BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	PULSE MAGNETIC AND POWER ELECTRONICS PRIVATE LIMITED	Principal Name 1	MS. ANUPAMA BARANAWAL
Status	SATISFACTORY	Principal Name 2	MR. TRIBHUWAN PRASAD BARANWAL
		Registration #	55-087535
Street Address	68, BAGDOLA, NEAR YADAV VIKAS SADAN, OPPOSITE SECTER-8, POCKET-B, DWARKA CITY, NEW DELHI – 110 045
Established Date	28.05.1997	SIC Code	--
Telephone#	NOT AVAILABLE	Business Style 1	MANUFACTURER
Fax #	NOT AVAILABLE	Business Style 2	SUPPLIER
Homepage	http://www.pmpe.in	Product Name 1	POWER TRANSFORMERS
# of employees	NOT AVAILABLE	Product Name 2	--
Paid up capital	RS.2,300,000/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS-100%	Banking	CORPORATION BANK
Public Limited Corp.	NO	Business Period	14 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	5,767,000	Current Liabilities	8,131,000
Inventories	5,838,000	Long-term Liabilities	20,744,000
Fixed Assets	28,115,000	Other Liabilities	3,217,000
Deferred Assets	0,000	Total Liabilities	32,092,000
Invest& other Assets	0,000	Retained Earnings	5,328,000
		Net Worth	7,628,000
Total Assets	39,720,000	Total Liab. & Equity	39,720,000
Total Assets (Previous Year)	35,367,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	42,274,000	Net Profit	1,197,000
Total Income (Previous yr)	15,115,000	Net Profit(Prev.yr)	(2,170,000)

MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	PULSE MAGNETIC AND POWER ELECTRONICS PRIVATE LIMITED
Registered Office :	68, Bagdola, Near Yadav Vikas Sadan, Opposite Secter-8, Pocket-B, Dwarka City, New Delhi – 110 045
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.05.1997
Com. Reg. No.:	55-087535
Capital Investment / Paid-up Capital :	Rs.2.300 millions
CIN No.: [Company Identification No.]	U31101DL1997PTC087535
TAN No.: [Tax Deduction & Collection Account No.]	DELP05899F
PAN No.: [Permanent Account No.]	AABCP0852D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Power Transformers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 31000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for small 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, 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

LOCATIONS

Registered Office :	68, Bagdola, Near Yadav Vikas Sadan, Opposite Secter-8, Pocket-B, Dwarka City, New Delhi – 110 045, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vkagarwal.delhi@gmail.com tpb@pmpe.in
Website :	http://www.pmpe.in
Factory :	49, Udyog Vihar, Phase-1, Gurgaon -122 016, Haryana, India
Tel. No.:	91-124-4593900 (4 lines), 4593929 (D)
Fax No.:	91-124-4593919

DIRECTORS

As on 26.09.2011

Name :

Ms. Anupama Baranawal

Designation :

Director

Address :

267, Air Force and Naval Officers C.G.H.S. Limited, Plot No-11, Sector-7, Pappan Kalan, Dwarka, New Delhi - 110 045, India

Date of Birth/Age :

03.03.1975

Date of Appointment :

01.02.2005

DIN No.:

00183632

Name :

Mr. Tribhuwan Prasad Baranwal

Designation :

Director

Address :

267, Air Force and Naval Officers C.G.H.S. Limited, Plot No-11, Sector-7, Pappan Kalan, Dwarka, New Delhi – 110 045, India

Date of Birth/Age :

10.07.1946

Date of Appointment :

28.05.1997

DIN No.:

00183683

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31101DL1997PTC087535	Pulse Magnetic and Power Electronics Private Limited	Director	28-05-97	28-05-97	Active	NO
2	U32109DL2005PTC138736	Omansh Engineering Private Limited	Director	15-07-05	15-07-05	Active	NO
3	U29253WB2010PTC150757	B and B Machinery Services Private Limited	Director	29-06-10	29-06-10	Active	NO

Name :

Mrs. Narvada Baranwal

Designation :

Director

Address :

267,Air Force and Naval Officers C.G.H.S. Limited, Plot No-11, Sector-7, Pappan Kalan, Dwarka, New Delhi – 110 045, India

Date of Birth/Age :

01.01.1948

Date of Appointment :

26.09.2003

DIN No.:

00156544

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
T.P. Baranwal	62000
Anupama Baranwal	35000
Narvada Baranwal	82000
Bharat Baranwal	26000
Monika Baranwal	22500
Anju Gupta	2500
Total	230000

As on 26.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Power Transformers.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Transformers and Inductors	PCS	630833

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Corporation Bank, Pankha Road, Janakpuri, New Delhi – 110 058, India

v Corporation Bank Limited, Head Office, Pandeshwar, Mangla Devi Temple Road, Bangalore – 575 001, Karnataka, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan with Corporation Bank (50002)	0.000	1.108
Cash Credit from Corporation Bank	4.425	4.421
Term Loan with Corporation Bank (090001)	2.352	2.821
Total	6.777	8.350

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	11.459	10.342
From Shareholders, Relatives and Others	2.508	2.511
Total	13.967	12.853

Banking Relations :	--
Auditors :
Name :	Vinod K. Agarwal and Company Chartered Accountants
Address :	201, South Ex. Plaza-I, 389, Masjid Moth, New Delhi – 110 049, India
Tel. No.:	91-11-26256363/ 26250719
Fax No.:	91-11-26261973
E-Mail :	vinod39@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AABFV8562F

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.300	2.300	2.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.328	4.130	6.311
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.628	6.430	8.611
LOAN FUNDS
1] Secured Loans		6.777	8.350	8.088
2] Unsecured Loans		13.967	12.853	9.114
TOTAL BORROWING		20.744	21.203	17.202
DEFERRED TAX LIABILITIES		2.371	2.123	2.088
TOTAL		30.743	29.756	27.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.115	27.635	24.249
Capital work-in-progress		0.000	0.155	0.155
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.838	3.459	4.091
	Sundry Debtors	3.721	3.437	5.085
	Cash & Bank Balances	0.520	0.164	0.112
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.526	0.517	2.029
Total Current Assets		11.605	7.577	11.317
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.395	3.479	4.408
	Other Current Liabilities	3.736	2.102	2.921
	Provisions	0.846	0.030	0.491
Total Current Liabilities		8.977	5.611	7.820
Net Current Assets		2.628	1.966	3.497
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.743	29.756	27.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	42.274	15.115	50.023
		Other Income
		TOTAL	42.274	15.115	50.023
Less	EXPENSES
		Office Expenses	39.019	15.935	46.899
		Administrative Expenses
		Advertising Expenses
		TOTAL	39.019	15.935	46.899
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.255	(0.820)	3.124
Less/ Add	DEPRECIATION/ AMORTISATION		1.416	1.316	1.139
	PROFIT/ (LOSS) BEFORE TAX		1.840	(2.136)	1.985
Less	TAX		0.643	0.034	0.613
	PROFIT/ (LOSS) AFTER TAX		1.197	(2.170)	1.372
	Prior Period Expenses		0.000	0.011	0.210
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.730	3.911	2.749
	BALANCE CARRIED TO THE B/S		2.927	1.730	3.911
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	20.610	0.429	22.459
	TOTAL EARNINGS		20.610	0.429	22.459
	IMPORTS
		Raw Materials	2.576	1.570	4.454
	TOTAL IMPORTS		2.576	1.570	4.454
	Earnings/ (Loss) Per Share (Rs.)		5.20	(9.43)	5.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.83	(14.36)	2.74
Return on Total Assets (PBT/Total Assets}	(%)	4.63	(6.07)	5.58
Return on Investment (ROI) (PBT/Networth)		0.24	(0.33)	0.23
Debt Equity Ratio (Total Liability/Networth)		3.90	4.17	2.91
Current Ratio (Current Asset/Current Liability)		1.29	1.35	1.45

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U31101DL1997PTC087535
Name of the company	PULSE MAGNETIC AND POWER ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	68, Bagdola, Near Yadav Vikas Sadan, Opposite Secter-8, Pocket-B, Dwarka City, New Delhi – 110 045, India
Type of charge	Immovable Property Movable Property
Particular of charge holder	CIN No.: U99999KA1972PLC001067 Corporation Bank Limited, Head Office, Pandeshwar, Mangla Devi Temple Road, Bangalore – 575 001, Karnataka, India E-Mail: cb606@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement for tem Loan dated 13.06.2009, Unattested Deed of Hypothecation of Movables dated 13.06.2009, Guarantee Agreement dated 13.06.2009 and continuity letter dated 13.06.2009.
Date of instrument Creating the charge	13.06.2009
Amount secured by the charge	Rs.3.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: COBAR + 0.50% is 12.5% p.a., Margin 25%, Guarantee of Mr. T.P Baranwal, Anupama Baranwal and Narmada Baranwal. Terms of Repayment: 60 monthly installments of Rs.0.063 million, each, last installment Rs.0.054 million, interest to be paid separately as and when due. Margin: 25% Extent and Operation of the charge: To part Finance the cost of purchase of Testing equipment worth Rs.3.241 millions and Plant and Machinery worth Rs.1.810 millions.
Short particulars of the property charged	Hypothecation of plant and machinery existing and proposed continuing charge on property at Plot No.49, Udyog Vihay, Gurgoan, Haryana

FIXED ASSETS:

v Factory Land

v Factory Building

v Plant and Machinery

v Furniture and Fixture

v Computer

v Electrical Fitting

v Office Equipment

v Generator

v Air Conditioner and Cooler

v Tools and Dies

v Water System Dispenser

WEBSITE DETAILS:

PROFILE:

Subject is a medium size enterprise with a company tradition of consistent expansion of its facilities which it applies to the market segment predefined.

Subject sees itself as a specialist in development and manufacture of innovative products, with focus and commitment on engineering and optimization. It exclusively produces customised wound components for Industrial, Medical, Railways, Aerospace, and Telecom sectors of on shore and off shore customers.

The company’s dominant technologies can be seen, among other things, in the fact that it can design, develop and manufacture dedicated machines, jigs, tools and dies for specialised products in house.

Subject has specialised in providing drop-in substitutes for the products which have become obsolete due to various reasons.

Subject has helped customers in reducing the cost of inductive components by as much as 30 to 40 percent by optimisation of design and use of latest available raw material without any compromise in the performance of the end product.

Subject has specialised in manufacturing of following products in power electronic.

v Components with high power density.

v Components for high current applications with optimum low leakage inductance. 

v Special designs with marked technical production know-how.

MILESTONES IN THE COMPANY’S DEVELOPMENT

Subject was incorporated in 1997, on a wish to be an entrepreneur, of Ms Anu the daughter of Mr. Baranwal an Electronic Engineer. Mr. Baranwal had spent more than 20 years with the Air Wing of Indian Military Service and had had years of stint with Indian companies engaged in manufacture of inductive components during his days in Military Service and after it. The notion behind the company’s establishment is still its present philosophy.

v Technical advice

v Development

v Production

Of transformers and inductors for special applications.

After establishment in 1997 the company started its manufacturing activities in rented accommodation of about 2000 square feet at various locations in Delhi, the capital of India. Until 2002 the company was mainly manufacturing inductive components for industrial sector, which uses electronic equipments in the control of production machinery, telecommunication and the processing of materials.

In the year 2003 the company’s manufacturing facilities were shifted to a rented premise of 5000 square feet to increase its manufacturing facilities for contract manufacturing of inductive components for a company in U.S.A.

Acceptance of the techno innovative approach used by subject in off shore market encouraged it to establish a permanent manufacturing facility for the company at a fully developed industrial township in India.

In the year 2006 a very modern Green-Tech manufacturing unit was built at industrial township Gurgaon.

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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
TOTAL		43

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.