MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	TRIPCON ENGINEERING PRIVATE LIMITED
Registered Office :	Shed No. C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda – 388121, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.02.1991
Com. Reg. No.:	04-015008
Capital Investment / Paid-up Capital :	Rs. 3.717 Millions
CIN No.: [Company Identification No.]	U29199GJ1991PTC015008
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00929F
PAN No.: [Permanent Account No.]	AACT7273P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Conveyor, Chains and Sprockets.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 46000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are 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.

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

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. Hemal Rajendra Patel
Designation :	Director
Contact No.:	91-9825089070
Date :	26.02.2013

LOCATIONS

Registered Office :	Shed No. C/302, G.I.D.C. Estate, Vithal Udhyog Nagar, Kheda – 388121, Gujarat, India
Tel. No.:	91-2692-236031
Mobile No.:	91-9825089070 (Mr. Hemal Rajendra Patel)
Fax No.:	91-2692-236380/ 388121
E-Mail :	tripkon_engg@yahoo.co.in
Website :	www.tripcon.co.in www.elevatorchains.com
Locations :	Owned
Factory :	Plot No.1115, Phase - 4, G.I.D.C. Estate, District Anand, V.U. Nagar, Anand – 388121, Gujarat, India
Locations :	Owned

DIRECTORS

AS ON 20.09.2012

Name :	Mr. Rajendra Ishwarbhai Patel
Designation :	Director
Address :	Brijesh Vinukaka Marg, Lambhvel Bakrol Road, Bakrol, Anand – 388315, Gujarat, India
Date of Birth/Age :	29.04.1953
Qualification :	B.E. Mechanical
Date of Appointment :	04.02.1991
DIN No.:	01210515
Name :	Mr. Hemal Rajendra Patel
Designation :	Director
Address :	Brijesh Vinukaka Marg, Lambhvel Bakrol Road, Bakrol, Anand – 388315, Gujarat, India
Date of Birth/Age :	25.05.1977
Qualification :	B.E. Mechanical
Date of Appointment :	04.05.2004
DIN No.:	01210561
Name :	Mrs. Priyanka Hemal Patel
Designation :	Director
Address :	Brijesh Vinukaka Marg, Lambhvel Bakrol Road, Bakrol, Anand – 388315, Gujarat, India
Date of Birth/Age :	19.01.1979
Qualification :	B E Computer
Date of Appointment :	01.10.2006
DIN No.:	00922973
Name :	Mr. Narendra Ambalal Patel
Designation :	Director
Address :	16-A, Sarvoday Society, Amul Dairy Road, Anand – 388001, Gujarat, India
Date of Birth/Age :	20.04.1946
Qualification :	M. Com
Date of Appointment :	28.02.1991
DIN No.:	03018414

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2012

Names of Shareholders	No. of Shares
Rajendra I. Patel	8910
Rameshbhai C. Patel	10
Narendra A Patel	550
Bhupendra I. Patel	6250
Ishwarbhai M. Patel	2050
Dahiben I. Patel	2600
Rameshbhai P. Shah	3200
Amratlal P. Shah	900
Maniben P. Shah	1200
Hansaben A. Shah	950
Hemlataben R. Shah	1000
Niraj R. Shah	1400
Harshit R. Shah	900
Natubhai B. Patel	5700
Yatin N. Patel	500
Hardik N. Patel	500
Ambalal S. Patel	550
Total	37170

AS ON 20.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Conveyor, Chains and Sprockets.
Products :	Ø Conveyor Elevator Chains: Bushed Roller Chains, Bushed Chains, Driving Chains, Hollow Pin Type Chains Ø Transmission Roller Chains Ø Stacker Reclaimer Chains Ø Apron Conveyor Chains Ø Bucket Elevator Chains for all casing sizes with variety of attachments Ø Coal Conveyor Chains Ø Heavy Duty Dry Chains (Crank Link Type) Ø Lime Stone Scrapper Chains for different load/size Ø Drag Chains (Bulk Flow), Reddler Chains and their Sandwich Type Sprockets Ø Coal Scrapper Chain with variety of attachments Ø Lime Stone Paver Chains for various machines Ø Steel Driving Chains
Exports :
Products :	Ø Conveyor Elevator Chains: Bushed Roller Chains, Bushed Chains, Driving Chains, Hollow Pin Type Chains Ø Transmission Roller Chains Ø Stacker Reclaimer Chains Ø Apron Conveyor Chains Ø Bucket Elevator Chains for all casing sizes with variety of attachments Ø Coal Conveyor Chains Ø Heavy Duty Dry Chains (Crank Link Type) Ø Lime Stone Scrapper Chains for different load/size Ø Drag Chains (Bulk Flow), Reddler Chains and their Sandwich Type Sprockets Ø Coal Scrapper Chain with variety of attachments Ø Lime Stone Paver Chains for various machines Ø Steel Driving Chains
Countries :	Ø Turkey Ø Africa Ø Asia Ø Israel Ø Indonesia Ø Zambia Ø Germany Ø Myanmar
Imports :
Products :	Raw material
Countries :	Ø China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Chains	Mtrs.	Not Applicable	7644.16
Chains	Ft.	Not Applicable	--
Chain Parts and Spares	Nos.	Not Applicable	27469
Sprockets (Resale)	Nos.	Not Applicable	770

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

Ø Union Bank of India, K-103, Das Chambers, Rajendra Marg, P.B. No. 17, Vallabh Vidya Nagar – 388120, Gujarat, India [91-2692-230091]

Ø IDBI Bank Limited, Vallabh Vidhya Nagar Branch, Gujarat, India

Facilities :

CC/ OD – Rs. 4.500 Millions

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Union Bank of India – C.C.	2.065	1.705
Union Bank of India – FDOD	0.556	0.609
Total	2.621	2.314
Note: Cash Credit facility from Union Bank of India is secured against hypothecation of stock-in-trade and Book Debts. Overdraft facility is secured against hypothecation of bank FDR of company and bank FDR of Director.

Banking Relations :	--
Auditors :
Name :	Mukund Patel and Company Chartered Accountants
Address :	1,2,3 Thakkar Arcade, Sardargunj Road, Anand – 388001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ADOPP7838E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37,170	Equity Shares	Rs. 100/- each	Rs. 3.717 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		3.717	3.717	3.717
2] Share Application Money		0.884	0.884	0.885
3] Reserves & Surplus		6.854	5.993	5.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.455	10.594	10.328
LOAN FUNDS
1] Secured Loans		2.622	2.314	1.314
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.622	2.314	1.314
DEFERRED TAX LIABILITIES		0.242	0.203	0.230
TOTAL		14.319	13.111	11.872
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.454	5.691	6.233
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.247	6.095	3.734
	Sundry Debtors	7.048	4.693	5.673
	Cash & Bank Balances	0.530	1.147	0.965
	Other Current Assets	0.005	0.000	0.000
	Loans & Advances	2.371	1.729	1.412
Total Current Assets		20.201	13.664	11.784
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.584	5.288	5.645
	Other Current Liabilities	0.757	0.329	0.011
	Provisions	0.000	0.632	0.494
Total Current Liabilities		13.341	6.249	6.150
Net Current Assets		6.860	7.415	5.634
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14.319	13.111	11.872

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	39.084	22.884	19.940
		Other Income	N.A.	0.209	0.149
		TOTAL (A)	N.A.	23.093	20.089
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	21.669	17.804
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.473	1.424	2.285
Less	FINANCIAL EXPENSES (D)		0.232	0.141	0.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.241	1.283	2.214
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.991	0.886	0.916
	PROFIT BEFORE TAX (E-F) (G)		1.250	0.397	1.298
Less	TAX (H)		0.389	0.130	0.419
	PROFIT AFTER TAX (G-H) (I)		0.861	0.267	0.879
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.037	0.606	0.000
	Earnings Per Share (Rs.)		23.16	7.17	23.65

Expected Sales (2012-2013): Rs. 43.000 Millions

The above information has been parted by Mr. Hemal Patel (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	1.16	4.38
Net Profit Margin (PBT/Sales)	(%)	3.20	1.73	6.51
Return on Total Assets (PBT/Total Assets}	(%)	4.52	2.05	7.20
Return on Investment (ROI) (PBT/Networth)		0.11	0.04	0.13
Debt Equity Ratio (Total Debt/Networth)		0.23	0.22	0.13
Current Ratio (Current Asset/Current Liability)		1.51	2.19	1.92

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	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	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
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	No

CORPORATE INFORMATION:

Subject was incorporated on 4^th February, 1991 as a Private Limited Company. The Company is engaged in the business of manufacturing, sale and purchase of industrial and other standard and non-standard chains, conveyor chains, other machinery, spare parts, auto parts etc. Job work.

PERFORMANCE REVIEW

The Company has achieved a good performance during the year with an increase in turnover. The company has reported of Rs. 39.084 millions as against last year’s turnover of Rs. 22.884 millions and reported growth by 70.79%. The operations resulted in a Net profit after Tax of Rs. 1.250 Millions against previous year Rs. 0.397 Millions and reported increase by 214.86%.

FIXED ASSETS

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Furniture and Fittings

Ø Dies and Tools

Ø Office Equipments

Ø Water Cooler

Ø Air Conditioner

Ø Mobile Phones

Ø Security System

Ø Hand Cart

Ø Cycle

Ø Vehicles

Ø Computers

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. 54.26
UK Pound	1	Rs. 81.94
Euro	1	Rs. 70.21

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.