MIRA INFORM REPORT

Report Date :

23.08.2011

IDENTIFICATION DETAILS

Name :	PROTECH ENGINEERING AND CONTROL PRIVATE LIMITED
Registered Office :	D-9, Nand Jyoti Industrial Estate, Safed Pool, A-K Road, Sakinaka, Andheri [E], Mumbai – 400072, Maharashtra,
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.03.2001
Com. Reg. No.:	11-131307
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29220MH2001PTC31307
TAN No.: [Tax Deduction & Collection Account No.]	MUMP12508G MUMP24928B
PAN :	AACCP4364P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Timber Control, Power Control, Power Protection, Power Testing Equipment.
No. of Employees :	20 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B [27]

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1316
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The Company can be considered for small business dealings with some cautions.

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, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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. Nipul R. Gosalia
Designation :	Director
Contact No.:	91-9821047753
Date :	18.08.2011

LOCATIONS

Registered Office :	D-9, Nand Jyoti Industrial Estate, Safed Pool, A-K Road, Sakinaka, Andheri [E], Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28513328 / 28560589 / 23401583
Mobile No.:	91-9821047753 [Mr. Nipul]
Fax No.:	91-22-28560589
E-Mail :	future@protechengg.com
Website :	http://www.protechengg.com
Location :	Rented
Factory :	E - 12, Nand Jyoti Industrial Estate, Safed Pool, A-K Road, Sakinaka, Andheri [E], Mumbai – 400072, Maharashtra, India
Location :	Owned

DIRECTORS

As on 26.08.2010

Name :	Mr. Rameshchandra Gosalia
Designation :	Director
Address :	12/2, Shamiana Irla Lane, Narvir Tanaji Malusre Marg, Vile Parle (W) , Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	20.04.1959
DIN :	01282590
Date of Appointment :	20.03.2001
Name :	Mr. Nipul R. Gosalia
Designation :	Director
Address :	12/2, Shamiana Irla Lane, Narvir Tanaji Malusre Marg, Vile Parle (W) , Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	26.09.1971
DIN :	01282564
Date of Appointment :	20.03.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2010

Names of Shareholders	No. of Shares
Divyesh Gosalia	5000
Nipul R. Gosalia	5000
Total	10000

As on 26.08.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Timber Control, Power Control, Power Protection, Power Testing Equipment.
Products :	Traction Charges Float-Cum-Boost Changers Battery Charges Rectifiers Voltage Stabilizers Chargers-Cum-Dischargers Over Voltage Relays / Over Current Relays High Voltage / Current Injection Test Sets Charger Accessories
Exports :
Products :	Power Control Power Testing Equipment.
Countries :	Gulf Countries Singapore Norway Australia
Imports :
Products :	Power Testing Equipment
Countries :	Singapore
Terms :
Selling :	L/C / Cash / Credit [30 Days]
Purchasing :	L/C / Cash / Credit [30 Days]

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

20 [Approximately]

Bankers :

Bank of Baroda, Sakinaka Branch, J. P. House, Sir M. V. Road, Sakinaka, Andheri East, Mumbai - 400072, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Tata Capital Limited	0.200	0.318
Bank Overdraft with Bank of Baroda	1.940	0.483
Total	2.140	0.801
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
Hiral Gosalia	0.130	0.070
NIpul Gosalia	0.069	0.465
Ramesh Gosalia	0.446	0.365
Ramesh Gosalia [HUF]	0.350	0.015
Rekhaben Gosalia	0.281	0.250
Ripesh Gosalia	0.140	0.000
Total	1.416	1.165

Banking Relations :	--
Auditors :
Name :	Mr. K. N. Shah and Company Chartered Accountant
Address :	409, Yogeshwar, 135/137, Kazi Sayyed Street, Mumbai - 400003, Maharashtra, India
Tel. No.:	91-22-3423114 / 3420474

CAPITAL STRUCTURE

As on 26.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs.10/-each	Rs.0.300 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/-each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.229	0.183	0.192
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.329	0.283	0.292
LOAN FUNDS
1] Secured Loans		2.140	0.801	2.303
2] Unsecured Loans		1.416	1.165	0.866
TOTAL BORROWING		3.556	1.966	3.169
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.885	2.249	3.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.883	2.039	1.625
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.872	1.071	0.979
	Sundry Debtors	2.516	1.376	2.046
	Cash & Bank Balances	0.026	0.066	0.056
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.504	0.141	0.261
Total Current Assets		3.918	2.654	3.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.968	2.510	1.588
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.968	2.510	1.588
Net Current Assets		1.950	0.144	1.754
MISCELLANEOUS EXPENSES		0.049	0.066	0.082
TOTAL		3.885	2.249	3.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
	Income		12.024	10.882	8.862
	Other Income		0.001	0.000	0.000
	TOTAL (A)		12.025	10.882	8.862
Less	EXPENSES
		Cost of Goods Sold	8.481	8.175
		Trade and Establishment Expenses	3.125	2.382
		TOTAL (B)	11.606	10.557	8.650
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.419	0.325	0.212
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.338	0.299	0.216
	PROFIT / LOSS BEFORE TAX (E-F) (G)		0.081	0.026	[0.004]
Less	TAX (I)		0.033	0.020	0.007
	PROFIT / LOSS AFTER TAX (G-I) (J)		0.048	0.006	[0.011]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.183	0.192	0.221
less	Short provision for taxation of previous year		0.010	0.015	0.018
	BALANCE CARRIED TO THE B/S		0.221	0.183	0.192
	Earnings Per Share (Rs.)		4.80	--	--

Expected Sales ( 2010-2011 ) : Rs.15.000 millions

The above information has been parted by Mr. NIpul Gosalia [Director]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.40	0.05	[0.12]
Net Profit Margin (PBT/Sales)	(%)	0.67	0.24	[0.04]
Return on Total Assets (PBT/Total Assets}	(%)	1.39	0.55	[0.08]
Return on Investment (ROI) (PBT/Networth)		0.25	0.09	[0.01]
Debt Equity Ratio (Total Liability/Networth)		16.79	15.82	16.29
Current Ratio (Current Asset/Current Liability)		1.99	1.06	2.10

LOCAL AGENCY FURTHER INFORMATION

Operations : Progress of the company during the year was good. Sales for the year was Rs.12.024 millions as compared to that of the previous year was Rs.10.882 million

Bankers Charges Report as per Registry

Corporate identity number of the company	U29220MH2001PTC131307
Name of the company	PROTECH ENGINEERING AND CONTROLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/10 Pathakwadipeerbhoy Building, 1st Floor Lohar Chawl, Mumbai – 400002, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10051022
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Sakinaka Branch, J. P. House, Sir M. V. Road, Sakinaka, Andheri East, Mumbai - 400072, Maharashtra, India
Nature of instrument creating charge	Supplemental Memorandum of Deposit of Title Deeds.
Date of instrument Creating the charge	15.03.2010
Amount secured by the charge	Rs.2.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest to be charged as per sanction/review of the account from time to time. Extent and Operation of the charge - The charge is modified to secure Overdraft facility of Rs.2.500 millions (increased from Rs.1.860 millions) together with interest, additional interest, compound interest, further interest by way of liquidated damages, commitment charges, commission, cost, charges, expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	An Industrial Unit bearing No.12, admeasuring 664 sq. ft. Carpet area on the Ground Floor of the Building No.E as "Nand-Jyot Industrial Premises Co-op. Society Limited" constructed on a peace or parcel of land bearing C.T.S. No.803, Survey No.8(pt), 9(pt), 10(pt) and 50(pt) situated lying and being at Village Mohili, Andheri (East) in the Registration District of Mumbai City and Mumbai Suburban District together with all buildings and structures thereon both present and future.
Particulars of the present modification	The charge is increased by Rs.0.640 million i.e. increased from Rs.1.860 millions to Rs.2.500 millions to cover Overdraft against Land and Building under SME Pack.

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 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.45.94
UK Pound	1	Rs.75.76
Euro	1	Rs.66.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.