MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	CST SENSORS INDIA PRIVATE LIMITED
Registered Office :	Trident Towers, 4^th Floor, No.23, 100 Feet Road, Ashoka Pillar Road, 2^nd Block, Jayanagar, Bangalore – 560011, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.01.2008
Com. Reg. No.:	08-045130
Capital Investment / Paid-up Capital :	Rs. 12.834 Millions
CIN No.: [Company Identification No.]	U35303KA2008FTC045130
TAN No.: [Tax Deduction & Collection Account No.]	BLRC08113A
PAN No.: [Permanent Account No.]	AADCC2906M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Industrial Automation Product
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is relatively new company having moderate track. There appears huge accumulated losses recorded by the company. However, business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Rajendra
Designation :	Assistant Manager
Contact No.:	91-80-41132205
Date :	05.12.2011

LOCATIONS

Registered Office :	Trident Towers, 4^th Floor, No.23, 100 Feet Road, Ashoka Pillar Road, 2^nd Block, Jayanagar, Bangalore – 560011, Karnataka
Tel. No.:	91-80-41132205/41132204
Mobile No.:	91-9916190808
Fax No.:	91-80-41132206
E-Mail :	faizur.rehman@schneider-electric.com rajendra2.kumar@crouzet.com sadathullakhan@gmail.com hm.malikarjunappa@crouzet.com
Website :	www.cstsensors.com
Area :	Rented
Location :	4000 Sq ft
Branch Office :	Office No.12, Kedar Impair, 4^th Floor, Servey Road, Herandwani, Pune, Maharashtra, India
Area :	Owned
Location :	800 Sq.ft

DIRECTORS

As on 30.09.2010

Name :

Mr. Olivier Pascal Marius Blum

Designation :

Director

Address :

3/35, Shanti Niketan, New Delhi – 110021, India

Date of Birth/Age :

13.10.1970

Date of Appointment :

30.07.2009

DIN No.:

02075443

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC065815	Schneider Electric India Private Limited	Managing director	01-01-08	01-01-08	-	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Managing director	01-02-08	01-02-08	-	Amalgamated	NO
3	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	30-07-09	28-04-08	-	Active	NO
4	U99999MH1970GAP014629	Indian Electrical and Electronics Manufacturers Association	Director	18-09-08	18-09-08	25-09-10	Active	NO
5	U03312DL1988PTC208639	Schneider Electric Conzerv India Private Limited	Managing director	01-01-10	08-06-09	-	Amalgamated	NO
6	U31909DL2010PTC204196	Schneider Electric Fusegears India Private Limited	Director	16-06-10	16-06-10	-	Active	NO
7	U51395DL2004PTC125366	Uniflair India Private Limited	Director	21-12-10	21-12-10	-	Active	NO
8	U31200HR2010PLC041756	Energy Grid Automation Transformers and Switchgears India Limited	Director	29-12-10	29-12-10	-	Active	NO
9	U31900GJ2011PLC064420	Smartgrid Automation Distribution and Switchgear Limited	Director	12-03-11	12-03-11	-	Active	NO
10	U74899DL1988PTC032019	Luminous Power Technologies Private Limited	Additional director	03-06-11	03-06-11	-	Active	NO

Name :

Mr, Jean Yves Marie Mouttet

Designation :

Director

Address :

14501, Princeton Avenue, Moorpark, California, 93021, United State of America

Date of Birth/Age :

29.04.1957

Date of Appointment :

27.03.2008

DIN No.:

02088458

Name :

Rajani Kesari

Designation :

Additional Director

Address :

C-31, Westend Heights, DLF City Phase V, Gurgaon – 122001, Hayrana, India

Date of Birth/Age :

02.07.1971

Date of Appointment :

10.10.2008

DIN No.:

02384170

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	30-07-09	10-10-08	-	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Director	30-09-09	11-10-08	-	Amalgamated	NO
3	U74899DL1995PTC065815	Schneider Electric India Private Limited	Whole-time director	30-09-09	11-10-08	-	Active	NO
4	U03312DL1988PTC208639	Schneider Electric Conzerv India Private Limited	Director	14-09-09	08-06-09	-	Amalgamated	NO
5	U31909DL2010PTC204196	Schneider Electric Fusegears India Private Limited	Director	16-06-10	16-06-10	-	Active	NO
6	U74899DL1988PTC032019	Luminous Power Technologies Private Limited	Additional director	03-06-11	03-06-11	-	Active	NO

Name :

Mr. Laurent Marie Christiphe Bataille

Designation :

Director

Address :

11646 Chanault ST , Apartment 27, Los Angeles, 90049, United State of America

Date of Birth/Age :

28.04.1978

Date of Appointment :

30.07.2009

DIN No.:

02445109

Name :

Mr. Virender Vijay Shanker

Designation :

Director

Address :

C-50, Sector -33, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

30.10.1958

Date of Appointment :

31.01.2008

DIN No.:

00169553

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC065815	Schneider Electric India Private Limited	Director	02-04-07	15-04-04	10-10-08	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Additional director	05-09-07	05-09-07	10-10-08	Amalgamated	NO
3	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	31-01-08	31-01-08	10-10-08	Active	NO
4	U52190DL2009PTC187300	Lewis Trading Private Limited	Director	04-08-10	28-08-09	-	Active	NO
5	U50404DL2009PTC190586	Carnation Sukh Sagar Motors Private Limited	Additional director	15-03-10	15-03-10	-	Strike off	NO
6	U34300DL2008PTC185487	Carnation Vehicles Private Limited	Additional director	15-03-10	15-03-10	-	Strike off	NO
7	U50300DL2009PTC190761	Carnation Westend Auto Private Limited	Additional director	15-03-10	15-03-10	-	Active	NO
8	U50404DL2008PTC183857	Carnation Motors Private Limited	Director	29-09-10	15-03-10	-	Active	NO
9	U66000DL2010PTC209308	Carnation Insurance Broking Company Private Limited	Director	11-10-10	11-10-10	-	Active	NO
10	U50100DL2009PTC191573	Carnation Variety Auto Private Limited	Director	16-12-10	10-11-10	-	Active	NO

Name :

Mr. Roshanlal Arjan Nath Kariholoo

Designation :

Director

Address :

92, Golf Links, New Delhi – 110003, India

Date of Birth/Age :

05.11.1941

Date of Appointment :

31.01.2008

DIN No.:

00228604

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC065815	Schneider Electric India Private Limited	Managing director	15-05-04	15-05-04	31-12-07	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Managing director	30-03-05	30-03-05	01-02-08	Amalgamated	NO
3	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	31-01-08	31-01-08	28-04-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Crouzet Automatismes SAS, France	1283386
Electro Porcelaine, France	1
TOTAL	1283387

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Industrial Automation Product
Imports :
Products :	Automation Product
Countries :	US France Germany China
Terms :
Selling :	Credit (30-60 Days)
Purchasing :	Credit (30-60 Days)

GENERAL INFORMATION

Customers :	End Users and Distributors Schneider Electric Arihant Systems A B B
No. of Employees :	30 (Approximately)
Bankers :	B N P Paribas, M G Road

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Second Floor, No 102, Gangadhara Chetty Road, Bangalore – 560042, Karnataka, India
PAN.:	AAAFK7554R
Holding Company :	Crouzet Automotismes SAS
Associates :	BEI Ideacode BEI Industrial Encoder BEI Duncan Electronics BEI Kimco Magnetics Crydom Inc. CST Asia (Hong Kong) Limited Kaviico GmbH

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1283387	Equity Shares (Of the above 1283866 shares held by Crouzet Automotismes SAS, France the holding company)	Rs.10/- each	Rs. 12.834 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		12.834	12.834
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(12.477)	(3.257)
NETWORTH		0.357	9.577
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.405	0.000
TOTAL		0.762	9.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.707	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.116
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.143	1.961
	Sundry Debtors	12.676	13.014
	Cash & Bank Balances	19.066	8.879
	Other Current Assets	0.000	0.000
	Loans & Advances	0.726	0.646
Total Current Assets		38.611	24.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.531	14.291
	Other Current Liabilities	1.025	0.632
	Provisions	0.000	0.116
Total Current Liabilities		40.556	15.039
Net Current Assets		(1.945)	9.461
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		0.762	9.577

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	60.555	30.127
		Other Income	0.838	0.687
		TOTAL (A)	61.393	30.814
Less	EXPENSES
		Cost of Goods Sold	43.989	20.810
		Expenditure on Employees	13.243	7.320
		Operatind and Administration Expenses	11.978	5.880
		TOTAL (B)	69.210	34.010
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(7.817)	(3.196)
Less	FINANCIAL EXPENSES (D)		0.082	0.059
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(7.899)	(3.255)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.799	0.002
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(8.698)	(3.257)
Less	TAX (H)		0.522	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(9.220)	(3.257)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.257)	0.000
	BALANCE CARRIED TO THE B/S		(12.477)	(3.257)
	IMPORTS
		Trading Goods	35.677	16.244
	TOTAL IMPORTS		35.677	16.244
	Earnings Per Share (Rs.)
	Basic		(7.18)	(5.66)
	Diluted		(7.18)	(5.66)

Particulars	31.03.2011
Sales Turnover	110.000

Expected Sales (2011-2012) : Rs.140.000 Millions

The above information has been parted by Mr. Rajendra (Assistant Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(15.02)	(10.57)
Net Profit Margin (PBT/Sales)	(%)	(14.36)	(10.81)
Return on Total Assets (PBT/Total Assets}	(%)	(21.05)	(13.29)
Return on Investment (ROI) (PBT/Networth)		24.36	0.34
Debt Equity Ratio (Total Liability/Networth)		113.60	1.57
Current Ratio (Current Asset/Current Liability)		0.95	1.63

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	--
Major Suppliers	--
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	--
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

REVIEW OF OPERATIONS

The company has during its second year of operations has stabilized its operations and has put in systems and processes in place, to support the business plan of the company. The company has during the year achieved a turnover of Rs. 60.556 Millions, which has resulted in a business profit/loss of Rs. (9.220) millions. The management is confident that the company would be able to achieve higher turnover of generate better profits in the year to income.

The company intends to retain its profit from business operations, to augment its business plans and as such the board does not recommend payment of dividend for the year ending 31^st March 2010

TRADE REFERENCES

• Schneider Electric
• Arihant Systems
• A B B

FIXED ASSETS

• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computer
• Motor Car

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 records 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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		16

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.