MIRA INFORM REPORT

Report Date :

12.09.2011

IDENTIFICATION DETAILS

Name :	TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED
Registered Office :	Unit C-2, Model Industrial Town, Vikas Industrial Estate, Vishweshwar Nagar Road, Off Aarey Road, Goregaon (East), Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.02.2000
Com. Reg. No.:	11-124321
Paid-Up Capital :	Rs. 0.891 Million
CIN No.: [Company Identification No.]	U28993MH2000PTC124321
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Exporter and Importer of Hygiene Products.
No. of Employees;	300 (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 250000
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 PARTED BY

Name :	Ms. Mer3
Designation :	Finance Manager
Date :	10.09.2011

LOCATIONS

Registered Office/ Factory 1 :	Unit C-2, Model Industrial Town, Vikas Industrial Estate, Vishweshwar Nagar Road, Off Aarey Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-42480480/ 28744097/ 42480484/ 5/ 22484848/ 02/ 28744097/ 42480429
Fax No.:	91-22-28729941/ 29272795
E-Mail :	technocrat@vsnl.com ajit@technocrat.asia sandeep@technocraftsecurity.co.in
Website :	www.technocratsecurity.co.in www.technocrat.asia
Area :	6000 sq ft
Location :	Owned
Factory 2 :	Malad, Mumbai, Maharashtra, India
Factory 3 :	Vasai, Thane, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Meghdoot Arvind Thakkar

Designation :

Director

Address :

601, Shankar Makah, Dadabhai Road, Opposite CNMS, Vile Parle (West), Mumbai - 400 056, Maharashtra, India

Date of Birth/Age :

15.05.1964

Date of Appointment :

17.02.2000

DIN No.:

01607412

Directorship in Other Companies :

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	U28993MH2000PTC124321	TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
2	U72300MH2007PTC175213	PACMAC SOLUTION PRIVATE LIMITED	Director	19/10/2007	19/10/2007	-	Active	NO

Name :

Mr. Ajit Dattaram Khetle

Designation :

Director

Address :

A/ 12, 204, Sahyadri Cooperative Housing Society Limited, General A K Vaidya Marg, Goregaon (East), Mumbai - 400 063, Maharashtra, India

Date of Birth/Age :

04.09.1964

Qualification :

B.E.

Date of Appointment :

17.02.2000

DIN No.:

01786187

Name :

Mr. Nitin Amrutlal Munot

Designation :

Director

Address :

603, Highway Park, E-3, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

23.06.1965

Qualification :

B.E.

Date of Appointment :

17.02.2000

DIN No.:

01786215

Name :

Mr. Devendra Rajmal Ranka

Designation :

Director

Address :

25, Aakash Apartment, Mamlatdarwadi, X Road No.4, Malad (West), Mumbai - 400 064, Maharashtra, India

Date of Birth/Age :

19.01.1970

Qualification :

B.E.

Date of Appointment :

17.02.2000

DIN No.:

02542993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ajit Dattaram Khetle	36000
Nitin Amrutlal Munot	24000
Devendra Rajmal Ranka	7500
Meghdoot Arvind Thakkar	7500
NICCO Securities Private Limited - India	3125
Gyaneshwar Trading and Finance Company Limited - India	3125
Oshin Investments and Finance Private Limited – India	3125
Gyaneshwar Trading and Finance Company Limited - India	1562
Sidhi Housing Development Company Limited - India	3125
Total	89062

As on 30.09.2010

Category	Percentage
Bodies corporate	15.79
Directors or relatives of Directors	84.21
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Exporter and Importer of Hygiene Products.
Products :	· Air Curtains · Hand Dryers · Fly Killers · Auto Taps · Auto Flush · Automatic Shoe Polishing Machines · Aerosol Dispensers · PVC Strip Curtains · Auto / Manual Soap Dispensers
Exports :
Countries :	USA, Dubai Africa
Imports :
Products :	· Raw Material · Machinery
Countries :	European Countries China Japan Germany
Terms :
Selling :	L/C, Cash and Credit (30/60 days)
Purchasing :	L/C, Cash and Credit (30/60 days)

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers
• End Users
• OEM’s

No. of Employees :

300 (Approximately)

Bankers :

• ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• Citi Bank N.A., Bandra Kurla Complex, G-Block, Bandra East, Mumbai – 400 051, Maharashtra, India
• Centurion Bank of Punjab Limited, Chowpatty Branch, Mumbai 400 004, Maharashtra, India
• HDFC Bank Limited, Goregaon, Mumbai, Maharashtra, India
• Standard Chartered Bank, 201/B/1, Standard Chartered tower, Western Express Highway, Goregoan(E), Mumbai – 400063, Maharashtra, India
• Citi Bank N. A, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
• Citi Bank N.A., Cititower, 61, Dr. S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Cash Credit with scheduled banks (against the hypothecation of stock and book debts)	37.887	39.855
Total	37.887	39.855

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors	20.655	38.619
Total	20.655	38.619

Banking Relations :	--
Auditors :
Name :	GMJ and Company Chartered Accountants
Address :	167, Plot No.6, Mittal Estate, Andheri Kurla Road, Marol Naka, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40679500
E-Mail :	info@gmjca.com
Pan No.:	AAAFG2163L

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89062	Equity Shares	Rs.10/- each	Rs.0.891 million

Note:

1. Equity Shares of Rs. 100 each have been sub-dividend into ten equity shares of Rs. 10 each during the year.

2. Issued and paid up capital includes 25000 equity shares of Rs. 10 each issued during the year as fully paid up bonus shares by utilization of Reserves .

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		0.891	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.028	28.433	15.328
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		64.919	28.933	15.828
LOAN FUNDS
1] Secured Loans		37.887	39.855	2.076
2] Unsecured Loans		20.655	38.619	31.148
TOTAL BORROWING		58.542	78.474	33.224
DEFERRED TAX LIABILITIES		4.655	5.568	0.825
TOTAL		128.116	112.975	49.877
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.694	64.623	6.141
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.993	12.142	5.326
	Sundry Debtors	109.173	79.104	64.003
	Cash & Bank Balances	1.475	1.487	4.417
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.823	17.242	17.363
Total Current Assets		145.464	109.975	91.109
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.924	41.510	30.023
	Other Current Liabilities	14.580	10.352	9.792
	Provisions	12.540	9.763	7.561
Total Current Liabilities		81.044	61.625	47.376
Net Current Assets		64.420	48.350	43.733
MISCELLANEOUS EXPENSES		0.001	0.002	0.003
TOTAL		128.116	112.975	49.877

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	225.355	176.074	185.529
		Other Income	0.000	0.000	0.000
		TOTAL (A)	225.355	176.074	185.529
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	196.987	151.359	172.332
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.368	24.715	13.197
Less	INTEREST (D)		7.945	3.919	2.586
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.423	20.796	10.611
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.019	0.743	0.615
	PROFIT BEFORE TAX (E-F) (G)		17.404	20.053	9.996
Less	TAX (H)		3.373	6.948	3.614
	PROFIT AFTER TAX (G-H) (I)		14.031	13.105	5.556
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.433	15.328	9.843
Less	APPROPRIATIONS
		Transfer to General Reserve	7.500	0.000
		Proposed Dividend	0.376	0.000
		Provision for Dividend Distribution Tax	0.063	0.000	NA
		Short Provision for Taxation in Earlier Years	0.105	0.000
	BALANCE CARRIED TO THE B/S		34.420	28.433	15.399
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	11.735	11.735
	TOTAL EARNINGS		0.000	11.735	11.735
	IMPORTS
		Material Purchases	30.549	31.174	36.895
	TOTAL IMPORTS		30.549	31.174	36.895
	Earnings Per Share (Rs.)		186.79	2621.05	2179.40

Particulars	31.03.2011
Sales Turnover (Approximately)	300.000

The above information has been parted by Ms. Merl (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.23	7.44	2.99
Net Profit Margin (PBT/Sales)	(%)	7.72	11.39	5.39
Return on Total Assets (PBT/Total Assets}	(%)	8.32	11.49	10.28
Return on Investment (ROI) (PBT/Networth)		0.27	0.69	0.63
Debt Equity Ratio (Total Liability/Networth)		2.15	4.84	5.09
Current Ratio (Current Asset/Current Liability)		1.79	1.78	1.92

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	53.924	41.510	30.023

Note:

The registered office of the company has been shifted from Ground Floor, Shree Apartments, J.P. Nagar, Road No.3, Goregaon (East), Mumbai – 400 063, Maharashtra to the present address w.e.f. 10.04.2009.

Form 8

This form is for	Creation of charge
Corporate identity number of the company	U28993MH2000PTC124321
Name of the company	TECHNOCRATS SECURITY SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit C-2, Model Industrial Town, Vikas Industrial Estate, Vishweshwar Nagar Road, Off Aarey Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India E-Mail: ajit@technocrats.net
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, 201/B/1, Standard Chartered tower, Western Express Highway, Goregoan(E), Mumbai – 400063, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum Of Entry
Date of instrument Creating the charge	13.01.2011
Amount secured by the charge	Rs 27.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% Variable, Base Rate + 2.50% P.A (Current Base Rate Is 8.00%) Terms of Repayment 60 Months, Emi of Rs. 593.232 Millions Margin 50% of The Market Value of The Property Extent and Operation of the charge First Charge Others As per Facility Letter
Short particulars of the property charged	Gala No. C-2, Ground Floor, Model Industrial Colony, Near Virwani Industrial Estate, Off Vishweshwar Road No. 2, Goregaon (E), Mumbai - 400 063, Maharashtra, India

FIXED ASSETS:

· Land and Land Development

· Air Conditioner

· Computer

· Furniture and Fixtures

· Office Equipments

· Plant and Machinery – Daman

· Electrical Installation – Daman

· Refrigerator

· Software

· Office Premises

· Motor Cars

· Dies and Moulds

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.46.38
UK Pound	1	Rs.74.00
Euro	1	Rs.64.48

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	-

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.