MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	TRIDENT AUTOMOBILES PRIVATE LIMITED

Registered Office :	No.1 Lower Palace Orchards, Sankey Road, Bangalore – 560003, Karnataka

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	16.12.1997

Com. Reg. No.:	08-023159

Capital Investment / Paid-up Capital :	Rs. 15.000 Millions

CIN No.: [Company Identification No.]	U50200KA1997PTC023159

PAN No.: [Permanent Account No.]	AAACT9391C

Legal Form :	Private Limited Liability Company

Line of Business :	Dealers of Hyundai Car.

No. of Employees :	Not Divulged

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 1930000

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. Payment terms are reported to be usually correct. The company can be considered 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (PARTIAL DETAILS)

Name :	Mr. Manjunath
Designation :	Sales manager
Contact No.:	91-9844266876
Date :	24.09.2013

LOCATIONS

Registered Office :	No.1 Lower Palace Orchards, Sankey Road, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-43433333
Mobile No.:	91-9844266876 (Mr. Manjunath)
E-Mail :	samir@trident-group.in
Website :	www.trident-gruop.in

DIRECTORS

As on 28.09.2012

Name :

Mr. Samir Inderraj Choudhry

Designation :

Managing Director

Address :

No. 48, Chitrakoot Apartment, 18th Cross, Malleshwaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

02.10.1962

Date of Appointment :

16.12.1997

Qualification :

B.E.

DIN No.:

00706478

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210KA1984PTC006457	SAMIR ENGINEERING COMPANY PRIVATE LIMITED	Director	22/10/1984	22/10/1984	-	Active	NO
2	U29210KA1985PTC007256	SAMADHAN ENGINEERING PRIVATE LIMITED	Managing director	05/11/1985	05/11/1985	-	Active	NO
3	U50200KA1997PTC023159	TRIDENT AUTOMOBILES PRIVATE LIMITED	Managing director	16/12/1997	16/12/1997	-	Active	NO
4	U31101KA2000PTC026953	Emerson Industrial Automation Electric Power Generation Private Limited	Director	20/04/2000	20/04/2000	12/02/2009	Active	NO
5	U52334KA2006PTC038836	Trident United Products Private Limited	Director	27/03/2007	27/03/2007	-	Strike off	NO
6	U29299KA2007PTC043473	WAGNER TRIDENT PRECISION COMPONENTS PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO

Name :

Mr. Vivek Dinesh Kumar

Designation :

Whole Time Director

Address :

No. 21, 17^th Cross, Malleshwaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

02.10.1962

Date of Appointment :

16.12.1997

Qualification :

B.Com

DIN No.:

00706421

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U50200KA1997PTC023159	TRIDENT AUTOMOBILES PRIVATE LIMITED	Whole-time director	16/12/1997	16/12/1997	-	Active	NO
2	U52398KA1999PTC024705	PADUKONE PRO SPORTS PRIVATE LIMITED	Director	03/02/1999	03/02/1999	-	Strike off	NO
3	U31101KA2000PTC026953	Emerson Industrial Automation Electric Power Generation Private Limited	Director	20/04/2000	20/04/2000	12/02/2009	Active	NO
4	U52334KA2006PTC038836	Trident United Products Private Limited	Director	27/03/2007	27/03/2007	-	Strike off	NO
5	U29299KA2007PTC043473	WAGNER TRIDENT PRECISION COMPONENTS PRIVATE LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO

Name :

Mr. Ramakrishna Krishna Kumar

Designation :

Director

Address :

No. 6, S.R. Layout, Murugeshpalya, Bangalore – 560017, Karnataka, India

Date of Birth/Age :

10.08.1951

Date of Appointment :

19.06.2004

DIN No.:

00706684

KEY EXECUTIVES

Name :	Mr. Manjunath
Designation :	Sales manager

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders		No. of Shares
Vivek Dinesh Kumar		74999
Samir Inderraj Choudhry		62500
Manisha Samir Choudhry		12499
Indu Grover		1
Kamal Krishan Kumar		1
Total		150000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealers of Hyundai Car.

Products / Services :

Product/S Description	ITC Code
Trading and Servicing in Automobiles	8539212

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

ICICI Bank Limited, ICICI Bank Towers, No.1, Commissariat Road, Bangalore – 560025, Karnataka, India
HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank	180.000	0.000
Loan taken for fixed assets	35.930	0.354
Short Term Borrowings
Loan repayable on demand from bank (Hypothecation of stock and assets)	518.001	419.691
Total	733.931	420.045


Banking Relations :

Financial Institutions :	Daimler Financial Services India Private Limited, Unit 202, 2^nd Floor, Campus 3B, RMZ Millennia, Business Park, No. 143, Dr. M.G.R. Road, Perungudi, Chennai – 600096, Tamilnadu, India

Auditors :
Name :	Kundam Ramesh and Conpany Chartered Accountants
Address :	124/1, 11^th Cross, Malleshwaram, Bangalore – 560003, Karnataka, India
PAN No.:	AAQPK6916E

Subsidiary Company :	Trident Auto Enterprises Private Limited CIN No.: U50102KA2011PTC058703

Companies / Firms controlled by key management personnel :	Samadhan Engineering Private Limited

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

150000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

150000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000
(b) Reserves & Surplus	467.414	386.809
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	482.414	401.809

(3) Non-Current Liabilities
(a) long-term borrowings	469.280	253.179
(b) Deferred tax liabilities (Net)	2.362	1.749
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	471.642	254.928

(4) Current Liabilities
(a) Short term borrowings	518.001	419.691
(b) Trade payables	112.566	84.273
(c) Other current liabilities	181.537	153.192
(d) Short-term provisions	23.906	18.564
Total Current Liabilities (4)	836.010	675.720

TOTAL	1790.066	1332.457

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	579.741	546.382
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	26.985	24.610
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	72.993	49.406
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	679.719	620.398

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	588.039	446.409
(c) Trade receivables	109.961	121.362
(d) Cash and cash equivalents	14.949	12.396
(e) Short-term loans and advances	396.819	131.180
(f) Other current assets	0.579	0.712
Total Current Assets	1110.347	712.059

TOTAL	1790.066	1332.457

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		0.000
3] Reserves & Surplus		317.513
4] (Accumulated Losses)		0.000
NETWORTH		332.513
LOAN FUNDS
1] Secured Loans		297.944
2] Unsecured Loans		235.525
TOTAL BORROWING		533.469
DEFERRED TAX LIABILITIES		1.346

TOTAL		867.328

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		441.529
Capital work-in-progress		0.000

INVESTMENT		24.610
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	242.374
	Sundry Debtors	126.098
	Cash & Bank Balances	14.449
	Other Current Assets	0.000
	Loans & Advances	205.417
Total Current Assets		588.338
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.273
	Other Current Liabilities	96.667
	Provisions	6.209
Total Current Liabilities		187.149
Net Current Assets		401.189

MISCELLANEOUS EXPENSES		0.000

TOTAL		867.328

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010

	TURNOVER	7422.234	6043.284	6046.455

Less	EXPENSES	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX)	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/(LOSS) AFTER TAX	80.605	69.296	60.650

	Earnings Per Share (Rs.)	537.37	NA	NA

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	2.05	1.67	1.60

Current Ratio (Current Asset/Current Liability)	1.32	1.05	3.14

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	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	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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and advances from directors	253.350	252.825
Total	253.350	252.825

INDEX OF CHARGE:

Sr .N	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10399700	27/12/2012	60,000,000.00	Daimler Financial Services India Private Limited	Unit 202, 2nd Floor, Campus 3B,RMZ Millennia, Business Park, No.143, Dr. M. G. R. Road, Perungudi, Chennai, Tamilnadu - 600096, INDIA	B66684267
2	10392389	29/11/2012	480,000,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	B64296593
3	10381281	29/09/2012	100,000,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B59979344
4	10364269	01/08/2012 *	230,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B58323528
5	10346913	22/03/2012	180,000,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B36753952
6	10340916	25/02/2012	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B34474031
7	10340915	25/01/2012	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B34473462
8	10337553	30/12/2011	400,000,000.00	ICICI BANK LIMITED	LAND MARK, RACE COURSE CIRCLE, VADODARA, GUJARAT, Gujarat - 390007, INDIA	B32956468
9	10253138	14/10/2010	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B00330811
10	10229501	21/05/2010	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A89513121

* Date of modification charge

OPERATING RESULTS:

During the year the company achieved a turnover of Rs. 7422.234 Millions as against the previous year turnover of Rs. 6043.284 Millions, registering a growth rate of 22.82%. The company reported Profit after tax of Rs. 80.605 Millions as against Rs. 69.296 Millions during the previous financial year. This growth rate was achieved due to continuous expansion activities. The Directors forecast the likely continuance of this trend in the coming years.

FIXED ASSETS:

Land
Buildings
Service Equipments
Furniture and Fixtures
Vehicles
Office Equipment
Electrical Installation
Electronic Equipments
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. 62.66
UK Pound	1	Rs. 100.46
Euro	1	Rs. 84.60

INFORMATION DETAILS

Information Gathered by :	NAY

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.

MIRA INFORM REPORT

2.05

1.32

Unit