1. Summary Information

		Country	India
Company Name	INSTA CONTROL PRIVATE LIMITED	Principal Name 1	Mr. Kishor Raghunath Karmarkar
Status	Satisfactory	Principal Name 2	Mr. Chetan Sahebrao Tupe
		Registration #	11-129862
Street Address	No. 1 and 2, ‘G’ Block, Vishnu-Malati Industrial Estate, Shivane, Pune – 411023, Maharashtra
Established Date	26.03.2007	SIC Code	--
Telephone#	91-20-25292112/25290059	Business Style 1	Manufacturer
Fax #	91-20-25292113	Business Style 2	--
Homepage	www.instacontrols.com	Product Name 1	Thermistor projection
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.3,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors (100%)	Banking	ICICI Bank
Public Limited Corp.	NO	Business Period	5 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
--	--		--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	26,176,000	Current Liabilities	10,577,000
Inventories	4,386,000	Long-term Liabilities	42,000
Fixed Assets	8,452,000	Other Liabilities	12,291,000
Deferred Assets	0,000	Total Liabilities	22,910,000
Invest& other Assets	13,827,000	Retained Earnings	26,931,000
		Net Worth	29,931,000
Total Assets	52,841,000	Total Liab. & Equity	52,841,000
Total Assets (Previous Year)	42,050,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	66,419,000	Net Profit	9,390,000
Sales(Previous yr)	36,556,000	Net Profit(Prev.yr)	7,574,000

MIRA INFORM REPORT

Report Date :

01.02.2012

IDENTIFICATION DETAILS

Name :	INSTA CONTROL PRIVATE LIMITED
Registered Office :	No. 1 and 2, ‘G’ Block, Vishnu-Malati Industrial Estate, Shivane, Pune – 411023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.2007
Com. Reg. No.:	11-129862
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U31200PN2007PTC129862
TAN No.: [Tax Deduction & Collection Account No.]	PNEI05007C
PAN No.: [Permanent Account No.]	AABCI6642N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Thermistor projection relays for over temperature projection of electric motors.
No. of Employees :	Not Available

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 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a successor of Insta Controls, a proprietory concern started in the year 1981. It 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 :	No. 1 and 2, ‘G’ Block, Vishnu-Malati Industrial Estate, Shivane, Pune – 411023, Maharashtra, India
Tel. No.:	91-20-25292112/25290059
Fax No.:	91-20-25292113
E-Mail :	thermo5@vsnl.com
Website :	www.instacontrols.com
Area :	3200 Sq. ft
Location :	Owned

DIRECTORS

As on 13.09.2011

Name :

Mr. Kishor Raghunath Karmarkar

Designation :

Managing director

Address :

B 6, Shashikiran Apartment, Ashok Path, Off Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

27.11.1947

Date of Appointment :

26.03.2007

DIN No.:

01328287

Other Directorship :

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
U31200PN2007PTC129862	Insta Control Private Limited	Managing director	1/07/2007	26/03/2007	-	Active	NO

Name :

Mr. Chetan Sahebrao Tupe

Designation :

Whole-time director

Address :

Raya 166/16, Malwadi Hadapsar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

02.05.1979

Date of Appointment :

26.03.2007

DIN No.:

01328310

Other Directorship :

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
U31200PN2007PTC129862	Insta Control Private Limited	Whole-time director	1/07/2007	26/03/2007	-	Active	NO

Name :

Mr. Tejas Kishor Karmarkar

Designation :

Director

Address :

178, Grosvenor DR, Rochester Hills, MI, USA – 48370

Date of Birth/Age :

14.03.1976

Date of Appointment :

27.06.2008

DIN No.:

02045360

Other Directorship :

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
U31200PN2007PTC129862	Insta Control Private Limited	Director	29/08/2008	27/06/2008	-	Active	NO

Name :

Ms. Neelima Kishor Karmarkar

Designation :

Alternate director

Address :

B 6, Shashikiran Apartment, Ashok Path, Off Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

26.01.1951

Date of Appointment :

27.06.2008

DIN No.:

02045388

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.09.2011

Names of Shareholders	No. of Shares
Kishor Raghunath Karmarkar	224700
Chetan Sahebrao Tupe	75000
Kishor Karmarkar – Karta – K.R. Karmarkar (HUF)	300
Total	300000

Equity Share Break up (Percentage of Total Equity)

As on 13.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermistor projection relays for over temperature projection of electric motors.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Thermistor	85334030

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Thermal Switch	Nos	114608
Temperature Sensor	Nos	413543
Thermistor Protection Unit (TPU)	Nos	1976

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
ICICI Bank Loan (Secured by Skoda Car)	0.042	0.528
Rupee Bank Loan (Secured by Fixed Deposit)	0.000	2.593
Total	0.042	3.121

Banking Relations :	--
Auditors :
Name :	Chinmay Joshi and Company Chartered Accountants
Address :	1963, Sadashiv Peth, Madiwale Colony, ‘Shrinivas’, Pune – 411030, Maharashtra, India
PAN.:	AFSPJ6045B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Note:

(Of above, 200000 Equity Shares are allotted as fully paid by way of bonus shares, our of capitalization of profits)

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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.931	18.594	11.721
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.931	21.594	14.721
LOAN FUNDS
1] Secured Loans		0.042	3.121	0.977
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.042	3.121	0.977
DEFERRED TAX LIABILITIES		0.272	0.233	0.001
TOTAL		30.245	24.948	15.699
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.452	9.047	7.733
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.827	8.941	6.242
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.386	4.120	2.373
	Sundry Debtors	9.685	5.730	4.448
	Cash & Bank Balances	2.237	1.684	0.290
	Other Current Assets	13.590	11.996	9.096
	Loans & Advances	0.664	0.532	0.130
Total Current Assets		30.562	24.062	16.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.091	3.736	5.067
	Other Current Liabilities	5.486	2.986	2.266
	Provisions	12.019	10.380	7.280
Total Current Liabilities		22.596	17.102	14.613
Net Current Assets		7.966	6.960	1.724
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.245	24.948	15.699

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	66.419	36.556	46.313
		Other Income	2.122	2.923	1.206
		TOTAL	68.541	39.479	47.519
Less	EXPENSES
		Office Expenses
		Administrative Expenses	54.340	28.573	35.498
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	54.340	28.573	35.498
	PROFIT BEFORE TAX		14.201	10.906	12.021
Less	TAX		4.811	3.332	4.211
	PROFIT AFTER TAX		9.390	7.574	7.810
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	41.279	18.793	33.400
	TOTAL EARNINGS		41.279	18.793	33.400
	IMPORTS
		CIF Value of Imports	4.868	4.755	3.015
	TOTAL IMPORTS		4.868	4.755	3.015
	Earnings Per Share (Rs.)		25.00	21.00	26.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.69	19.18	16.43
Net Profit Margin (PBT/Sales)	(%)	21.38	29.83	25.96
Return on Total Assets (PBT/Total Assets}	(%)	36.40	32.94	49.94
Return on Investment (ROI) (PBT/Networth)		0.47	0.50	0.82
Debt Equity Ratio (Total Liability/Networth)		0.76	0.94	1.06
Current Ratio (Current Asset/Current Liability)		1.35	1.41	1.12

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

In the year, the company recorded sales of Rs.66.419 Millions (Previous year Rs.36.556 Millions) and profit after tax of Rs.9.390 Millions (Previous year Rs.7.574 Millions). The exports turnover was 62% (Previous year 51%) of the total turnover.

FIXED ASSETS

· Computers

· Furniture

· Office Equipments

· Tools, Equipments

· Vehicles

· Machinery

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.49.68
UK Pound	1	Rs.78.17
Euro	1	Rs.65.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	6
--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.