MIRA INFORM REPORT

Report Date :

21.06.2011

IDENTIFICATION DETAILS

Name :	TWINTECH CONTROL SYSTEMS PRIVATE LIMITED
Registered Office :	714/ 1, Narayan Peth, Laxmi Road, Pune – 411 030, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.11.1990
Com. Reg. No.:	11-58883
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U31909PN1990PTC058883
PAN No.: [Permanent Account No.]	PNET00729B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Digital Safety Control Electronic Instruments and Devices.
No. of Employees :	32 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 11000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Kishor Narkar
Designation :	Director
Contact No.:	91-9422011811
Date :	11.06.2011

LOCATIONS

Registered Office :	714/ 1, Narayan Peth, Laxmi Road, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24359944 / 24559944/ 24355599
Mobile No.:	91-9422011811 (Mr. Kishor Narkar)
Fax No.:	91-20-24355599
E-Mail :	twintech@vsnl.com kishornarkar@gmail.com
Area :	1000 sq ft
Location :	Owned
Factory :	4, Vishvaganga Complex, Anand Nagar, Hingne Khurd, Pune – 411 051, Maharashtra, India
Tel. No.:	91-20-24359944 / 24355599
Fax No.:	91-20-24355599
E-Mail :	twintech@pn2.vsnl.net.in
Area :	1200 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Kishor Narkar
Designation :	Director
Address :	Yashodip Vadaganv Bu Haveli, Pune – 411 041, Maharashtra, India
Date of Birth/Age :	01.03.1956
Qualification :	Diploma Electronic Engineering
Date of Appointment :	01.02.1999
DIN No. :	03217359
Name :	Mr. Hemant S Damle
Designation :	Director
Address :	H. No. 1092, Saket Society, D P Road, End Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	26.12.1958
Qualification :	Gynecologist
Date of Appointment :	05.01.2000
DIN No. :	03213784
Name :	Mr. Vidyadhar D Godbole
Designation :	Director
Address :	369, Gajanan Bhavan, Okvada, Ram Shastri Prabhunepat, Shanivar Peth, Pune – 411 030, Maharashtra, India
Date of Birth/Age :	28.10.1957
Qualification :	B.Com
Date of Appointment :	01.06.2002
DIN No. :	03197257

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Swati D Sharangpani	802
Laxman V Kulkarni	200
Total	1002

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	80.04
Other top fifty (50) shareholders	19.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Digital Safety Control Electronic Instruments and Devices.

Products :

Instruments and Devices Including –

· Digital Temperature Controller

· Digital Temperature Indicating Scanner

· Magnetic Pick-Up

· Digital Tachometer (With Lcd Display)

· Digital Tacho-Hour Meter (Lcd Display)

· Safety Control Device Test Rig Kit

· Epc Simulator

· Proportional Temperature Controller

· Electronic Process Control Equipments

Product Description	ITC Code
Digital Temperature Indicator	90251900
Digital Temperature Controller	90328901
Digital Tachometer	90292001

Exports :

Products :

Electronic Process control equipment

Countries :

· UK

· Africa

· USA

· Sri Lanka

Terms :

Selling :

L/C, Cash and Credit (30 days)

Purchasing :

Cash and Credit (30 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Actual Production
Digital Temperature Indicators / Controllers	Nos.	NA	971
Test Rig kit	Nos.	NA	27
Digital Tachometers / SOS	Nos.	NA	2134
Temp. Sensors	Nos.	NA	1762
Card Set Assembly Accessories and Spares	Nos.	NA	1948
Total			6842

Installed Capacity : Production of the items manufactured by the Company does not require special machinery. Production depends largely upon designing skills, adequate space and competent staff. The term installed capacity does not have any significant meaning in relation to the items manufactured by the Company.

GENERAL INFORMATION

Customers :

OEM’s and Manufacturer

· Cummins India Limited

· Cummins Diesel Sales and Service India Limited

· Thermax limited

· Greaves (India) Limited

· GBC Modi Corporation

· Metachem Corporation

· Bharat Sanchar Nigam Limited

· Vanaz Engineers Limited

· EMS Technologies Limited

· Suyash Enterprises

· Vijay Jyot Engg. Private Limited

· Twin Engineers

· Exotech Group of Industries

No. of Employees :

32 Approximately

Bankers :

· Janaseva Sahakari Bank Limited

156, Gandhi Chowk, Hadapsar, Pune – 411 028, Maharashtra, India

· ICICI Bank Limited, Kothrud Branch, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Bank Fixed Deposit / Overdraft – Janaseva Sahakari Bank Limited	0.108	0.096
Total	0.108	0.096

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From a Director	0.010	0.010
From a Shareholder	0.010	0.010
Total	0.020	0.020

Banking Relations :	--
Auditors :
Name :	S A Chitale and Company Chartered Accountant
Address :	171, Shukrawar Peth, Shinde Ali, Pune – 411 002, Maharashtra, India
Memberships :	Maratha Chamber of commerce, Industry and Agriculture (MACCIA)

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1002	Equity Shares	Rs.100/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		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		2.693	2.423	2.276
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.793	2.523	2.376
LOAN FUNDS
1] Secured Loans		0.108	0.096	0.276
2] Unsecured Loans		0.020	0.020	0.020
TOTAL BORROWING		0.128	0.116	0.296
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.921	2.639	2.672
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.528	0.521	0.642
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.008	0.008	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.295	0.370	0.300
	Sundry Debtors	2.329	1.691	1.884
	Cash & Bank Balances	1.168	0.735	0.694
	Other Current Assets	0.034	0.058	0.050
	Loans & Advances	0.197	0.167	0.267
Total Current Assets		4.023	3.021	3.195
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.501	0.685	0.897
	Other Current Liabilities	0.097	0.205	0.225
	Provisions	0.040	0.021	0.051
Total Current Liabilities		1.638	0.911	1.173
Net Current Assets		2.385	2.110	2.022
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.921	2.639	2.672

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	10.743	9.618	8.540
		Operating Income	0.033	0.083	0.177
		TOTAL	10.776	9.701	8.717
Less	EXPENSES
		Office Expenses	10.276	9.367	8.076
		Administrative Expenses
		Advertising Expenses
		TOTAL	10.276	9.367	8.076
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.500	0.334	0.641
Less/ Add	DEPRECIATION/ AMORTISATION		0.193	0.167	0.209
	PROFIT BEFORE TAX		0.307	0.167	0.432
Less	TAX		0.026	0.008	0.036
	PROFIT AFTER TAX		0.281	0.159	0.396
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.001	0.001	0.001
Less	APPROPRIATIONS
		General Reserve	0.269	0.148	0.385
		Proposed Dividend @ Rs.10/- per share	0.010	0.010	0.010
		Tax on Proposed Dividend	0.002	0.002	0.001
	BALANCE CARRIED TO THE B/S		0.001	0.000	0.001
	EARNINGS IN FOREIGN CURRENCY		US $ 420	NIL	NIL
	Earnings Per Share (Rs.)		280.44	159.02	395.44

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.61	1.64	4.54
Net Profit Margin (PBT/Sales)	(%)	2.86	1.74	5.06
Return on Total Assets (PBT/Total Assets}	(%)	6.75	4.72	11.26
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.18
Debt Equity Ratio (Total Liability/Networth)		0.63	0.41	0.62
Current Ratio (Current Asset/Current Liability)		2.46	3.32	2.72

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES:

· Greaves Cotton Limited

· Tecno Circuit Systems, Katraj

· Catepillar India Limited

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U31909PN1990PTC058883
Name of the company	TWINTECH CONTROL SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	714/ 1, Narayan Peth, Laxmi Road, Pune – 411 030, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Janaseva Sahakari Bank Limited 156, Gandhi Chowk, Hadapsar, Pune – 411 028, Maharashtra, India E-Mail : devendracs@gmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Vehicle Hypothecation dated 1^st November 2010
Date of instrument Creating the charge	01.11.2010
Amount secured by the charge	Rs.0.950 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% p.a. Terms of Repayment To be repaid on or before 30^th November 2015 in a monthly installment of Rs.0.021 million each. Margin 19% Extent and Operation of the charge First and Exclusive Charge on motor vehicle – Tata Safari Dicor having Registration No. MH 12 GK 2125 purchased out of credit facility.
Short particulars of the property charged	The motor vehicle – Tata Safri Dicor having Engine No. ZYJ 19601, Chassis No. ANK11082 and registration No. MH 12 GK 2125.

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Electrical Fittings

· Computer and Accessories

· Trade Mark

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.44.99
UK Pound	1	Rs.72.60
Euro	1	Rs.64.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		29

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.