MIRA INFORM REPORT

Report Date :

03.08.2012

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) :	31.03.2011
Date of Incorporation :	17.02.2000
Com. Reg. No.:	11-124321
Capital Investment / Paid-up Capital :	Rs.0.891 Million
CIN No.: [Company Identification No.]	U28993MH2000PTC124321
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hygiene Products
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financially company is performing well. Trade relation are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Bhadrika
Designation :	Tender Head
Contact No.:	91-22-42480480
Date :	30.07.2012

LOCATIONS

Registered Office/ Factory :	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/ 29272791/ 42480429
Fax No.:	91-22-29272795
E-Mail :	bhadrika@technocrat.asia bhatt@technocrats.net sales@technocrat.asia
Website :	www.technocrat.asia
Area :	6000 sq ft
Location :	Owned
Factory 2 :	Malad, Mumbai, Maharashtra, India
Factory 3 :	Vasai, Thane, Maharashtra, India

DIRECTORS

As on 30.09.2011

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 :

24.07.1963

Date of Appointment :

17.02.2000

Voter ID No.:

AMD2121960

DIN No:

01607412

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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

Date of Appointment :

17/02/2000

Voter ID No.:

MT/09/043/0300145

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 :

27.05.1965

Date of Appointment :

17/02/2000

Voter ID No.:

ITD2718013

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 :

14.10.1970

Date of Appointment :

17/02/2000

Voter ID No.:

NLF2824589

DIN No:

02542993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of shareholders	No. Of shares
Ajlt Attaram Khetlea	36000
Nltln Amrutlal Munot	24000
Devendra Uajmal Ranka	7500
Meghdoot Arvind Thakkar	7500
NICCO Securities Private Limited, India	3125
Gyanesiiwar Trading and Finance Company Limited, India	3125
Oshin Investments and Finance Private Limited, India	3125
Gyanesiiwartradinc and Finance Company Limited, India	1562
SLDH Housing Development Company Limited, India	3125
Total	89062

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer 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 :
Products :	Hygiene Products
Countries :	· USA · Bhutan · Dubai
Imports :
Products :	Raw Material
Countries :	· Italy · Germany · Japan
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailer

· Ahmedabad Municipal Corporation

No. of Employees :

300 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat- 390015, India

· Citi Bank N.A., Cititower, 61, Dr. S. S. Rao Road, Parel, Mumbai – 400051, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash credit with Scheduled banks (against the hypothecation of stock and book debts)	36.918	37.887
	36.918	37.887
Total
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	25.963	20.655
Total	25.963	20.655

Banking Relations :	----
Auditors :
Name :	GMJ and Company Chartered Accountants
Address :	3^rd and 4^th Floor, Vaastu Darshan, ‘B’ Wing, Above Central Bank of India, Azad Road, Andheri (East), Mumbai – 400069, India
Tel. No.:	91-22-61919293/ 222 / 200
Fax No.:	91-22-26842221/ 61919256
E-Mail :	info@gmj.co.in admin@gmj.co.in
PAN No:	AAAFG2163L
Associates/Subsidiaries :	· Arihant Equipment · Pacmac Solutions Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

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

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		0.891	0.891	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		78.535	64.028	28.433
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.426	64.919	28.933
LOAN FUNDS
1] Secured Loans		36.918	37.887	39.855
2] Unsecured Loans		25.963	20.655	38.619
TOTAL BORROWING		62.881	58.542	78.474
DEFERRED TAX LIABILITIES		5.025	4.655	5.568
TOTAL		147.332	128.116	112.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.224	63.693	64.623
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	18.135	9.994	12.142
	Sundry Debtors	159.615	109.173	79.104
	Cash & Bank Balances	1.187	1.475	1.487
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.271	24.824	17.242
Total Current Assets		200.208	145.466	109.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.186	53.924	41.510
	Other Current Liabilities	23.215	14.580	10.352
	Provisions	6.699	12.540	9.763
Total Current Liabilities		115.100	81.044	61.625
Net Current Assets		85.108	64.422	48.350
MISCELLANEOUS EXPENSES		0.000	0.001	0.002
TOTAL		147.332	128.116	112.975

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	340.000	320.000

Expected Sales (2012 - 13 ) : Rs. 350.000 Millions

The above information has been parted by Ms. Bhadrika

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	323.635	225.355	176.074
		Other Income	N.A	N.A	N.A
		TOTAL (A)	N.A	N.A	N.A
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A	N.A	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.789	28.368	24.715
Less	FINANCIAL EXPENSES (D)		7.417	7.945	3.919
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.372	20.423	20.796
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.298	3.019	0.743
	PROFIT BEFORE TAX (E-F) (G)		22.074	17.404	20.053
Less	TAX (I)		6.496	3.373	6.948
	PROFIT AFTER TAX (G-I) (J)		15.578	14.031	13.105
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.420	28.433	15.328
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	7.500	0.000
		Proposed Dividend	0.490	0.376	0.000
		Provision for Dividend Distribution Tax	0.083	0.064	0.000
		Provision for Dividend Distribution Tax	0.498	0.105	0.000
	BALANCE CARRIED TO THE B/S		48.927	34.420	28.433
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	11.735
	TOTAL EARNINGS		0.000	0.000	11.735
	IMPORTS
		Material Purchases	57.814	30.549	31.174
	TOTAL IMPORTS		57.814	30.549	31.174
	Earnings Per Share (Rs.)		174.91	186.79	2621.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	6.82	7.72	11.39
Return on Total Assets (PBT/Total Assets}	(%)	8.41	8.32	11.49
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.69
Debt Equity Ratio (Total Liability/Networth)		2.24	2.15	4.84
Current Ratio (Current Asset/Current Liability)		1.74	1.79	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	--------
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last twoyears	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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	No
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

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 Email: bhatt@technocrats.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10208775
Type of charge	· Immovable Property · Book Debts · Current Assets Present And Future & Receivables.
Particular of charge holder	ICICI BANK LIMITED, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat- 390015, India Email: shanthi.venkatesan@icicibank.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation and Memorandum of Entry
Date of instrument Creating the charge	07/10/2011
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement attached Terms of Repayment NA Margin As per Agreement attached. Extent and Operation of the charge As per Agreement attached.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Premises comprised in khata/ khatoni no 64/76, khasra nos. 577 (3 B-4 B), 588 / 1(0 B 18-B), 587/ 1(0 B-17B) Total measuring 4 Bigha 19 Biswasi situated in village Khera Nihal, Hadbast no. 15 Pargana, Tehsil Nalagarh, District solan & the Current Assets & Receivables have been hereby hypothecated Together with all the buildings and structures thereon, fixtures, fittings and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.
Particulars of the present modification	Modification of charge for immovable property from Rs.40.000 Millions to Rs. 50.000 Millions by enhancing limit by Rs.10.000 Millions

Note: - Registered office of the company has been shifted from Ground Floor, Shree Apartments, J P Nagar, Road No 3, Goregaon East, Mumbai – 400063, Maharashtra, India to the present address w.e.f. 18.12.2010

FIXED ASSETS:

· Land and Land Development

· Air Conditioner

· Computer

· Furniture and Fixtures

· Office Equipments

· Plant and Machinery

· Electrical Installation

· Refregerator

· 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 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.55.78
UK Pound	1	Rs.86.75
Euro	1	Rs.68.32

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.