5.897	5.918	6.681
TOTAL		495.277	225.994	173.610
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		247.019	81.607	90.292
Capital work-in-progress		0.000	0.851	0.851
INVESTMENT		3.250	3.250	3.250
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.250	117.593	107.992
	Sundry Debtors	49.779	30.976	47.123
	Cash & Bank Balances	14.259	10.165	5.299
	Other Current Assets	2.765	0.000	0.000
	Loans & Advances	141.654	68.614	45.733
Total Current Assets		321.707	227.348	206.147
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.593	50.699	67.886
	Other Current Liabilities	36.767	21.863	42.544
	Provisions	2.339	14.500	16.500
Total Current Liabilities		76.699	87.062	126.930
Net Current Assets		245.008	140.286	79.217
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		495.277	225.994	173.610

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	185.915	356.599	389.613 (Turnover and Other Income)
		Other Income	3.475	2.952	NA
		TOTAL (A)	189.390	359.551	NA
Less	EXPENSES
		Cost of Materials consumed	90.339	125.449
		Increase/ (Decrease) in inventories	(2.086)	2.913
		Manufacturing Expenses	31.903	56.770
		Employed Benefit Expenses	33.652	81.631
		Other Expenses	26.001	31.246
		Prior Period Adjustment	0.048	(0.261)
		TOTAL (B)	179.857	297.748	343.686
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.533	61.803
Less	FINANCIAL EXPENSES (D)		7.253	7.044
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.280	54.759
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.822	12.486
	PROFIT BEFORE TAX (E-F) (G)		(9.542)	42.273	43.860
Less	TAX (H)		0.032	15.057	15.078
	PROFIT AFTER TAX (G-H) (I)		(9.574)	27.216	28.782
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.223	91.007	62.225
	BALANCE CARRIED TO THE B/S		108.649	118.223	91.007
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	5.636	2.850
	TOTAL EARNINGS		NA	5.636	2.850
	IMPORTS
		Consumables	9.624	4.200	4.200
		Capital Goods	67.473	1.179	1.179
		Marble Blocks	16.648	3.242	3.242
	TOTAL IMPORTS		93.745	8.621	8.621
	Earnings Per Share (Rs.)		(48.00)	136.08	143.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(5.06)	7.57	NA
Net Profit Margin (PBT/Sales)	(%)	(5.13)	11.86	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.68)	13.68	14.80
Return on Investment (ROI) (PBT/Networth)		0.06	0.30	0.39
Debt Equity Ratio (Total Debt/Networth)		2.03	0.58	0.48
Current Ratio (Current Asset/Current Liability)		4.19	2.61	1.62

LOCAL AGENCY FURTHER INFORMATION

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	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	No
10]	Designation of contact person	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans from Related party	84.169
Total	84.169	37.900

CONTINGENT LIABILITY

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Bank Guarantee given to Custom Authority for EPCG License	0.525	0.525
Customs duty paid on import of goods under protest.	0.505	0.505
The Company hat mortgaged its factory Land and Building as a collateral guarantee for loan taken by a concern in which Directors are interest
The Excise Department has raised a demand of Rs.3.726 Millions - on carved Marble Product Manufactured and cleared on job work basis from period from 01.02.2002 to 28.02.2005. The demand dropped by The Addl .Commissioner. Central Excise, Ahmedabad-II. The Commissioner Central Excise, Ahmedabad-II had the appeal against dropped order of Addl. Commissioner, which is admitted by the Commissioner. The Company has filed the petition in hon’ble High Court of Gujarat, against the said appellate order, matter is pending with the High of Gujarat, Ahmedabad.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Computer
• Furniture and Fixture
• Vehicles

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 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 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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	-

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.