MIRA INFORM REPORT

Report Date :

06.05.2011

IDENTIFICATION DETAILS

Name :	BANGALORE INTEGRATED SYSTEM SOLUTIONS PRIVATE LIMITED
Registered Office :	No. 497 E, 14^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.01.1992
Com. Reg. No.:	08-012766
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U30009KA1992PTC012766
TAN No.: [Tax Deduction & Collection Account No.]	BLRB03996G
PAN No.: [Permanent Account No.]	AAACB5854G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Servo-hydraulic Universal Testing Machinery, Servo-hydraulic Testing Systems, Ball Indentation Test Systems, Earthquake Simulation Shake Tables, Earthquake Simulation System, Stewart Tables, Shock Absorber Testing Machinery.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 111000
Status :	Satisfactory
Payment Behaviour :	Usually 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 usually correct and as per commitments. The company can be considered normal 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 – 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. Venkatesh
Designation :	Director
Contact No.:	91-9845201739
Date :	05.05.2011

LOCATIONS

Registered Office :	No. 497 E, 14^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-23456471/23410813
Mobile No.:	91-9845201739
Fax No.:	91-80-23456471
E-Mail :	pradeep@biss.in njayaraman@airtelbroadband.in mancoca@gmail.com sales@biss.in
Website :	www.biss.in
Area :	44000 Sq. ft.
Location :	Owned
Corporate Office :	No. 5, 302/4, Seetharam Industrial Estate, V. P. Road, Jalahalli, Bangalore – 560 013, Karnataka, India
Tel. No.:	91-80-23456471
Fax No.:	91-80-23456471

DIRECTORS

As on 30.09.2010

Name :	Mrs. Rama Venkataesh
Designation :	Managing Director
Address :	No 736, 8th Block, 4th Cross Jayanagar, Bangalore-560 082, Karnataka, India
Date of Birth/Age :	18.01.1956
Date of Appointment :	29.01.1992
Name :	Mrs. Sunder Kala
Designation :	Director
Address :	No. 41A, 1^st A Cross, Aecs II, Bangalore-560 094, Karnataka, India
Date of Birth/Age :	15.06.1954
Date of Appointment :	29.01.1992
Name :	Dr. Ramasubbu Sunder
Designation :	Director
Address :	No. 41A, 1^st A Cross, Aecs II, Bangalore-560 094, Karnataka, India
Date of Birth/Age :	08.08.1953
Date of Appointment :	01.11.1994
Name :	Mr. Channapatna Srinivasa Rao Venkatesh
Designation :	Director
Address :	No 736, 8th Block, 4th Cross Jayanagar, Bangalore-560 082, Karnataka, India
Date of Birth/Age :	20.02.1949
Date of Appointment :	01.09.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2010)

Names of Shareholders	No. of Shares
Rama Venkatesh	2165
Kala Sunder	2165
Ramasubbu Sunder	2825
C S Venkatesh	2830
Others	15
Total	10000

(As on 30.09.2010)

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

BUSINESS DETAILS

Line of Business :	Manufacturers of Servo-hydraulic Universal Testing Machinery, Servo-hydraulic Testing Systems, Ball Indentation Test Systems, Earthquake Simulation Shake Tables, Earthquake Simulation System, Stewart Tables, Shock Absorber Testing Machinery.
Products :	Ø Desktop UTM's Ø UTM's Ø Shock Absorber Testing Equipment Ø Elastomer Testing Euipment Ø Vehicle Suspension Testing Equipment Ø Shake Tables Ø Digital Pid Controllers Ø Transducers Ø Hydraulic Power Packs Ø Hydraulic Actuators Ø Hydraulic Components Ø Data Acquisition Hardware Ø Test Data Processing Applications Ø Testing and Measuring Equipment Ø Axial-torsion Test System Ø Four Column High Force Test System Ø Panel Test Ø Thermo Mechanical Fatigue Test System Ø Two Column Medium Force Test System Ø Ball Joint Test System Ø CV Joint Test System Ø Dual Station Shock Absorber Test System Ø Elastomer Test System Ø Steering Durability Test System Ø Tyre Test System Ø Makron Ø Nano Plug n Play Ø Bi-axial Low Force Test System Ø Multi Axis Shake Table Ø Uniaxial Shake Table Ø Multi Actuator Test System Ø Slit Burst Test Rig
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

80 (Approximately)

Bankers :

Ø Punjab National Bank, 6^th Cross, Malleswaram, Bangalore-560003, Karnataka, India

Ø Canara Bank, Specialized SME Branch, D 473, 13^th Cross, II Stage, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India

Ø American Express Bank

Ø HDFC Bank

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
P. N. B. Malleswaram – Over draft	0.000	9.658
P. N. B. Malleswaram – Gen Set	0.000	0.954
P. N. B. Malleswaram – Car Loan	0.434	0.688
Canara Bank – Overdraft	15.180	0.000
Canara Bank – Genset Loan	0.678	0.000
Canara Bank – Land and building Loan	25.000	0.000
HDFC Car Loan	0.885	0.000
Total	42.177	11.300

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Share Holder Vathsala Parthasrathy	3.100	2.400
Dr. Valluri	3.500	0.000
Directors Sunder R Venkatesh C. S.	1.794 4.267	1.794 3.816
Total	12.661	8.010

Banking Relations :	---
Auditors :
Name :	M A Narasimahan And Company Chartered Accountant
Address :	No. 25, Old No. 13, 7^th Cross Swimming Pool Extension, Malleswaram, Bangalore-560 003, Karnataka, India.
Tel. No.:	91-80-23344701/23561197
Mobile No.:	91-9986144140
Fax No.:	91-80-23562814
E-Mail :	mancoca@gmail.com
Pan No.:	AAGFM7833H

CAPITAL STRUCTURE

(As on 30.09.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.860	20.207	12.338
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.860	21.207	13.338
LOAN FUNDS
1] Secured Loans		42.177	11.300	2.683
2] Unsecured Loans		12.661	8.011	7.289
TOTAL BORROWING		54.838	19.311	9.972
DEFERRED TAX LIABILITIES		0.153	0.050	0.026
TOTAL		82.851	40.568	23.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.161	3.739	3.732
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.730	12.422	23.403
	Sundry Debtors	39.987	42.679	14.038
	Cash & Bank Balances	7.244	16.419	7.994
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.985	4.792	6.293
Total Current Assets		79.946	76.312	51.728
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.913	12.250
	Other Current Liabilities	23.181	25.226	1.061
	Provisions	1.162	2.007	31.068
Total Current Liabilities		40.256	39.483	32.129
Net Current Assets		39.690	36.829	19.599
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		82.851	40.568	23.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	100.512	133.651	95.532
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	91.969	123.164	88.056
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.543	10.487	7.476
Less/ Add	DEPRECIATION/ AMORTISATION (D)		1.061	0.661	0.428
	PROFIT BEFORE TAX (C-D) (E)		7.482	9.826	7.048
Less	TAX (F)		1.270	1.792	2.237
	PROFIT AFTER TAX (E-F) (G)		6.212	8.034	4.811
	Earnings Per Share (Rs.)		665.00	803.40	481.10

Particulars	31.03.2011
Sales Turnover	180.000

Expected Sales ( 2011-2012 ) : Rs.220.000 Millions

The above information has been parted by Mr. Venkatesh

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.18	6.01	5.04
Return on Total Assets (PBT/Total Assets}	(%)	6.08	12.27	12.71
Return on Investment (ROI) (PBT/Networth)		0.27	0.46	0.53
Debt Equity Ratio (Total Liability/Networth)		3.41	2.77	3.16
Current Ratio (Current Asset/Current Liability)		1.98	1.93	1.61

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

The company has earned a net profit of Rs. 7.482 millions (Rs.9.826 Millions) after charging depreciation to the extent of Rs.1.061 Millions (Rs.0.661 million) and provision of taxation of Rs.1.162 millions as against a tax of Rs. 1.792 millions in the previous year.

CHANGE OF ADDRESS :

Registered office of the company has been shifted from No. 41/A, 1^st Cross, AECS Layout, R.M.V., 2^nd Stage, Bangalore – 560094, Karnataka, India to the present address w.e.f. 31.03.2011

FORM 8:

Corporate identity number of the company	U30009KA1992PTC012766
Name of the company	BANGALORE INTEGRATED SYSTEM SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 497 E, 14^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10184569
Type of charge	Book debts Movable property Floating charge
Particular of charge holder	Canara Bank, Specialized SME Branch, D 473, 13^th Cross, II Stage, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	20.09.2010
Amount secured by the charge	Rs.85.822 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : OCC/ODBD-12.00% p.a PC/FDB/FBE-9.50% p.a Other limits as per sanction terms Terms of repayment : OCC/ODBD-Running account repayable on demand PC/FDB/FBE- 90 days BG-2 years including claim period Margin : OCC/ODBD-25% on stock/ inventories 40% on receivables/ bookdebts PC/FDB/FBE-25% BG-25% Extent and operation of the charge : The charge operate to the extent of entire loan amount plus interest, commission, costs, expenses and other charges thereon. Others : The said amount of Rs.85.822 millions comprises of OCC/ODBD Rs.25.000 millions (enhanced form Rs.15.000 millions);BG Rs. 10.000 millions ;PC/FDB/FBE Rs. 5.000 millions ;TL I Rs. 0.822 millions ;TL II Rs.45.000 millions (continued at existing level)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first charge on stock of raw materials, finished goods, book debts , plant, machineries and other movables present and future stored/installed in the godown/premises at No.41/A, 1st Cross, AECS Layout, RMV II stage, Bangalore-560094 or at any other place.
Date of instrument modifying the charge	18.09.2010
Particulars of the present modification	By the above the charge on movables comprising stocks, book debts plant, machineries and other movables present and future shall cover the present modified limits aggregating Rs.85.822 millions.

FIXED ASSETS :

• Computers
• Electrical Installation
• Furniture and Fixture
• Motor Car
• Motor Vehicle
• Office Equipments
• Plant and Machinery

WEBSITE DETAILS:

Subject specializes in the development and supply of Servo Test Systems for materials, component and structural test applications. They deal in Mechanical Test Systems and accessories.

They have strong experience in Servo-Hydraulics and Related Test Applications. They have also entered the area of Servo-Pneumatic and Servo-Electric Actuators. Their experience in integration and computer interface of test systems extends from single channel high performance test systems to multi-channel test rigs is used in full-scale simulation. Test software developed by them enables research operation on industry standard off-the-shelf PC’s and is compatible with Microsoft Windows 95/98/NT/2000/XP platforms as well as MS-Office.

Their company provides comprehensive test solutions in the areas of material testing, quality control, material and component certification, structural integrity assessment as well as research and development. This is offered by way of test equipment, easy-to-interface retrofit control systems, after-sales support and thorough consultations with their valued customers.

Their range of Mechanical Testing Systems are used for round-the-clock production quality verification testing of

Automotive Components, such as Shock Absorbers and Engine Mounts. Their over 150 man-years of innovation and development in Servo-Hydraulics has helped the industry to experimentally test its products simulating real life conditions. Their Servo-Hydraulic Test and Control Systems are in routine use at more than five dozen sites within the country and more than dozen systems in USA.

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.44.57
UK Pound	1	Rs.73.58
Euro	1	Rs.66.23

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.