MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	KAT CONTROLS PRIVATE LIMITED
Registered Office :	GAT No. 367, S.No. 13, Village Urwade, Near Indo German Technology Park, Taluka Mulshi, Pune-411042, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.06.1990
Com. Reg. No.:	11-056833
Capital Investment/ Paid-up Capital:	Rs. 1.012 Millions
CIN No.: [Company Identification No.]	U31909PN1990PTC056833
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Frequency Spark Testers.
No. of Employees:	Not Divulged by the management

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 240000
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.

INFORMATION DECLINED BY

Unable to contact the company.

LOCATIONS

Registered Office/ Factory :	GAT No. 367, S.No. 13, Village Urwade, Near Indo German Technology Park, Taluka Mulshi, Pune-411042, Maharashtra, India
Tel. No.:	91-20-22923820/ 22923821
Fax No.:	91-20-22923828
E-Mail :	katworks@vsnl.net katcontrols@vsnkl.net
Website :	www.katcontrols.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Hemant Vasant Katakkar

Designation :

Director

Address :

10 Janki Prasad, Apartments, Prabhat Road, Lane No. 9, Pune-411004, Maharashtra, India

Date of Birth/Age :

15.09.1957

Date of Appointment :

12.06.1990

DIN No.:

00369569

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	U31909PN1990PTC056833	Kat Controls Private Limited	Director	12/06/1990	12/06/1990	-	Active	NO
2	U31909MH1997PTC105454	Baumuller India Private Limited	Managing director	29/01/1997	29/01/1997	01/10/2008	Active	NO
3	U29299PN2008PTC131614	Blumenbecker KAT Automation Private Limited	Nominee director	31/08/2010	31/08/2010	-	Active	NO

Name :

Mr. Vrinda Hemant Katakkar

Designation :

Director

Address :

10 Janki Prasad, Apartments, Prabhat Road, Lane No. 9, Pune-411004, Maharashtra, India

Date of Birth/Age :

17.02.1959

Date of Appointment :

12.06.1990

DIN No.:

00396337

Other Directorship:

Name :

Mr. Sham Sadashiv Wagh

Designation :

Director

Address :

10 Janki Prasad, Apartments, Prabhat Road, Lane No. 9, Pune-411004, Maharashtra, India

Date of Birth/Age :

15.12.1954

Date of Appointment :

18.05.2005

DIN No.:

00256888

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	U65921MH1994PTC216496	Intrepid Finance And Leasing Private Limited	Director	17/07/2001	17/07/2001	03/09/2010	Active	NO
2	U29198MH1994PTC075909	Elite Thermal Engineers Private Limited	Director	09/10/2002	09/10/2002	-	Active	NO
3	U31909PN1990PTC056833	Kat Controls Private Limited	Director	18/05/2005	18/05/2005	-	Active	NO
4	U45209PN1989PTC052171	Sharada Erectors Private Limited	Director	09/12/2005	09/12/2005	27/01/2009	Active	NO
5	U34102PN2004PTC018890	Kumar Motors Private Limited	Director	06/06/2007	06/06/2007	19/03/2010	Active	NO
6	U74900PN2009PTC134304	Nyaasa Kpo Private Limited	Director	13/07/2009	13/07/2009	-	Active	NO
7	U74900PN2010PTC136450	Javadekar Educational Consultancy Services Private Limited	Director	01/06/2010	01/06/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Hemant Vasant Katakkar	660
Vrinda Hemant Katakkar	9460
Total	10120

Equity Share Breakup (Percentage of Total Equtiy)

(AS ON 30.09.2010 )

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of High Frequency Spark Testers.

GENERAL INFORMATION

Customers :	· All Metal Process Industries Limited, Pune · Krupp Industries India Limited, Chinchwad, Pune · Aluminum Industries Limited, Hyderabad · Kasat Paper Mills Limited, Pune · Active Systems, Bhiwandi, Thane · Lawkim Limited, Shirwal · Alfa Laval India Limited, Kasarwadi, Pune · Marine Cables and Wires Private Limited, Silvassa · Bajaj Auto Limited, Pune · Bharat Forge Limited, Pune · Cummins India Limited, Pune · Erhardt+ Leimer (India) Limited, Ahmedabad · DGP Windsor India Limited, Ahmedabad · Kirloskar Pneumatics company, Pune
No. of Employees :	Not Divulged by the management
Bankers :	Housing Development Finance Corporation Limited(HDFC), HDFC House, 1500 Shivaji University Road, P, Pune-411005, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S.V. Bapat and Company Chartered Accountant
Address :	3 Sagar Apartments, C.T.S. No. 1241, Survey No. 11/1A/3, Erandwane, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25466693
PAN No.:	ABGP3880Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10120	Equity Share	Rs. 100/- each	Rs. 1.012 Millions
	(Out of above 8600 Equity Share issue for consideration other than as bonus shares) Source of bonus shares capitalization of General Reserves.

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		1.012	1.012	1.012
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.456	83.527	69.997
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.468	84.539	71.009
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.099	0.000	0.040
TOTAL		61.567	84.539	71.049
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.529	31.010	32.381
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		49.522	51.275	38.679
DEFERREX TAX ASSETS		0.000	0.028	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.769	1.641	1.338
	Sundry Debtors	4.109	2.803	2.517
	Cash & Bank Balances	2.828	1.254	1.954
	Other Current Assets	3.630	0.911	2.132
	Loans & Advances	0.062	0.051	32.529
Total Current Assets		12.398	6.660	40.470
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.805	2.935	2.723
	Other Current Liabilities	1.976	0.961	0.917
	Provisions	0.401	0.538	0.000
	Dividend Payable	21.252	0.000	0.000
	Dividend Distribution Tax	3.448	0.000	36.841
Total Current Liabilities		30.882	4.434	40.481
Net Current Assets		[18.484]	2.226	[0.011]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.567	84.539	71.049

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Manufacturing Income	NA	17.866	19.619
		Other Business Income	NA	0.000	107.875
		Miscellaneous Business Income	NA	2.498	5.659
		TOTAL	NA	20.364	133.153
Less	EXPENSES
		Operating Expenses	NA	6.605	14.896
		Manufacturing Expenses	NA	11.541	12.925
		TOTAL	NA	18.146	27.821
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	2.218	105.332
Less	FINANCIAL EXPENSES		NA	0.001	0.519
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	2.217	104.813
Less/ Add	DEPRECIATION/ AMORTISATION		NA	1.589	1.497
	PROFIT BEFORE TAX		1.695	0.628	103.316
Add:	Income Tax Refund for AY 08-09		0.000	0.085	0.000
Add:	Deferred Tax Adjustments		0.000	0.068	0.000
Add:	Excess Provision of Income Tax		0.249	13.085	0.000
Less:	Provision for taxation		0.189	0.336	35.000
Less:	Fringe Benefit Tax		0.000	0.000	0.073
Less	Deferred Tax adjustment		0.127	0.000	0.014
	PROFIT AFTER TAX		1.628	13.530	68.229
Less	APPROPRIATIONS
		Transfer to General Reserve	0.151	0.121	7.000
		Provision for Dividend	21.252	0.000	10.120
		Dividend Distribution Tax	3.448	0.000	1.720
	BALANCE CARRIED TO THE B/S		49.963	13.409	49.389
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.198	0.741	3.755
	TOTAL EARNINGS		0.198	0.741	3.755
	Earnings Per Share (Rs.)		160.87	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	66.44	51.24
Net Profit Margin (PBT/Sales)	(%)	NA	3.08	77.59
Return on Total Assets (PBT/Total Assets}	(%)	3.95	1.67	141.82
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	1.45
Debt Equity Ratio (Total Liability/Networth)		0.50	0.05	0.57
Current Ratio (Current Asset/Current Liability)		0.40	1.50	0.99

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	3.499	2.625	2.723
Creditors for Expenses	0.127	0.131	0.000
Creditors for Urawade Work	0.179	0.179	0.000
Total	3.805	2.935	2.723

Note:

The Registered office of the company has been shifted from 4^th Floor, Commerce Avenues, Paud Road, Pune-411038, Maharashtra, India to present address w.e.f. 01.01.2011

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U31909PN1990PTC056833
Name of the company	KAT CONTROLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	GAT No. 367, S.No. 13, Near Indo German Technology Park, Taluka Mulshi, Pune-411042, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Housing Development Finance Corporation Limited(HDFC), HDFC House, 1500 Shivaji University Road, P, Pune-411005, Maharashtra, India Email: pushpr@hdfcindia.com
Nature of description of the instrument creating or modifying the charge	Mortgage Deed
Date of instrument Creating the charge	21.03.2007
Amount secured by the charge	Rs. 6.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The applicable rate of interest for the said loan will be 75 basis points above HDFC CPLR. The Applicable Rate of Interest is 13% p.a. Terms of Repayment The term loan will be for 60 months. The repayment will be made in equitable monthly installments of Rs. 0.137 Million Extent and Operation of the charge The Loan will be secured by 1) First Mortgage on the project land admeasuring to 8600 sq.ft., including the construction thereon, at Gat No. 367, Urwade, Pune 2) Personal Guarantees of Mr. Meamant and Mrs. Vrinda Katakkar 3) Any other security or similar/ higher value acceptable to HDFC
Date of Instrument Creating or evidencing the charge	21.03.2007
Description of the instruments creating or evidencing the charge	Mortgage Deed
Date of Acquisition of the Property	21.04.2007
Amount of the charge	Rs. 6.000 Millions
Particulars of the property charged	Companys project land and factory
Short particulars of the property charged	Project Land at GAT No. 367, Urwade, Pune 411013

Fixed Assets:

· Land

· Building

· Plant and Machinery

o Air Conditioner

o Coffee Machine

o Fax Machine

o Fridge

o Genset

o Machinery

o Mobile Phone

o Office Equipment

o UPS-Magnaflux

o Kent Water Purifier

o Computer

o Payroll Software

o Laptop

o Epson Printer

o Printers

· Furniture and Fixture

· Vehicles

o Two Wheeler

o Honda Activa

o Alto

o Car (Ford Fiesta)

o Car (Honda)

o Car I-20

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.65

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	NO
--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.