MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	POWER RESEARCH AND DEVELOPMENT CONSULTANTS PRIVATE LIMITED
Registered Office :	No.5, 11^th Cross, West of Chord Road, 2^nd Stage, Bangalore – 560 086, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.1994
Com. Reg. No.:	08-15487
Capital Investment / Paid-up Capital :	Rs.2.073 millions
CIN No.: [Company Identification No.]	U72200KA1994PTC015487
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Power System Consulting, Custom Software Development and Engineering Simulation Software Development.
No. of Employees :	Not Available

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 220000
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 – 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 / Head Office :	No.5, 11^th Cross, West of Chord Road, 2^nd Stage, Bangalore – 560 086, Karnataka, India
Tel. No.:	91-80-42455555 / 23192209
Fax No.:	91-80-42455556 / 23192210
E-Mail :	prdc@vsnl.com trskumar2@dataone.in
Website :	http://www.prdcinfotech.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ramappa Nagaraja

Designation :

Managing Director

Address :

No.146, Krishna Krupa, VHBCS Layout, West of Chord Road, 2^nd Stage, Rajajinagar, Bangalore – 560 086, Karnataka, India

Date of Birth/Age :

01.06.1963

Date of Appointment :

09.04.1994

DIN No.:

00371601

Name :

Mr. Parthasarathy Mukund

Designation :

Director

Address :

No.46, Shrinivasa, 2^nd Main Road, Hanumanth Nagar, Bangalore – 560 019, Karnataka, India

Date of Birth/Age :

21.11.1974

Date of Appointment :

09.04.1994

DIN No.:

00117058

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	U72200KA1994PTC015487	Power Research and Developement Consultants Private Limited	Director	09-04-94	09-04-94	-	Active	NO
2	U74900TN2009PTC073863	Vaageesh Technical Consultants Private Limited	Director	10-12-09	10-12-09	16-12-09	Active	NO

Name :

Mamatha Hegde

Designation :

Director

Address :

No.146, Krishna Krupa, VHBCS Layout, West of Chord Road, 2^nd Stage, Rajajinagar, Bangalore – 560 086, Karnataka, India

Date of Birth/Age :

01.06.1973

Date of Appointment :

02.02.2000

DIN No.:

01710190

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramappa Nagaraja	15288
Parthasarathy Mukund	4325
B R Manjappa	38
K Parthasarathy	188
Mamatha Hegde	375
K R Rajarama	13
P. S. Jagannath Gupta	97
B. R. Lakshmikantha	405
Total	20729

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Providing Power System Consulting, Custom Software Development and Engineering Simulation Software Development.
Services :	Power Research and Consultants

GENERAL INFORMATION

Customers :

· Abhijeet Group of Industries Limited, Nagpur

· Asea Brown Boveri Limited (ABB), Bangalore, Karnataka, India

· Adhunik Metalics Limited, Rurkela

· Aditya Aluminium, Bhubaneswar, Orissa, India

· Ahmedabad Electricity Board Ahmedabad, India

· Haryana Vidyut Prasaran Nigam Limited

· Hindalco Industries Limited

· SMEC International Pty. Limited

· The Tata Iron and Steel Company Limited (TISCO)

· Orissa State Hydro Power Corporation Limited

· Jharkhand State Electricity Board (JSEB)

· Electrowatt Econo, U.K.

· Bangalore Electricity Supply Company Limited, Bangalore, Karnataka, India

· Deprocon Engineering Private Limited Bangalore, Karnataka, India

No. of Employees :

Not Available

Bankers :

· Canara Bank

181, West of Chord Road, Mahalakshmi Layout, Bangalore – 560 086, Karnataka, India

· Standard Chartered Bank

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Canara Bank Term Loan	3.946	5.571
Total	3.946	5.571

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Directors and Shareholders
B. R. Manjappa	0.131	0.131
Professor Parthasarathy	0.221	0.221
Lakshmikantha B R	5.049	5.049
Mamatha Hegde	2.292	2.255
P S J Guptha	1.212	1.212
Dr. R Nagaraja	2.854	2.693
Deepak Cables (India) Limited	20.119	17.598
Total	31.878	29.159

Banking Relations :	--
Auditors :
Name :	Ravindra and Prabhakara Chartered Accountants
Address :	No. 3438/1, 1^st Floor, Maruthi Apartments, 7^th Main, Service Road of Chord Road, Vijaynagar 2^nd Stage, Bangalore – 560 040, Karnataka, India
Tel. No.:	91-80-23390044 / 23392299 / 23392277
PAN No.:	AEDPB6656G

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20729	Equity Shares	Rs.100/- each	Rs.2.073 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		2.073	2.073	2.073
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.051	37.519	19.153
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.124	39.592	21.226
LOAN FUNDS
1] Secured Loans		3.946	5.571	6.464
2] Unsecured Loans		31.878	29.159	10.794
TOTAL BORROWING		35.824	34.730	17.258
DEFERRED TAX LIABILITIES		0.593	0.711	0.723
TOTAL		90.541	75.033	39.207
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.005	18.656	16.967
Capital work-in-progress		9.000	8.925	6.022
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	92.477	64.333	34.820
	Cash & Bank Balances	0.151	0.222	0.343
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.878	30.726	23.588
Total Current Assets		123.506	95.281	58.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.235	28.377	23.438
	Other Current Liabilities	31.735	19.452	19.095
	Provisions	0.000	0.000	0.000
Total Current Liabilities		59.970	47.829	42.533
Net Current Assets		63.536	47.452	16.218
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.541	75.033	39.207

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	169.199	138.998	86.616
		Other Income and Other Adjustments		4.981	5.973
		TOTAL (A)	169.199	143.979	92.589
Less	EXPENSES
		Managerial Remuneration	6.520	5.400	5.900
		Expenses	124.954	95.961	71.832
		TOTAL (B)	131.474	101.361	77.732
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.725	42.618	14.857
Less	FINANCE CHARGES (D)		10.291	9.098	3.302
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.434	33.520	11.555
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.938	4.298	3.133
	PROFIT/LOSS BEFORE TAX (E-F) (G)		22.496	29.222	8.422
Less	TAX (H)		7.965	10.856	3.446
	PROFIT/LOSS AFTER TAX (G-H) (I)		14.531	18.366	4.976
	EARNINGS IN FOREIGN CURRENCY		40.301	53.774	7.233
	Earnings Per Share (Rs.)		700.99	886.01	240.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.59	12.76	5.37
Net Profit Margin (PBT/Sales)	(%)	NA	21.02	9.72
Return on Total Assets (PBT/Total Assets}	(%)	15.90	25.65	11.12
Return on Investment (ROI) (PBT/Networth)		0.42	0.74	0.40
Debt Equity Ratio (Total Liability/Networth)		1.77	2.09	2.82
Current Ratio (Current Asset/Current Liability)		2.06	1.99	1.38

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office address of the company has been shifted from No.4, 1-B Main, Ist N Block, Rajaji Nagar, Bangalore – 560 010, Karnataka, India to the present address w.e.f. 08.01.2007.

FINANCIAL RESULTS

The Company is having good number of orders on hand and is expecting a better performance in the years to come.

FORM 8

Corporate identity number of the company	U72200KA1994PTC015487
Name of the company	POWER RESEARCH AND DEVELOPEMENT CONSULTANTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.5, 11^th Cross, West of Chord Road, 2^nd Stage, Bangalore – 560 086, Karnataka, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90198327
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Canara Bank 181, West of Chord Road, Mahalakshmi Layout, Bangalore – 560 086, Karnataka, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	01.02.2011
Amount secured by the charge	Rs.47.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC/ODBD - @ Base Rate + 4% presently 13% p.a. TL - As per existing terms Terms of Repayment OCC/ODBD - Running account repayable on demand BG - 2 years excluding claim period of 3 months TL - As per existing terms Margin OCC/ODBD - 30% BG - 25% TL - As per existing terms Extent and Operation of the charge The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon Others The said amount of Rs.47.500 millions comprises OCC/ODBD Rs.30.000 millions (enhanced from Rs.25.000 millions), Bank Guarantee Rs.10.000 millions and Term Loan Rs.7.500 millions continued at existing level
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation of book debts, computers and accessories, office equipments, plant, machineries, air conditioners, furnitures and fixtures and other fixed assets both present and future stored/installed at company premises at No.5, 11th Cross, 2nd Stage, West of Chord Road, Bangalore 560086 or at any other place
Particulars of the present modification	By the above, the amount secured by charge stands enhanced from Rs.42.500 millions to Rs.47.500 millions (all other terms and conditions remain unchanged)

FIXED ASSETS

· Computers and Accessories

· Office Equipments

· Plant and Machinery

· Motor Car

· Cycles

· Air Conditioners

· Furniture and Fixtures

WEB DETAILS

COMPANY PROFILE

Subject owns several products used by many power utility companies including many state electricity boards and academic institutions across the country. All the products were indigenously designed and developed by subject. The most prominent products are MiPower, PowerDSM, MiPADAM, PowerEMS, SCADA-EMS and GIS-MiPower for power utilities. Subject is specialized in developing custom solutions for automation and simulation of manufacturing process. It has developed custom applications for the requirements of Maruthi Udyog Limited (India's leading Car manufacturer), Hero Honda Motors Limited (India's largest bike manufacturer), Bradma of India Limited (Leading Automation product suppliers), TISCO, CPRI, etc. PRDC is also involved in the development of real-time embedded systems. It has lent its services to ALIND and Prok Devices Private Limited. Microprocessor based distance relay involving DSP was developed for ALIND. Overcurrent and Earth fault Relay (OCEF Relay) was developed indigenously right from preliminary design to prototype and the total technology is transferred to Prok Devices Private Limited.

Subject is a pioneer in lending its services to power sector in the form of system planning and operational studies. The ranges of services cater to the gamut of software related activities exclusively for power sector. They deal with feasibility studies, requirement specifications, hardware configuration and identification, project management, business process, reengineering, energy auditing and accounting, power system tools, custom application development and real-time embedded systems development.

PRESS RELEASES

GIS for OPTCL

Bubaneswar – Monday May 09, 2011 - OPTCL is one among the country’s largest and power rich transmission utility having transformation capacity of about 10,100 MW. IT department, OPTCL headed by Mr. Anant Rao, CGM – IT is striving hard to bring in best of the breed IT technologies and applications to aid smooth and better management of the utility. Several initiatives have been made in the recent past. Vision to have a GIS system in place is the latest addition to this agenda. As a first step towards it, OPTCL has appointed M/s. Power Research and Development Consultants Private Limited (PRDC) for providing consultancy services that includes studying the state-of-the-art GIS technologies that is most suitable to OPTCL, to prepare a road map for implementation of GIS in OPTCL and extend necessary support in inviting tenders, identifying the right agencies for GIS implementation. PRDC is a Bangalore based pioneering consulting company specialized in providing consultancy services to Indian utilities and is among the largest power system consulting houses in whole of south Asia. PRDC is also listed in the India’s who is who in the Power Sector published by India core

Today PRDC had arranged an one day orientation cum brain storming workshop at Hotel MAYFAIR Lagoon. Workshop was well represented by the top management including all directors of OPTCL and most of the heads of the department of OPTCL. Senior officials of OERC, SLDC and CESU were among the special invitees. This is evident of the seriousness and commitment towards IT implementations by the top management under the ablest leadership of Sri. Hemant Sharma, IAS, MD OPTCL. Workshop was inaugurated by Sri. Hemant Sharma, IAS – Managing Director of OPTCL. He aptly addressed M/s. PRDC as the knowledge bank of the country and expressed his confidence in the team to come up with the road map for coming 3 to 5 years down the lane. Welcome address was made by Dr. R Nagaraja, Managing Director, PRDC. Sri. BK Mishra, Commissioner OERC, a veteran and guest of honor, spoke on the occasion and expressed his deep concern over IT implementations being neglected in the industry. He was very glad that OPTCL is taking step in the right direction. While addressing the gathering, Mr. K. K. Nath, Director Engineering, OPTCL stressed on maintenance and operational matters to be addressed

International and national GIS state of affairs and bird’s eye view of the road map to the implementation of GIS was presented by Dr. R. Nagaraja, Managing Director, PRDC, Subject experts Mr. MS Raju, Mr. Rajaseker Reddy and Mr. Ritesh Robin Stanley delivered technical presentations with good interactions. Workshop ended after panel discussion post lunch.

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.50.72
UK Pound	1	Rs.79.87
Euro	1	Rs.68.46

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	YES
--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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.