MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	PROTOCONTROL INSTRUMENTS (INDIA) PRIVATE LIMITED
Registered Office :	EL- 31/1, Electronic Zone, J-Block, MIDC, Bhosari, Pune- 411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.1994
Com. Reg. No.:	11-77628
Capital Investment / Paid-up Capital :	Rs.1.662 Millions
CIN No.: [Company Identification No.]	U3190MH1994PLC077628
TAN No.: [Tax Deduction & Collection Account No.]	PNEP01563C
PAN No.: [Permanent Account No.]	AABCP1200H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electronics Instruments.
No. of Employees :	50 (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 70000
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 dealing 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

INFORMATION PARTED BY

Name :	Mr. Sachin
Designation :	Account Assistant
Contact No.:	91-20-27125197
Date :	03.04.2012

LOCATIONS

Registered Office/ Factory :	EL- 31/1, Electronic Zone, J-Block, MIDC, Bhosari, Pune- 411 026, Maharashtra, India
Tel. No.:	91-20-27125198/27125197/ 32324545/27130197/27130398/32947007
Fax No.:	91-20-27123918 /27130918
E-Mail :	protocontrol@eth.net protocontrol@vsnl.com
Website :	www.protocontrol.com
Location :	Owned

DIRECTORS

As on 29.08.2011

Name :

Mr. Ulhas Raghunath Belhe

Designation :

Directors

Address :

R. Ho. No. 26, Kunal Icon, Saudagar Pimpale, Aundh, Pune- 411 027, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

01907170

Name :

Mr. Ravindra Govind Parale

Designation :

Directors

Address :

R. Ho. No. 25, Kunal Icon, Saudagar Pimpale, Aundh, Pune- 411 027, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

02465062

Name :

Mr. Milind Malhari Vechlekar

Designation :

Directors

Address :

Flat No. 5, Building No.6, Gande Park, Sharda Garden, Chinchawad, Pune- 411 033, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

02462451

Name :

Mr. Pradeep Govind Parale.

Designation :

Directors

Address :

229/1, Mabisha Society, Parvati, Pune- 411 009, Maharashtra, India

Date of Appointment :

19.06.1994

DIN No.:

01907180

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	U31901MH1994PLC077628	PROTOCONTROL INSTRUMENTS (INDIA) P LTD	Managing director	11-02-10	19-06-94	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.08.2011

Names of Shareholders	No. of Shares
Ulhas Bhele	43100
Ravindra Govind Parale	43200
Milind Malhari Vechlekar	43000
Pradeep Govind Parale	24400
Raghunath Bhele	50
M.N. Mahajan	50
S.G. Parale	50
V.G. Parale	50
Swati Pote	50
N.G. Parale	50
Govind Joshi	50
Gajanan Joshi	50
Malhari Vechlekar	50
G.S. Ubale	50
Sunil Chopde	50
Manjusha M. Velchlekar	3000
Surekha M. Velchlekar	3000
Purnima P. Parale	3000
Manisha U. Belhe	3000
Total	166250

Equity Share Break up (Percentage of Total Equity)

As on 29.08.2011

Category	Percentage
Directors or relatives of Directors	94.35
Other top fifty shareholders	5.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electronics Instruments.
Products :	Proximity Switches Indicating And Controlling Instruments-Temperature And Humidity Measuring Safety Switches for Material Handling Plants Level Management Solutions Turnkey Automation Packages Agency Products
Exports :
Products :	Electronics Instrument
Countries :	Malaysia Indonesia UAE Sri Lanka
Imports :
Products :	Raw Materials
Countries :	USA Sri Lanka
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electronics Instruments	SSI	NA	35000	32958

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

50 (Approximately)

Bankers :

State Bank of India SMECC Account SBI Chinchwad Branch, Madhuri- Kishor Complex, Above SBI Branch, Senapati Bapat Marg, Pune- 411 016, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit from State Bank of India (Secured by Hypothecation of Stocks, Debtors, Mortgage of Factory Land, Building and Personal Guarantee of Directors)	5.305	5.230
Term Loan From State Bank of India (Secured by mortgage of Factory Land and Building and hypothecation of Furniture and Office Equipment) Payable within 12 months Rs.0.912 millions previous year amount Rs.0.352 millions	2.664	3.262
Total	7.969	8.492
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders	0.963	0.963
Inter Corporate Deposit	0.000	0.700
Total	0.963	1.663

Banking Relations :	--
Auditors :
Name :	Parag Patwa and Associates Chartered Accountants
Address :	313, Patil Plaza Mitra Mandal Corner, Pune- 411 009, Maharashtra, India
Tel. No.:	91-20-24441420/65280376
Fax No.:	91-20-24445884
E-Mail :	Cal1234@eth.net
PAN.:	ABQPP4578F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- Each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
166250	Equity Shares	Rs.10/- Each	Rs.1.662 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		1.662	1.662	1.482
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.784	12.088	7.836
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.447	13.750	9.318
LOAN FUNDS
1] Secured Loans		7.969	8.491	4.765
2] Unsecured Loans		0.963	1.663	1.793
TOTAL BORROWING		8.932	10.154	6.558
DEFERRED TAX LIABILITIES		0.579	0.620	0.551
TOTAL		26.957	24.524	16.427
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.482	12.435	8.480
Capital work-in-progress		0.032	0.032	0.000
INVESTMENT		0.502	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.823	4.482	3.687
	Sundry Debtors	13.006	15.201	15.040
	Cash & Bank Balances	6.185	2.501	2.725
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.483	2.061	1.132
Total Current Assets		26.497	24.245	22.584
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.331	8.685
	Other Current Liabilities	2.199	1.746	13.890
	Provisions	2.026	1.759	0.749
Total Current Liabilities		11.556	12.190	14.639
Net Current Assets		14.941	12.055	7.945
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		26.957	24.524	16.427

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	50.942	40.152	42.962
		Other Income	0.368	0.464	0.304
		TOTAL	51.310	40.616	43.266
Less	EXPENSES
		Cost of Sales	24.951	19.550	22.913
		Manufacturing Expenses	0.363	0.220	0.320
		Payment to and Provision for Employee	8.661	6.848	5.783
		Administrative and Other Expenses	9.022	8.502	8.254
				35.12
		Increase / (Decrease) in Stock	0.434	(0.871)	(0.092)
		TOTAL	43.431	34.249	37.178
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.879	6.367	6.088
Less	FINANCIAL EXPENSES		0.741	0.482	0.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.138	5.882	5.527
Less/ Add	DEPRECIATION/ AMORTISATION		1.186	0.901	0.560
	PROFIT BEFORE TAX		5.952	4.984	4.967
Less	Expenses for Prior Period		0.011	0.040	0.000
Less	TAX		1.954	1.568	1.710
	PROFIT AFTER TAX		3.986	3.375	3.257
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	0.000
		Dividend to Equity Share	0.249	0.249	0.000
		Dividend to Tax Expenses	0.041	0.044	0.000
	BALANCE CARRIED TO THE B/S		2.696	2.082	3.257
	EARNINGS IN FOREIGN CURRENCY
		On Account of Sale	2.138	1.886	4.414
	TOTAL EARNINGS		2.138	1.886	4.414
	C.I.F. Value of Import		0.384	0.174	0.643
	Earnings Per Share (Rs.)		23.98	20.30	37.28

Expected Sales (2011-2012 ) : Rs.45.000 Millions

The above information has been parted by Mr. Sachin – Account Assistant

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.79	8.31	7.52
Net Profit Margin (PBT/Sales)	(%)	11.68	12.41	11.56
Return on Total Assets (PBT/Total Assets}	(%)	15.67	13.58	15.99
Return on Investment (ROI) (PBT/Networth)		0.34	0.36	0.53
Debt Equity Ratio (Total Liability/Networth)		1.17	1.62	2.27
Current Ratio (Current Asset/Current Liability)		2.29	1.98	1.54

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCIAL RESULTS:

The audited Profit and Loss Account show Profit of Rs.5.952 millions after providing for depreciation but before provision for taxation. The company has achieved a turnover of Rs.50.090 millions

REVIEW OF THE YEAR AND FUTURE OUTLOOK.

During the last year the working of the company has been satisfactory. The results of Project Division and Export division of the company are encouraging. This has given boost to the turnover of the company. During the year the company has achieved export turnover of Rs.2.038 millions. The company is planning to expand its export base in coming year. Company has made marked impact in the creating broad image of your company. Day by day products of the company are being recognized as quality product by big corporators such as BHEL, NTPC, L and T, Scorpio Engineering. The working of the company during the current year has improved further, However margins are under pressure. The directors hope to improve the performance of the company during the year.

FORM 8

Corporate identity number of the company	U31901MH1994PLC077628
Name of the company	PROTOCONTROL INSTRUMENTS (INDIA) P LTD
Address of the registered office or of the principal place of business in India of the company	El / 3 / J Block Eleitronic Zone Bhosari, Pune – 411026, Maharashtra, INDIA
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	State Bank of India, SMECCC, Sharda Chambers,3rd Floor, Shankarsheth Road, Swargate, Pune – 411042, Maharashtra, INDIA
Nature of instrument creating charge	1) Agreement of Loan-cum-Hypothecation 2) Memorandum for recording Extension of Mortgage by Deposit of Title Deeds covering Enhanced Limits and/or creation of Equitable Mortgage on Additional Properties for Existing Limits and Enhanced Limits and Additional Facilities 3) Letter of Arrangement, 4) Letter of Confirmation (All the documents executed for a single modification)
Date of instrument Creating the charge	15/12/2010
Amount secured by the charge	Rs. 9.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest WC: Interest @ 6% margin above Base Rate which is presently 7.60% p.a. Present Effective Rate 13.60% p.a.at monthly rest or rate prescribed by Bank from time to time. Terms of repayment As per Agreement with the Bank Margin Raw Material 25%, Semi Finished and Finished Goods 30%, Domestic Receivables 40%,Letter of Credit / Bank Guarantee 25% Extent and operation of the charge The Details of Facilities (Rs. in millions)- DCC 60, BG/LC 30, Total Rs.9.000 millions. The Charge on hypothecated and mortgaged properties continue till full repayment of Loan. Other As per Agreement with the Bank
Short particulars of the property charged (Including location of the property)	1. Hypothecation of Stocks and Receivables, Machinery, Equipments ,Current Assets etc. Mortgage of immovable property of the Company - All that piece and parcel of property bearing Plot No.EL-31/1 adm.1500 2. Sq.mtrs.in Pimpri Industrial Area and lying at Village Bhosari, Taluka Haveli, Dist. Pune, Sub-Regn. Dist. Haveli and within local limits of PCMC along with construction thereon and to be constructed thereto
Date of instrument modifying the charge	11/02/2009
Particulars of the present modification	The Facilities enhanced upto Rs.9.000 millions. Details of Facilities stands as (Rs. in millions)- DCC 60, BG/LC 30.Also charge on hypothecated assets and mortgage on immovable property of Company located at All that piece and parcel of property bearing Plot No.EL-31/1 adm.1500 Sq.mtrs.in Pimpri Industrial Area and lying at Village Bhosari, Taluka Haveli within local limits of PCMC along with construction thereon and to be constructed thereto was extended to secure total facilities availed by the Company.

Fixed Assets :

v Lease Hold Land

v Factory Building

v Computer Machinery

v Furniture and Fixture

v Vehicle

v Plant and Machinery

v Typewriter

v Office Equipment

v Motor Car

v Portable Generator

v Computer Software

v Electrical Installation

v Air Conditioner

v UPS Inverter

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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

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.