MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	TRIDENT FABRICATORS PRIVATE LIMITED
Registered Office :	C 31, Koel Nagar Rourkela, Sundargarh -769014, Orissa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.12.2004
Com. Reg. No.:	15-007910
Capital Investment / Paid-up Capital :	Rs. 2.300 Millions
CIN No.: [Company Identification No.]	U29230OR2004PTC007910
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery and facbricated equipments.
No. of Employees :	200 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. P Mishra
Designation :	Accounts Manager
Contact No.:	91-661-2472879
Date :	22.12.2014

LOCATIONS

Registered Office / head Office :	C 31, Koel Nagar Rourkela, Sundargarh -769014, Orissa, India
Tel. No.:	91-661-2472879
Mobile No.:	91-9238467814 (Mr. P Mishra)
Fax No.:	Not Available
E-Mail :	tfpl@tridentfab.com cschandan@tridentfab.com
Website :	http://ww.tridentfab.com
Area :	2 Acre
Location :	Owned
Locality :	Industrial
Factory 1 :	Plot No. 5,6,7 and 8, IDC Road, Jhartarang, Kalunga – 770031, Orissa, India
Tel. No.:	91-661-2660022 / 6536503

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chandra Shekhar Chandan

Designation :

Director

Address :

C 31, Koel Nagar Rourkela – 769014, Orissa, India

Date of Birth/Age :

26.03.1958

Date of Appointment :

15.12.2004

DIN No. :

00678688

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	U29230OR2004PTC007910	TRIDENT FABRICATORS PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
2	U70101OR2009PTC011186	TRIDENT HABITAT PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO

Name :

Mrs. Soni Chandan

Designation :

Director

Address :

House No – 31, Koel Nagar, Rourkela – 769014, Orissa, India

Date of Birth/Age :

22.01.1961

Date of Appointment :

15.12.2004

DIN No. :

01510574

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	U29230OR2004PTC007910	TRIDENT FABRICATORS PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
2	U70101OR2009PTC011186	TRIDENT HABITAT PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P Mishra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Chandra Shekhar Chandan	64950
Soni Chandan	35000
Ganesh Mishra	2000
Haldhar Singh	2000
Manoranjan Barik	2000
Prabodh Barla	2000
Ramesh Nayak	2000
Subodh Kumar Sah	2000
Debashis Mishra	2000
Kailash Chandra Patra	2000
Santosh Kumar Patra	2000
Subash Swain	2000
Anguri Agarwal	10
Mukesh Agarwal	10
Sarita Agarwal	10
Sudha Agarwal	10
Vijay Agarwal	10
Trident Habitat Private Limited	100000
Albino Invest Consultant Private Limited	6000
Stepan Commotrade Private Limited	4000
Total	230000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	47.83
Directors or relatives of Directors	43.46
Other top fifty shareholders	8.71
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Machinery and facbricated equipments.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	D – 2, Civil Township, Rourkela – 769004, Orissa, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
Cash credit from Bank of India	18.460	11.752
LC Limit From Bank of India	0.000	1.448
Total	18.460	13.200

Auditors :
Name :	R. Gopal and Associates Chartered Accountants
Address :	Shree Complex, 1^st Floor, Uditnagar, Rourkela – 769012, Orissa, India
Tel. No.:	91-661-2500457 / 2501120
E-Mail :	rgagda@yahoo.com
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230000	Equity Shares	Rs.10/- each	Rs. 2.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.300	2.100	2.100
(b) Reserves & Surplus	75.628	60.853	46.995
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	77.928	62.953	49.095
(3) Non-Current Liabilities
(a) long-term borrowings	64.333	0.000	0.000
(b) Deferred tax liabilities (Net)	1.710	1.414	1.151
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	66.043	1.414	1.151
(4) Current Liabilities
(a) Short term borrowings	18.460	39.771	24.844
(b) Trade payables	29.889	60.784	41.823
(c) Other current liabilities	11.922	13.424	15.182
(d) Short-term provisions	3.998	2.286	0.212
Total Current Liabilities (4)	64.269	116.265	82.061
TOTAL	208.240	180.632	132.307
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.420	26.512	16.978
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.661	5.553	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.577	3.117	0.415
(e) Other Non-current assets	10.059	7.477	2.013
Total Non-Current Assets	47.717	42.659	19.406
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.230	34.182	43.085
(c) Trade receivables	110.048	83.330	52.365
(d) Cash and cash equivalents	5.259	13.178	4.345
(e) Short-term loans and advances	7.959	7.275	13.013
(f) Other current assets	0.027	0.008	0.093
Total Current Assets	160.523	137.973	112.901
TOTAL	208.240	180.632	132.307

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	326.041	364.525
	Other Income	1.438	0.654
	TOTAL (A)	327.479	365.179	319.691
Less	EXPENSES
	Cost of Materials Consumed	195.267	258.381
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.801	5.027
	Employees benefits expense	10.527	6.985
	Other expenses	93.137	68.355
	TOTAL (B)	301.732	338.748	299.178
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	25.747	26.431
				(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)	4.638	4.123
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	21.109	22.308	20.513
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.806	1.551	1.365
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	19.303	20.757	19.148
Less	TAX (H)	6.329	6.899	6.273
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	12.974	13.858	12.875
	Earnings / (Loss) Per Share (Rs.)	56.8	65.99	55.98

Expected Sales (2014-2015) : Rs. 280.000 Millions

The above information has been parted by Mr. P Mishra (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.98	3.80	NA
Operating Profit Margin (PBDIT/Sales)	(%)	7.90	7.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.34	11.86	14.47
Return on Investment (ROI) (PBT/Networth)		0.25	0.33	0.39
Debt Equity Ratio (Total Debt /Networth)		1.06	0.63	0.51
Current Ratio (Current Asset/Current Liability)		2.50	1.19	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.100	2.100	2.300
Reserves & Surplus	46.995	60.853	75.628
Net worth	49.095	62.953	77.928
long-term borrowings	0.000	0.000	64.333
Short term borrowings	24.844	39.771	18.460
Total borrowings	24.844	39.771	82.793
Debt/Equity ratio	0.506	0.632	1.062

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	319.691	365.179	327.479
		14.229	(10.324)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	319.691	365.179	327.479
Profit	12.875	13.858	12.974
	4.03%	3.79%	3.96%

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	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 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)	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	Yes
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

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loan from Related Parties	2.226	0.000
Other Loans and Advances	62.107	0.000
SHORT TERM BORROWINGS
Loan from Related Parties	0.000	4.009
Other Loans and Advances	0.000	22.562
Total	64.333	26.571

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375060	09/02/2013 *	35,000,000.00	BANK OF INDIA	D-2, CIVIL TOWNSHIP, ROURKELA, Orissa - 769004, INDIA	B70583315

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Claims against Company pending appellate/judicial decisions Central Sales Tax	35.143	35.143
Bank Guarantees issued by the bank on behalf of the company not acknowledged as debt	9.942	5.796

FIXED ASSETS

• Land
• Shed and Factory Building
• Office Building and Staff Quarters
• Flat for Staff
• Plant and Machineries
• Electrical Equip. and Install.
• Material Handling Equipment
• Tools and Tackles
• Furniture and Fixture
• Air Conditioner
• Office Equipment
• Two Wheelers
• Motor Car
• Computer

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. 63.06
UK Pound	1	Rs. 98.73
Euro	1	Rs. 77.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	TRU

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	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	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		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.